Decedent

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DEFINITION of 'Decedent'

A person who is no longer living. Just as a taxpayer's possessions become his or her estate upon death, so does the person become a Decedent upon death. Decedents still have the power to effect financial transactions and so forth through proper estate planning.

BREAKING DOWN 'Decedent'

This term is used chiefly in the tax, estate planning and law arenas. Attorneys carry out the wishes of Decedents after their death with the proper execution of their wills and other estate planning documents. A final tax return must also be filed for Decendents in the year of their death.

RELATED TERMS
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    The final tax return filed for an individual in the year of that ...
  2. Income In Respect Of A Decedent ...

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  4. Death Benefit

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RELATED FAQS
  1. Can a spouse who is not named as a beneficiary receive assets from an IRA?

    It depends. Generally speaking, the designation of beneficiary form dictates who receives the assets from the individual ... Read Full Answer >>
  2. How can I reduce the taxes on my inherited retirement assets?

    Many beneficiaries miss out on one of the most significant tax deductions for inherited retirement-plan assets; the income ... Read Full Answer >>
  3. Can I put my IRA in a trust?

    You cannot put your IRA in a trust while you are living. You can, however, name a trust as the beneficiary of your IRA and ... Read Full Answer >>
  4. How does the trust maker transfer funds into a revocable trust?

    Once a revocable trust is created, a trust maker transfers funds or property into the trust by including them in a list with ... Read Full Answer >>
  5. What is the difference between a revocable trust and a living trust?

    A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed ... Read Full Answer >>
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    A family limited liability company (LLC) is formed by family members to conduct business in a state that permits such form ... Read Full Answer >>

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