Loma Linda University | Loma Linda University Medical Center
Enrollment Information
1-800-422-4LLU (1-800-422-4558)
LLU Guide for Gifts and Bequests
A Guide for Gifts & Bequests for Loma Linda Contributors
Glossary
A | B | C | D | E | G | H | I | J | L | M | N | P | Q | R | T | V | W
Attestation Clause:
One who witnesses a will.
A person or entity name in a will to receive a bequest or the economic benefits of estate assets given or bequeathed in trust.
Bequeath:
To transfer, by will, personal property such as cash, securities, or other intangible or tangible personal property.
Charitable Deduction:
Charitable Stock Contribution:
This is a trust that pays (annually to the donor and/or other beneficiary) a fixed amount not less than five percent of the initial fair market value of the property placed in trust. The ultimate recipient, after the donor or beneficiary dies, is a nonprofit charitable organization.
Charitable Remainder Unitrust:
Similar to the charitable remainder annuity in many ways, except that the income is a percentage of the fair market value of the property determined annually.
Charitable Lead Trust:
This is a trust that provides for payments to a tax exempt organization for a stipulated period free from federal gift and estate taxes. At the end of the trust term, trust assets are directed to a designated individual.
Codicil:
Conservator:
Corpus:
The Statute of Descent and Distribution:
Devise:
To transfer title to real property by means of a will.
The assets left by a person at death.
Estate Tax:
A federal or state tax on the total estate, less the allowable deductions and the unified transfer tax credit.
Executor:
The trust company or an individual named in a will and appointed by a court to carry out the terms of the will (termed "personal representative" in some states).
A tax on gifts made during the donor's lifetime, based on the right to transfer or transmit, and payable by the donor.
Grantor:
A person who creates a trust. Sometimes called a trustor.
Gross Estate:
Includes everything in which the decedent owned an interest at the time of his or her death (including life insurance, joint property and transfers made in contemplation of death or intended to take effect at or after death.)
The individual or organization appointed by a court to have custody of a minor or incompetent person under supervision of that court.
A person entitled to a share of a decedent's assets as determined by will or the state's intestacy laws.
A federal, and in some cases state, tax placed upon individuals, corporations, and businesses based on the amount of taxable income reported in any given year.
Income Tax Rates :
The percentage rate applicable to a dollar amount bracket by which an individual determines the amount of tax to be paid, based on the amount of taxable income.
A state tax on the value of the asset share passing to a particular heir.
Itemized Deductions:
These are the amounts, by categories, that may be deducted from an individual's adjusted gross income when calculating taxable income. Deductions may include medical expenses, property taxes, state and local income taxes, certain finance or interest expenses, moving and business expenses, charitable contributions and miscellaneous expenses.
Currency, stocks, bonds, securities, the right to sue, contract rights, patents, copyrights and other property rights and interests.
A person who dies without a valid will.
Issue :
Children, grandchildren and other direct descendants from a common ancestor.
A single document intended to be the will of two or more persons who sign the document.
Joint Tenancy Property:
Property owned by two or more persons, with the right of ownership passing to the one or ones who survive.
The failure of a legacy or devise made in a will, often because the beneficiary dies before the testator.
A disposition in a will of a sum of money.
An income interest in property for life.
Long-Term Capital Gain Property:
This is an asset that has been kept for a minimum holding period, defined by law, prior to its sale. Most assets must be held for more than one year to qualify for long-term capital gain treatment.
The federal estate tax deduction (up to 100 percent of the estate) allowable for property passing to a surviving spouse.
The federal gift tax deduction (up to 100 percent of the gift) allowable for property given to a spouse.
Mutual Wills:
A relative entitled to a share of the personal property of a person who died without a valid will.
The trust company or individual appointed by the court or named in a will to carry out the terms of the will (termed "executor" or "administrator" in some states).
A legal document authorizing a person to act as an attorney or agent of a grantor (also called "power of attorney" in some states).
Present Interests:
Ownership interests in property under which the holder is entitled to the immediate rights to income, possession and enjoyment.
A document that relates to the determination of value for donated property. For the appraisal to qualify for charitable deductibility purposes, it must be made no earlier than 60 days prior to thedate of contribution of the appraised property to a charitable organization.
What passed from a trust to a person other than the grantor of the trust after all life interests have terminated.
Remainderman:
The one entitled to receive the assets upon termination of a trust.
Residuary Clause:
A person who dies leaving a valid will.
The person who makes a will.
Trust:
An arrangement through which property is held and managed by a trustee for the benefit of others.
- Irrevocable Trust:
A trust that cannot be revoked by the person creating it.
- Inter Vivos or Living Trust:
A trust established and effective during the lifetime of the person creating it.
- Revocable Trust:
A trust that may be revoked by the person creating it.
- Spendthrift Trust:
A trust drawn to protect the beneficiary from creditors or an inability to manage or administer personal financial affairs.
- Testamentary Trust:
A trust created by a will.
The trust company, institution, or individual holding and managing the trust property for the benefit of others.
This is the price at which property would change hands between a willing buyer and a willing seller. A charitable valuation must be the fair market value of the property and not an inflated or depreciated value for tax purposes.
A written instrument disposing of property at death.