Identify and State the Historical Significance of the Following

question 112

Short Answer

Identify and state the historical significance of the following:
-Half-Breed

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Definitions:

Ademption

The situation in wills and estates where a specific bequest cannot be distributed because the item no longer exists in the decedent's estate.

Legacies

Gifts or inheritances left to someone in a will.

Grantor Trust

A grantor trust is a legal entity in which the trust's creator maintains control over the assets and income, often leading to the income being taxed directly to the creator.

Federal Income Tax

The tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.