Giving Flashcards
Specific gifts
particular item or property in an estate transferred to a beneficiary on owner’s death (house, jewelry, etc.).
Non-specific gifts
does not refer to a specific item (all my possessions).
Residuary gifts
everything left in estate after all debts, bills and taxed have been paid and specific and non specific gifts have been distributed.
Gifts to children
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
Gifts to charities
Gifts left to charity in will are free from inheritance tax.
Grantor
person who forms the trust and supplies the assets
Trustee
person named in the trust to administer the trust according to the terms and state trust law
Beneficiary
the person for whose benefit the trust property is held by the trustee
Intent from grantor
must have a valid legal purpose
Property
asses subject to the trust
Living trust
trust in which you assign the management of your assets to a trustee while you are living
Revocable living trust
living trust that can be dissolved
Irrevocable living trust
living trust that cannot be changed, although it can provide income to the grantor
A living will
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 permanently unconscious. This document is only effective in the event you are unable to express your wishes yourself.
Oral will
spoken testaments given before witnesses. Not widely recognized from a legal perspective
Testamentary will
formally prepared document signed in the presence of witnesses.
Holographic will
written without the presence of witness. Rarely hold up in court.
Trade-off`
a trade-off is giving up one thing for another.
Guardianship
requires a legal document called a will
Estate
the assets of a deceased person after all debts are paid
Creating a will is one way to show…
appreciation and give back.
Giving through a will or trust can provide…
for the future financial security of your family and others.
A will or living trust can offer…
thoughtful charitable gifts as part of a long-range estate and financial plan.
Giving a charitable donation in your will can support…
the causes that were important to you during your lifetime.
A tax-free gift of up to $10,000 per year can be…
given without being subjected to tax for giver or receiver.
A gift made through a will or living trust can be prepared by an…
attorney.
Gifts included in wills and living trusts are…
flexible, easy to arrange, and may be changed with your life circumstances.
A testamentary trust will set up…
up one or more trusts for some of the estate assets to be distributed upon the grantor’s death.
A testamentary trust allows the testator to…
control how the property will be divided.
A Will ensures the estate is…
distributed as desired.
To make sure your instructions are carried out and holds up in court…
you want a legal document that is written, signed by you and your witnesses.
Codicil
a document that specifies changes in an existing will must be prepared to make minor revisions.
Power of attorney
legal document granting a person the power to make decisions, can be signed in the event you are incapable of making decisions for yourself.
A Will can be written by…
any person of legal age and being of sound mind and memory.
A Will ensures that your assets will…
be given to family members or a designated beneficiary.
If you have no heirs and die without a will…
the state can claim the estate.
If you have young children, a will can allow you..
to designate a guardian in the event of your death otherwise, a court can appoint a guardian
An estate is used to determine…
how your wealth will be allocated on or before death.
The Will is used to identify a guardian for…
surviving children under 18 and to determine how the estate is to be distributed upon death to beneficiaries or heirs.
In the event there is no will, the court appoints an…
administrator to make a decision on how the property is to be distributed.
