Glossary Archive

A Crummey Trust is a type of irrevocable trust that allows contributions to be treated as gifts for tax purposes, while also providing the beneficiaries with a limited right to withdraw the funds for a specified period. This mechanism is named after the case Crummey v. Commissioner, which established the legitimacy of this structure for...

Cultural Sensitivity in International Mediation Cultural sensitivity in international mediation refers to the awareness and consideration of cultural differences and values during the mediation process between parties from diverse backgrounds. It is crucial for mediators to understand how cultural elements can influence communication styles, conflict resolution approaches, and perceptions of fairness and justice. Mediation involves...

Cultural Sensitivity in Mediation Cultural Sensitivity in Mediation refers to the awareness and understanding of cultural differences and how they impact communication, behavior, and perceptions during the mediation process. It emphasizes the importance of recognizing and respecting the diverse backgrounds of the parties involved in mediation, which may include variations in language, values, beliefs, and...

The Cy Pres Doctrine is a legal principle used in the context of trusts and charitable donations that allows for the modification of a donor's intent when the original purpose of a trust or gift becomes impossible, impractical, or illegal to fulfill. The term "cy pres" is derived from the French phrase "cy pres comme...

Damages Overview: Damages refer to a monetary compensation awarded to a party in a legal proceeding as a remedy for a loss or injury suffered due to the unlawful action or negligence of another party. The primary aim of damages is to restore the injured party to the position they would have been in had...

Overview Deathbed Planning refers to the process of making legal and financial arrangements shortly before an individual passes away. This planning is crucial as it can significantly impact how a person's estate is managed and distributed after their death. It typically involves revisiting existing estate plans, updating property titles, making wills, and ensuring that healthcare...

Debt Financing Debt financing is the process of raising capital through the borrowing of funds from external sources, which must be repaid over time, typically with interest. This can involve various methods such as loans, bonds, or credit lines, and is commonly used by businesses to fund operations, expansion, or other investments. In a more...

Debt Recovery Mediation Debt Recovery Mediation is a process in which a neutral third party, known as a mediator, assists creditors and debtors in resolving disputes related to unpaid debts outside of court. This method aims to facilitate communication between the parties, helping them to negotiate a mutually acceptable solution. The process typically begins when...

Debt Subordination Agreement A Debt Subordination Agreement is a legal document that establishes the priority of claims against a debtor's assets in the event of liquidation or bankruptcy. In a situation where a borrower has multiple creditors, this agreement specifies that one creditor's claim is subordinate, or lower in priority, to another creditor's claim. This...

The decedent refers to an individual who has passed away. This term is frequently used in legal contexts, particularly in estate planning, probate, and trust administration, to denote the person whose estate is being managed or settled. In estate planning, the decedent is central to the process of distributing assets, paying off debts, and addressing...