A glossary of legal terms to help you understand the intricacies of estate planning, trust administration, probate, asset protection, business formation and succession planning.
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Mortality Risk
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Long-term GRAT
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Lifetime Gift Exemption
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Limited Liability Company (LLC)
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Lack of Marketability Discount
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Irrevocable TrustWhat is an Irrevocable Trust? It is a trust that cannot be terminated or revoked or otherwise modified or amended by the Grantor.
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Irrevocable Life Insurance Trust (ILIT)What is an Irrevocable Life Insurance Trust (ILIT)? It is a type of irrevocable trust that is specifically designed to own life insurance.
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Interested Trustee
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Irrevocable Gifting Trust
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Independent Trustee