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Giving to others Flashcards

1
Q

What are some forms of giving

A

Being kind to another with skill talent items knowledge and money

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2
Q

What is an example of healthy giving

A

Giving out of excess in your life

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3
Q

What is an example of unhealthy giving

A

When giving is a method of gaining power over another.

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4
Q

How can you prepare for giving

A

Create a spending plan

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5
Q

What are some money management tools

A

Spending plan and financial statements

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6
Q

What are some factors of deciding what to give to others

A

Values and money

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7
Q

What are more factors for deciding what to give to others that are bias

A

Needs and wants

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8
Q

Should you use your credit for giving

A

No

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9
Q

Is planning for expenses a money management tool?

A

yes

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10
Q

Does unhealthy giving enhance the well being of the giver and reciever

A

no

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11
Q

Does healthy giving benefit the giver and reciever

A

yes

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12
Q

Unhealthy giving is a good thing

A

False

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13
Q

Healthy giving is a bad thing

A

False

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14
Q

Healthy giving enhances your well being

A

True

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15
Q

Are children the givers or recievers

A

Recievers

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16
Q

What is a financial statement

A

Creates a plan for special events that involve giving

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17
Q

How should you plan for reaching your goals

A

Choose a career that can help you meet your giving goals

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18
Q

Should a career choice be a form of giving

A

Yes

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19
Q

Should you spend emergency savings on food

A

No

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20
Q

What does risk management ensure

A

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

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21
Q

When should emergency savings be established

A

Emergency savings should be established prior to giving

22
Q

You are better off by yourself rather than a community

A

False

23
Q

Your present self impacts your future self

A

True

24
Q

Are you responsible for your future self

A

Yes

25
Q

Does investment manage risk

A

yes

26
Q

Specific gifts

A

particular item or property in an estate transferred to beneficiary on owner’s death.

27
Q

Non-specific gifts

A

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

28
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

29
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

30
Q

Gifts to charities

A

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

31
Q

grantor

A

person who forms the trust and supplies the assets

32
Q

trustee

A

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

33
Q

beneficiary

A

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

34
Q

intent from grantor

A

must have a valid legal purpose

35
Q

property

A

asses subject to the trust

36
Q

Purpose of a Will

A

Ensures the estate is distributed as desired

37
Q

A 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.

38
Q

Oral Will

A

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

39
Q

Testamentary Will

A

formally prepared document signed in the presence of witnesses.

40
Q

Holographic Will

A

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

41
Q

How long do Americans live

A

Americans, on average, live to 77.9 years old

42
Q

What is Estate Planning ?

A

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

43
Q

Trade-Offs

A

A trade-off is giving up one thing for another.

44
Q

Guardianship

A

requires a legal document called a will

45
Q

Will

A

determines guardians, money flow otherwise determined by court

46
Q

Attorneys

A

can provide you insights for titling documents, wills, etc…

47
Q

Accountants

A

can help you determine net worth, see tax advantages

48
Q

Certified Financial Planners

A

can help you diversify investments, protect assets

49
Q

Can you start an estate plan at any age

A

no

50
Q

Whats the first step in a estate plan

A

A honest conversation

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