Gift Tax Annual Exclusion
The first $10,000 in gifts that an individual can give tax free to another during a calendar year. The amount will be indexed for inflation after 1998. (See Annual Exclusion.)
Good Faith Estimate
An estimate of charges which a borrower is likely to incur in connection with a loan closing.
An individual who gives property outright or in a trust.
Gross Monthly Income
The amount of consistent and stable income that an individual receives each month, averaged over a period of time. This amount includes overtime pay, bonuses, commissions and income from dividends or interest, provided that the individual can show a consistent history of receiving such income.
Stock of a corporation with a record of faster-than-average sales and earnings. Growth stock typically appeals to investors who seek a long-term increase in value.
Agreement to pay the debt or perform the obligation of another in the event the debt is not paid or obligation is not performed.
An individual or institution named by a court to manage the property of a person who is adjudged incapable of handling his or her own affairs.
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