L

Lapse

Refers to failure of a gift because the named beneficiary is deceased.  See Antilapse and Void.

Larson v. Duca, 213 Cal.App.3d 324 (1989)

Case involving issue of date of transfer for property reassessment in transfer between Parent-Child or Grandparent-Grandchild and the exclusion.

Larent Ambiguity

Is one that is not clear from the face of the document but only when the terms are applied to the facts at hand.  These come in three varieties: equivocations, misdescriptions, and inaccuracies.  See Patent Ambiguity.

Legal List

Is a list of approved investments for fiduciaries.

Life Estate

A particular type of ownership arrangement with two different ownership interests: a life estate interest and a remainder interest.  A type of ownership interest which is extinguished by the death of some person, who may or may not be the holder of the life estate interest.  If the life in question is not the life of the life estate holder, the interest is called a life estate per autre vie.

Life In Being

For Rule Against Perpetuities purposes is someone who was alive when the transfer became irrevocable.

Life Insurance

A contract by which the policy owner pays premiums to an insurer that agrees to pay a death benefit to a beneficiary upon the death of an insured.  It is nonprobate property, unless the beneficiary is the estate of the deceased.

Limited Power Of Appointment

The old term to describe a non-general power of appointment.

Lineals

Ancestors and descendants in the blood line, natural born, adopted, nonmarital, and half-bloods.

Living Trust

Name of a trust created and typically funded during the settlor’s life.

Living Will

A very limited document that establishes the maker’s wishes regarding end of life or heroic medical techniques, usually articulating the desire to be allowed to die.  See Durable Power Of Attorney.

LOEP

Limited Open Enrollment Period.

Laches

An equitable defense to a claim based on delay in asserting it.  It is an equitable equivalent of the legal statute of limitations.  However, laches is discretionary.

Lapse

The failure of a gift of property left by a will because the beneficiary dies (or entity cease to exist) before the testator, and no alternative is named.

Lapsed Gift

See Lapse.

Latent Ambiguity

An ambiguity in a will which is not apparent from reading the will.

Laughing Heirs

A term used to describe remote relatives who inherit intestate property in the absence of closer relatives.

Lawful Issue

Phrase once used to distinguish between legitimate (born in wedlock) and illegitimate (born out of wedlock) children, and their issue.

LBFP

Law Business Foundations Program.

LCPLFA

Life Care Planning Law Firms Association.

Legacy

A transfer of money by a will.  See Bequest.

Legal Entity

A non-human which is treated under the law as if a person; such as trusts or corporations.

Legal List

A list of the types of investments authorized by statute in which fiduciaries are allowed to invest.

Legitimate

Child born in wedlock.  As a verb, the procedure whereby an illegitimate child becomes legitimate.

LESLI

List of Eligible Surplus Lines Insurers.

Letters of Administration

Document issued by the court designating an administrator of an estate.

Letters Testamentary

Document issued by the court empowering an executor named in a will to execute the duties required by the terms of the will.

Licensees, Insurance

Accident & Health (A&H) Agent

Bail Agent

Bail Permitee

Bail Solicitor

Cargo Shippers’ Agent

Communications Equipment Insurance Agent

Credit Insurance Licensee

Life Agent Only

Life and Accident & Health Licensee

Life and Disability Analyst

Limited Lines Automobile Licensee

Motor Club

Part-Time Fraternal Agent

Personal Lines – insurance for 24 hours.

Property and Casualty

Reinsurance Intermediary-Broker

Reinsurance Intermediary-Manager

Rental Car Agent Licensing

Self-Service Storage Agent

Special Surplus Line Broker

Surplus Line Broker

Travel Agent

Vehicle Service Contract Provider

Viatical Settlement Licensee

Life Estate

An interest in property the duration of which is measured by a life in being; after which the property belongs to the ”remaindermen” outright.

Life Tenant

A person who has a life estate.

LIFO

Last In First Out.

LILO

Last In Last Out.

LIHP

Low Income Health Program.

Lineal Descendants

Persons who are directly descended from an ancestor.

LISA

Life Insurance Settlement Association.

Living Trust

Also known as an Inter Vivos Trust.  Any trust set up prior to the settlor’s death.

Living Will

Instrument stating that a terminally ill individual does not want to have his or her life prolonged by enumerated extraordinary means.

LLC

Limited Liability Company.

LLLP

Limited Liability Limited Partnership.

LLM

Master of Laws.

LLP

Limited Liability Partnership.

LP

Limited Partnership.

LPA

Lasting Power of Attorney; Limited Power of Appointment. Legal Professional Association.

LPS

Legal and Patent Search.  Lanterman-Petris Short Act.

LRRA

Liability Risk Retention Act.

LSD

Lump Sum Distribution.

LTA

Letters To Assessors.

LTAC

Long Term Acute Care.

LTC

Long-Term Care; Long Term Care insurance.

Benefits are triggered with the loss of two or more ADLs, or cognitive impairment (i.e. Alzheimer’s, dementia, senility,  or mental illness (depression, etc.).

LTC insurance is defined as any insurance policy, certificate, or rider that provides coverage for diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services provided in a setting, not a hospital.

LTCA

Long-Term Care Agreement.

LTCF

Long Term Care Facilities.

LTCG

Long-Term Capital Gain.

LTCI

Long Term Care Insurance.

LTCIP

Long-Term Care Insurance Policy.

LTES

Loving Trust Educational System.

LTSS

Long Term Supports and Services.

LUTC

Life Underwriter Training Council.

LW&T

Last Will and Testament.