Lives in being refers to individuals who are alive at the time that a piece of real property is conveyed. Under the common law rule against perpetuities, an interest created by the grant of an estate must vest no later than 21 years after the...
trusts, inheritances & estates
living trust
Living trusts (also called revocable trusts) are any trust where the settlor retains the ability to alter the trust or end the trust altogether, unlike irrevocable trusts. There are numerous types of living trusts and reasons for using them....
mandatory power of appointment
If a power is mandatory, then there is a duty to exercise it. A mandatory power of appointment is a power of appointment, or the right to appoint beneficiaries of property, that must be exercised by the donee. A mandatory power of appointment...
marital deduction
Marital deduction refers to exceptions to gift and estate taxes for transfers made to spouses. Almost all property qualifies for this deduction and there is no limit. The deduction does not avoid taxes completely, but rather, the spouse...
marital deduction trust
A marital deduction trust is a trust where transfers of property between married partners are free of federal transfer tax. A marital deduction trust can take one of two forms:
A life estate coupled with a general power of appointment...Massachusetts trust
Massachusetts trusts (also known as common-law trusts, business trusts, or unincorporated business organizations) are a unique type of trust used by individuals to run a business outside the normal legal entities such as a corporation or...
master trust
A master trust is an investment vehicle that pools assets for collective control and management. Similar to a pooled trust, the master trust refers to the central fund where assets are managed in a hub and spoke structure. For example, an employer can...
meretricious
The term meretricious refers to two individuals who live together in cohabitation that is marital in nature, but not on paper. In other words, there is no legal marital relationship. This term is particularly prevalent in the areas of family...
merger
In general, a merger is the act of uniting separate things. Specifically -
1. In corporate law, a merger is the absorption of one corporation into another. The surviving corporation acquires all the assets and liabilities of...
mirror wills
Mirror wills are wills executed by two individuals that contain nearly identical provisions. Most commonly executed by married couples, the contents of each spouse’s will “mirrors” the contents of the other spouse’s will. For example, a married couple’...