Texas Estates Code 1155.001 – Definitions
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Terms Used In Texas Estates Code 1155.001
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
In this subchapter:
(1) “Gross income” does not include United States Department of Veterans Affairs or social security benefits received by a ward.
(2) “Money paid out” does not include any money loaned, invested, or paid over on the settlement of a guardianship or a tax-motivated gift made by a ward.