المسرد
مفردات الثروة الكبيرة:180 مصطلحات، لكلٍّ منها صفحته الخاصة: ما معناه، ولماذا يهمّ، وأين يكمن أثره.
الكل
الخدمات المصرفية والتأمينالعائلة والحوكمةالعطاء الخيريالأسواق الخاصةالأسواق العامةالضرائبTrusts والتركات
MRI
MRI
Mission-Related Investment
A mission-related investment is a market-rate or near-market-rate investment made…
DDQ DDQ Due Diligence QuestionnaireA standardized document that investment managers complete so allocators can…
TIPS TIPS Treasury Inflation-Protected SecuritiesTreasury Inflation-Protected Securities are U.S. government bonds whose principal…
DPI DPI Distributions to Paid-InA private-fund metric expressing the ratio of cumulative cash distributions…
PPLI PPLI Private Placement Life InsurancePrivate Placement Life Insurance (PPLI) is a variable life insurance contract…
CRUT CRUT Charitable Remainder UnitrustA Charitable Remainder Unitrust, a CRT variant that pays beneficiaries a fixed…
11
A6
Accredited Investor
A legal eligibility category defined by securities regulators that determines which individuals and entities may participate in certain private…
الأسواق الخاصة
Advance Rate
An advance rate is the percentage of a collateral asset's market value that a lender is willing to extend as a loan, effectively setting the maximum…
الأسواق العامة
Agreed Value Coverage
A property insurance arrangement in which the insurer and policyholder agree on an asset's value upfront, eliminating any depreciation dispute at the…
الخدمات المصرفية والتأمين
Alpha
Alpha is the portion of an investment's return that is attributed to the manager's skill or decisions, after accounting for the return explained by…
الأسواق العامة
Alternative Minimum Tax AMT
A parallel federal tax system that recalculates income using different rules and rates to ensure high-income taxpayers pay a minimum amount of tax.
الضرائب
Annual Exclusion
A per-recipient, per-year amount that any individual may give away free of gift tax without touching their lifetime exemption; the amount is set by…
Trusts والتركات
B6
Basis Point bp
One one-hundredth of one percentage point, commonly written as "bp" or "bps," used in finance to express small differences in rates, fees, and…
الأسواق العامة
Benchmark
A benchmark is a standard index or reference portfolio used to measure whether an investment portfolio is performing well or poorly relative to a…
الأسواق العامة
Beneficiary
A person or entity entitled to receive benefits, income, principal, or both, from a trust, estate, insurance policy, or account.
Trusts والتركات
Beta
Beta measures how sensitively an investment's returns move relative to a reference market, typically expressed as a number where 1.0 means the…
الأسواق العامة
Blackout Period
A company-imposed window of time during which designated employees and insiders are prohibited from buying or selling company stock, typically…
الأسواق العامة
Buffered Note
A buffered note is a type of structured note that absorbs the first defined percentage of losses on a reference asset, in exchange for capping the…
الأسواق العامة
C24
Capital Call
A fund manager's formal request requiring investors to transfer a portion of their previously committed, but not yet paid, capital by a specified…
الأسواق الخاصة
Captive Insurer
A captive insurer is a licensed insurance company created and owned by a business or family primarily to insure the risks of its owner, rather than…
الخدمات المصرفية والتأمين
Carried Interest
The share of a fund's investment profits paid to the general partner as performance compensation, typically calculated after investors have received…
الأسواق الخاصة
Charitable Deduction
A charitable deduction is the reduction in taxable income or estate allowed when a taxpayer makes a qualifying gift to an eligible nonprofit…
الضرائب
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…
Trusts والتركات
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…
Trusts والتركات
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…
Trusts والتركات
Clawback
A contractual obligation requiring the general partner to return previously paid carried interest to limited partners if, at the end of the fund's…
الأسواق الخاصة
Closed-End Fund CEF
A closed-end fund (CEF) is a pooled investment vehicle that raises a fixed amount of capital through an initial offering, lists its shares on an…
الأسواق العامة
Co-Investment
A direct stake in a single deal offered to investors alongside a private fund, often with reduced or waived management fees and carried interest.
