A

The reduction of a gift under a will when the estate’s assets cannot pay all of the gifts after paying the legal obligations of the estate.

(1) Temporary suspension. • Example from Harbor Tech LLC v. Correa, 73 Misc.3s 1211(A), 2021 N.Y.Slip Op. 50995(U) (Kings Co. Civil Court Oct. 14, 2020, Stoller, J.): “ORDERED that the entirety of Petitioner’s motion and the balance of Respondent Correa’s cross-motion in Harbor Tech LLC v. Correa, Index # 60788/2019 (Civ. Ct. Kings Co.) remains in abeyance pending the stay of that proceeding . . . .”

(2) In property law, the opposite of vesting. • Black’s Law Dictionary (10th Ed.) defines abeyance as “[a] lapse in succession during which no person is vested with title.” • Example from Brennan v. Willson, 71 N.Y. 502 (1877): “Allen, J. By the assignment of the 2d of July, 1875, and the acceptance of the trust by the defendants and Trimble the assignees named therein, the property real and personal of the assignors, vested in the assignees in trust for the creditors. The title did not remain in the assignors, nor was it in abeyance awaiting the giving of security by the assignees as required by the statute, or the performance of any condition subsequent to the assignment. The creditors of the assignors acquired an interest in the assigned estate, and could enforce the execution of the trust.”

To repeal.

Expenses that a real estate buyer generally pays to research the property’s title.

“The Accelerated Cost Recovery System (ACRS) applies to property first used before 1987. It is the name given for the tax rules that allow a taxpayer to recover through depreciation deductions the cost of property used in a trade or business or to produce income. These rules are mandatory and generally apply to tangible property placed in service after 1980 and before 1987. . . . ACRS consists of accelerated depreciation methods and an alternate ACRS method that could have been elected. The alternate ACRS method used a recovery percentage based on a modified straight line method.” Instructions for Form 4562 (2019).

“[A] person who has lived outside of the United States for the majority of their life but holds U.S. citizenship because they were born there.” Kathleen Peddicord, Does Renouncing U.S. Citizenship Make Sense For The Average American Abroad?, Forbes, July 28, 2022 (Apple News link).

NY EPTL 11-A-1.2 (Definitions): “(1) ‘Accounting period’ means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends.”

Planning that focuses on building wealth so an individual can have enough assets on which to retire. • Accumulation planning includes retirement planning and allocating assets between different classes of investments (such as bonds and stocks). Accumulation planning is performed by financial advisors, who typically invite the assistance of attorneys (to draft trusts and other estate planning instruments) and accountants (to prepare tax returns and assist with complex tax planning). See estate planning; c.f. decumulation.

A legal statement that is signed before a person authorized to take such acknowledgment as a Notary Public, Commissioner of Deeds, Attorney, or Clerk of the Court. An acknowledgment verifies the identify of the person signing the statement.

In New York: A written instrument authorized by the Social Services Law and Public Health Law whereby a person admits he is the biological father of a particular child. When properly executed and filed, the acknowledgment has the force and effect of an order of filiation.

See mesne profits.

See mesne profits.

See mesne profits.

A trust in which the trustee has duties. C.f. passive trust.

Basic personal tasks of everyday life: Bathing, dressing, toileting, transferring (walking), and continence.

“[A] protocol that allows people across different platforms to follow, like and reply to one another.” It’s time to bring back the open web., https://activitypub.ghost.org/.

When specifically bequeathed property fails because it is not owned by the testator at the time of the testator’s death. The property could have been given to the beneficiary while the testator was alive, or it could have been sold, exchanged, lost, or otherwise disposed of before the testator died. • One court in New York gave this definition of ademption: The “extinction or withholding of some legacy in consequence of some act of the testator which, though not directly a revocation of the bequest, is considered in law as equivalent thereto, or indicative of an intention to revoke.” In re Dittrich, 53 Misc. 2d 782, 784, 279 N.Y.S.2d 657, 660 (Sur. Ct., Queens Co. 1967).

To end the current meeting (such as a corporate meeting or court appearance) with the intention of resuming the meeting or case at a later time.

The postponement of a court proceeding by a judge. • A judge can adjourn a case for the judge’s own reason or at the request of one of the parties to the case. The judge halts the proceeding and sets a date for the parties to return to court.

“AGI stands for adjusted gross income, found on Line 11 of the 2023 Form 1040. AGI measures a filer’s income before Schedule A itemized deductions and tax credits, so it’s typically larger than taxable income on Line 15.” Laura Saunders, To Lower Your Taxes in 2024, Make These Moves Now, WSJ, Dec. 29, 2023 (Apple News link).

