• Home
  • About
    • R. Bruce McManus, MBA, JD
    • Mary McManus Taylor, JD
    • Danielle McManus Noble, JD
    • Professional Staff
  • Practice
    • Asset Protection
    • Settlements
    • Estate Planning
    • Real Estate
  • Workshop
    • Registration
  • Talking Law
    • Blog
    • Archives
    • Legal Terms
  • Contact
McManus & McManus, P.A. - Attorneys & Counselors at Law
  • Home
  • About
    • R. Bruce McManus, MBA, JD
    • Mary McManus Taylor, JD
    • Danielle McManus Noble, JD
    • Professional Staff
  • Practice
    • Asset Protection
    • Settlements
    • Estate Planning
    • Real Estate
  • Workshop
    • Registration
  • Talking Law
    • Blog
    • Archives
    • Legal Terms
  • Contact
Call: (727) 584-2128

Legal Terms, Glossary, and Resources

Call: (727) 584-2128

Legal terms can be confusing. We can explain. Sign up today for a free workshop.
Legal Terms - McManus Resources
Register 'FREE" Workshop

Asset Titling
The legal name or property (real or intangible), this legal name tells who or what entity is the owner of that property. e.g. John and Jane Smith, John and Jane Smith Revocable Living Trust, etc.

Backup People
the individuals or fiduciaries appointed to serve if the primary person is not available, becomes incapacitated, resigns, or dies.

Beneficiary Designations
The person named to receive a property upon the death of an individual. Upon death, these assets are now in the ownership of the beneficiary named without probate. Note: only certain types of assets allow for these designations and care should be taken when making these decisions. Many unwittingly upset their estate plan with these decisions, please consult your estate planning attorney. These assets usually are life insurance, annuities, IRSs, 401(k)s, pension or profit sharing plans.

Capital Gains and Capital Losses
Gain or loss from the sale or exchange of a capital asset is characterized as either short-term or long-term, depending on how long the asset was held by the taxpayer. If a tax payer has both long-term and short-term transactions during the year, each type is reported separately and gains and losses from each type are netted separately. The net long-term capital gain or loss for the year is then combined with the net short-term capital gain or loss for the year to arrive at an overall (net) capital gain or loss. When capital gains exceed capital losses, the overall gain is included with the taxpayer’s other income. However, net long-term capital gain is generally subject to a maximum tax rate of 15% for individuals and 35% for corporations.

Determining Holding Period
In determining how long an asset was held, the taxpayer begins counting on the date after the day the property was acquired. The same date of each following month is the beginning of a new month regardless of the number of days of the preceding month. For example, if an asset is acquired on March 24, 2007 it must be held until March 25, 2008.

Dividend Income
Qualified dividend income is based at the same rate used to calculate an individual’s capital gains (i.e. 15% maximum or 0% minimum for those in the 10% or 15% tax brackets). Qualified dividends are paid to shareholders of a domestic corporation or a qualified foreign corporation between January 1, 2003 and December 31, 2010 are taxed at capital gains rates. The zero percent rate applies to taxpayers in the 10% or 15% tax brackets for 2008 through 2010.

Documents (in Estate Planning) the pieces of written information that are drafted by your attorney to attain your goals. The four building block Estate Planning documents are a person’s Last Will and Testament, Trust, Durable Power of Attorney, and Living Will.

Durable Power of Attorney
A document that delegates authority and decision making from one person to another that allows the individual named to have the authority even after the principal’s incapacity.

Estate
"Estate" when used in the context of probate... The term refers to the total property owned by a deceased person that is being passed to beneficiaries under a will during the probate proceeding or before the property is distributed.

Estate Planning Process
Giving what you want to whom you want when you want the way you want. The process of Estate Planning involves building the attorney-client relationship to achieve your goals for yourself and your loved ones. It is not a one-time transaction of documents; it involves speaking with your attorney and updating when life has changed.

Holding Period
A capital asset must be held “more than 12 months” in order for realized gain to be classified as long-term capital gain.

Incapacitated (or Incapacity)
Is the lack of power or ability to perform a given task or several tasks or the ability to properly reason certain decisions. Mental incapacity and physical incapacity is determined by a medical professional.

Installment Payments
Installment payments are subject to the capital gains rate in force at the time they are received, not in force at the time of the original transaction.

Lawsuit Protection
These are the steps that your attorney takes to protect yourself, and your loved ones from possible creditors and other liabilities that may face you and your loved ones during your lifetime and afterwards.

Liability
An obligation or legal debt, can be brought on by an accident, misconduct, and creditors.

Living Will
Is not a will, however, like a will it is a delineation of authority telling people an individual’s medical wishes, and the treatments that the individual wishes to and wishes not to receive in the event he or she is brain-dead with little prospects of recovery.

Mistitle
Give the wrong title or name to: Account registrations. See Asset Titling.

Power of Attorney
A delegation of decision-making authority from one person to another. The principle, the person creating the power of attorney , may delegate many types of authority, e.g. business, personal, and health care transactions.

Trustmaker, Grantor, Settlor, Trustor
A trust is formed. Your name appears within the document as its trustmaker, settlor, grantor or trustor. Which are you? Answer: All. All the terms mean the same thing. They define the individual who formed the trust. The trustmaker/grantor/settlor/trustor who forms the trust, moves his/her property and assets into its ownership.

Will
A determination of how an individual wants their property to be given when they pass, captured in a document to preserve his or her wishes.
McManus Blog

Talking Law

Archives
Home | About | Practice | Workshop | Talking Law | Opt-Out
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. The information contained within this website in no way constitutes an attorney client relationship, nor should the content be misconstrued as legal advice.
 
Be aware that information sent over the Internet may not be secure. We welcome requests for information by email, only we ask that you do not transmit confidential information. Transmissions received are kept in the strictest confidence and not sold to third parties.



Professional Associations

American Bar Association

The Fund

Clearwater Bar Association

National Association of
Estate Planners and Councils


Pinellas County
Estate Planning Council


Wealth Counsel


Business Associations

Belleair Country Club
Networking Group


Bluffs Business Association

Central Pinellas
Chamber of Commerce

Translate
Contact Us
McManus & McManus, P.A.
79 Overbrook Blvd.
Largo, FL 33770-2899

Telephone: (727) 584-2128
Fax: (727) 586-2324

www.McManusEstatePlanning.com


eMail - McManus Estate Planning

Go to: Workshops
Location / Directions
McManus & McManus, P.A. offices are located one block east of the West Bay Drive and Indian Rocks Road intersection in Largo, Florida.

Overbrook Boulevard runs south off West Bay Drive, in between the Wells Fargo Bank and ReMax Realty.

Look for “Welcome to Largo” landmark opposite the city limits of Belleair Bluffs

View Map of Office/Conference Center Location


Monday through Friday:
9:00 a.m. to 5:00 p.m.
 by Appointment.
(Online: 24/7)

Privacy Policy

Accessibility

GoDaddy eMail:
For Admin. Use Only

©2023 McManus & McManus, P.A. - Attorneys & Counselors at Law. All Rights Reserved.
Website Design & Development by: Design For Communication | !nBusinessSEO
  • Home
  • About
    • R. Bruce McManus, MBA, JD
    • Mary McManus Taylor, JD
    • Danielle McManus Noble, JD
    • Professional Staff
  • Practice
    • Asset Protection
    • Settlements
    • Estate Planning
    • Real Estate
  • Workshop
    • Registration
  • Talking Law
    • Blog
    • Archives
    • Legal Terms
  • Contact