الأسواق الخاصة
Collar
A collar is an options strategy that limits both the downside loss and upside gain on a security position by simultaneously purchasing a protective…
الأسواق العامة
Collateral (Maintenance) Call
A lender's demand that a borrower deposit additional collateral or repay part of a loan because the pledged assets have fallen below the required…
الأسواق العامة
Committed Capital
The total amount an investor has contractually agreed to provide to a fund, regardless of how much has actually been transferred to date.
الأسواق الخاصة
Concentrated Position
A concentrated position is a single investment, typically one stock or private holding, that represents an outsized share of a family's total net…
الأسواق العامة
Consolidated Reporting
Consolidated reporting assembles data from all of a family's accounts, custodians, funds, and properties into a single unified view of total wealth…
العائلة والحوكمة
Continuation Fund
A new fund vehicle created by a general partner to retain one or more assets beyond a fund's original term, offering existing investors the choice to…
الأسواق الخاصة
Convexity
A measure of how a bond's duration itself changes as interest rates move, capturing the curvature in the price-yield relationship that duration alone…
الأسواق العامة
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…
Trusts والتركات
Cost Basis
Cost basis is the original purchase price of an asset, adjusted for certain events, used to calculate the taxable gain or loss when that asset is…
الأسواق العامة
Covered Call
A strategy in which an investor who owns shares sells another party the right to buy those shares at a set price, collecting a cash premium in…
الأسواق العامة
Credit Spread
A credit spread is the additional yield a bond offers above a comparable-maturity government bond, compensating investors for the risk that the…
الأسواق العامة
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…
Trusts والتركات
Custodian
A custodian is a financial institution that holds a client's assets for safekeeping, settles trades, and maintains official records of ownership.
العائلة والحوكمة
Cy Pres
A legal doctrine allowing courts (or sometimes trustees) to redirect charitable gifts or trust assets to a purpose as close as possible to the…
العطاء الخيري
D18
Day-Count Test
A day-count test is any rule that uses the number of days a person is physically present in a jurisdiction as a threshold for determining tax…
الضرائب
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…
Trusts والتركات
Direct Indexing
Direct indexing is a strategy in which an investor owns the individual securities that make up an index directly, rather than holding a fund that…
الأسواق العامة
Directed Trust
A trust structure in which certain decisions, commonly investment management or distribution authority, are formally delegated to named advisors…
Trusts والتركات
Directors & Officers Insurance D&O
Insurance that covers the personal financial liability of individuals serving on a corporate or nonprofit board for decisions made in their official…
الخدمات المصرفية والتأمين
Distribution
Cash or securities returned to investors by a fund when it sells an asset, receives income, or otherwise monetizes a holding.
الأسواق الخاصة
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.
Trusts والتركات
Distribution Waterfall
The contractual sequence that determines the order and priority in which a private fund distributes cash proceeds among the general partner and…
الأسواق الخاصة
Distributions to Paid-In DPI
A private-fund metric expressing the ratio of cumulative cash distributions returned to investors divided by the total capital they have paid in.
الأسواق الخاصة
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…
Trusts والتركات
Domicile
Domicile is the single jurisdiction a person treats as their permanent, true home, determined by both physical presence and demonstrated intent to…
الضرائب
Donor-Advised Fund DAF
A charitable giving account held at a sponsoring organization that allows a donor to contribute assets now, receive an immediate tax deduction, and…
العطاء الخيري
Drawdown
Drawdown is the peak-to-trough decline in the value of a portfolio or investment over a specific period, measuring how much was lost from a prior…
الأسواق العامة
Drawdown Fund
A private fund structure in which committed capital is called by the manager in stages as investments are made, rather than collected upfront in a…
الأسواق الخاصة
Dry Powder
Capital that has been committed to a fund but not yet deployed into actual investments, held in reserve awaiting suitable opportunities.
الأسواق الخاصة
Due Diligence Questionnaire DDQ
A standardized document that investment managers complete so allocators can systematically evaluate a firm's operations, risk controls, and…
الأسواق الخاصة
Duration
A measure of a bond's price sensitivity to interest-rate changes, expressed in years, indicating how much a bond's price will rise or fall when rates…
الأسواق العامة
Dynasty Trust
A long-duration trust, often designed to last for multiple generations or indefinitely, structured to keep assets outside beneficiaries' taxable…
Trusts والتركات
E9
Estate Tax
A federal (and sometimes state) tax levied on the total value of a deceased person's taxable estate before assets are distributed to heirs.
