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A category of high-net-worth individuals “with $30 million or more” in investible assets. Quentin Fottrell, ‘We’ve never seen this before’: Millionaires are doing something unusal to preserve their wealth–and you can do the same, MarketWatch, June 28, 2023 (Apple News link). • C.f. midtier millionaires and “millionaires next door”.

“[I]nvests in zero- to one-year high-quality corporate bonds, asset backed securities and the like . . . .” Lisa Scherzer, How to Move Out of Cash Before Interest Rates Drop, Barron’s, June 29, 2024 (Apple News link).

(1) Literal meaning: To draw a line under a word to emphasize it. (2) Figurative use: To emphasize the importance of something. Example: “The APA’s history and the contemporaneous views of various respected commentators underscore the plain meaning of its text.” Loper Bright Enterprises et al. v. Raimondo, Sec’y of Commerce, et al., 603 U. S. ____ (2024).

An asset that is worth more than what it costs.

In a will contest: “[S]omeone claims you only made the will because you were in a weakened mental state and you were influenced by someone stronger to divide your property in a way that goes against your wishes.” Will Contests, New York City Bar Legal Referral Service.

In feudalism, tenure where the services depended on the will on the lord and were of a servile nature. • Unfree tenants could assert legal remedies against those disturbing their possession only in each tenant’s lord’s court (not in the king’s courts). C.f. free tenure.

“Other owners [of digital assets] do not use the services of a hosted wallet provider and instead store private keys in a software program or written record, often referred to as an unhosted wallet. In general, only the user of an unhosted wallet has access to both the public and private keys necessary to effect transactions in the digital assets associated with those keys. Additionally, some providers of unhosted wallets also provide their unhosted wallet users with online platform services, which may include links or other mechanisms for direct access to third party services that allow users to buy and sell digital assets held in their unhosted wallets.” Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions, Proposed Rule by the IRS, Aug. 2023. See digital asset account and digital assets. C.f. hosted wallet.

“The Uniform Fiduciary Income and Principal Act (UFIPA) is a revision of the former Uniform Principal and Income Act with a new name to differentiate the act from its three predecessor versions. While older trusts often had clear delineation between income and principal interests, modern trust accounting requires flexibility. Trustees now tend to invest for the greatest total return, and then adjust between interest and principal to produce a fair result for all the beneficiaries. UFIPA recognizes this trend toward total-return investing and includes unitrust conversion rules to allow even older trusts to take advantage of modern investment trends. UFIPA gives estate planning attorneys additional flexibility to tailor a trust for each client’s needs and includes a new governing law section to help avoid jurisdictional disputes.” Fiduciary Income and Principal Act, ULC.

“Simplifying, UMIFA, or the Uniform Management of Institutional Funds Act, is the act that freed, but did not force, nonprofits to invest endowments for total return, rather than for income, and freed them to allocate returns as they saw fit. They could allocate to current needs or to endowment principal. Under UMIFA nonprofits can invest endowment as they wish and can allocate as they wish. UMIFA solves problems similar to those we face in investing the principal and allocating the income from private trusts.” 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) (citations omitted).

“The Uniform Principal and Income Act (UPIA) was originally adopted in 1931 at the National Conference of Commissioners on Uniform State Laws. The UPIA has been amended several times over the years. Generally, the UPIA provides rules to determine who’s entitled to property, income and principal in a trust or estate and how receipts and disbursements should be allocated between principal and income.” Francine Lee, The Nuts and Bolts of Fiduciary Accountings, Trusts & Estates, May 2021.

“[M]any conservatives contend that federal agencies and the Congress that authorized them have assumed too much authority. They espouse what is known as ‘unitary executive theory.’ It holds that a president should have virtually unlimited control over federal agencies and personnel, regardless of how much independence Congress may attempt to give them.” Gerald F. Seib, Will the Other Two Branches Dare to Push Back Against Trump?, WSJ, Feb. 7, 2025 (Apple New link).

“[A] trust where no distinction is drawn between income and principal and a set percentage of asset value is paid out annually in lieu of income.” 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). • “In a unitrust the payout to the income beneficiary is a fixed percentage of the fair market value of the trust as revalued each year.” Matter of Ives, 192 Misc. 2d 479 (NY Sur. Ct., Broome Co. 2002).

An asset that has appreciated in value but has yet to be sold.

“A tax on unrealized gains would mean that even if you had not sold a stock or other asset, you would need to pay tax on it if it appreciated in value.” Zain Jaffer, *Unrealized Gains Should Not Be Taxed, Kiplinger, July 17, 2024 (Apple News link) (“In March, President Joe Biden announced a plan to raise revenues for the U.S. government by taxing unrealized gains on assets for those claiming over $100 million in assets. . . . While I’m not an economist, as an investor who runs a family office, I believe that instead of taxing unrealized gains, what the government really ought to do is to rein in its spending.”).

An asset that has gone down in value but has yet to be sold.

A court order that permits the disclosure of sealed documents, such as search warrants. See seal.

Debt that does not require collateral. “When a lender makes a loan with no asset held as collateral, it relies on the borrower’s ability to repay the loan.” Investopedia, Debt: The Good, the Bad and the Ugly, Aug. 2023 (Apple News link). C.f. secured debt.

“Upstate New York has been defined as north of Sullivan, Ulster, and Dutchess Counties and parts of Greene and Columbia Counties (upstate). Report from Real Property Section Committee on Professionalism Concerning Executive Committee’s Survey of Real Estate Practices and Interim Responses to the Survey, 27 N.Y. Real Prop. L.J. 79 (Spring 1999), updated by the Executive Committee in 2002.” Karl B. Holtzschue, Holtzschue on Real Estate Contracts and Closings: A Step-by-Step Guide to Buying and Selling Real Estate (Third Edition, 2022).

Bonds issued directly by the U.S. government. • They are “[g]enerally considered one of the safes assets on the planet.” Adam Grealish, Five Places to Put Cash Rather Than in the Bank, Kiplinger, May 1, 2023 (Apple News link).