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LSDefine

Simple English definitions for legal terms

GRUT

Read a random definition: biennial session

A quick definition of GRUT:

A guarantee is a promise that something will be done or provided. It can also be something given as security to make sure that a promise is kept. For example, if you buy a toy and it breaks, the store might guarantee to fix it or give you a new one. When someone guarantees something, they are making a commitment to make sure it happens.

A more thorough explanation:

Definition: GRUT stands for Grantor-Retained Unitrust. It is a type of trust where the grantor (the person who creates the trust) retains the right to receive income from the trust for a certain period of time. After that time, the remaining assets in the trust are distributed to the beneficiaries.

Definition: GSA stands for General Services Administration. It is a government agency responsible for managing and supporting the basic functioning of federal agencies, including managing federal buildings and supplies.

Definition: GST Supertrust is a type of trust that is designed to last for multiple generations. It is also known as a dynasty trust. The assets in the trust are not subject to estate taxes when they are passed down to future generations.

Example: John creates a GRUT and retains the right to receive income from the trust for 10 years. After 10 years, the remaining assets in the trust are distributed to his children. This allows John to receive income from the trust during his lifetime while also ensuring that his children will receive the remaining assets.

Example: The GSA is responsible for managing federal buildings and supplies, such as office furniture and vehicles. This helps ensure that federal agencies have the resources they need to carry out their work.

Example: Sarah creates a GST Supertrust and funds it with $10 million. The trust is designed to last for multiple generations, and the assets in the trust are not subject to estate taxes when they are passed down to future generations. This allows Sarah's family to benefit from the trust for many years to come.

These examples illustrate the definitions by showing how each term is used in a specific context. The examples help to clarify the meaning of each term and make it easier to understand.

Grundy Tariff | guarantee clause

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GodsPlanUltimately
22:47
Rationally that's what I thought but irrationally I was like crying throwing up did I mess it up lol
babycat
22:49
Lol you’re all good
GodsPlanUltimately
22:49
I'm assuming then for status checking eventually that the school emails you that information once LSAC finishes processing?
babycat
22:50
Yep
GodsPlanUltimately
22:50
Thank you ╱|、 (˚ˎ 。7 |、˜〵 じしˍ,)ノ
GodsPlanUltimately
22:50
Just stressing because this is my first and only app.
GodsPlanUltimately
22:53
Does the CAS Report send once the school requests it or do I have to send it ?
babycat
23:02
It sends automatically
babycat
23:02
Why only one app?
GodsPlanUltimately
23:06
I'm in a dual degree program that my undergraduate has where if you meet a gpa and percentile you can have your senior year be your L1 ! Cuts off a year of time and money and the partner was my top pick for law anyways. It all just worked out and since it's ED can't really apply anywhere else because the L1 transfers back to complete my degree. :)
babycat
23:14
oh that’s nice! I guess you have a high degree of certainty about the process then
Dkk
0:10
Welcome. About to eat another ghost pepper. @babycat
Dkk
0:27
God my mouth is burning so much
@babycat: A few things. I mean, for one, this is my fifth year of undergrad (graduating with a dual BA/MA), so I don't think academically I'm incredibly behind or anything. Beyond, that I've explored other fields, and for the very niche area of public interest work I am interested in, law is the only way I can make a substantiative difference so why not start now.
And also my other options just are not great. I could take a shit paying job at a think tank, I was offered a job at, but I don’t find the work interesting. Or I could continue in academia, getting a phd, but again just not especially interested in academic philosophy.
I would say more, but I am very close to doxxing myself if I haven’t already.
Dkk
1:02
5th year at 19. That is amazing.
Dkk
1:02
So you started when you were 14. Wow.
Dkk
1:11
I tried to find you but if still in school, other names pop up first. Do you drink alcohol? If not, you should start drinking to catch up to me. @texas
I started at 15
turning 20 this year
or well very beginning of next year
Dkk
1:15
My best advice is to start learning wine and cocktails asap. Take the introductory and certified sommelier exam as soon as you hit 21.
Dkk
1:16
I could not find you with that information. You are still probably pretty safe. Though I did not use all my search engines or filters.
@Dkk: That is good. Granted I don't think being doxxed would be the end of the world, but who knows.
And, yeah, I have drinken a little bit over the last couple of years (what college student hasn't), but not a massive fan
Dkk
1:24
That is cus college people drink like idiots. I was not a fan at my first college and I did not start drinking until I was 22.5. The art of Sommelier stuff though is less about drinking and more about thought process. Kind of a puzzle like a logic game. Same with cocktails. You will love it if you hate college type drinking.
Dkk
1:25
It's something to do outside of the things you mentioned, it is useful for networking, and it will help you in law school. It will help you find exactly what you want to do in law school.
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