Page 14 - Accumulating, Preserving, and Passing Wealth | Stifel

Glossary of Estate Planning Terms

We have included the following glossary to help you better understand the many estate planning terms and concepts.

Administrator – Person named by the court to represent the estate when there is no will or when the will does not name an
executor. Also called a personal representative.

Annual Exclusion Gift – Amount that a donor may transfer to a donee, free of transfer tax, each calender year. The donor
may make these gifts to multiple donees. In 2019, the annual exclusion gift is $15,000 per donee per calender year. Consult
with your tax professional regarding gifts exceeding the annual exclusion.

Ascertainable Standards – Limited trustee powers to provide health, education, maintenance, and support for a surviving
spouse or others. This may avoid trust assets being included in a beneficiary’s estate.

Beneficiary – The person(s) who and/or institution that receives the benefits of the trust.

Charitable Remainder Trust (CRT) – A common form of charitable tax planning, typically with highly appreciated assets.
The individual (or donor) gifts assets to the CRT and receives an income tax deduction (subject to IRS limits), a lifetime income
stream, avoidance of capital gains taxes, and reduction of the taxable estate. The beneficial charity receives the remaining
assets of the trust at the death of the donor.

Codicil – A written change or amendment to a will.

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