by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Charitable Split-Dollar Insurance Plan?A charitable split-dollar insurance plan is a life-insurance arrangement where a donor donates money to a charity, so that the organization would in turn invest this donation in a life-insurance contract for the donor....
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is the Cy Pres Doctrine?Cy pres doctrine is a legal concept that has its origin in an old French saying cy pres comme possible translated as “as near as possible.” In legal terms, Cy pres doctrine allows a court to amend or interpret the terms of a...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is Per Stirpes?Per stirpes refers to an approach where the share of a predeceased beneficiary gets transferred to his heirs or grandchildren. Usually, this term is used at the time of making a will of a person. However, sometimes, it can also be related to a...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Revocable Trust?A revocable trust is a type of trust in which the grantor can alter or cancel the trust. A trust is a fiduciary relationship in which a grantor or trustor gives an individual (the trustee) some assets to manager on behalf of a beneficiary who...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Generation-Skipping Trust?Generation-skipping trust refers to a type of trust which is a legally binding agreement designed to enable a trustee to transfer assets to the next generation levels without it being taxed. The beneficiary of the trust (accumulated...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is the Uniform Gifts to Minors Act?There are certain acts in the United States that cater for the well being of minors. The Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) are laws in the United States that enable minors receive...
