S

See elective deferral contribution.

“[I]rrational prejudice against or judgment about persons with mental disabilities embodied in doctrine, policy, decisional application and other aspects of law.” Pamela Champine, A Sanist Will?, Dec. 16, 2002 (SSRN link).

See serif.

An estimate of the economic impact of a tax bill. Scoring examines: (1) What a bill would cost taxpayers; (2) how much money will come out of the Federal Treasury; and (3) in the case of a tax bill, how much the bill would generate or reduce income to the Federal Treasury. The Congressional Budget Office (CBO), a non-partisan office, does the scoring. See Sen. Chuck Grassley, Ask Chuck: What does it mean to “score” a bill?, YouTube, Sept. 15, 2009; Mason Ethington, Jeffrey L. Hoopes & Jacob Thornock, The Corporate AMT Raises Little Revenue. Rescore and Repeal It, 187 Tax Notes Fed. 1431, May 21, 2025 (“[T]he corporate AMT falls short of its projected generated revenue by more than 90 percent. . . . We propose that the corporate AMT be rescored to reexamine its revenue potential and, if the evidence is consistent with what we found from these public disclosures, repealed.”).

In feudal times, in tenure by knight service, a monetary payment paid by a tenant to a lord (or tenants-in-chief to the king) in lieu of actually providing knights. Scutage became a form of direct tax, but it gradually fell into disuse as feudalism ended.

(vb.) To prevent disclosure of documents, typically by a court order. See unseal order.

A rate that taxpayers use to calculate the present value of an annuity, an interest for life or for a term of years (including unitrust interests), a remainder, or a reversionary interest. The monthly rate is determined by multiplying the monthly Applicable Federal Midterm Rate by 120 percent and rounding the product to the nearest two-tenths of one percent. For example, the rate that is 120 percent of the applicable federal rate (compounded annually) for January 2023 is 4.62 percent. That rate is then rounded to the nearest two-tenths of one percent or 4.6 percent for purposes of IRC 7520. The section 7520 interest rate is published monthly by the Internal Revenue Service in the Internal Revenue Bulletin. See Reg. § 20.7520-1 (Valuation of annuities, unitrust interests, interests for life or term of years, and remainder or reversionary interests); Section 7520 Interest Rates, IRS.

“[D]ebt backed by an asset used as collateral for amounts not paid. If the loan isn’t paid back, the lender has the option to seize the asset.” Investopedia, Debt: The Good, the Bad and the Ugly, Aug. 2023 (Apple News link). C.f. unsecured debt.

In feudal times, the possession of land.

A trust in which the grantor and the trustee are the same.

A trust in which the grantor retains a beneficial interest (i.e., is a beneficiary).

“[D]iscrete investment accounts held by individual investors for which the money is invested by a professional money manager. The account can begin as one of many investment-style templates available, but then are personalized by the money manager based on the financial and tax needs of the client, as well as the client’s individual preferences.” Lori Ioannou, Brokerage Firms Are Pitching Separately Managed Accounts. Here’s What to Know., WSJ, Jan. 7, 2024 (Apple News link). • SMAs also called “wrap accounts,” “managed accounts,” or “individually managed accounts.”

“A serif is not an angel (a seraph), but rather is a fine cross-stroke at the end of the principal stroke of a letter. Serifs enable the eye to move easily from letter to letter of a line of text and hence improve the readability of a document set in a serifed typeface. Sans serif typefaces lack serifs. Times Roman is a serifed typeface and Arial is a sans serif typeface. In the following examples, the serifs are the fine lines at the ends of the s, r, i, and f in the word serif, which is set in Times New Roman, and which are missing from the same letters in the words sans serif, which are set in Arial.” Supreme Court of the State of New York, Appellate Division: Second Judicial Department, A Glossary of Terms for Formatting Computer-Generated Briefs, with Examples. C.f.* monospaced typeface.

The Appellate Division Second Department prohibits the use of a sans serif typeface: “The rules require the use of a serifed typeface to enhance the readability of the brief (22 NYCRR 1250.8[f][2]). The use of sans serif fonts is prohibited.”

In feudal times, land holding from a lord in exchange for a personal, non-military service to that lord. • “Serjeanty” is derived from the medieval Latin word, “serientia,” which means “service.” • The king’s administrative and household officials (such as the marshal, steward, butler, and chamberlain) provided serjeanty tenure, a non-military service. See tenure. C.f. military tenure.

