Administration expenses are the overhead costs incurred for the general operation of a business. These include salaries of administrative staff, utilities, office supplies, and other indirect expenses.
Lifetime gifts are a strategic and effective vehicle for transfer in estate planning. They eliminate all probate and administration expenses on the property transferred, providing financial benefits and simplicity for estate management.
The surrender value is the sum of money given by an insurance company to the insured on a life policy that is canceled before it has run its full term. The amount is calculated approximately by deducting from the total value of the premiums paid any costs, administration expenses, and charges for life-assurance cover up to the cancellation date.
