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Personal Finance > Giving > Flashcards

Giving Flashcards

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1
Q

Giving

A

the transfer of something without the expectation of receiving something in return

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2
Q

Giving back

A

a form of gratitude

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3
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.)

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4
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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5
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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6
Q

Gifts to charities

A

Gifts left to charity in will are free from inheritance tax

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7
Q

Trust

A

an agreement that determines how a person’s property is to be managed and distributed during lifetime and upon death

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8
Q

Grantor

A

person who forms the trust and supplies the assets

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9
Q

Trustee

A

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

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10
Q

Beneficiary

A

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

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11
Q

Intent From Grantor

A

must have a valid legal purpose

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12
Q

Property

A

asses subject to the trust

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13
Q

Is a trust permanent?

A

can be revocable, revoked or modified at any time or irrevocable, not modified or revoked unless by special permission of court to terminate it

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14
Q

Living Trust

A

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

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15
Q

Revocable Living Trust

A

can be dissolved

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16
Q

Irrevocable Living Trust

A

cannot be terminated without court order

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17
Q

Will/Testament

A

a legal document made by a person that details the distribution of assets and/or specifies a guardian for the children

18
Q

Benefit of creating a will

A

prevent the courts from assigning an administrator who may not carry out your wishes; you have control over what happens after you pass away

19
Q

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

20
Q

Oral Will

A

spoken testaments given before witnesses

21
Q

Testamentary Will

A

formally prepared document signed in the presence of witnesses

22
Q

Holographic Will

A

written without the presence of witness

23
Q

Wills that aren’t recognized/don’t hold significance in court?

A

Oral and Holographic Wills

24
Q

Elements of a will

A 
name and place of residence
description of assets
names of spouse, children and other beneficiaries
alternate beneficiaries
specific gifts
establishment of trust if desired
cancellation of debts owed to you
name of executor to manage the estate
name of guardian for minor children
name of alternative guardian
your signature
witnesses' signatures
25
Q

Probate

A

a legal process that declares a will valid and ensures the orderly distribution of assets (basically execution of the will)

26
Q

Estate

A

the assets of a deceased person after all debts are paid

27
Q

Pros of Estate Planning

A

peace of mind
maintain control
protect assets for yourself and loved ones
avoid sending your family to court

28
Q

Cons of Not Estate Planning

A

court will appoint guardian for children
court will appoint someone to distribute assets
medical wishes may not be carried out

29
Q

Who helps with estate planning?

A

attorneys, accountants, certified financial planners

30
Q

Forms of Giving

A

being kind, knowledge, money, skill, talent, items

31
Q

Healthy Giving

A

giving out of excess in your life; when you give, you’re receiving positive emotions

32
Q

Unhealthy Giving

A

when giving is a method of gaining power over the receiver

33
Q

How do you prepare for giving?

A

create a spending plan, assess your time, evaluate needs vs wants, avoid using credit for giving

34
Q

Money Management Tools for Giving

A

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

35
Q

Factors to Consider When Giving

A

money, values, needs, wants, time

36
Q

Risk Management with Giving

A

ensure you have planned for unexpected life events prior to giving

37
Q

1st Rule of Financial Planning

A

You are better off in a community than by yourself

38
Q

2nd Rule of Financial Planning

A

Your present self impacts your future self

39
Q

3rd Rule of Financial Planning

A

You are responsible for you and your future self

40
Q

How does career affect giving?

A

How much money you make will affect how much you give

Personal Finance (1 decks)

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