7 More Family Office Resources:

• Probate Family Office Definition: Probate Probate definition:  Probate is the legal process by which the state court determines the legal validity of a will, assigns an executor or administrator for an estate, transfers ownership of ...
• Ancillary Probate Family Office Definition: Ancillary Probate Ancillary Probate definition:  Ancillary probate is a second probate process outside of the deceased person's state of residence. An example is for property held in other states. Download our free ...
• Residuary Estate Family Office Definition: Residuary Estate Residuary Estate definition:  After the estate pays all taxes, fees, and gifts/distributions, the residuary estate is the remainder. The resicuary estate may be addressed through a pour-over will or ...
• Taxable Estate Family Office Definition: Taxable Estate Taxable Estate definition:  The taxable estate is the gross estate less attorney and administrative settlement fees (funeral and other deductible expenses).  Martial deductions and charitable deductions reduce the value ...
• Gross Estate Family Office Definition: Gross Estate Gross Estate definition:  The gross estate is the net worth (assets less liabilities) of the estate before taxes. The gross estate includes all real and personal property owned by ...
• 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 ...
• Retained Life Estate Family Office Definition: Retained Life Estate Retained Life Estate definition:  Real estate placed in a life estate is ultimately donated to a charitable organization after death, while you retain the right to occupy the ...