AB Trust: A trust designed to make sure the personal estate tax exemption of each spouse is used to the fullest extent possible, while allowing the surviving spouse to have use of the assets of the deceased spouse during the remainder of the surviving spouse's lifetime.
Administrator: An individual or an entity appointed by the court to handle the affairs of a person who has died without leaving a will.
Annual exclusion: An individual can give away a certain amount per recipient per year without gift taxes. Not all gifts qualify for the annual exclusion; only outright gifts or gifts to certain types of trusts qualify.
Assets: Things of value owned by a person, family, or business. Assets can be anything of value that is owned by a person.
Attorney-in-Fact: An individual designated in a power of attorney document, to act as the agent of the person who has executed the document.