Giving to Others

Question 1

• being kind to another
• knowledge
• money
• skill
• talent
• items

Answer 1

Forms of giving:

Question 2

• giving out excess that is in your life

- when you want to give back or pay it forward and the result is positive

Answer 2

Healthy Giving:

Question 3

Unhealthy Giving- doesn’t enhance the well being of the receiver or giver
- when giving is a method to gain power over another

Answer 3

Unhealthy Giving:

Question 4

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

Answer 4

Money Management Tools:

Question 5

Factors to Consider When Giving- Money

• Values
• Time
• Needs
• Wants
• Finances

Answer 5

Factors to Consider When Giving:

Question 6

Financial Statements

Answer 6

• assess overall financial position to evaluate pros and cons of giving
• Create a plan for special events that involve giving

Question 7

Earnings

Answer 7

• choose a career that can help meet your giving goals
• career choice could be an ultimate form of giving
• be grateful to those who have given you growth towards your human capital

Question 8

Savings & Investing

Answer 8

• emergency savings should be established before giving

- savings and investing are valuable ways to give

Question 9

Risk Management

Answer 9

• ensure you have planned for life events and accounted for expenses prior to giving

Question 10

You are better off in a _________ than by yourself

Answer 10

community

Question 11

You _____ self impacts your ______ self

Answer 11

1. present

2. future

Question 12

You are __________ for your ______ self and your _______ self

Answer 12

1. responsible
2. present
3. future

Question 13

___________ helps manage risk and allows you to cope with risk and uncertainty

Answer 13

Investment

Question 14

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

Answer 14

Giving:

Question 15

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

Answer 15

Specific gifts:

Question 16

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

Answer 16

Non-specific gifts:

Question 17

everything left in estate after all debts, bills and taxes have been paid and specific and non specific gifts have been distributed

Answer 17

Residuary gifts:

Question 18

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

Answer 18

Gifts to children:

Question 19

Gifts left to charity in will are free from inheritance tax

Answer 19

Gifts to charities:

Question 20

Giving through a ___ or ____ can provide for the future financial security of your family and others

Answer 20

1. will

2. trust

Question 21

A tax-free gift of up to $______ per year can be given without being subjected to tax for giver or receiver

Answer 21

10,000

Question 22

A gift made through a will or living trust can be prepared by an ______

Answer 22

attorney

Question 23

Gifts included in wills and living trusts are ______, easy to _______, and may be changed with your ________ ______________

Answer 23

1. flexible
2. arrange
3. life circumstances

Question 24

person who forms the trust and supplies the assets

Answer 24

Grantor:

Question 25

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

Answer 25

Trustee:

Question 26

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

Answer 26

Beneficiary:

Question 27

must have a valid legal purpose

Answer 27

Intent From Grantor:

Question 28

asses subject to the trust

Answer 28

Property:

Question 29

will sets up one or more trusts for some of the estate assets to be distributed upon the grantor’s death

Answer 29

Testamentary Trust:

Question 30

created in a will by a testator who bequeaths his/her property to beneficiaries

Answer 30

Testamentary Trust:

Question 31

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

Answer 31

Living Trust:

Question 32

living trust that can be dissolved

Answer 32

Revocable Trust:

Question 33

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

Answer 33

Irrevocable Living Trust:

Question 34

• Ensures the estate is distributed as desired
• Beneficiaries (heirs), the persons specified in will receives a part of an estate
• To prevent the courts from assigning an administrator who may not carry out your wishes

Answer 34

Purpose Of A Will:

Question 35

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.

Answer 35

Living Will:

Question 36

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

Answer 36

Oral Will:

Question 37

formally prepared document signed in the presence of witnesses

Answer 37

Testamentary Will:

Question 38

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

Answer 38

Holographic Will:

Question 39

a legal document designating the transfer of property and assets upon a person’s death

Answer 39

Will:

Question 40

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

Answer 40

Probate: