用語集
The vocabulary of substantial wealth — 42 用語、それぞれ専用ページ付き：意味、重要な理由、そして注意すべきポイント。
GRAT
Grantor Retained Annuity Trust
An irrevocable trust in which the grantor receives fixed annuity payments for a set…
LP
Limited Partner
A limited partner is an investor in a private fund who contributes capital, shares…
SBLOC
Securities-Based Line of Credit
A securities-based line of credit (SBLOC) is a revolving loan extended by a lender…
MFN
Most Favored Nation Clause
A Most Favored Nation clause is a contractual right that entitles an investor to…
SFO
Single-Family Office
A single-family office is a private organization owned and operated by one family…
PPLI
Private Placement Life Insurance
Private Placement Life Insurance (PPLI) is a variable life insurance contract…
A1
B1
C5
Charitable Lead Trust CLT
A trust that pays a stream of income to one or more charities for a fixed period, after which the remaining assets pass to family members or other…
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Charitable Remainder Trust CRT
A tax-exempt trust that pays income to the grantor or other named beneficiaries for a period, after which the remaining assets pass to one or more…
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Charitable Remainder Unitrust CRUT
A Charitable Remainder Unitrust, a CRT variant that pays beneficiaries a fixed percentage of the trust's assets as revalued each year, rather than a…
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Corpus (Principal)
The property — cash, securities, real estate, or other assets — held inside a trust, also called the principal or trust estate, distinct from any…
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Crummey Power
A temporary right granted to a trust beneficiary to withdraw a newly contributed gift, making that contribution eligible for the annual gift tax…
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D5
Decanting
The process by which a trustee distributes assets from an existing trust into a new trust with updated or improved terms, using authority granted by…
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Directed Trust
A trust structure in which certain decisions — commonly investment management or distribution authority — are formally delegated to named advisors…
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Distribution Standard
The language in a trust document that defines when, how much, and for what purposes a trustee may or must distribute assets to beneficiaries.
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Domestic Asset Protection Trust DAPT
A trust established under specific state statutes where the person creating the trust can also be a beneficiary while still receiving some creditor…
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Dynasty Trust
A long-duration trust, often designed to last for multiple generations or indefinitely, structured to keep assets outside beneficiaries' taxable…
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E1
F2
Fiduciary Duty
A legal and ethical obligation requiring one party to act solely in another's best interest, with loyalty and prudence, when entrusted with authority…
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Fraudulent Transfer
A transfer of assets made with intent to hinder, delay, or defraud creditors, which courts can reverse and return those assets to the creditor's…
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G5
Generation-Skipping Transfer Tax GST
The Generation-Skipping Transfer (GST) tax is an additional federal tax on transfers — by gift or at death — made to recipients who are two or more…
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Gift Tax
A federal tax on transfers of property from one person to another during the giver's lifetime, designed to prevent avoidance of the estate tax…
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Grantor (Settlor)
The individual who creates a trust, contributes assets to it, and establishes its terms — sometimes called the settlor or trustor.
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Grantor Retained Annuity Trust GRAT
An irrevocable trust in which the grantor receives fixed annuity payments for a set term, and any remaining assets pass to beneficiaries potentially…
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Grantor Trust Status
A tax classification in which the person who created a trust — the grantor — is treated as the owner of trust assets for income-tax purposes and must…
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H1
I4
Intentionally Defective Grantor Trust IDGT
An irrevocable trust deliberately structured so that assets leave the grantor's estate for transfer-tax purposes while the grantor remains…
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Intestacy
The legal condition of dying without a valid will, causing the state's default inheritance laws — not the deceased's wishes — to determine who…
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Irrevocable Life Insurance Trust ILIT
An irrevocable trust that owns a life insurance policy so that the death benefit is excluded from the insured's taxable estate.
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Irrevocable Trust
A trust that, once established, generally cannot be changed or revoked by the grantor, trading control for potential tax and asset-protection…
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L2
Letter of Wishes
A non-binding written document in which a person or trust settlor communicates personal preferences and context to trustees, without creating legal…
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Lifetime Exemption
The cumulative amount a person may transfer by gift during life or bequest at death — combined — before federal transfer taxes apply; the amount is…
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P4
Portability
A federal estate-tax rule allowing a surviving spouse to claim any unused portion of a deceased spouse's lifetime exemption, effectively combining…
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Pour-Over Will
A will that automatically directs any assets left outside a trust at death into that trust, ensuring the trust's terms govern their ultimate…
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Power of Appointment
A legal right granted in a trust or will allowing a designated person to direct who ultimately receives specific property or trust assets.
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Probate
The court-supervised legal process by which a deceased person's will is validated, debts are settled, and remaining assets are distributed to heirs.
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Q1
R3
Reciprocal Trust Doctrine
A legal rule that can cause courts to "uncross" two mirror-image trusts created by spouses or partners, effectively treating each grantor as owning…
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Revocable Trust
A legal arrangement in which the person who creates the trust retains full power to amend, revoke, or dissolve it at any time during their lifetime.
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Rule Against Perpetuities RAP
A legal rule that historically limited how long a trust could hold property before it had to terminate and distribute assets to beneficiaries.
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S5
Section 7520 Rate
The Section 7520 rate is the IRS-published monthly interest rate used to value annuities, income interests, and remainder interests in trusts for…
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Situs
The legal jurisdiction — typically a U.S. state or foreign country — whose laws govern a trust's administration, validity, and taxation.
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Spendthrift Clause
A trust provision that prevents a beneficiary from voluntarily transferring their interest and blocks creditors from reaching trust assets before a…
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Spousal Lifetime Access Trust SLAT
An irrevocable trust funded by one spouse for the benefit of the other, allowing the gifting spouse to remove assets from their estate while…
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Step-Up in Basis
A reset of an inherited asset's cost basis to its fair market value at the original owner's date of death, potentially eliminating capital gains tax…
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T2
Trust Protector
A person or entity appointed in a trust document with defined powers to oversee, modify, or intervene in the trust's administration independently of…
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Trustee
The individual or institution legally responsible for holding, managing, and distributing trust assets according to the trust document and applicable…
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