Tax Basis

In finance, the original cost of and additions to an asset, less accumulated depreciation, that goes into the calculation of a gain or loss for tax purposes. For investments, the price at which an investment asset was purchased, plus any … Continued

Taxable Estate

The value of the property in a decedent’s estate after allowable exclusions, exemptions, and deductions.

Taxable Gain

The positive difference between the amount realized on the disposition of an asset and the adjusted basis in the asset. The resulting figure is a gain, which depending on the taxpayer’s circumstances, may be treated as ordinary income and/or capital … Continued

Taxable Gifts

Transfers of property made during the year which exceed the annual gift tax exclusion.

Term Insurance Rider

An endorsement or attachment to a life insurance policy that provides additional term coverage for only a specified, limited period. If the insured dies during this time, the designated beneficiary(ies) can receive death benefit proceeds.

Term Life Insurance

A form of life insurance which provides coverage for a specified period of time and does not build cash value.

Testate

A person who dies with a will is said to die testate, while a person who dies without a will is said to die intestate.

Testator

One who makes or has made a will; one who dies leaving a will.