Glossary

Below please find our glossary of terms that family office professionals and those looking to learn more about the family office industry are often searching for and asking us to explain.  If you would like to learn more about family offices, download our free Family Office Report.

  1. “Crummey” power
  2. Single Family Office
  3. 408(k) plan
  4. 412(i) plan
  5. 529 College Savings Plan
  6. 529 Prepaid Tuition Plan
  7. A/B Trust
  8. Abatement
  9. Absolute Beneficiary
  10. Abstract Of Trust
  11. Accredited Investor
  12. Accumulation Trust
  13. Active Management
  14. Adjustable Life Insurance Policy
  15. Administrator
  16. Advance Directive
  17. Advanced Life Underwriting
  18. After-Tax Rate Of Return
  19. Agricultural Conservation Easements
  20. Alpha
  21. Alternative Investment
  22. Alternative Minimum Tax
  23. Ancillary Probate
  24. Annuities
  25. Applicable Federal Rates
  26. Arbitrage Hedge Strategy
  27. Asset Allocation
  28. Asset Class
  29. Assets
  30. Assets Under Management
  31. A-trust
  32. Attestation
  33. Attorney-In-Fact
  34. Augmented Estate
  35. Beneficiary
  36. Beneficiary Designation
  37. Bequest (bequeath)
  38. Blind Trust
  39. Bonded
  40. Bottom-Up Strategy
  41. Broker
  42. B-trust
  43. Business Expense Deduction
  44. Business Promissory Note
  45. Buy/Sell Agreement
  46. Bypass Trust
  47. Call Option
  48. Carry-Over Basis
  49. Cash Value Life Insurance Policy
  50. Certified Financial Planner
  51. Charitable Deduction
  52. Charitable Gift Annuity
  53. Charitable Giving With a Life Insurance Policy
  54. Charitable Giving With a Retirement Account
  55. Charitable Giving With Life Insurance Policy Dividends
  56. Charitable Giving With Life Insurance Riders
  57. Charitable Lead Annuity Trust
  58. Charitable Lead Trusts
  59. Charitable Lead Unit Trust
  60. Charitable Remainder Annuity Trust
  61. Charitable Remainder Trusts
  62. Charitable Remainder Unit Trust
  63. Children’s Trust
  64. Clifford Trust
  65. Closely-Held Stock
  66. Codicil
  67. Common-Law Property
  68. Community Property
  69. Complex Will
  70. Comprehensive General Liability Insurance
  71. Concentrated Stock
  72. Concierge Services
  73. Conservation Easement
  74. Conservator
  75. Contest
  76. Contingent Beneficiary
  77. Corpus
  78. Co-Trustee
  79. Country Risk
  80. Covered Call
  81. Credit Risk
  82. Credit Shelter Trust
  83. Currency Risk
  84. Custodial Accounts
  85. Custodian
  86. Dangerous Asset
  87. Death Tax Clause
  88. Deceased Spousal Unused Election
  89. Decedent
  90. Dedicated Short Hedge Strategy
  91. Default Method
  92. Deferral and Installment Payment of Estate Taxes
  93. Deferred Annuity
  94. Derivative
  95. Direct Skip
  96. Directional Hedge Strategy
  97. Disability Insurance Policy
  98. Disclaimed Property
  99. Discounts for Lack of Marketability
  100. Discretionary Account
  101. Disinherit
  102. Distressed Debt Hedge Strategy
  103. Dollar Cost Averaging
  104. Donor-Advised Funds
  105. Dower and Curtesy
  106. Durable Power of Attorney
  107. Dynasty Trust
  108. Earn-Out Sale
  109. Education Deduction
  110. Educational Trust
  111. Elective Share
  112. Employee Stock Option Plan
  113. Employee Stock Purchase Plan
  114. Employee Trust
  115. Encumbrances
  116. Endowment Fund
  117. Enhanced Indexing
  118. Equity Collars
  119. Estate
  120. Estate Plan
  121. Estate Split
  122. Estate Tax
  123. Estate Transfer
  124. Estate Trust
  125. Event-Driven Hedge Strategy
  126. Excess Accumulation Penalty
  127. Exchange Funds
  128. Executor
  129. Exemption Trust
  130. Exit Strategy
  131. Exordium Clause
  132. Expatriate Gifts or Bequests
  133. Extended IRA
  134. Family Business Planning
  135. Family Income Rider
