Examlex
What types of exchanges of insurance contracts are eligible for nonrecognition treatment under § 1035?
Inter Vivos Trust
A trust created and implemented during the lifetime of the grantor to manage or protect assets.
Mental Capacity
The legal ability of a person to make decisions or enter into a contract, which requires understanding and appreciating the implications of one's actions.
Valid Contract
An agreement that has met all legal requirements, making it enforceable by law.
Inter Vivos
A transaction between living persons.
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