Terms Used In Florida Statutes 198.01

  • Bequest: Property gifted by will.
  • Decedent: A deceased person.
  • Decedent: shall include the testator, intestate, grantor, bargainor, vendor, or donor. See Florida Statutes 198.01
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Department of Revenue. See Florida Statutes 198.01
  • Devise: To gift property by will.
  • Donor: The person who makes a gift.
  • Executor: A male person named in a will to carry out the decedent
  • Federal generation-skipping transfer tax: means the tax imposed by chapter 13 of the Internal Revenue Code of 1986, as amended. See Florida Statutes 198.01
  • Generation-skipping transfer: means every transfer subject to the federal generation-skipping transfer tax in which transfer the original transferor is a resident of this state at the date of original transfer or the property transferred is real or personal property in this state. See Florida Statutes 198.01
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
  • Gross estate: means the gross estate as determined under the provisions of the applicable federal revenue act. See Florida Statutes 198.01
  • Intestate: Dying without leaving a will.
  • Net estate: means the net estate as determined under the provisions of the applicable federal revenue act. See Florida Statutes 198.01
  • Original transferor: means any grantor, donor, trustor, or testator who by grant, gift, trust, or will makes a transfer of real or personal property that results in a federal generation-skipping transfer tax. See Florida Statutes 198.01
  • Person: means persons, corporations, associations, joint stock companies, and business trusts. See Florida Statutes 198.01
  • Personal property: All property that is not real property.
  • Resident: means a natural person domiciled in the state. See Florida Statutes 198.01
  • Testator: A male person who leaves a will at death.
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
When used in this chapter the term, phrase or word:

(1) “Department” means the Department of Revenue.
(2) “Personal representative” means the executor, administrator, or curator of the decedent, or, if there is no executor, administrator, or curator appointed, qualified, and acting, then any person who is in the actual or constructive possession of any property included in the gross estate of the decedent or any other person who is required to file a return or pay the taxes due under any provision of this chapter.
(3) “Person” means persons, corporations, associations, joint stock companies, and business trusts.
(4) “Transfer” shall be taken to include the passing of property or any interest therein, in possession or enjoyment, present or future, by inheritance, descent, devise, succession, bequest, grant, deed, bargain, sale, gift, or appointment in the manner herein described.
(5) “Decedent” shall include the testator, intestate, grantor, bargainor, vendor, or donor.
(6) “Resident” means a natural person domiciled in the state.
(7) “Nonresident” means a natural person domiciled without the state.
(8) “Gross estate” means the gross estate as determined under the provisions of the applicable federal revenue act.
(9) “Net estate” means the net estate as determined under the provisions of the applicable federal revenue act.
(10) “Tangible personal property” means corporeal personal property, including money.
(11) “Intangible personal property” means incorporeal personal property including deposits in banks, negotiable instruments, mortgages, debts, receivables, shares of stock, bonds, notes, credits, evidences of an interest in property, evidences of debt and choses in action generally.
(12) “United States” when used in a geographical sense includes only the 50 states and the District of Columbia.
(13) “Generation-skipping transfer” means every transfer subject to the federal generation-skipping transfer tax in which transfer the original transferor is a resident of this state at the date of original transfer or the property transferred is real or personal property in this state.
(14) “Original transferor” means any grantor, donor, trustor, or testator who by grant, gift, trust, or will makes a transfer of real or personal property that results in a federal generation-skipping transfer tax.
(15) “Federal generation-skipping transfer tax” means the tax imposed by chapter 13 of the Internal Revenue Code of 1986, as amended.