personal finance deck

Question 1

How does this relate to career choice?

Answer 1

We make a living by what we earn, we make a life by what we give.career choice?

Question 2

healthy giving

Answer 2

Giving out of excess in your life.

Question 3

unhealthy giving

Answer 3

When you want to give back or pay it forward and the result is positive emotions

Question 4

prep

Answer 4

Create a spending plan

Question 5

money management tools

Answer 5

Statement of Financial Position .

Question 6

decision making with giving

Answer 6

What other factors should be considered when deciding what and how to give to others?

Question 7

giving

Answer 7

Giving Throughout the Life Cycle

Question 8

giving throughout the life cycle

Answer 8

How does giving change throughout the life cycle?

Question 9

how are they related to giving

Answer 9

financial statements, earnings

Question 10

financial statements

Answer 10

How does giving change throughout the life cycle?

Question 11

earning

Answer 11

Choose a career that can help you meet your giving goals

Question 12

savings and investing

Answer 12

Emergency savings should be established prior to giving

Question 13

risk management

Answer 13

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

Question 14

Giving is integral in financial planning

Answer 14

You are better off in a community than by yourself?

Question 15

what is a living will

Answer 15

A living will has nothing to do with where your assets go.

Question 16

WHAT IS THE DIFFERENCE BETWEEN A WILL AND A LIVING REVOCABLE TRUST?

Answer 16

A will designates where your assets go upon death. But sometimes you need someone to make these decisions when you get sick. This is why you need a living revocable trust.

Question 17

what is a holographic will

Answer 17

A holographic will is one you write with your own hand. Suze says they are better than nothing but there are far better alternatives. To avoid problems, set up a living revocable trust and have the trust as the beneficiary of the life insurance policy.

Question 18

WHAT ABOUT LEAVING MONEY TO MINORS? SHOULD I USE AN IRREVOCABLE TRUST TO PREVENT THEM FROM SPENDING THE MONEY IN THE WRONG PLACES?

Answer 18

When leaving money to minors, like nieces and nephews, find a good successor trustee who can dole out the money. Do not use an irrevocable trust for people you care about. An irrevocable trust can never be changed and you never know when someone you care about may be sick or need financial help. Only use an irrevocable trust for tax purposes.

Question 19

when should i get a will

Answer 19

Everyone has a will whether you know if or not. The state has already designated where your assets are going if you do not decide for yourself. Suze says everyone needs a will if you have any assets whatsoever. Designate who will get your car, puppy, furniture, etc. Once you have real estate, it is then time for a living revocable trust.

Question 20

community property states

Answer 20

A married couple should own a home in community property with right of survivorship.

Question 21

estate tax

Answer 21

Right now in 2008, a parent can pass up to $2 million to a child estate tax free. In the future that is going to change. The amount that can be passed on will increase until 2010 according to the following scale:

Question 22

term life insurance policy

Answer 22

If you have a policy of which you are the owner, you are insured and your children are the beneficiaries, the life insurance death benefit goes into your estate when you die. This money passes down to your children. If this money is over the estate tax limit, your children are going to have to pay 40%-45% of the insurance policy to estate taxes.

Question 23

two ways to avoid this

Answer 23

Set up an insurance trust. The insurance trust owns the insurance policy. You are the insured but the owner is the trust. When you die the money goes into the trust, not the estate. The beneficiary of the trust may be your children or whomever you want. This keeps the money from estate taxes. The only downfall is that this type of trust is sometimes expensive to set up.

Question 24

declaration

Answer 24

[NAME], a legal adult with an address at [ADDRESS], being of competent and sound mind, do hereby declare this to be my last will and testament

Question 25

BACKGROUND INFORMATION.

Answer 25

At the time of this Last Will & Testament, I am married to [NAME OF SPOUSE], and I have [NUMBER] children who are listed as follows.

Question 26

exec appointment

Answer 26

I hereby nominate and appoint [EXECUTOR 1 NAME] as Executor/Personal Representative of this Last Will & Testament. Should the aforementioned individual be unavailable, unable or unwilling to serve as Executor/Personal Representative when needed, then I nominate and appoint [EXECUTOR 2 NAME] as the alternate Executor/Personal Representative of this Last Will & Testament. Immediately following my death, the Executor/Personal Representative will be authorized to exercise all provisions of this Last Will & Testament and to use the assets from my estate to make necessary arrangements, without any unnecessary delay, for the payment of personal debts, obligations and funeral expenses.

Question 27

will

Answer 27

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

Question 28

trade ups

Answer 28

What is a trade-off a couple would have to make to leave a solid estate plan for their children?

Question 29

real estate planning

Answer 29

Must be 18 in most states to create

Question 30

real estate planning

Answer 30

Letters are preferred over conversation because they have a longer presence

Question 31

questions to answer

Answer 31

Who do I want making care decisions for me when I can’t make them myself?

Question 32

questions to answer

Answer 32

If I am injured, what do I want to have happen for my care?

Question 33

questions to answer

Answer 33

What do I want people to know if something happens to me?

Question 34

questions to answer

Answer 34

What do I want done with my belongings?

Question 35

to benefit children under 18

Answer 35

Who would take care of me?

Question 36

to benefit children under 18

Answer 36

Is there enough money?

Question 37

to benefit children under 18

Answer 37

What about my siblings?

Question 38

to benefit children under 18

Answer 38

Who would be my guardian?

Question 39

who can help plan

Answer 39

This is not an easy subject to discuss and plan for; it is complex and may require help of experts.

Question 40

who can help

Answer 40

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

Question 41

who can help

Answer 41

Accountants can help you determine net worth, see tax advantages

Question 42

who can help

Answer 42

Certified Financial Planners can help you diversify investments, protect assets

Question 43

types of wills

Answer 43

Living Will

Question 44

types of wills

Answer 44

Executor

Question 45

types of wills

Answer 45

Decedent

Question 46

types of wills

Answer 46

Beneficiary

Question 47

types of wills

Answer 47

Testator

Question 48

types of wills

Answer 48

Fiduciary

Question 49

estate planning as a gift

Answer 49

Teens are not too young to start

Question 50

what will you gift

Answer 50

i will help my comunity