  136. Family Limited Partnership
  137. Family Meetings
  138. Family Philanthropy
  139. Family Risk Management
  140. Family Statement
  141. Family Tax Management
  142. Family Wealth Management
  143. Fee-Based Financial Advisor
  144. Fiduciary
  145. Fiduciary Appointment Clause
  146. Fiduciary Powers Clause
  147. Financial Agent
  148. Financial Planning
  149. First-to-Die Life Insurance
  150. Fixed Annuity
  151. Floodplain Conservation Easement
  152. Foreign Grantor Trust
  153. Foreign Holding Corporation
  154. Foreign Non-Grantor Trust
  155. Foreign Trust
  156. Full-Service Broker
  157. Fundamental Analysis
  158. Fundamental Indexing
  159. Funeral Trust
  160. Futures Contract
  161. General Power-of-Appointment Marital Trust
  162. Generation-Skipping Transfer Tax
  163. Generation-Skipping Trust
  164. Gift Causa Mortis
  165. Gift of Equity
  166. Gift Splitting
  167. Gift Tax
  168. Gifting Securities
  169. Global Macro Hedge Strategy
  170. Grantee
  171. Grantor
  172. Grantor Retained Annuity Trust
  173. Grantor Retained Interest Trust
  174. Grantor Retained Unitrust
  175. Grantor Trust
  176. Gross Estate
  177. Growth at a Reasonable Price
  178. Growth Style
  179. Guaranteed Death Benefit for Annuity
  180. Guaranteed Earning Increase Death Benefit
  181. Guaranteed Lifetime Withdrawal Benefit
  182. Guaranteed Minimum Accumulation Benefit
  183. Guaranteed Minimum Income Benefit
  184. Guaranteed Minimum Withdrawal Benefit
  185. Guardian
  186. Health Reimbursement Account
  187. Health Savings Account
  188. Hedge Fund
  189. Heir
  190. Holographic Will
  191. Illiquid Assets
  192. Immediate Annuity
  193. Incentive Trust
  194. Incident of Ownership
  195. Income Annuity
  196. Income in Respect of a Decendent
  197. Income Tax
  198. Independent 401(k)
  199. Indirect Skip
  200. Individual Property
  201. Inflation Risk
  202. Inheritance Laws
  203. Inheritance Tax
  204. Installment Distribution Option
  205. Installment Sale
  206. Institutional Buyout
  207. Intentionally Defective Grantor Trust
  208. Inter Vivos Gifts
  209. Inter Vivos Trust
  210. Interest Rate Risk
  211. Intestate
  212. Intra-Family Loan
  213. Investment Policy Statement
  214. Irrevocable Life Insurance Trust
  215. Irrevocable Trust
  216. Joint Tenants by The Entirety
  217. Joint Tenants With Right of Survivorship
  218. Joint Whole Life Insurance Policy
  219. Joint Will
  220. Legacy Annuity
  221. Leverage
  222. Life Income Distribution Option
  223. Life Insurance Policy
  224. Life Settlements
  225. Limit Order
  226. Limited Power of Attorney
  227. Liquid Assets
  228. Liquidity Risk
  229. Living Trust
  230. Living Will
  231. Lock-Up Period
  232. Longevity Risk
  233. Long-Short Hedge Strategy
  234. Long-Term Care Insurance
  235. Loss Carry-Forward
  236. Lump Sum Distribution
  237. Managed Futures Hedge Strategy
  238. Marital Deduction
  239. Marital Trust
  240. Market Capitalization
  241. Market Neutral Hedge Strategy
  242. Market Risk
  243. Master Limited Partnership
  244. Maturity Ladder
  245. Medicaid Trust
  246. Medical Deduction
  247. Medical Savings Account
  248. Merger Arbitrage Hedge Strategy
  249. Minority Discounting
  250. Mirror Will
  251. Momentum Strategy
  252. Monte Carlo Simulation
  253. Mortgage Backed Security
  254. Multiple Family Office
  255. Mutual Will
  256. Naked Trusts
  257. No-Load Annuity
  258. Non-Accredited Investor
  259. Non-Contestability Clause
  260. Non-Discretionary Account
  261. Non-Grantor Trust
  262. Non-Marital Trust
  263. Non-Qualified Charitable Donations
  264. Nuncupative Will
  265. Operating Assets
  266. Opportunistic
  267. Options
  268. Passive Management
  269. Payable-On-Death Accounts
