Minor Trust Account
Trust whereby asset management is provided until a child reaches the age of majority. Upon reaching majority, the child has full use and control over the assets. The grantor of the trust cannot receive any income from the assets held in the trust. All undistributed income is taxed at trust rates, which are low. The grantor, through this type of trust, is able to control the time at which the minor has access to the assets given to him or her by the grantor (who wishes to take advantage of the annual gift tax exclusion).
Popular Insurance Terms
Restriction on the benefit that owners and other highly compensated individuals may receive from a qualified pension or other employee benefits. The U.S. Tax Code requires that benefits ...
Cost of an annuity. Annuities are often paid for in a lump sum rather than annual or other periodic payments. This sum, which guarantees an income, usually for life, is called the purchase ...
Interest of a beneficiary in the proceeds of a survivorship annuity. ...
Act first passed in 1962 that permits the self-employed individual to establish his or her own retirement plan. This individual can make nondeductible voluntary contributions and ...
Increases (decreases) in capital assets (such as stocks and bonds) between the date of purchase and the date of sale. ...
Act by a company that authorizes an agent to act on its behalf. ...
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
Coverage giving income benefits to surviving family member (s) if one member should die. These include the family income policy, family income rider, family maintenance policy, and the ...
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon ...
Have a question or comment?
We're here to help.