In feudal times, a duty, obligation, or monetary fee provided by a tenant to a lord. • The service was fixed at the creation of a tenure. • Some services were military in nature (see [military tenure](#military tenure)); others were non-military in nature (see serjeanty tenure).

The delivery of legal papers to the other party in a lawsuit, usually by personal delivery or mail.

An agreement between litigants about a case.

A person who creates a trust. Also called, “creator,” “donor,” “grantor,” or “trustor.”

See shorting a stock.

Capital gains on the sale of capital assets that are sold within one year of their purchase. Short-term capital gains are taxed at the tax rates for ordinary income. See capital gains.

Betting that the price of a stock will decrease. • In a short sale, an investor sells borrowed shares, hoping to buy them back at a lower price. • See Joanna Tan, Elon Musk says he confronted Bill Gates about shorting Tesla, CNBC, April 23, 2022 (Apple News link).

A trust that limits the information that beneficiaries receive about the trust.

A California-based, regional bank serving U.S. venture capitalists and technology startups that rapidly collapsed in March 2023, which was the second-biggest bank failure in U.S. history in terms of assets, leading the Federal Deposit Insurance Corp. to take control of the bank by creating a new entity, the Deposit Insurance National Bank of Santa Clara, which received all of SVB’s deposits. The reason for SVB’s collapse is because it purchased Treasury bonds and mortgage-backed bonds when interest rates were at historic lows, but these securities declined in value when interest rates rose. Instead of holding on to the bonds, as it intended, SVB was forced to face up to the losses when it was flooded with withdrawal requests in March 2023: Clients tried to withdraw $42 billion on March 9. See Rachel Louise Ensign, Corrie Driebusch & Meghan Bobrowsky, Silicon Valley Bank Closed by Regulators, FDIC Takes Control, WSJ, March 10, 2023 (Apple News link); Peter Santilli & James Benedict, Silicon Valley Bank’s Meltdown Visualized, WSJ, March 11, 2023 (Apple News link).

For purposes of the generation-skipping transfer tax, a transferee who is two or more generations younger than the transferor. IRC § 2613. Examples: (1) In a transfer from grandparent to a grandchild, the grandchild is a skip person. (2) In a transfer from a great-uncle to a great-niece, the great-niece is a skip person.

In feudal times a person who was the property of a lord and had no lands. C.f. freeman.

In feudalism, “the great residual tenure. A free tenant who did not hold by military service, serjeanty, or frankalmoin was deemed to hold in socage. . . . It was destined to become . . . the one surviving form of tenure.” Cornelius J. Moynihan & Sheldon F. Kurtz, Introduction to the Law of Real Property 12 (7th ed. 2020).

A business enterprise that is owned and operated by a single individual who report the business’s income and expenses on their individual tax return (Form 1040) by filing the appropriate schedule–Schedule C (sole proprietorship generally), Schedule E (rental real estate and royalties), and Schedule F (farms).

The auction house owned by French telecom billionaire Patrick Drahi.

“[S]overeign wealth funds invest national surpluses, often derived from oil, natural resources, or government-controlled assets. They can fund infrastructure projects, public services, or direct payments to citizens. Alaska’s $80 billion fund, for example, pays annual dividends to residents, distributing over $900 million in 2024.” The Wealth Advisor, Trump’s Executive Order For A US Sovereign Wealth Fund: What Could That Mean, Feb. 5, 2025.

See guardian ad litem.

“This article refers to ‘supplemental needs trusts’ or ‘special needs trusts’ interchangeably. Both terms broadly describe a trust designed to benefit a person with a disability (the beneficiary) without jeopardizing the beneficiary’s eligibility for public benefits.” Mark Brody & Sheila Shea, Birth of a Third Party Agency Trust, NYSBA Elder and Special Needs Law Journal, Fall 2019.

A verdict by which the jury resolves specific fact questions, which are submitted to them by the judge.

A clause in a trust that protects a beneficiary’s interest from the claims of creditors.

An acronym that stands for spousal access lifetime trust.

A trust that gives the trustee has the discretion to distribute income among specified persons. The trustee determines whether and to what extent to distribute trust income. A sprinkle trust is used in lieu of separate trusts for each beneficiary.

