Glosario de planificación patrimonial, fiduciaria y de vida

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Beneficiary: The person, entity, or group for whom a trust is established. Beneficiaries can have different types of interests in the trust, such as vested or contingent, present or future.
BDIT (Beneficiary Defective Inheritor's Trust): A type of third-party settled trust designed to give the primary beneficiary control and beneficial enjoyment of trust property while still qualifying for certain tax benefits.
Bypass/Credit Shelter Trust: The portion of a deceased spouse's property charged against the decedent's Applicable Exclusion Amount (AEA) and designed to avoid inclusion in the surviving spouse's estate.
CLT (Charitable Lead Trust): A trust where a donor donates an asset's income stream to a charity for a specified period, and the remainder interest goes to another beneficiary determined by the grantor.
CLAT (Charitable Lead Annuity Trust): Similar to a CRAT, but the grantor names a charity to receive an annuity amount from the trust for a specified time, and the remainder pays back to the grantor or other non-charitable beneficiaries.
Clayton Election: A method used to determine the amount of a deceased spouse's estate set aside for the surviving spouse, often set up as a QTIP trust.
CLUT (Charitable Lead UniTrust): Similar to a CRUT, but the grantor names a charity to receive a percentage of the trust's value for a specified time, and the remainder pays back to the grantor or other non-charitable beneficiaries.
Community Property Trust: A joint revocable trust that takes advantage of community property laws in certain states, allowing for a double step-up in basis for married couples.
CRAT (Charitable Remainder Annuity Trust): A trust where the grantor establishes the trust, receives an annuity payment for an initial term, and the remainder goes to a charity.
CRT (Charitable Remainder Trust): An irrevocable trust designed to reduce taxable income by dispersing income to beneficiaries for a specified time and then donating the remainder to charity.
CRUT (Charitable Remainder UniTrust): Similar to a CRAT, but the grantor receives a percentage of the trust assets for an initial term, and the remainder goes to a charity.
DAPT (Domestic Asset Protection Trust): An irrevocable trust that allows clients to protect assets from creditor claims under favorable asset protection laws in certain states.
Decanting: The process by which a trustee distributes property from one trust into a new trust for the benefit of a beneficiary while adhering to fiduciary obligations.
Delaware Tax Trap (DTT): A technique that extends the timeframe of a trust beyond the original Rule of Perpetuities using a limited power of appointment.
DING/NING/WING (Delaware/Nevada/Wyoming Incomplete Non-Grantor Trust): Irrevocable trusts set up in states without state income tax to minimize capital gains tax.
Disclaimer: A formal technique allowing someone entitled to receive property to disclaim it, redirecting it to another beneficiary.
DSUEA (Deceased Spouse Unused Exemption Amount): The amount of AEA left after part of a deceased spouse's exemption is allocated to a bypass trust.
Executor/Personal Representative: The person appointed to administer the estate of a deceased person.
FAPT (Foreign Asset Protection Trust): An advanced form of asset protection trust established under foreign laws with favorable asset protection provisions.
Fiduciary: A person or entity with legal responsibilities and duties to another party, commonly found in estate planning roles like trustees, executors, and guardians.
FLP (Family Limited Partnership): A partnership where family members own shares of pooled assets, utilizing minority discount valuations for estate tax planning.
GPOA (General Power of Appointment): A power allowing the holder to direct the distribution of trust property, with specific tax implications.
Grantor/Settlor/Trustor: The individual who establishes a trust and transfers assets into it.
GRAT (Grantor Retained Annuity Trust): An irrevocable trust where the grantor transfers property, retains an annuity for a specific time, and the remainder goes to other beneficiaries.
GRIT (Grantor Retained Income Trust): Similar to a GRAT, but the grantor receives the income stream from the trust assets.
GRUT (Grantor Retained UniTrust): Similar to a GRAT, but the grantor receives a percentage of the trust assets for a specified time.
Guardianship/Conservatorship: Court proceedings to appoint a fiduciary to make decisions for a person who lacks legal capacity.
IDGT (Intentionally Defective Grantor Trust): An irrevocable trust allowing the grantor to be treated as the owner for income tax purposes while removing the trust assets from the estate.
ILIT (Irrevocable Life Insurance Trust): A trust designed to own high-value life insurance and exclude the death benefit from the gross estate for estate tax purposes.
Intestate/Intestacy: The condition of someone who dies without a will, causing their property to pass through intestacy laws.
IRT (Irrevocable Living Trust): A trust that can't be modified or terminated without beneficiary permission.
LEPA (Life Estate Power of Appointment Trust): A marital deduction-qualifying trust providing an alternative to a QTIP trust.
