Identify the Parties That Are Present When an Estate Is

question 65

Essay

Identify the parties that are present when an estate is created and their key duties. Then do the same for a trust.

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Definitions:

Earned Income

Income derived from active participation in a business or wage-earning employment.

Transportation Costs

Expenses incurred for transporting goods or individuals from one location to another.

Deductible

An amount that can be subtracted from an individual's gross income or insurance claim, reducing the taxable income or payable sum.

Business Meeting

A gathering organized for the purpose of discussing and conducting business activities or matters.