Acronyms – Useful, Fun, and Sometimes Baffling

Acronyms are abbreviations formed with the initial letters of other words and pronounced as a word.

Our daily lives are filled with various acronyms, some of which have been around for quite a while and are familiar to everyone, and others of which are fairly new.

While acronyms can be useful and fun, they can also be baffling.

Examples:

• Jack and Jill are having a BYOB party Saturday night—please RSVP by Wednesday.

BYOB = Bring Your Own Bottle/Booze Répondez, s'il vous plait = Respond If You Please

• A controversial provision in the 2018 Tax Cuts and Jobs Act is the limitation on the SALT personal income tax deduction.

SALT = State And Local Tax

• Please remember to look at the FAQ section of our Website.

FAQ = Frequently Asked Questions

• BTW, and ICYMI, you should send in your 4^th of July permit application ASAP. IMHO, they should extend this annual deadline to a date after April 15.

BTW = By The Way (or, depending upon context: Bring The Wheel Chair) ICYMI = In Case You Missed It ASAP = As Soon As Possible IMHO = In My Humble Opinion

• Bob just texted Bill the following: OATUS - IDK if we should go to game 2nite or study 4 math test. P911 – L8R

OATUS = On A Totally Unrelated Subject IDK = I Don’t Know P911 = Parent Alert L8R = Later

• Gabrielle Smythe, a/k/a Gabby Smythe, f/k/a Gabrielle Jones, and n/k/a Gabrielle Jameson Smythe.

a/k/a = Also Known As f/k/a = Formerly Known As n/k/a = Now Known As

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Acronyms are also often used, and sometimes even useful, when talking about various Trusts and Estates topics.

Listed below are just a few of the many Trusts and Estates acronyms that are commonly (and sometimes too frequently) used.

All of these Acronyms, or the terms and phrases they represent, are listed in our Glossary:

DNR/POLST - Do-Not-Resuscitate/Physician Orders for Life-Sustaining Treatment

FET – Federal Estate Tax

HIPAA – Health Insurance Portability and Accountability Act

JTWROS – Joint Tenants With Right of Survivorship

IET – Illinois Estate Tax

ILIT – Irrevocable Life Insurance Trust

IRA – Individual Retirement Account

POD – Paid On Death or Payable on Death

PO Will – Pour Over Will

QTIP – a handy small cotton swab that is extremely useful in cleaning out one’s ears, applying makeup, or putting together a model airplane or other such items. OR, in the world of Trusts and Estates, Qualified Terminable Interest Property

RLT – Revocable Living Trust

RMD – Required Minimum Distribution

SAFE – Store All Files Electronically

SSI – Supplemental Security Income

SSDI – Social Security Disability Insurance

SSN – Social Security Number

TBE – Tenants By the Entirety

TIC – Tenants In Common

TOD – Transfer On Death or Transferable On Death

UTMA – Uniform Transfers To Minors Act