What is a Chartered Trust And Estate Planner? A Chartered Trust and Estate Planner (CTEP) is a professional who specializes in trust and estate planning. CTEP is also a credential awarded to these professionals by the Global Academy of Finance and Management (GAFM). Upon completion of a study program and passing the qualifying final exam or test, qu...

What is a Charitable Remainder Annuity Trust? A Charitable Remainder Annuity Trust (CRAT) is a form of a gift transaction in which a contributor (which is the taxpayer) donates assets or financial securities to a charitable organization which pays annuity designed to forfeit a huge part of the donated fund to charity in the case of a termination of ...

Back to: INHERITANCE, ESTATES, & TRUSTS What is a Bare Trust? A bare trust refers to a basic trust where a beneficiary has all the rights to the trusts assets, capital, and income earned from the assets. Bare trusts are mostly utilized by parents and grandparents when they want to hand over the assets to their children and grandchildren. The ass...

What is the Uniform Gifts to Minors Act? There are certain acts in the United States that cater for the well being of minors. The Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) are laws in the United States that enable minors receive gifts in terms of assets of securities without the help of their guardians. These acts...

Back to: INHERITANCE, ESTATES, & TRUSTS What is a Blind Trust? A blind trust is a type of trust in which the beneficiaries of the trust are not aware of the holdings of the trust; instead, the trustees have full knowledge or discretion over the holdings of the trust. Also, the grantor or trustor has no control over activities undertaken within t...

What is a Living Trust? A living trust is a legal document authorizing a trustee to manage a section of assets belonging to a beneficiary during his or her lifetime. An individual may choose a trustee and give him or her the responsibility of taking care of his or her trust. Just as the name sounds, a living trust is a term used to refer to a trust ...

What is an Absolute Quota? An absolute quota is the maximum amount of imports of commodities that is allowed into a country at a particular period of time. The two divisions of import quotas are absolute quotas and tariff quotas. Absolute quotas can further be divided into global quotas and country quotas. Each of these divisions has unique manageme...

What is the C-TPAT? The Customs-Trade Partnership Against Terrorism (C-TPAT) is a security program that was launched to protect the supply-chain of private companies from the impacts of terrorism. C-TPAT is overseen by Customs and Border Protection (CBP), a U.S based agency. When C-TPAT was launched in 2001, it had seven participants which were larg...

What is Form I-94? The I-94 is the card given at the port of the United States, reflecting the status of the individual entering and the length of stay permitted. It is a petite-sized white card approved by the U.S. Customs and Border Protection (CBP). The I-94 and I-94W forms don't need to be completed by either air or sea travelers even though CBP...

What is a Bundle Of Rights? A bundle of rights is defined as a set of legal rights that are accorded to a real estate buyer after purchase has been made. A bundle of rights are legal because the buyer of a real estate holds a legal title to the property after it has been purchased. Set of privileges that a real estate title holder enjoys under the b...