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NEXUS is a government-sponsored program that simplifies bureaucracy for pre-screened US and Canadian citizens traveling by air, land, and sea. NEXUS members can use the Global Entry and TSA PreCheck programs without having to apply separately for each. NEXUS membership is valid for just over five years and is available upon payment of a $50 fee and consent to a background check and personal interview. Engel's Law
September 25, 2022 Engel’s Law is a 19th-century observation that as household income increases, the percentage of that income spent on food decreases in relative terms. High-Net-Worth Individuals (HNWI)
September 25, 2022 A high net worth individual is a person with at least $1 million in liquid financial assets. Reverse Culture Shock
September 25, 2022 Reverse culture shock is the emotional and psychological stress that people experience when they return home after several years of being abroad. TSA PreCheck
September 25, 2022 TSA PreCheck is a US government program that allows low-risk air passengers to go through an expedited screening process at airports. Turnkey Solution
September 25, 2022 Turnkey is a word that can be used to describe a solution, business or real estate. Willie Sutton Rule
September 25, 2022 Willie Sutton’s rule is to take the most obvious route first. A-B Trust
September 25, 2022 AB trust is a joint trust created by a married couple; after the death of one of the spouses, the trust is divided into the survivor’s part (Trust A) and the bypass part (Decedent’s Trust or Trust B). Account in Trust
September 25, 2022 Trust accounts are managed by a trustee on behalf of a third party. Agency by Necessity
September 25, 2022 The agency, if necessary, allows any person or entity to act on behalf of another person when the beneficiary cannot explicitly give permission to do so. Bare Trust
September 25, 2022 Naked trusts or “naked trusts” grant the beneficiary, if over 18 years of age, an absolute right to the capital, assets and income within the trust. Blind Trust
September 25, 2022 A blind trust is a trust established by an owner (or trustee) that gives another party (the trustee) full control of the trust. Contingent Beneficiary
September 25, 2022 The notional beneficiary is the beneficiary of the proceeds or payment if the primary beneficiary is deceased or cannot be located. Declaration Of Trust
September 25, 2022 A declaration of trust or declaration of a nominee appoints a trustee to oversee the assets for the benefit of another person or persons. Distributable Net Income (DNI)
September 25, 2022 Distributable net income is the income distributed among the beneficiaries of the trust. Dynasty Trust
September 25, 2022 Dynasty trusts allow rich people to leave money to future generations without paying inheritance taxes. Endowment
September 25, 2022 Most donations are designed to keep the principal amount intact while using income from investments for charitable purposes. Escheat
September 25, 2022 Escheat refers to the government’s right to take possession of real estate or unclaimed property. Estate
September 25, 2022 Real estate is the economic evaluation of all investments, assets and interests of a person. Estate Tax
September 25, 2022 Inheritance tax is a financial levy on property based on the current value of its assets. Executor
September 25, 2022 An executor is a person who disposes of a person’s property after his death. Family Offices
September 25, 2022 Family offices provide a wide range of wealth management services to one or a small number of ultra-high income families. Fully Vested
September 25, 2022 A full transfer of rights occurs when the funds contributed by the other party become fully available to the beneficiary recipient. Generation-Skipping Trust
September 25, 2022 A generation skip trust (GST) is a legally binding arrangement whereby assets are passed on to the grantor’s grandchildren or anyone 37.5 years younger, bypassing the grantor’s next generation of children. Gift Causa Mortis
September 25, 2022 Gift causa mortis is when a person gives a gift to another because he believes that he will die soon. Gift Inter Vivos
September 25, 2022 A gift between the living in Latin means a gift between the living.