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.