Your browser does not support JavaScript.
Home Categories Trust & Estate Planning “Gross estate” is a term used to describe the total dollar value of a person’s assets at the time of their death. A Health Care Power of Attorney (HCPA) is a legal document that gives a specific person the right to speak with others and make decisions on your behalf regarding your health, treatment, and care. An heir is a person who has a legal right to receive an inheritance when the deceased did not draw up a last will and testament. Holographic wills can be an alternative to legal wills. Income in Respect of the Deceased (IRD) refers to non-taxable income that the deceased earned or was entitled to receive during their lifetime. Inheritance is a financial term that describes assets that pass to individuals after their death. An Intentionally Defective Grantor (IDGT) allows the trustee to isolate certain trust assets to separate income tax from inheritance tax on them. A living trust is a created living trust that holds the trustee’s assets. When a person dies without a will, it means that he did not leave a legal will. Irrevocable trusts cannot be changed, added to or terminated without the permission of the beneficiaries of the settlor or by court order.