Chapter 7: Transfers During Life And At Death Flashcards

0
Q

Private Annuity

A

The annuitant sells an asset to a buyer in exchange for an unsecured promise from the buyer to make fixed annual payments to the annuitant for the remainder of the annuitants life

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1
Q

Installment Sale

A

A sale of property that includes a note from the buyer to the seller. The buyer pays the seller the full valuable consideration of the property over a specified set of terms.

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2
Q

Sale

A

The direct transfer of property to another for a note, money, or property of equal fair market value

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3
Q

Self-Canceling Installment Note

A

An installment sale that terminates at the earlier of the (1) death of the seller or (2) the term set forth in the installment note.

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