Trusts والتركات
Estimated Taxes
Estimated taxes are quarterly payments made directly to tax authorities by individuals whose income is not fully covered by withholding, allowing tax…
الضرائب
Evergreen Fund
An open-ended private investment vehicle with no fixed termination date, allowing investors to subscribe and redeem periodically rather than…
الأسواق الخاصة
Excess Liability
Insurance that provides additional coverage limits directly above a specific underlying policy, without necessarily broadening the categories of risk…
الخدمات المصرفية والتأمين
Exchange Fund
A private partnership that allows multiple investors to contribute appreciated shares and receive diversified fund interests in return, potentially…
الأسواق العامة
Exchange-Traded Fund ETF
An exchange-traded fund (ETF) is a pooled investment vehicle that holds a basket of securities and trades on a stock exchange throughout the day like…
الأسواق العامة
Exit Tax
An exit tax is a deemed-sale tax imposed when certain individuals relinquish U.S. citizenship or long-term permanent residency, treating their…
الضرائب
Expenditure Responsibility
The oversight regime under U.S. tax law requiring private foundations to monitor, control, and report on grants made to organizations that are not…
العطاء الخيري
Expense Ratio
An expense ratio is the annual cost of owning a fund, expressed as a percentage of assets, covering management fees and operating expenses charged…
الأسواق العامة
F9
Family Assembly
A formal, recurring gathering of all family members, across branches and generations, convened to discuss shared values, wealth matters, and…
العائلة والحوكمة
Family Bank
An internal lending structure through which a family provides loans to members for business ventures, education, or other purposes under formally…
العائلة والحوكمة
Family Constitution
A family constitution is a written document that articulates a family's shared values, governance structures, decision-making rules, and expectations…
العائلة والحوكمة
Family Council
A family council is a representative governing body composed of family members that provides a forum for collective decision-making, communication…
العائلة والحوكمة
Family Office
A family office is an organization, or coordinated set of services, dedicated to managing the financial, administrative, and sometimes personal…
العائلة والحوكمة
FBAR / FATCA / CRS
FBAR, FATCA, and CRS are three overlapping international account-transparency regimes requiring disclosure of foreign financial accounts and assets…
الضرائب
Fee Offset
A contractual provision in private fund agreements that credits fees a fund manager earns from portfolio companies against the management fee charged…
الأسواق الخاصة
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…
Trusts والتركات
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…
Trusts والتركات
G9
General Obligation Bond GO
A general obligation bond is a municipal debt security backed by the full taxing power of the issuing government, rather than by revenues from a…
الأسواق العامة
General Partner GP
The managing entity of a private fund, typically abbreviated GP, that makes investment decisions, bears legal responsibility for the partnership, and…
الأسواق الخاصة
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…
Trusts والتركات
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…
Trusts والتركات
GP Catch-Up
A distribution tier in a private fund where the general partner receives a disproportionately large share of profits until it has caught up to its…
الأسواق الخاصة
GP Commitment
A GP commitment is the amount of their own capital that a fund's general partner invests alongside limited partners, aligning the manager's financial…
الأسواق الخاصة
Grantor (Settlor)
The individual who creates a trust, contributes assets to it, and establishes its terms, sometimes called the settlor or trustor.
Trusts والتركات
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…
Trusts والتركات
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…
Trusts والتركات
H3
HEMS Standard HEMS
A trustee distribution standard limiting payouts to a beneficiary's health, education, maintenance, and support: an IRS-recognized phrase that also…
Trusts والتركات
High Yield
High-yield bonds are debt securities rated below investment grade by credit-rating agencies, offering higher interest payments to compensate…
الأسواق العامة
Human Capital of the Family
The collective knowledge, skills, health, relationships, and productive capacity of family members, viewed as a form of wealth alongside financial…
العائلة والحوكمة
I11
Incentive Stock Options ISO
A type of employee stock option that receives preferential tax treatment under federal law, with no ordinary income tax at exercise, but with…
الضرائب
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…
Trusts والتركات
Internal Rate of Return IRR
The annualized discount rate that makes a series of cash inflows and outflows break even in present value terms, commonly used to express…
الأسواق الخاصة
Interval Fund
A registered investment fund that allows redemptions only during periodic windows, typically quarterly, rather than on demand, enabling the fund to…
الأسواق الخاصة
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 receives…
Trusts والتركات
Investment Committee
A formal body of individuals, family members, advisors, or both, given defined authority to make or oversee investment decisions on behalf of a…
العائلة والحوكمة
Investment Grade IG
Investment grade (IG) describes bonds rated by recognized credit-rating agencies within the higher-quality tiers, indicating a relatively lower…
الأسواق العامة
Investment Policy Statement IPS
An investment policy statement is a written document that establishes a portfolio's objectives, risk parameters, asset allocation guidelines, and…
العائلة والحوكمة
Investor Control Doctrine
A tax doctrine holding that if a life insurance policyholder exercises sufficient direct control over the specific assets inside the policy's…
الخدمات المصرفية والتأمين
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.