The idea that the loudest problem is the one that gets the most attention. See The squeaky wheel gets the grease, Wikipedia. • Example demonstrating the squeaky wheel principle: On August 22, 2023, a lawyer posted the following on the New York State Bar Association’s Trusts and Estates Law Section: “I found that you have to go into the Kings County [Surrogate’s Court] court frequently to ask about the file.  On one occasion they lost the original will and the court just stopped working on the file.  We had to prod them into proceeding.  On another occasion, the file was ready to go but was found sitting in a cabinet.  Once they took it out of the cabinet, I got letters in 2 weeks.  They seem to discover things when you ask about the file.  In person is best.”

Periods of high prices and slow growth.

A set amount that taxpayers subtract from taxable income if they do not list (i.e., itemize) their deductions on Schedule A (Form 1040). • “[A] fixed dollar amount that reduces the income on which a person is taxed . . . .” Jarrell Dillard & Mark Niquette, A Guide to Trump’s Tax and Policy Bill That Congress Passed, Bloomberg, July 3, 2025 (Apple News link). • “The amount of the standard deduction depends on the taxpayer’s filing status, age, and whether they are blind or a dependent of another taxpayer.” Robert Powell, Reduce Your Tax Bill With These Deduction Strategies, TheStreet, July 31, 2023 (Apple News link).

“SALT . . . allows taxpayers who itemize to deduct certain state and local taxes against federal taxes paid. The 2017 tax overhaul instituted a $10,000 limit on that deduction, slated to run through 2025. On Capitol Hill, a fight is brewing over whether to increase the amount that can be deducted beyond $10,000.” John Tamny, Opinion: Why Lawmakers Should Pass the SALT Deduction, WSJ, Aug. 15, 2023 (Apple News link).

“Static plans allow investors to be more involved and find a plan that aligns with their respective risk level.” Keith Reid-Cleveland & Patricia Oey, What Is a 529 College Savings Plan?, Morningstar, Nov. 2, 2022 (Apple News link). C.f. age-based 529 plan.

Preference for the current state of affairs.

A rule that invalidates oral agreements respecting real property. • Example from Michigan: Laura Morris, Are Oral Instructions for Real Estate Transfers Enforceable in Probate Court?, JD Supra, June 28, 2023: “No, it is not enforceable according to In re Estate of Finney, Docket No 361305 (Mich Ct App June 15, 2023) (unpublished). . . . While most oral agreements are enforceable, the statute of frauds requires agreements regarding real estate to be in writing. MCL 566.106.” • Example from New York: “The alleged oral agreement is one for an interest in real property and thus falls within the purview of the Statute of Frauds which holds that ‘[a]n oral agreement to convey an estate or interest in real property, other than a lease for a term not exceeding on year, is nugatory and unenforceable,’ and ‘[a] party to the agreement may legally and rightfully refuse to recognize or perform it’ (*Woolley v Stewart, 222 NY 347, 350-351; see, General Obligations Law § 5-703).” Pattelli v. Bell, 187 Misc.2d 275, 721 N.Y.S.2d 734 (Supreme Ct., Richmond Co. 2001). • C.f. part performance.

A law in England that allowed land to be devised. • Prior to the Statute of Wills, land descended to the eldest son, and landowners who wanted to deviate from primogeniture turned to uses.

(1) “[G]ranted to ‘every freeman’’ the right to alienate without paying a fine to his lord. This statute was construed as not affecting the rights of the king, such that tenants in capite continued to be subject to fines for alienation until 1660, with the adoption of legislation abrogating most of the incidents of tenure.” Cornelius J. Moynihan & Sheldon F. Kurtz, Introduction to the Law of Real Property 18 (7th ed. 2020).

(2) Prohibited the grant of land in frankalmoin by anyone other than the king, unless they obtained the king’s permission.

For an LLC: “[W]here one member sues for dissolution, the other members can trigger a statutory right to purchase the plaintiff members interest . . . .” Kevin Brodehl, “Equitable Buyout” as a Remedy for LLC Wrongdoing?, JD Supra, June 26, 2023. See California Code, Corporations Code § 17707.03(c). C.f. contractual buyout, equitable buyout.

