Terms Used In 37 CFR Part 226 - Smaller Claims

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Bequeath: To gift property by will.
• Bequest: Property gifted by will.
• Contract: A legal written agreement that becomes binding when signed.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Devise: To gift property by will.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.