Giving to Others Flashcards
- being kind to another
- knowledge
- money
- skill
- talent
- items
Forms of giving:
- giving out excess that is in your life
- when you want to give back or pay it forward and the result is positive
Healthy Giving:
Unhealthy Giving- doesn’t enhance the well being of the receiver or giver
- when giving is a method to gain power over another
Unhealthy Giving:
- Statement of Financial Position
- Income & Expense Statement
- Spending Plan
Money Management Tools:
Factors to Consider When Giving- Money
- Values
- Time
- Needs
- Wants
- Finances
Factors to Consider When Giving:
Financial Statements
- assess overall financial position to evaluate pros and cons of giving
- Create a plan for special events that involve giving
Earnings
- 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
Savings & Investing
- emergency savings should be established before giving
- savings and investing are valuable ways to give
Risk Management
- ensure you have planned for life events and accounted for expenses prior to giving
You are better off in a _________ than by yourself
community
You _____ self impacts your ______ self
- present
2. future
You are __________ for your ______ self and your _______ self
- responsible
- present
- future
___________ helps manage risk and allows you to cope with risk and uncertainty
Investment
the transfer of something without the expectation of receiving something in return
Giving:
Specific gifts: particular item or property in an estate transferred to beneficiary on owner’s death. Specifics must be provided. (house, jewelry, etc.)
Specific gifts:
does not refer to specific item. (all my personal possessions)
Non-specific gifts:
everything left in estate after all debts, bills and taxes have been paid and specific and non specific gifts have been distributed
Residuary gifts:
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 children:
Gifts left to charity in will are free from inheritance tax
Gifts to charities:
Giving through a ___ or ____ can provide for the future financial security of your family and others
- will
2. trust
A tax-free gift of up to $______ per year can be given without being subjected to tax for giver or receiver
10,000
A gift made through a will or living trust can be prepared by an ______
attorney
Gifts included in wills and living trusts are ______, easy to _______, and may be changed with your ________ ______________
- flexible
- arrange
- life circumstances
person who forms the trust and supplies the assets
Grantor:
person named in the trust to administer the trust according to the terms and state trust law
Trustee:
the person for whose benefit the trust property is held by the trustee
Beneficiary:
must have a valid legal purpose
Intent From Grantor:
asses subject to the trust
Property:
will sets up one or more trusts for some of the estate assets to be distributed upon the grantor’s death
Testamentary Trust:
created in a will by a testator who bequeaths his/her property to beneficiaries
Testamentary Trust:
trust in which you assign the management of your assets to a trustee while you are living
Living Trust:
living trust that can be dissolved
Revocable Trust:
living trust that cannot be changed, although it can provide income to the grantor
Irrevocable Living Trust:
- 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
Purpose Of A 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.
Living Will:
spoken testaments given before witnesses. Not widely recognized from a legal perspective
Oral Will:
formally prepared document signed in the presence of witnesses
Testamentary Will:
written without the presence of witness. Rarely hold up in court
Holographic Will:
a legal document designating the transfer of property and assets upon a person’s death
Will:
a legal process that declares a will valid and ensures the orderly distribution of assets
Probate:
