Glossary Archive

Overview A Domestic Asset Protection Trust (DAPT) is a type of irrevocable trust that is designed to protect an individual's assets from creditors while allowing the grantor (the person who establishes the trust) to retain some control over those assets. This legal structure is particularly appealing for individuals seeking to safeguard their wealth from potential...

Double Taxation Double taxation refers to the taxation of the same income or financial transaction in more than one jurisdiction or level of government. This term is commonly encountered in the context of corporate taxation and international taxation. In corporate taxation, double taxation typically occurs when a corporation's income is taxed at both the corporate...

Dower Rights Dower rights refer to the legal entitlement of a surviving spouse to a portion of their deceased spouse's estate, particularly in the context of real property. Traditionally, dower rights allow a widow to claim a life estate in one-third of her husband's real property if he dies intestate (without a will). This concept...

Down Payment Assistance Agreement A Down Payment Assistance Agreement is a legal document that outlines the terms and conditions under which financial assistance is provided to homebuyers to help cover the down payment and closing costs associated with purchasing a home. This agreement is typically offered by government entities, non-profit organizations, or lenders as a...

Drafting Attorney’s Fiduciary Duty A drafting attorney's fiduciary duty refers to the legal and ethical obligation of an attorney who creates legal documents, such as wills, trusts, and other estate planning instruments, to act in the best interests of their clients. This duty arises from the relationship of trust and confidence between the attorney and...

Dual Agency Agreement A Dual Agency Agreement is a legal arrangement in real estate transactions where a single agent or brokerage represents both the buyer and the seller in the same transaction. This scenario can arise when the agent has listings for both parties or when a buyer approaches the agent who is representing a...

Dual Representation Disclosure Agreement A Dual Representation Disclosure Agreement is a legal document used when an attorney or a firm represents multiple parties in a single legal matter. This agreement outlines the nature of the representation, the potential conflicts of interest, and the informed consent obtained from each party involved. In practice, a Dual Representation...

Due Diligence Due diligence is the process of conducting a thorough investigation or review of a potential investment, acquisition, or business partnership to assess its viability and the associated risks. This process is crucial in various fields, including real estate, finance, and mergers and acquisitions, as it helps parties make informed decisions based on comprehensive...

Due Diligence Due diligence refers to the comprehensive investigation and evaluation of a potential investment, acquisition, or business opportunity to confirm all relevant facts, financial records, and legal matters preceding a transaction. It aims to ensure that parties involved are fully informed of potential risks and benefits. In the context of estate planning and probate,...

A Durable Medical Power of Attorney is a legal document that allows an individual (the principal) to designate another person (the agent or attorney-in-fact) to make medical decisions on their behalf in the event that they become incapacitated and are unable to communicate their wishes regarding medical treatment. This designation remains effective even if the...