Giving to others Flashcards
What are some forms of giving
Being kind to another with skill talent items knowledge and money
What is an example of healthy giving
Giving out of excess in your life
What is an example of unhealthy giving
When giving is a method of gaining power over another.
How can you prepare for giving
Create a spending plan
What are some money management tools
Spending plan and financial statements
What are some factors of deciding what to give to others
Values and money
What are more factors for deciding what to give to others that are bias
Needs and wants
Should you use your credit for giving
No
Is planning for expenses a money management tool?
yes
Does unhealthy giving enhance the well being of the giver and reciever
no
Does healthy giving benefit the giver and reciever
yes
Unhealthy giving is a good thing
False
Healthy giving is a bad thing
False
Healthy giving enhances your well being
True
Are children the givers or recievers
Recievers
What is a financial statement
Creates a plan for special events that involve giving
How should you plan for reaching your goals
Choose a career that can help you meet your giving goals
Should a career choice be a form of giving
Yes
Should you spend emergency savings on food
No
What does risk management ensure
Ensure you have planned for life events and accounted for such expenses prior to giving
When should emergency savings be established
Emergency savings should be established prior to giving
You are better off by yourself rather than a community
False
Your present self impacts your future self
True
Are you responsible for your future self
Yes
Does investment manage risk
yes
Specific gifts
particular item or property in an estate transferred to beneficiary on owner’s death.
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
Purpose of a Will
Ensures the estate is distributed as desired
A 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.
How long do Americans live
Americans, on average, live to 77.9 years old
What is Estate Planning ?
A clear and complete plan of what should happen upon your death
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
can provide you insights for titling documents, wills, etc…
Accountants
can help you determine net worth, see tax advantages
Certified Financial Planners
can help you diversify investments, protect assets
Can you start an estate plan at any age
no
Whats the first step in a estate plan
A honest conversation
