|35 ILCS 405||Illinois Estate and Generation-Skipping Transfer Tax Act|
Terms Used In Illinois Compiled Statutes > Chapter 35 > Estate Taxes
- Decedent: A deceased person.
- 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.
- Inter vivos: Transfer of property from one living person to another living person.
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. Courts
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Surviving spouse: means "widow" or "widower" as the case may be. See Illinois Compiled Statutes 5 ILCS 70/1.32
- Venue: The geographical location in which a case is tried.