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Flashcards 1

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1
Q

Specific gifts

A

particular item or property in an estate transferred to beneficiary on owner’s death. Specifics must be provided. (house, jewelery, etc.)

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2
Q

Non-specific gifts

A

does not refer to specific item. (all my personal possessions)

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3
Q

Residuary gifts

A

everything left in estate after all debts, bills and taxes have been paid and specific and non specific gifts have been distributed

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4
Q

Gifts to children

A

executors will keep for safekeeping gifts to children under 18 until they become of age unless will specifies guardian or parents take receipt of gift on child’s behalf

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5
Q

Gifts to charities

A

Gifts left to charity in will are free from inheritance tax.

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6
Q

grantor

A

person who forms the trust and supplies the assets

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7
Q

trustee

A

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

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8
Q

beneficiary

A

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

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9
Q

intent from grantor

A

must have a valid legal purpose

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10
Q

property

A

asses subject to the trust

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11
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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12
Q

Revocable living trust

A

living trust that can be dissolved

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13
Q

Irrevocable living trust

A

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

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14
Q

A Living Will

A

a document to make your family aware of the type of care you want to receive if you should become terminally ill, on life support or

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15
Q

Oral Will

A

spoken testaments given before witnesses. Not widely recognized from a legal perspective

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16
Q

Testamentary Will

A

formally prepared document signed in the presence of witnesses.

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17
Q

Holographic Will

A

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

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18
Q

Trade-Offs

A

A trade-off is giving up one thing for another.

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19
Q

Guardianship

A

requires a legal document called a will.

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20
Q

Will

A

determines guardians, money flow otherwise determined by court

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21
Q

Attorneys

A

can provide you insights for titling documents, wills, etc…

22
Q

Accountants

A

can help you determine net worth, see tax advantages

23
Q

Certified Financial Planners

A

can help you diversify investments, protect assets

24
Q

Estate Planning

A

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

25
Q

Healthy Giving

A

giving out of excess in your life

26
Q

Unhealthy Giving

A

does not enhance the well-being of both the receiver and giver

27
Q

Money Management tool

A

Statement of Financial Position

28
Q

Money Management tool

A

Income and Expense Statement

29
Q

Money Management tool

A

Spending Plan

30
Q

Financial Statements

A

assess the overall financial position to evaluate pros and cons of giving

31
Q

Financial Statements

A

creates a plan for special events that involve giving

32
Q

Earning

A

choose a career that can help you meet your giving goals

33
Q

Earning

A

a career choice could be an ultimate form of giving

34
Q

Earning

A

be grateful to those that have given to your growth of human capital

35
Q

Savings and Earnings

A

emergency savings should be established prior to giving

36
Q

Savings and Investing

A

savings and investing are valuable avenues to give

37
Q

Risk Management

A

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

38
Q

Risk

A

chance of loss from an event that cannot be entirely controlled

39
Q

Insurance

A

a financial product purchased by many people facing a similar risk to protect against the risk of larger losses

40
Q

Policy

A

A contract between the insurance company and the insured that states the exact terms of the policy

41
Q

Coverage

A

The risks covered and amount of money paid for losses under an insurance policy

42
Q

Premium

A

Money paid to purchase the policy

43
Q

Claim

A

a formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury

44
Q

Deductible

A

the out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss

45
Q

Co-insurance

A

requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid

46
Q

Employee benefits

A

products or services that add extra value for employees beyond earned wages

47
Q

Health Insurance

A

provides money to pay for health care

48
Q

Disability Insurance

A

Provided by employers, individuals, and/or government

49
Q

Long-term care insurance

A

Provided by individuals

50
Q

Property Insurance

A

payment to insured person if his/her property is damaged or destroyed by an accident

Personal Finance (1 decks)

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