Trusts والتركات
Irrevocable Trust
A trust that, once established, generally cannot be changed or revoked by the grantor, trading control for potential tax and asset-protection…
Trusts والتركات
J1
K2
Key-Person Provision
A key-person provision is a fund clause that triggers a suspension of new investments (and potentially allows limited partners to exit) if specified…
الأسواق الخاصة
Know Your Customer KYC
A legally required process by which banks and financial institutions verify a customer's identity, source of wealth, and risk profile before and…
الخدمات المصرفية والتأمين
L6
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…
Trusts والتركات
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 set…
Trusts والتركات
Limited Partner LP
A limited partner is an investor in a private fund who contributes capital, shares in profits and losses, and enjoys liability limited to their…
الأسواق الخاصة
Limited Partnership Agreement LPA
A Limited Partnership Agreement is the governing legal contract of a private fund that defines the rights, obligations, economics, and rules binding…
الأسواق الخاصة
Lock-Up
A defined period, stated in a fund's governing documents, during which an investor may not request any redemption of their capital.
الأسواق الخاصة
Loss Carryforward
An unused tax loss from one year that tax rules allow a taxpayer to apply against gains or income in a future tax year.
الضرائب
M7
Management Fee
An annual fee charged by a private fund manager, calculated as a percentage of committed or invested capital, covering the fund's operating costs.
الأسواق الخاصة
Margin Loan
A margin loan is a loan from a broker-dealer to an account holder, secured by securities in a brokerage account and governed by federal margin…
الأسواق العامة
Minimum Distribution (Foundations)
The legal obligation requiring private foundations to distribute a minimum percentage of their assets annually for charitable purposes, as defined by…
العطاء الخيري
Mission-Related Investment MRI
A mission-related investment is a market-rate or near-market-rate investment made from a foundation's endowment that is intentionally aligned with…
العطاء الخيري
Most Favored Nation Clause MFN
A Most Favored Nation clause is a contractual right that entitles an investor to elect any more favorable terms granted to other investors in the…
الأسواق الخاصة
Multi-Family Office MFO
A multi-family office is a professional firm that delivers family-office-style services: investment oversight, tax coordination, estate planning…
العائلة والحوكمة
Multiple on Invested Capital MOIC
A simple ratio expressing total value returned or expected from an investment divided by the total capital invested, without regard to how long that…
الأسواق الخاصة
N2
Net Asset Value NAV
Net Asset Value (NAV) is the estimated total value of a fund's or portfolio's assets minus its liabilities, representing the per-share or aggregate…
الأسواق الخاصة
Net Investment Income Tax NIIT
A federal surtax applied to net investment income: such as interest, dividends, and capital gains, for taxpayers whose income exceeds certain…
الضرائب
O1
P15
Pass-Through Entity
A pass-through entity is a business structure that pays no federal income tax itself; instead, profits and losses flow to owners and are taxed on…
الضرائب
Passive Foreign Investment Company PFIC
A Passive Foreign Investment Company (PFIC) is a foreign corporation meeting certain income or asset tests, subject to a punitive U.S. tax regime…
الضرائب
Portability
A federal estate-tax rule allowing a surviving spouse to claim any unused portion of a deceased spouse's lifetime exemption, effectively combining…
Trusts والتركات
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…
Trusts والتركات
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.
