Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Personal Finance > Giving > Flashcards

Giving Flashcards

You may prefer our related Brainscape-certified flashcards:
Series 65 flashcards Series 63 flashcards Series 66 flashcards Series 7 Top-off Exam flashcards SIE Exam flashcards CFA flashcards Series 79 Top-Off Exam flashcards
1
Q

Specific gifts

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Non-specific gifts

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Gifts to charities

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Grantor

A

person who forms the trust and supplies the assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

trustee

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

beneficiary

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

intent from grantor

A

must have a valid legal purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

property

A

asses subject to the trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Living Trust

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Revocable living trust

A

living trust that can be dissolved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Irrevocable living trust

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

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 permanently unconscious. This document is only effective in the event you are unable to express your wishes yourself.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Oral Will

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Testamentary Will

A

formally prepared document signed in the presence of witnesses.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Holographic Will

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Estate Planning

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Living Will

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Trade-Offs

A

A trade-off is giving up one thing for another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Guardianship

A

requires a legal document called a will.

22
Q

Will

A

determines guardians, money flow otherwise determined by court

23
Q

Attorneys

A

provide you insights for titling documents, wills, etc…

24
Q

Accountants

A

help you determine net worth, see tax advantages

25
Q

Certified Financial Planners

A

help you diversify investments, protect assets

26
Q

estate

A

the assets of a deceased person after all debts are paid.

27
Q

Forms of giving

A

Being kind to another

28
Q

Forms of giving

A

Knowledge

29
Q

Forms of giving

A

Money

30
Q

Forms of giving

A

Skill

31
Q

Forms of giving

A

Talent

32
Q

Forms of giving

A

Items

33
Q

Healthy Giving

A

Giving out of excess in your life

34
Q

Healthy Giving

A

When you want to give back or pay it forward and the result is positive emotions

35
Q

Unhealthy Giving

A

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

36
Q

Unhealthy Giving

A

When giving is a method of gaining power over another.

37
Q

Prepare for giving

A

Create a spending plan

38
Q

Prepare for giving

A

Evaluate needs, wants and values

39
Q

Prepare for giving

A

Assess your time

40
Q

Prepare for giving

A

Plan for expenses, such as Christmas gifts

41
Q

Prepare for giving

A

Avoid using credit for giving

42
Q

How does giving change throughout the life cycle?

A

Children are often the recipients of giving

43
Q

Giving Throughout the Life Cycle

A

Adults give many of their resources to their children or family members

44
Q

Giving Throughout the Life Cycle

A

When someone passes on, their estate plan identifies how their assets will be given to individuals and/or community organizations

45
Q

Financial Statements

A

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

46
Q

Earning

A

Choose a career that can help you meet your giving goals
A career choice could be an ultimate form of giving
Be grateful to those that have given to your growth of human capital

47
Q

Savings & Investing

A

Emergency savings should be established prior to giving

Savings and investing are valuable avenues to give

48
Q

Risk Management

A

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

49
Q

Giving is integral in financial planning

A

You are better off in a community than by yourself. Your present self impacts your future self. You are responsible for your present self and your future self. Investment helps manage risk and allows you to cope with risk and uncertainty.

50
Q

Money Management Tools

A

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

Personal Finance (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions