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Personal Finance > Giving > Flashcards

Giving Flashcards

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1
Q

Giving out of excess in your life

A

Healthy Giving

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2
Q

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

A

Unhealthy Giving

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3
Q

Use money management tools

A

Prepare for Giving

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4
Q

Statement of Financial Position, Income and Expense Statement, Spending Plan

A

Money Management Tools

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5
Q

Asses overall financial position to evaluate pros and cons of giving; creates a plan for special giving events

A

Financial Statements

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6
Q

Choose a career that helps you meet your goals; be grateful to those that help improve your human capital

A

Earning

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7
Q

Emergency savings should be established prior to giving

A

Savings & Investing

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8
Q

Ensure you have planned for unaccounted life events

A

Risk Management

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9
Q

Particular item or property in an estate transferred to beneficiary on owner’s death

A

Specific Gifts

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10
Q

Does not refer to specific item

A

Non-Specific Gifts

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11
Q

Everything left in estate after all debts, bills, and taxes have been paid and specific & nonspecific gifts have been distributed

A

Residuary Gifts

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12
Q

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

A

Gifts to Children

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13
Q

Gifts left to charity in will are free from inheritance tax

A

Gifts to Charities

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14
Q

Provide for the future financial security of your family and others.

A

Giving through a will or trust can …

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15
Q

Person who forms the trust and supplies the assets

A

Grantor

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16
Q

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

A

Trustee

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17
Q

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

A

Beneficiary

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18
Q

Must have a valid legal purpose

A

Intent from the Grantor

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19
Q

Assets subject to the trust

A

Property

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20
Q

Revoked; court

A

A trust can be revocable, _________ or modified at any time or irrevocable unless by special permission of ______ to terminate it.

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21
Q

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

A

Living Trust

22
Q

Living trust that can be dissolved

A

Revocable Living Trust

23
Q

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

A

Irrevocable Living Trust

24
Q

Legal document by a person, the testator, that names one or more persons, executor, to manage his or her estate & provides for the distribution of property upon death

A

Will/Testament

25
Q

Ensures estate is distributed as desired
The person specified in will receives a part of the estate
Prevents court from assigning you an unwanted administrator

A

Purposes of a Will

26
Q

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; document only effective in the event you are unable to express your wishes yourself

A

Living Will

27
Q

Spoken testaments given before witnesses

A

Oral Will

28
Q

Formally prepared document signed in the presence of witnesses

A

Testamentary Will

29
Q

Written without the presence of witness

A

Holographic Will

30
Q

Name and place of residence, description of assets, names of spouse, children and other beneficiaries, alternate beneficiaries, specific gifts

A

Elements of a Will

31
Q

Executor files forms in probate court, provides a copy of the will, a list of the assets, and liabilities of deceased, pays debts and sells necessary assets (can open bank acct for this).

A

Executing the Will

32
Q

Legal process that declares a will valid and ensures the orderly distribution of assets

A

Probate

33
Q

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

A

Estate Planning

34
Q

Provide for loved ones after your passing, strengthen family relationships by giving them a designated path to follow, reduces time, effort and costs for survivors, leaves a legacy

A

Positive Outcomes of Estate Planning

35
Q

Giving up one thing for another

A

Trade-Off

36
Q

Must be 18 (most states), letters are not legal documents, letter > conversation because they have longer presence

A

Estate Planning for Teens

37
Q

Letter of Last Instruction

A

Estate Planning for Minors

38
Q

Requires a legal document called a will

A

Guardianship

39
Q

Determines guardians, money flow otherwise determined by court

A

Will

40
Q

Titling; will

A

Attorneys can provide you insights for ________ documents, _____, etc.

41
Q

Worth; net

A

Accountants can help you determine net _____, see ___ advantages

42
Q

Investments; assets

A

Certified financial planners can help you diversify ____________ and _______ assets

43
Q

Assets of a deceased person after all the debts are paid; planning of how your wealth will be allocated on or before your death.

A

Estate

44
Q

Peace of mind, maintain control, protect all assets (estate taxes, creditors, special needs), avoid probate

A

Estate- Primary Functions

45
Q

May need a guardianship, medical wishes may not be carried out, State law decides where your assets go, minor children is court’s decision, heirs may incur your estate taxes

A

Consequences of No Planning

46
Q

Spouse

A

Without a surviving _______, a large estate is subject to estate taxes.

47
Q

Assets

A

Value of estate is the value of all ______ minus funeral and administrative expenses.

48
Q

2001; Gradually increase tax free limit while reducing a maximum tax rate

A

Tax Relief Act of 2001

49
Q

Testator; divided

A

A testamentary trust allows the ________ to control how property will be ________.

50
Q

Living will, executor, decedent, beneficiary, testator, fiduciary

A

Terms Dealing with Estate

Personal Finance (1 decks)

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