Giving Flashcards
Specific gifts
particular item or property in an estate transferred to beneficiary on owner’s death. Specifics must be provided. (house, jewelry, etc.)
Non-specific gifts
does not refer to specific item. (all my personal possessions)
Residuary gifts
everything left in estate after all debts, bills and taxes 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
trusty 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
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.
Estate Planning
A clear and complete plan of what should happen upon your death
Living Will
A plan to care for someone who is young or incapacitated and cannot care for themselves
Trade-Offs
A trade-off is giving up one thing for another
Guardianship
requires a legal document called a will.
Will
determines guardians, money flow otherwise determined by court
Attorneys
provide you insights for titling documents, wills, etc…
Accountants
help you determine net worth, see tax advantages
Certified Financial Planners
help you diversify investments, protect assets
estate
the assets of a deceased person after all debts are paid.
Forms of giving
Being kind to another
Forms of giving
Knowledge
Forms of giving
Money
Forms of giving
Skill
Forms of giving
Talent
Forms of giving
Items
Healthy Giving
Giving out of excess in your life
Healthy Giving
When you want to give back or pay it forward and the result is positive emotions
Unhealthy Giving
Does not enhance the well-being of both the receiver and giver.
Unhealthy Giving
When giving is a method of gaining power over another.
Prepare for giving
Create a spending plan
Prepare for giving
Evaluate needs, wants and values
Prepare for giving
Assess your time
Prepare for giving
Plan for expenses, such as Christmas gifts
Prepare for giving
Avoid using credit for giving
How does giving change throughout the life cycle?
Children are often the recipients of giving
Giving Throughout the Life Cycle
Adults give many of their resources to their children or family members
Giving Throughout the Life Cycle
When someone passes on, their estate plan identifies how their assets will be given to individuals and/or community organizations
Financial Statements
Assess the overall financial position to evaluate pros & cons of giving
Creates a plan for special events that involve giving
Earning
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
Savings & Investing
Emergency savings should be established prior to giving
Savings and investing are valuable avenues to give
Risk Management
Ensure you have planned for life events and accounted for such expenses prior to giving
Giving is integral in financial planning
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.
Money Management Tools
Statement of Financial Position, Income & Expense Statement, and Spending Plan.