  270. Per Capita at Each Generation Designation
  271. Per Capita Designation
  272. Per Stirpes Designation
  273. Permanent Life Insurance Policy
  274. Perpetual Trust
  275. Personal Exemption
  276. Personal Property
  277. Political Deduction
  278. Pooled Income Fund Trust
  279. Pour-Over Will
  280. Price Risk
  281. Primary Beneficiary
  282. Private Annuity Trust
  283. Private Equity
  284. Private Foundation
  285. Private Health Insurance
  286. Private Infrastructure
  287. Private Placement
  288. Private Real Estate
  289. Probate
  290. Probate Estate
  291. Professional Liability Insurance
  292. Profit Sharing Plan
  293. Property Control Trust
  294. Property Guardian
  295. Publicly Traded Partnership
  296. Put Option
  297. Qualified Annuity
  298. Qualified Domestic Trust
  299. Qualified Investor
  300. Qualified Personal Residence Trust
  301. Qualified Terminable Interest Property Trust
  302. Qualitative Analysis
  303. Quantitative Analysis
  304. Quantitative Strategy
  305. Quasi-Community Property
  306. Real Estate Investment Trust
  307. Real Property
  308. Real Rate of Return
  309. Rebalancing
  310. Reciprocal Will
  311. Registered Investment Advisor
  312. Relative Value Hedge Strategy
  313. Remainder Interest
  314. Required Minimum Distributions
  315. Residuary Estate
  316. Retained Interest
  317. Retained Life Estate
  318. Reverse Mortgage
  319. Revocable Life Insurance Trust
  320. Revocable Living Trust
  321. Revocable Trust
  322. Risk Tolerance
  323. Rolling Grantor Retained Annuity Trust
  324. Roth IRA
  325. Rule of Survivorship
  326. Safe Asset
  327. Scenario Analysis
  328. Second-to-Die Insurance
  329. Section 1031 Exchange
  330. Section 1035 Exchange
  331. Section 7520 Rates
  332. Self-Proving
  333. SEP IRA
  334. Separate Account
  335. September 30th Required Minimum Distributions
  336. SIMPLE IRA
  337. Simple Will
  338. Single Family Office
  339. Skip Person
  340. Socially Responsible Investing
  341. Sophisticated Investor
  342. Special Needs Trust
  343. Special Use Valuation
  344. Spendthrift Trust
  345. Spillover Trusts
  346. Sprinkling Trust
  347. Step-Up in Basis
  348. Stock Option
  349. Stop-Loss Order
  350. Strategic Asset Allocation
  351. Stretch Annuity
  352. Stretch IRA Provision
  353. Style Boxes
  354. Succession Planning
  355. Successor Trustee
  356. Supplemental Needs Trust
  357. Survivorship Life Insurance Policy
  358. Tactical Asset Allocation
  359. Take-Profit Order
  360. Taxable Account
  361. Taxable Estate
  362. Tax-Deferred Account
  363. Tax-Efficient Asset Allocation
  364. Tax-Exempt Investments
  365. Tax-Loss Harvesting
  366. Technical Analysis
  367. Tenancy by Entirety
  368. Tenants in Common
  369. Term Life Insurance Policy
  370. Testamentary Trust
  371. Testator
  372. Three-Year Rule
  373. Top-Down Strategy
  374. Totten Trust
  375. Transfer Fax
  376. Transfer-On-Death Accounts
  377. Trustee
  378. Trustor
  379. Trusts
  380. Umbrella Insurance Policy
  381. Unfunded Trust
  382. Unified Credit
  383. Unified Managed Account
  384. Unified Managed Household Account
  385. Uniform Prudent Management of Institutional Funds Act
  386. Uniform Transfers to Minors Act and/or Uniform Gifts to Minors Act
  387. Universal Life Insurance Policy
  388. Up-Front Cash Sale
  389. Value Style
  390. Variable Annuity
  391. Variable Life Insurance Policy
  392. Variable Prepaid Forward Contracts
  393. Variable Universal Life Insurance Policy
  394. Venture Capital
  395. Wash-Sale Rule
  396. Wealth Management
  397. Wetlands Conservation Easement
  398. Whole Life Insurance
  399. Will
  400. Will Substitutes
  401. Witnessed Will

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