The term 'Estate' broadly encompasses all that a person owns, covering both real property and personal property. It can refer to the collection of assets left behind after death or the nature and extent of a person's interest in or ownership of land.
An income beneficiary is an individual or entity who is entitled to receive income generated by an estate or trust, rather than the principal property (corpus).
Land refers to the earth's surface, encompassing areas that can be owned, developed or transferred through legal means. It is a fundamental component in real estate and economic interests, often including all permanent structures affixed to it.
A grant of permission or privilege, whether by private individuals or governmental authority, that legalizes the performance of specific activities. In property law, a license is a personal, revocable privilege concerning land use.
A pass-through entity is a non-taxable business structure where income or expenses are passed directly to the owners, retaining their original character.
Probate is the legal process by which a will is proved valid or invalid, encompassing all procedures necessary to authenticate the document and administer the estate of the deceased.
Property refers to every valuable right or interest that is subject to ownership, has an exchangeable value, or adds to one's wealth or estate. It includes both physical objects and intangible rights, covering a broad range of items and interests that can be owned, used, and transferred.
The term 'ratable' refers to something that can be estimated or assessed proportionally, often in the context of taxation, bankruptcy, or legal financial obligations.
The mode in which an individual holds an estate in land, impacting the legal rights and obligations associated with land use and ownership.
For income tax purposes, a United States Person (USP) refers to any individual or entity that falls under the umbrella of being liable to U.S. taxation, including citizens, residents, domestic partnerships, corporations, and certain estates and trusts.
