A more specific area of law focusing on the needs common to seniors, elderly, or incapacitated persons. Some of the areas of elder law are more commonly described as estate planning (wills, powers of attorney and trusts), Medicaid planning, and guardianship.
This is a very general term describing all the assets owned by a decedent or a ward and all their liabilities.
A tax calculated after a person dies based on the value of their estate. It’s quite complicated, but a person doesn’t usually need to worry about it unless their estate (and large gifts made before they died) exceeds $11.4 million per individual dying in 2019. That means an individual can leave $11.4 million to heirs and pay no federal estate or gift tax.
The personal representative named in a Last Will and Testament to oversee the probate process for the decedent’s estate.