Proceeding of an estate of a person who dies without leaving a will (intestate).

An administrator c.t.a. (administrator cum testamento annexo; administrator with the will attached) is appointed to act as a personal representative in a probate proceeding in any one of three circumstances: (1) The will does not name an executor. (2) The will names an executor, does not name a successor executor, and the named executor cannot qualify as the executor of the estate. (3) The will names an executor, names a successor executor, and both the named executor and the successor executor cannot qualify as the executor of the estate. • Reasons executors (or successor executors) can fail to qualify include: (1) Refusing to accept the appointment, (2) dying before or during a probate proceeding, or (3) becoming mentally incapacitated before or during the probate proceeding. • An administrator c.t.a. to whom letters have been issued is an executor (SCPA 103(20)) and a fiduciary (SCPA 103(21)). • See executor, fiduciary.

After an administration proceeding is commenced, an administrator d.b.n. (administrator de bonis non; administrator of goods not already administered) may be appointed to complete the administration of the estate if the administrator dies, resigns, becomes incapable of serving, or for any other reason is removed from office. See executor, fiduciary.

A tax that is based on the value of real property.

An investment strategy that attempts to reduce risk by looking for investment opportunities to capture growth when the market is rising, but getting out of investments to protect principal when the market is falling. • Advance-and-protect strategy differs from the traditional diversification approach, which rides things out in rising and falling markets. It is touted to be good for retirees. See Jacqueline Sergeant, How One Firm Shields Retirees From Market Volatility, Financial Advisor, April 1, 2022 (reporting about Piershale Financial Group, who uses the advance-and-protect strategy and just “rotated to 100% cash for the time being”).

A written statement of facts made voluntarily and under oath.

“In Nevada, the Affidavit of Entitlement process is governed by specific laws and regulations outlined in Chapter 146 of the Nevada Revised Statutes (NRS). . . . It establishes an individual’s right to inherit or receive property or assets from a deceased person’s estate when certain circumstances exist. An Affidavit of Entitlement is often utilized when the dead person did not leave a valid will or trust or when the assets in question are not subject to probate.” Sean M. Tanko, What is the affidavit of entitlement in Nevada, seantankolaw.com, June 16, 2020.

A legal document that verifies the authenticity of a handwritten document or signature. The affidavit could come from a family member, a coworker, or anyone else who had regular correspondence with the person whose handwriting needs to be verified.

“An affirmative defense is generally one in which a defendant has a burden of raising in the answer, and on which a defendant has a burden of proving at trial, unless in diversity cases applicable state law holds otherwise.” Thomas A. Mauet, Pretrial (Eighth Ed.).

Dollars on which a taxpayer was already taxed.

“Age-based plans are geared towards investors who prefer a hands-off approach.” Keith Reid-Cleveland & Patricia Oey, What Is a 529 College Savings Plan?, Morningstar, Nov. 2, 2022 (Apple News link). C.f. static 529 plan.

See agency mortgage bonds.

Bonds that “widely held by banks, insurers and bond funds because they are backed by the mortgage loans from government-owned lenders Fannie Mae and Freddie Mac. The bonds are far less likely to default than most debt and are easy to buy and sell quickly . . . . But agency mortgage-backed securities, like all long-term bonds, are vulnerable to rising interest rates . . . .” Matt Wirz, Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB Collapse, WSJ, March 21, 2023 (Apple News link).

An approach to taxing the income of a partnership that treats the partnership as an aggregate of individuals, each conducting their share of the partnership’s business. C.f. “entity” approach to partnership taxation.

See Receipt and Release Agreement.

In feudal times, “originally financial contributions made to the lord by the tenant to assist the lord in times of emergency. . . . Aids were abolished in 1660.” Cornelius J. Moynihan & Sheldon F. Kurtz, Introduction to the Law of Real Property 16 (7th ed. 2020).

Property that can be transferred during life.

The transfer of property to another, such as the transfer of title to real property to another. • Alienation can be voluntary or involuntary.

Ownership of real property without a service or duty owed to a lord; land held in absolute ownership. C.f. feudal. • In New York, since July 4, 1776, “all lands held under the authority of the state, shall be and remain allodial, and not feudal.” Combs v. Jackson, 2 Wend. 153 (N.Y. 1828).

To change.

