7 More Family Office Resources:

• Elective Share Family Office Definition: Elective Share Elective Share definition:  Spouses are entitled to a minimum elective share (one-third to one-half depending on the state of residence) of the deceased person's estate. Spouses cannot be disinherited ...
• Augmented Estate Family Office Definition: Augmented Estate Augmented Estate definition:  In community property or common law states, the surviving spouse is expected to receive at least one third of the augmented estate, which includes assets left ...
• Credit Shelter Trust Family Office Definition: Credit Shelter Trust Credit Shelter Trust definition:  A credit shelter trust transfers a deceased person's assets to beneficiaries, meanwhile the surviving spouse maintains rights to those assets (and the income generated) ...
• Deceased Spousal Unused Election Family Office Definition: Deceased Spousal Unused Election Deceased Spousal Unused Election definition:  For spouses that died after December 31, 2010 with estates less than the standard estate tax exclusion amount, the next spouse to ...
• Estate Tax Family Office Definition: Estate Tax Estate Tax definition:  A tax placed on the value of a deceased person's taxable estate before distributions are made.  Assets transferred to spouses or charities are generally exempt from ...
• Generation-Skipping Transfer Tax Family Office Definition: Generation-Skipping Transfer Tax Generation-Skipping Transfer Tax definition:  Assets transferred to generations two or more below the deceased person are subject to additional taxes if the amount exceeds the allowable exemption.  For ...
• Exemption Trust Family Office Definition: Exemption Trust Exemption Trust definition:  An exemption trust is irrevocable and avoids estate taxes on trust assets held by a married couple. The trust is funded from the first spouse's estate. ...