Ch. 24 Vocab Flashcards
A residence complex that provides personal and medical services for the elderly
Assisted-living facility (ALF)
An individual account for each employee (aka individual account plan)
Defined-contribution plan
A type of retirement savings plan funded by a portion of your salary that is deducted from your gross paycheck and placed in a special account (aka salary-reduction plan)
401(k) plan
The right of an employee to keep the company’s contributions from company-sponsored plans, such as pensions, even if the employee no longer works for that employer
Vesting
A retirement plan that specifies the benefits an employee will receive at retirement age, based on total earnings and years on the job
Defined-benefit plan
A special account in which a person saves a portion of income for retirement
Individual retirement account (IRA)
A retirement plan specially designed for self-employed people and their employees (aka H.R.10 plan / self-employed retirement plan)
Keogh plan
A contract purchased from an insurance company that guarantees a future fixed or variable payment to the purchaser for a certain number of years or for life
Annuity (insurance)
The people who will have the legal right to your assets when you die
Heirs
All the property and assets owned by an individual or group
Estate
The process of creating a detailed plan for managing personal assets to make the most of them while you are alive and to ensure that they are distributed wisely after your death
Estate planning
A person who is named to receive a portion of someone’s estate
Beneficiary (estate)
A legal declaration of a person’s wishes regarding disposal of his or her estate after death
Will
The status of not having a valid will
Intestate
Statement
Declaration
An arrangement in which a designated person known as a trustee manages assets for the benefit of someone else
Trust
The legal procedure of proving that a will is valid or invalid
Probate
A person who is willing and able to perform the tasks involved in carrying out a will
Executor
The person who accepts the responsibility of caring for the children of the deceased and managing an estate for the children until they reach a certain age
Guardian
A document that explains, adds, or deletes provisions in an existing will
Codicil
A legal document in which you state if you want to be kept alive by artificial means if you become terminally ill and are unable to make such a decision
Living will
A legal document that authorizes someone to act on your behalf
Power of attorney
Deny
Disclaim
Wrong ideas
Misconceptions