Trusts والتركات
Preferred Return
A minimum annual return that limited partners must receive on their capital before a fund manager begins earning carried interest, also called a…
الأسواق الخاصة
Premium / Discount to NAV
Premium or discount to NAV describes whether a fund's market price trades above (premium) or below (discount) the per-share value of the assets it…
الأسواق العامة
Private Bank
A financial institution or dedicated division of a larger bank that provides integrated banking, lending, investment, and advisory services…
الخدمات المصرفية والتأمين
Private Foundation
A tax-exempt charitable organization established and controlled by a family or individual, funded by private contributions, and required by law to…
العطاء الخيري
Private Placement Life Insurance PPLI
Private Placement Life Insurance (PPLI) is a variable life insurance contract issued in a private, non-registered offering that allows the…
الخدمات المصرفية والتأمين
Private Placement Memorandum PPM
A Private Placement Memorandum (PPM) is the primary disclosure document for a privately offered security, describing the investment, its risks…
الأسواق الخاصة
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.
Trusts والتركات
Program-Related Investment PRI
A program-related investment is a foundation's concessionary loan, equity stake, or guarantee made primarily to advance charitable purposes rather…
العطاء الخيري
Protective Put
A protective put is an options contract purchased on a security already owned, granting the right to sell that security at a specified price, thereby…
الأسواق العامة
Public Market Equivalent PME
A method of benchmarking a private fund's performance by replicating its cash flows in a public market index, enabling a like-for-like return…
الأسواق الخاصة
Q3
Qualified Personal Residence Trust QPRT
A trust into which a homeowner transfers a personal residence at a reduced gift-tax value, retaining the right to live there for a fixed number of…
Trusts والتركات
Qualified Purchaser QP
A higher securities-law eligibility tier, defined by a specified level of investable assets, that opens access to certain private funds not available…
الأسواق الخاصة
Qualified Small Business Stock QSBS
Stock in a qualifying C-corporation that, if held long enough and meeting specific requirements, may allow shareholders to exclude a substantial…
الضرائب
R9
Rebalancing
Rebalancing is the disciplined process of buying and selling portfolio holdings to restore the asset mix back to its original or target policy…
الأسواق العامة
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…
Trusts والتركات
Redemption Gate
A contractual provision in a fund's governing documents that limits the total percentage of investor capital that may be withdrawn during any single…
الأسواق الخاصة
Residual Value to Paid-In RVPI
A private-fund metric expressing the ratio of the net asset value of unrealized investments still held by the fund to the total capital investors…
الأسواق الخاصة
Restricted and Control Stock
Shares of a company that cannot be freely sold or transferred until specific conditions, such as a vesting schedule or regulatory holding period…
الأسواق العامة
Revenue Bond
A revenue bond is a municipal security whose principal and interest are repaid solely from the income generated by a specific project or facility…
الأسواق العامة
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.
Trusts والتركات
Rule 144
An SEC safe-harbor rule that defines the specific conditions under which holders of restricted or control stock may sell those shares into the public…
الأسواق العامة
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.
Trusts والتركات
S23
Safe Harbor (Estimated Tax)
The estimated-tax safe harbor is a set of IRS rules under which a taxpayer avoids underpayment penalties if total estimated payments and withholding…
الضرائب
Schedule K-1 K-1
A Schedule K-1 is the annual tax form a partnership, S corporation, or trust issues to each owner, reporting that owner's share of income…
الضرائب
Scheduled Valuables
A policy endorsement or separate policy that lists specific high-value items, art, jewelry, watches, wine, collectibles, individually, each with its…
الخدمات المصرفية والتأمين
Secondaries
The purchase of an existing stake in a private fund or portfolio of fund stakes from another investor, rather than committing capital at the fund's…
الأسواق الخاصة
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…
Trusts والتركات
Section 754 Election
A Section 754 election allows a partnership to adjust the tax basis of its assets when a partnership interest is sold or a partner dies, aligning…
الضرائب
Securities-Based Line of Credit SBLOC
A securities-based line of credit (SBLOC) is a revolving loan extended by a lender using a borrower's investment portfolio as collateral, outside the…
الأسواق العامة
Self-Dealing
A category of transactions between a private foundation and its disqualified persons, typically insiders, that federal law prohibits or strictly…
العطاء الخيري
Self-Insurance
Self-insurance is the deliberate decision to retain a financial risk internally, absorbing potential losses from one's own resources, rather than…
الخدمات المصرفية والتأمين
Separately Managed Account SMA
A separately managed account (SMA) is a professionally managed investment portfolio in which the client directly owns each individual security…
الأسواق العامة
Sharpe Ratio
The Sharpe ratio measures the return an investment delivered above a risk-free rate, divided by the volatility of those returns, expressing how much…
الأسواق العامة
Shirtsleeves to Shirtsleeves
A piece of multigenerational folklore warning that family wealth created in one generation is often dissipated by the third, expressed in similar…
العائلة والحوكمة
Side Letter
A side letter is a private bilateral agreement between a fund manager and a specific investor that grants that investor terms, such as fee discounts…
الأسواق الخاصة
Side Pocket
A separate accounting sleeve within a fund that isolates a specific illiquid or hard-to-value investment from the main portfolio, limiting…
الأسواق الخاصة
Single-Family Office SFO
A single-family office is a private organization owned and operated by one family solely to manage that family's wealth, affairs, and legacy.
