PF

Question 1

Healthy Giving

Answer 1

Giving out of excess in your life

Question 2

Unhealthy Giving

Answer 2

Does not enhance the well-being of both the receiver and giver

Question 3

Prepare for giving

Answer 3

create a spending plan, assess your time

Question 4

Some money management tools

Answer 4

• statement of financial position
• income and expense statement
• spending plan

Question 5

How does giving change throughout the life cycle?

Answer 5

Children are often the recipents of giving

Question 6

Financial Statements

Answer 6

Creates a plan for special events that involve giving

Question 7

Earning

Answer 7

A career choice could be an ultimate form of giving

Question 8

Savings and Investing

Answer 8

Savings and investing are valuable avenues to give`

Question 9

Risk Management

Answer 9

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

Question 10

Specific gifts

Answer 10

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

Question 11

Non-specific gifts

Answer 11

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

Question 12

Residuary gifts

Answer 12

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

Question 13

Gifts to children

Answer 13

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

Question 14

Gifts to charities

Answer 14

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

Question 15

grantor

Answer 15

person who forms the trust and supplies the assets

Question 16

trustee

Answer 16

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

Question 17

beneficiary

Answer 17

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

Question 18

intent from grantor

Answer 18

must have a valid legal purpose

Question 19

property

Answer 19

asses subject to the trust

Question 20

Living Trust:

Answer 20

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

Question 21

Revocable living trust

Answer 21

living trust that can be dissolved

Question 22

Irrevocable living trust

Answer 22

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

Question 23

Purpose of a will

Answer 23

ensures the estate is distributed as desireddistributed

Question 24

A living will

Answer 24

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.

Question 25

Oral Will

Answer 25

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

Question 26

Testamentary Will

Answer 26

Formally prepared document signed in the presence of witnesses

Question 27

Holographic Will

Answer 27

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

Question 28

Elements of a will

Answer 28

A Will is a legal document designating the transfer of property and assets upon a person’s death. A Will can be written by any person of legal age and being of sound mind and memory. It ensures that your assets will be given to family members or a designated beneficiary. If you have no heirs and die without a will, the state can claim the estate. If you have young children, a will can allow you to designate a guardian in the event of your death otherwise, a court can appoint a guardian

Question 29

Elements of a will

Answer 29

name and place of residence

Question 30

Executing the will

Answer 30

The executor files forms in probate court, provides a copy of the will, a list of assets and liabilities of deceased, pays debts and sells necessary assets. The executor typically opens a bank account for this purpose.

Question 31

Estate primary functions

Answer 31

peace of mind,

Question 32

How long will you live on average

Answer 32

78

Question 33

What is estate planning

Answer 33

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

Question 34

Living Will

Answer 34

A plan to care for someone who is young or incapacitated and cannot care for themselves

Question 35

Positive Outcomes of estate planning

Answer 35

Provide for loved ones after you are gone
Strengthen family relationships by giving them a path for them to follow
Reduce time, effort and costs for survivors
Leaves a legacy to family, organizations, institutions

Question 36

Trade-Offs

Answer 36

A trade-off is giving up one thing for another

Question 37

Estate planning for teens

Answer 37

• Must be 18 in most states
• Letters are not legal documents
• Letters are preferred over conversation because they have a longer presence

Question 38

What can attorneys do for you?

Answer 38

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

Question 39

Accounts

Answer 39

can help you determine net worth, see tax advantages

Question 40

Certified financial planners

Answer 40

can help you diversify investments, protect assets