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LSDefine

Simple English definitions for legal terms

income beneficiary

Read a random definition: concealed debtor

A quick definition of income beneficiary:

An income beneficiary is a person who receives regular payments from a trust or other property. This means they get money or other benefits on a regular basis. The income beneficiary is usually named in a legal document, like a trust agreement. They are not the owner of the property, but they have the right to receive income from it. This is different from a primary beneficiary, who is the person who will receive the property when the trust ends or the owner dies.

A more thorough explanation:

An income beneficiary is a person who is entitled to receive income from a property or trust. This means that they receive regular payments from the property or trust, but they do not own the property or trust itself.

For example, if a person sets up a trust and designates their child as the income beneficiary, the child will receive regular payments from the trust, but they do not own the trust itself. The trust may be set up to provide for the child's needs, such as education or medical expenses.

Another example is a retirement account. If a person designates their spouse as the income beneficiary of their retirement account, the spouse will receive regular payments from the account after the person's death, but they do not own the account itself.

Overall, an income beneficiary is someone who receives regular income from a property or trust, but does not own the property or trust itself.

income-basis method | income exclusion

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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