العائلة والحوكمة
Situs
The legal jurisdiction, typically a U.S. state or foreign country, whose laws govern a trust's administration, validity, and taxation.
Trusts والتركات
Spendthrift Clause
A trust provision that prevents a beneficiary from voluntarily transferring their interest and blocks creditors from reaching trust assets before a…
Trusts والتركات
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…
Trusts والتركات
Statutory Residency
Statutory residency is a legal status imposed by a state's tax code when a person meets a defined formula, typically days present plus a permanent…
الضرائب
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…
Trusts والتركات
Stewardship
The philosophy that current holders of family wealth are caretakers of resources intended to benefit future generations, not simply owners free to…
العائلة والحوكمة
Structured Note
A structured note is a debt security issued by a financial institution whose repayment terms are linked to the performance of an underlying asset…
الأسواق العامة
Subscription Credit Line
A short-term credit facility borrowed by a private fund against investors' unfunded commitments, used to deploy capital quickly before formal capital…
الأسواق الخاصة
T7
Tax-Equivalent Yield TEY
Tax-equivalent yield is the pretax return a taxable bond must offer to produce the same after-tax income as a tax-exempt bond for an investor at a…
الأسواق العامة
Tax-Loss Harvesting TLH
Tax-loss harvesting (TLH) is the practice of selling a security at a loss to generate a realized capital loss that can offset taxable capital gains…
الأسواق العامة
Total Value to Paid-In TVPI
A private-fund performance ratio calculated by dividing the sum of all distributions and remaining net asset value by the total capital investors…
الأسواق الخاصة
Treasury Bill T-bill
A Treasury bill is a short-term U.S. government debt obligation, maturing in one year or less, sold at a discount to face value and redeemed at full…
الأسواق العامة
Treasury Inflation-Protected Securities TIPS
Treasury Inflation-Protected Securities are U.S. government bonds whose principal value is adjusted periodically in line with a government inflation…
الأسواق العامة
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…
Trusts والتركات
Trustee
The individual or institution legally responsible for holding, managing, and distributing trust assets according to the trust document and applicable…
Trusts والتركات
U2
Umbrella Liability Policy
A personal liability insurance policy that pays claims exceeding the limits of underlying home, auto, or other primary policies, up to a much higher…
الخدمات المصرفية والتأمين
Unrelated Business Taxable Income UBTI
Unrelated Business Taxable Income (UBTI) is income earned by a tax-exempt account, such as an IRA or charitable trust, from an active business or…
الضرائب
V3
Vintage Year
The calendar year in which a private fund begins making its first investments or drawing capital from investors, used as the primary basis for…
الأسواق الخاصة
Virtual Family Office VFO
A virtual family office is a coordinated network of independent, outside specialists: attorneys, investment advisers, accountants, and others…
العائلة والحوكمة
Volatility
Volatility measures how widely and rapidly an investment's returns fluctuate over time, most commonly expressed as the annualized standard deviation…
الأسواق العامة
W1
Y2
Yield Curve
The yield curve is a visual representation of the interest rates available on bonds of the same credit quality across a range of maturities, from…
الأسواق العامة
Yield to Maturity YTM
Yield to maturity (YTM) is the total annualized return a bond investor would earn if the bond is held until it matures and every promised payment is…
الأسواق العامة