• Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar

Farmers and Merchants Trust Company

Trusted since 1920

Main navigation

  • About Us
    • Our History
    • Who We Are
    • Our Team
    • Contact Us
  • Locations
    • Long Beach Office
    • Laguna Hills Office
    • Torrance Office
    • Santa Barbara Office
    • Newport Beach Office
  • Services
  • FAQ
  • Community
  • Login
    • Login
    • Sign Up

August 25, 2017

Glossary of Terms (S)

Separate Property 
Generally, all assets you acquire prior to marriage and assets acquired by gift or inheritance during marriage.

Separate Trust 
A trust established by one person. A married couple has separate trusts if each spouse has his/her own trust with its own assets. In contrast, see “Common Trust.”

Settle an Estate 
The process of handling the final affairs (valuation of assets, payment of debts and taxes, distribution of assets to Beneficiaries) after someone dies.

Settlor 
See “Grantor.”

Special Gifts 
A separate listing of special assets that will go to specific individuals or organizations after your incapacity or death. Also called special bequests.

Special Needs Trust 
Allows you to provide for a disabled loved one without interfering with government benefits.

Spendthrift Clause 
Protects assets in a trust from a beneficiary’s creditors.

Spouse 
Husband or wife.

Stepped-up Basis 
Assets are given a new basis when transferred by inheritance (through a will or trust) and are re-valued as of the date of the owner’s death. If an asset has appreciated above its basis (what the owner paid for it), the new basis is called a stepped-up basis. A stepped-up basis can save a considerable amount in capital gains tax when an asset is later sold by the new owner. Also see “Basis.”

Subchapter S Corporation Stock 
Stock in a corporation which has chosen to be subject to the rules of subchapter S of the Internal Revenue Code.

Surviving Spouse 
The spouse who is living after one spouse has died.

Survivor’s Trust 
See “A Trust.”

Successor Trustee 
Person or institution named in the trust document who will take over should the first trustee die, resign, or otherwise become unable to act.

Primary Sidebar

Services

  • PERSONAL TRUST MANAGEMENT
  • INVESTMENT MANAGEMENT
  • CHARITABLE TRUST MANAGEMENT
  • FOUNDATION & ENDOWMENTS
  • AGENTS FOR TRUSTEE
  • IRA & EMPLOYEE BENEFITS
  • REAL ESTATE MANAGEMENT
PRIVACY POLICY | TERMS OF USE
Copyright © 2021 - F&M Trust
A message from F&M Trust President regarding the Coronavirus.
Read More