Peace Talks Glossary

Peace Talks Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Incidents of ownership

Any ownership or control over a life insurance policy.

Indemnification

An agreement to pay or repay an obligation. For example, you may agree that if your mom will co-sign a car loan that you will indemnify her if mom ever has to make a payment on your behalf.

Individual retirement programs

Individual retirement programs allow you to name beneficiaries to receive any money left in the account at the time of your death. Therefore, the money goes directly to your beneficiaries and is not subject to probate.

Inherit

To receive property from someone who has died.

Inheritance tax

* A tax on a decedent's net estate that is levied after the estate is transmitted to the inheritors. Estate Taxes – federal taxes assessed on the property of a deceased person. Death or inheritance taxes are called estate taxes for Federal tax purposes.

Inheritors

People or legal entities who inherit property.

Instrument

Document, document which creates a trust

Inter Vivos Trust

Living trust

Interstate

Dying without a will or other estate plan in place.

Interstate succession

State law which dictates how your estate is distributed in the event you die without a will or other estate plan in place.

Irrevocable trust trust which cannot be revoked, voided, or amended in any way once it is set up.

Issue

Legal term referring to one’s children or direct descendents.

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