Chapter 24 Flashcards
an individual retirement account for each employee
Defined-contribution plan
a resilience complex that provides personal and medical services for the elderly
Assisted-living facility (ALF)
a type of retirement savings plan funded by a portion of one’s salary that is deducted from the gross paycheck and places in a special account
401(k) plan
the right of an employee to keep the companies contributions from company-sponsored plans, 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 amount in which a person saves a portion of income for retirement
Individual retirement account (IRA)
retirement plan designed for self-employed people and their employees
Keogh plan
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)
people who have the legal rights to one’s assets when one dies
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 alive and to ensure that they are distributed wisley after death
Estate planning
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
an arrangement in which a trustee manages assets for the benefit of someone else
Trust
the legal procedure of proving that a will is valid or invalid
Probate
person who is willing and able to perform the tasks involved in carrying out a will
Executor
person who accepts the responsibility of caring for 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 existing wills
Codicil
legal document in which one states if one wants to be kept alive by artificial means if terminally ill or unable to make such a decision
Living will
a legal document that authorizes someone to act on your behalf
Power of attorney
