Oath Of Office at Legal Glossary
What is it? See oath.Law Definition Added By: Jake
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Law Terms disposable income is The difference between a debtors current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.Law Terms AB trust is A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouses estate for estate tax purposes. Using this kind of trust keeps the second spouses taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.
Law Terms provisional patent application (PPA) is The provisional patent application is a simple, inexpensive strategy to preserve your rights while you decide whether to file for a regular patent. It establishes an official U.S. patent application filing date for the invention and is much less expensive, and much easier to prepare, than a regular patent application.
Law Terms Totten trust is Another term for a payable-on-death bank account.
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