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Personal FInance > Estate Planning > Flashcards

Estate Planning Flashcards

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1
Q

Americans on average live up to

A

77.9 years old

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2
Q

Estate Planning is

A

A clear and complete plan of what should happen upon your death

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3
Q

Living well means

A

A plan to care for someone who is young or incapacitated and cannot care for themselves

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4
Q

Positive outcome 1

A

Provide for loved ones after you’re gone

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5
Q

Positive outcome 2

A

Strengthen family relationships by giving them a path for them to follow

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6
Q

Positive outcome 3

A

Reduce time, effort and costs for survivors

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7
Q

Positive outcome 4

A

Leaves a legacy to family, organizations, institutions

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8
Q

Trade Off

A

Giving up one thing for another

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9
Q

How old must you be to start your estate planning in most states

A

18 years old

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10
Q

Gaurdianship

A

Requires a legal document called a will

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11
Q

Will

A

Determines guardians, money flow otherwise determined by court

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12
Q

Attorneys

A

Can provide you insights for titling documents, wills, etc

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13
Q

Accountants

A

Can help you determine net worth, see tax advantages

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14
Q

Certified Financial Planners

A

Can help you diversify investments, protect assets

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15
Q

Living Trust

A

trust in which you assign the management of your assets to a trustee while you are living

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16
Q

Revocable living trust

A

living trust that can be dissolved

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17
Q

Irrecoverable living trust

A

living trust that cannot be changed, although it can provide income to the grantor

18
Q

Living will

A

a document to inform your family of the type of care you want to receive if you become terminally ill

19
Q

Oral will

A

spoken testaments given before witnesses

20
Q

Testamentary will

A

formally prepared document signed in the presence of witnesses

21
Q

Holographic will

A

written without the presence of witness. Rarely hold up in court

22
Q

Healthy Giving

A

Giving out excess in your life

23
Q

Unhealthy Giving

A

Does not enhance the well being of both the receiver and giver

24
Q

Prepare for giving step 1

A

create a spending plan

25
Q

Prepare for giving step 2

A

Evaluate needs, wants and values

26
Q

Prepare for giving step 3

A

Assess your time

27
Q

Prepare for giving step 4

A

Plan for expenses

28
Q

Prepare for giving step 5

A

Avoid using credit fro giving

29
Q

Financial statements

A

Assess the overall financial position to evaluate pros and cons of giving and creates a plan for special events that involve giving

30
Q

Earning

A

Choose a career that can help you meet your giving goals

31
Q

Saving and Investing

A

Emergency savings should be established prior to giving and savings and investing are valuable avenues to give

32
Q

Risk Management

A

Ensure you have planned for life events and accounted for such expenses prior to giving

33
Q

You are better off in a community than by

A

yourself

34
Q

your present self impacts your

A

future self

35
Q

You are responsible for your present self and your

A

future self

36
Q

Investments helps manage risk and allows you to cope with

A

risk and uncertainty

37
Q

Grantor

A

A person who forms the trust and supplies and assets

38
Q

Trustee

A

A person named in the trust to administer the trust according to the terms and state trust law

39
Q

Beneficiary

A

The person for whose benefit the trust property is held by the trustee

40
Q

Intent from Grantor

A

Must have a valid legal purpose

41
Q

Property

A

Asses subject to the trust

42
Q

Estate

A

The assets of a deceased person after all debts are paid

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