Quiz 10 Vocab - Test 2 Flashcards
Gross estate
Total value of all estate assets before deducting expenses and costs.
Adjusted gross estate
value of estate property after deducting all costs and expenses incurred in the probating of the estate.
administrative expenses
expenses of probating an estate such as PR fees, attorney fees, court costs.
post mortem estate planning
also known as post-mortem tax planning. Options that may be available to reduce taxes after death.
fair market value
the price a willing buyer would be willing to pay and the price a seller would be willing to sell.
alternate valuation
Done to reduce tax liability on the estate. PR can choose that value of the property 6 months following the death of decedent if value on the property has decreased. All property must be valued using this date.
Form 706
A federal estate tax return required to be filed only after specific criteria with regard to an estate are met.
jurisdiction
the courts authority to hear a case and make all decisions affecting the parties. Jurisdition over the parties themselves.
in rem jurisdiction
jurisdiction over a person’s property, not people, just property.
domicile
The legal residence of the decedent at the time of his or her death.
ancillary administration
A probate in more than one state - required when the decedent has property in more than one state at the time of death.
venue
The forum in which the probate proceeding would be field, e.g. county where the property is located.
Uniform Probate Code (UPC)
Uniform laws relating to wills, trusts and estate administration, currently adopted in only 18 states. It has been adopted in Arizona.
Ethical
relating to moral action, conduct, motive or character; conforming to professional standards of conduct.
legal ethics
Moral and professional duties towards other lawyers, clients and the courts.
