Glossary Terms

N/W Net Worth. NAELA National Academy of Elder Law Attorneys. NAEPC NATIONAL Association of Estate Planners and Councils. NAHU National Association of Health Underwriters. NAIC National Association of Insurance Commissioners. NAIFA National Association of Insurance and Financial Advisors. NAPGCM National…

MA Medical Assistance. MA Plans Medicare Advantage Plans. MAGI Modified Adjusted Gross Income.  As it relates to premium supports from the government for ACA health insurance. MAI Member of the Appraisal Instutute. Major Medical Broader than basic hospital, basic medical…

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…

K1 Form used by a partnership to inform limited partners of their share of profits, etc. Keogh (HR 10) Plan A Keogh Plan is a qualified retirement plan establish by the Self Employed Individuals Tax Retirement Act of 1962. Kiddy…

JCT Joint Committee on Taxation. JD Juris Doctor. JDR Judicial Determination Required. JEST Joint Exempt Step-up Trusts. JNE Judicial Nominees Evaluation Commission. Joint And Mutual Will Where one document serves as the will of several people, with reciprocal or mirror…

IADL Instrumental Activities of Daily Living scale. IAR Investment Advisor Representative. IC-DISC Interest Charge Domestic International Sales Corporation.  ICC Interstate Commerce Commission. ICF/DD Intermediate Care Facility for persons with Developmental Disabilities. ICP Institutional Care Program. IDBT Intentionally-Defective Grantor Trusts. IDGT…

Hague Convention Trusts are a creature of the common law.  However, civil law jurisdictions have shown an interest in recognizing trusts.  A law permitting same is the Hague Convention Relative to the Law Applicable to Trusts of 1985. H-H-H-A-R-P Home…

G Grantor. GAA General Accredited Appraiser of the National Association of Realtors. GAAP Generally Accepted Accounting Principles. GAL Guardian Ad Litem. GAMA General Agents and Managers Association. Gatekeeper Model A model of HMO and PPO organizations that uses the insured's…

FAA Federal Alcohol Administration.  Federal Aviation Administration.  Federal Arbitration Act. FAI Fiduciary Accounting Income. FAIR Fair Access to Insurance Requirements. Fair Market Value Price that would be paid for property by a willing buyer from a willing seller both knowing…

E&O Errors and Omissions.  Type of professional liability insurance. EADACPA Elder and Dependent Adult Civil Protection Act. Early Distribution A distribution from an employer-sponsored plan or individual retirement account taken before the participant-owner reaches 59 ½ years of age. Earmarking…