Glossary Archive

Marital Deduction Planning Strategy A Marital Deduction Planning Strategy refers to the approach utilized in estate planning to maximize the use of the unlimited marital deduction available under federal tax law. This deduction allows for the transfer of assets between spouses without incurring federal estate or gift taxes, provided that the recipient spouse is a...

A Marital Deduction Trust is an estate planning tool designed to allow individuals to transfer assets to their surviving spouse without incurring federal estate taxes. This type of trust takes advantage of the marital deduction, which permits an unlimited amount of property to be transferred between spouses during life or at death without tax consequences....

Marital Trust A Marital Trust is a specific type of trust established to benefit a surviving spouse while ensuring that the assets will ultimately pass to other designated beneficiaries, typically children or other heirs, after the spouse's death. This trust is an essential component of estate planning, particularly for married couples, as it can provide...

Marketable Title Act Compliance Marketable Title refers to a title to real property that is free from significant defects, liens, or legal issues that could affect the ownership or use of the property. The concept is crucial in the context of real estate transactions, as it assures potential buyers that they can take ownership without...

Mass Tort ADR Frameworks Mass Tort ADR (Alternative Dispute Resolution) Frameworks refer to structured processes designed to resolve disputes arising from mass torts—situations where numerous individuals claim harm from the same defendant or product—without resorting to traditional litigation. These frameworks aim to efficiently manage the complexities and volume of cases involved, often leading to faster...

Master Lease Agreement A Master Lease Agreement is a comprehensive contractual arrangement in which one party (the lessee) leases a property or a portfolio of properties from another party (the lessor) under a single overarching agreement. This type of agreement is commonly used in commercial real estate transactions, particularly when a lessee seeks to lease...

Material Adverse Change Clause A Material Adverse Change Clause (MAC Clause) is a provision commonly found in merger and acquisition agreements, financing agreements, and other commercial contracts. This clause is designed to protect one party from significant negative changes in the financial or operational condition of the other party that could affect the value of...

Mechanic's Lien A mechanic's lien is a legal claim against a property that has been improved by labor or materials, asserting that the contractor or supplier is entitled to payment for work performed or materials provided. This type of lien is particularly relevant in the construction industry and serves as a protection mechanism for contractors,...

Mechanic’s Lien Foreclosure Process The mechanic’s lien foreclosure process refers to the legal procedure through which a contractor, subcontractor, or supplier can enforce a mechanic’s lien against a property to recover unpaid debts for labor, materials, or services provided in relation to that property. This process typically involves several key steps: Filing the Mechanic's Lien:...

Mechanic’s Lien Waiver A Mechanic’s Lien Waiver is a legal document that relinquishes a contractor's or subcontractor's right to place a mechanic's lien on a property for unpaid work or materials supplied. This waiver is typically used in the construction industry to assure property owners that they have cleared all past debts associated with the...