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Simple English definitions for legal terms

applicable exclusion credit

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A quick definition of applicable exclusion credit:

Applicable Exclusion Credit: This is a tax credit that is used for both estate and gift taxes. It is also known as the unified estate-and-gift-tax credit. The credit allows a certain amount of money to be excluded from the total value of an estate or gift, which reduces the amount of tax owed.

A more thorough explanation:

The applicable exclusion credit is a tax credit that is used to reduce the amount of estate and gift taxes owed by an individual. It is also known as the unified estate-and-gift-tax credit.

For example, if an individual's estate is worth $11.7 million, they can use the applicable exclusion credit to reduce the amount of estate tax owed. In 2021, the applicable exclusion credit is $11.7 million per individual.

The applicable exclusion credit is important for high net worth individuals who want to minimize the amount of taxes owed on their estate and gifts. By using the applicable exclusion credit, they can transfer more of their wealth to their heirs without incurring a large tax burden.

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manifestmoreadmissions
10:18
for those of you wondering if admissions offices are working today i got an email from an adcomm today responding to something i sent earlier in the week
GoodUnbecomingMacaque
11:30
What does an interview for a transfer student at george mason mean?
trees1234567
12:02
JB was here yesterday dang it!!
LegalUsername
12:05
Are law schools open today or do they also have another day off considering it's sandwiched between July 4th and the weekend?
lawnfire2896
12:57
they're open
AboardCloisteredAvatar
14:09
is wash u open
menherachan
14:32
@HangingAboriginalLeopard: my lsat is a 168, but i got the fordham wl this cycle. i applied to it as a safety, so im kinda surprised about the wl
lawnfire2896
14:46
washu is open
amlaw
14:57
vanderbilt clearly is
AboardCloisteredAvatar
15:14
Why clearly lol
amlaw
15:17
two acceptances today
AboardCloisteredAvatar
15:19
what !! Crazy
manifestmoreadmissions
15:32
oh congrats to the vandy admits!!!
TacitSplendidShrew
17:08
Hi everybody, I am applying to schools this August. I could use some brief help with optics for my personal statement, as I am a first-gen student in every regard--even at the high school graduate level.
trees1234567
17:17
what help are you looking for!
trees1234567
17:17
happy to give advice if helpful
darthaifos33
22:42
Hey Everyone, I am also applying this cycle and have a question about my personal statement. I want to become a lawyer because of a personal trauma I experienced in the past. Is this too sensitive of a topic to mention in a PS? I won't go into detail and only mention it as it relates to my inspiration to be a lawyer.
[] ararara
23:18
Yo! LSD has an AI consultant named Molly to help detect for red flags and trauma dumping in personal statements. You can try it at no charge by signing up for a free trial of LSD+. Think it gives you like two weeks for free or something though so be mindful of how advanced you are in PS drafts. Might want to time it so you have access when it’s most important.
[] ararara
23:20
@darthaifos33: this is just my opinion but I think it’s important to try and keep things positive if you can because it will reflect well on you if you can. I’ve been fortunate to read a lot of PSs as an lsat tutor and I’ve gotta say there is a lot of darkness in the world. It’s cliche but that’s the perfect time for your heart to shine through! Also, always keep in mind you’re applying to a professional school so there has to be that relevance I think.
[] ararara
23:22
Even though it’s impossible try to imagine a bunch of candidates who have had it way harder than what you’re saying but are also big about it. That’s why I think it looks better to be positive if you can about trauma even though it can be hard af.
darthaifos33
23:53
Of course! I plan to positvely weave it through my narrative and relevant professional experience in a way that isn't too dark or anything like that. I just wasn't sure if it was a big taboo or anything like that
[] ararara
0:00
@TacitSplendidShrew: @darthaifos33 https://drive.google.com/drive/mobile/folders/1jsyd1Mq8RlyMVqli_BW9z1uxY2SzNtFK?sort=13&direction=a definitely try molly and check this link out as well! The only thing about molly is some apps ask if you used AI to write your statement so be mindful of what they’re asking/what you’re using molly for!
manifestmoreadmissions
9:44
is LSDs AI assistant being named molly on purpose
KimchiQueen
10:25
@manifestmoreadmissions: OMG LOL
KimchiQueen
10:26
@manifestmoreadmissions: OMG LOL
LegalUsername
10:26
lol
darthaifos33
14:23
am I considered KJD if I am applying the summer right after May graduation?
KnowledgeableRitzyWasp
15:25
no because you’ll have a full year before you start school
AboardCloisteredAvatar
15:27
Omg lol who cares
Dkkm11
17:09
In my opinion thats close enough @darthaifos33
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