A non-profit that focuses on issues that expats face. It advocates for the simplification of U.S. tax compliance for U.S. citizens abroad. https://www.americansabroad.org/

“Amortization is an accounting technique used to periodically lower the book value of a loan or an intangible asset over a set period of time. Concerning a loan, amortization focuses on spreading out loan payments over time. When applied to an asset, amortization is similar to depreciation.” Amy Fontinelle, What Is an Amortization Schedule? How to Calculate with Formula, Investopedia, May 18, 2023.

“Annual compounding simply means that the returns in any one year are reinvested at the initial rate of return.” Jonathan R. Macey, An Introduction to Modern Financial Theory (1991) at 4 n.6.

The beneficiary of an annuity.

“An annuity is a yearly payment of a certain sum of money granted to another in fee for life or years.” Dougherty v. Thompson, 167 N.Y. 472, 60 N.E. 760 (1901) (citations omitted). “ . . . it is net and not gross income . . . .“ Id. • “An annuity is an insurance contract that you can buy to provide a steady income like a pension, making it easier to plan for the uncertainty of life expectancy.” Ashlea Ebeling, A Retirement Tax Break That Ends the Fear of Outliving Your 401(k), WSJ, July 23, 2023 (Apple News link).

A pleading that states the defendant’s position to the case.

A couple’s agreement respecting their property that they make before they marry, which governs the division of their property upon their divorce.

A party who appeals and wants to reverse a lower court’s decision or order. • Archaically, another word for appellant was “plaintiff in error.” • C.f. appellee.

In a case that is being appealed, the prevailing party in a lower court that must now respond to an appeal, seeking to affirm the lower court’s decision. • Archaically, another word for appellant was “defendant in error.” • C.f. appellant.

“Appraisal gaps . . . arise when homes appraise for less than the contract price. They often occur in tight markets where buyers have to bid above the asking price to secure a home.” Robyn A. Friedman, Waiving the Appraisal Gap Can be Both a Bargaining Chip and Big-Time Risk for Home Buyers, WSJ, Sept. 3, 2023 (Apple News link).

“Waiving the appraisal gap simply means that a buyer will move ahead with the purchase at the agreed-upon price no matter what the appraised value of the home. . . . Although real-estate agents often refer to ‘appraisal waivers,’ in most states, there is in fact no appraisal contingency in a standard home-purchase agreement. Instead, the issue arises in the context of the mortgage contingency because a lender’s mortgage commitment is conditioned upon receipt of a satisfactory appraisal. If the appraisal comes in for at least the purchase price, the deal proceeds as planned. If it comes in too low, however, that will affect the loan-to-value ratio used by a lender to qualify the buyer—and often results in the lender approving a lower mortgage amount.” Robyn A. Friedman, Waiving the Appraisal Gap Can be Both a Bargaining Chip and Big-Time Risk for Home Buyers, WSJ, Sept. 3, 2023 (Apple News link).

See appraisal gap waiver.

See certificate of incorporation.

The simulation of human intelligence in machines programmed to perform tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, and language translation. One of the many applications of AI is generating automated content, which involves using algorithms and machine learning techniques to automatically create text, images, videos, and other forms of content. This capability of AI can be useful in a variety of industries, such as marketing, journalism, and e-commerce, where there is a need for large quantities of content to be produced quickly and efficiently. See Artificial Intelligence, Pro Epic Technology Solutions.

The strategic choice of assets by a trustee to control the income that an income beneficiary obtains. • “Asset Allocation involves a choice among two or more asset classes, most or all of which are risky. In practice, emphasis is often placed on the selection of an appropriate mix of stocks and risky bonds.” W. Sharpe, Investments 663 (3d ed. 1985), qtd in Joel C. Dobris, Probate World at the End of the Century: Is a New Principal and Income Act in Your Future, 48 Rec. Ass’n B. City N.Y. 280 (1993).

Planning that shields assets from plaintiffs, ex-spouses, and other creditors. • See estate planning.

“[A]n alternative to formal bankruptcy proceedings, in which a third party executes a company’s liquidation. The American Bar Association calls the move an ‘advantageous and graceful exit strategy.’” Luke Fortney & Emma Orlow, One of Brooklyn’s Newest Food Halls Shutters With ‘Zero Notice’ After Four Months, Eater New York, March 30, 2023 (Apple News link).

“[T]he removal of damaged cells . . . .” Ashlee Vance, The Most Secretive Longevity Lab Finally Opens Its Doors, Bloomberg Businessweek, Dec. 19, 2023 (Apple News link).

“[A] key measure of how much cash-like assets [a] bank has . . . .” John O’Donnell & Andres Gonzalez, Switzerland’s secretive Credit Suisse rescue rocks global finance, Reuters, March 20, 2023 (Apple News link).