The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. A gift tax return must be filed whenever an individual makes a gift in excess of the annual exclusion, which is $14,000 in 2013.

A broad power of attorney document that gives the named agent power to handle all matters permitted by law on behalf of the person (called “the principal”) who executed the document.

A legal right to receive either real property or personal property at some time in the future, either upon a particular date or upon the occurrence of an event. A future interest does not include the right to present possession or enjoyment of the property.

A power of attorney that remains in effect even if the person who made the document becomes incapacitated. If a power of attorney is not specifically made durable, it automatically expires if the maker becomes incapacitated.

A person who receives a gift of real property under a will.

The gift of real property by last will and testament.

A future interest in real property which a party will receive only if a certain event occurs or certain circumstances happen.

An individual, appointed by a judge, to protect, preserve and manage the financial affairs of another (the protectee) under the supervision of the court.

An estate planning device that transfers assets in such a way as to take full advantage of estate tax exemptions while providing maximum income to a surviving spouse.

The act of giving assets by the terms of a last will and testament. Strictly, to give personal property, as opposed to devise real property.