Another term for the laws of intestacy (or laws of descent and distribution). • Each state has enacted statutes that provide a default distribution scheme (i.e., a default estate plan) that approximates the disposition of assets that a typical person would make upon death.

A statement of facts that litigants agree upon. Stipulated facts streamline the litigation because the litigants do not have to prove those facts. If litigants agree to all of the facts, then the issue is about the law that governs the legal questions raised by the facts or the application of the law to the facts.

“The ‘still working’ exception allows RMDs to be delayed for a retirement plan from an employer for whom someone is still employed. Therefore, this doesn’t apply to an old 401(k) at previous employers. Nor does it apply to IRAs, SEPs, and SIMPLE IRAs. When you use the ‘still working’ exception, RMDs begin in the year you separate from service. Your required date to begin taking RMDs will be April 1 of the year after separation from service. // The definition of ‘still working’ has no official specifics from the IRS. Consequently, working part time may be sufficient to take advantage of this strategy. It’s important to note that you can’t use the exception if you own more than 5% of the company for which you are still working.” Jonathan I. Shenkman, Retirees Have to Pay Taxes, Too. 6 Smart Ways to Reduce Them., Barron’s, Nov. 22, 2023 (Apple News link).

When a public company repurchases its own stock. • A stock buyback can increase the stock’s price and increase earnings-per-share. • Proponents of stock buybacks argue that they benefit all owners of the company; opponents of stock buybacks argue that stock buybacks are a form of market manipulation (“nothing but paper manipulation,” decries Elizabeth Warren), cannibalize innovation, and misuse capital (capital is used to push stock prices up rather than for a capital expenditure, such as a new factory, or dividends). See Will Daniel, Tactic Facilitates ‘Stock Manipulation’ and Hurts the Economy, Wealth Advisor, April 11, 2023.

In law, when something is “subject to” a particular condition, it means that the occurrence or non-occurrence of that condition will affect the validity or enforceability of a legal obligation or agreement. For example, if a contract is subject to a condition precedent, the contract will only become binding and enforceable if and when that condition is met. Similarly, if a person receives an inheritance subject to certain restrictions or conditions, their rights to the inheritance may be affected by their compliance with those restrictions or conditions. In short, the phrase “subject to” is often used in legal contexts to indicate that a particular obligation, right, or benefit is conditional upon the occurrence of a specified event or condition.

An order to a witness to appear in court and give testimony.

An order to a subpoenaed party to appear in court and bring specified documents. • “A subpoena duces tecum for use at a hearing is not the equivalent of an order of disclosure, but an order to the subpoenaed party to have the documents in court so that the court may make appropriate direction with respect to the use of such documents. People ex rel. Hickox v. Hickox, 64 AD2d 412, 413-14 (1st Dept. 1978).” 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.).

In a power of attorney: One or more people whom the principal can designate who will serve as the agent in the event any initial or predecessor agent resigns, dies, becomes incapacitated, is not qualified to serve, or declines to serve. NY GOL 5-1508(2).

Someone who can take over as trustee and manage the trust’s assets when the acting trustee dies, becomes incapacitated, resigns, or is removed.

“[A] state of confusion occurring later in the afternoon and night often found in individuals with dementia or Alzheimer’s.” Kelly Mould, Opinion: Cognitive Decline: how to spot it, what to do, MarketWatch, Jan. 21, 2023 (Apple News link).

See special needs trust.

An informal arrangement or written agreement (“Supported Decision Making Agreement”) that allows adults with disability to retain their automony and make their own decisions, albeit with support. • In Bill No. 1663, passed on January 1, 2023, California passed SDM legislation, but it has shortcomings that need to be worked out: “[S]hould the SDM be compensated; are third parties, such as doctors or banks, required to accept the decision maker’s decision; and the big one, is the decision maker held to a fiduciary standard?” Liza Horvath, An alternative to conservators, Monterey Herald, July 1, 2023.

An order or decree of a court that imposes liability on a fiduciary upon a successful exception to the fiduciary’s cash or property account.

In feudal England, land held in copyhold tenure could be transferred only by surrender and admittance, rather than the common-law methods of feoffment and grant that were available to tenants hold by free tenure. The copyhold tenant could, by custom, surrender the land to the lord of the manor and designate another person as the tenant; and the lord was bound to admit this person into the tenancy. See villein.

The executor where there are two or more executors, and one or more die.