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
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.
2
Q
Sale
A
The direct transfer of property to another for a note, money, or property of equal fair market value
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.