LPOA (Limited Power of Appointment): A power allowing someone to appoint trust property to another without inclusion in their estate.
Marital Deduction: A deduction allowing a married individual to leave property to a surviving spouse free of estate tax.
Marital Trust: The deceased spouse's property transferred to a trust qualifying for the marital deduction.
MAPT (Medicaid Asset Protection Trust): An irrevocable trust structured and funded to protect assets from counting as resources for Medicaid qualification.
NICRUT (Net Income Charitable Remainder UniTrust): A type of CRT that pays the lesser of the trust's net income or an annual "Uni Amount" to the recipients.
NIMCRUT (Net Income with Makeup Charitable Remainder UniTrust): Similar to NICRUT, but allows makeup distributions of excess income from previous years.
PEG Power (Presently-Exercisable General Power of Appointment): A power allowing immediate appointment of trust property to oneself, one's estate, creditors, or creditors of the estate.
Portability: The ability for married couples to combine their individual AEAs, maximizing the amount that can be passed to heirs estate tax-free.
Pour-Over RLT (Revocable Living Trust): A strategy for blended families where joint and separate trusts are used to manage property distribution.
Probate: Court proceedings to transfer property of a deceased person to surviving beneficiaries.
QDOT (Qualified Domestic Trust): A marital trust allowing a deduction for estates where the surviving spouse is not a U.S. citizen.
QPRT (Qualified Personal Residence Trust): A trust similar to a GRAT but used for the grantor's personal residence.
QTIP Election (Qualified Terminable Interest Property): An election allowing property to be set aside for the surviving spouse in a trust qualifying for the unlimited marital(Note: Some technical terms may require further elaboration or contextual explanations for laypersons to understand fully.)
RAP (Rule Against Perpetuities): A common law principle that sets a time limit for how long a trust can legally remain in effect. It typically involves the "lives in being" at the time of trust creation plus an additional 21 years. However, some states have expanded or eliminated this rule.
RLT (Revocable Living Trust): The primary estate planning document used by most trusts and estates attorneys. The client transfers their property to the RLT during their lifetime, allowing the trustee to manage it in case of disability or after the client's death. Probate is not required for property transfer after the client's death.
- Individual/Separate RLT: A trust established for an individual, either a single person or a married person.
- Joint RLT: A trust established for a married couple. Mandatory in community property states for maintaining community property status and favorable tax treatment.
SCRUT (Standard Charitable Remainder Trust): A type of CRT that pays an annual fixed percentage (Uni Amount) of the trust's value to the recipients. The amount distributed varies based on changes in the trust's value.
Separate Property/Common Law State: Property ownership in separate property or common law states is treated differently from community property states, with a basis adjustment occurring only upon the owner's death.
SCINs (Self-Cancelling Installment Notes): Installment notes with a "self-cancelling" feature, relieving the buyer (e.g., children or family members) of payment obligations if the seller (noteholder) dies during the note's term.
SNT (Special/Supplemental Needs Trust): A trust designed to set aside assets for a beneficiary who may receive public assistance for medical and care expenses due to disabilities.
SRT (Standalone Retirement Trust): A specialized trust for "qualified retirement accounts" like IRAs and 401(k)s, designed to allow beneficiaries to stretch out income tax deferral on the account balance.
Survivor's Trust: Part of a joint RLT plan, the survivor's trust is the surviving spouse's share of the joint trust property, including separate property. Fully revocable by the surviving spouse for their lifetime.
Testate: The condition of someone who dies with a valid will.
Trust: A formal relationship in which the grantor appoints a trustee to hold and manage trust property for the benefit of one or more beneficiaries.
Trust Protector: A special type of power holder who can control certain aspects of irrevocable trusts, often acting as an agent of the grantor.

Investment Advisor: A trust advisor with a limited role in advising the trustee on asset investments.
Distribution Advisor: A trust advisor with a limited role in advising the trustee on trust distributions.

57. Trustee: The individual responsible for the day-to-day decision-making of the trust and held to a
fiduciary standard.

Investment Trustee: A trustee with a specific role in making investment decisions for the trust.
Distribution Trustee: A trustee responsible for making distributions from the trust to beneficiaries.
Administrative Trustee: A trustee responsible for maintaining trust documents and records.

58. VA Trust (Veterans Asset Protection Trust): An intentionally defective grantor trust option for wartime
veterans or their surviving spouses, designed to meet eligibility requirements from the Veterans
Administration.