Review

Question 1

Specific gifts

Answer 1

Particular item or property in an estate transferred to beneficiary on owner’s death. Specifics must be provided. (house, jewelery, etc.)

Question 2

Non-specific gifts

Answer 2

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

Question 3

Residuary gifts

Answer 3

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

Question 4

Gifts to children

Answer 4

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 5

Gifts to charities

Answer 5

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

Question 6

Grantor

Answer 6

Person who forms the trust and supplies the assets

Question 7

Trustee

Answer 7

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

Question 8

Beneficiary

Answer 8

The person for whose benefit the trust property is held by the trustee
intent from grantor - must have a valid legal purpose

Question 9

Property

Answer 9

Assets subject to the trust

Question 10

Trust

Answer 10

Can be revocable, revoked or modified at any time or irrevocable, not modified or revoked unless by special permission of court to terminate it.

Question 11

Testamentary Trust

Answer 11

Will sets up one or more trusts for some of the estate assets to be distributed upon the grantor’s death.

Question 12

Living trust

Answer 12

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

Question 13

Revocable living trust

Answer 13

Living trust that can be dissolved

Question 14

Irrevocable living trust

Answer 14

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

Question 15

Will

Answer 15

legal document by a person, the testator, that names one or more persons, executor, to manage his or her estate and provides for the distribution of property upon death.

Question 16

Testament

Answer 16

legal document by a person, the testator, that names one or more persons, executor, to manage his or her estate and provides for the distribution of property upon death.

Question 17

A Living Will

Answer 17

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 18

Oral Will

Answer 18

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

Question 19

Testamentary Will

Answer 19

formally prepared document signed in the presence of witnesses.

Question 20

Holographic Will

Answer 20

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

Question 21

Probate

Answer 21

a legal process that declares a will valid and ensures the orderly distribution of assets.

Question 22

Executor files

Answer 22

forms in probate court, provides a copy of the will, a list of assets and liabilities of deceased, pays debts and sells necessary assets.

Question 23

Executor

Answer 23

typically opens a bank account for this purpose.

Question 24

Trade-off

Answer 24

giving up one thing for another.

Question 25

Guardianship

Answer 25

requires a legal document called a will.

Question 26

Will

Answer 26

Determines guardians, money flow otherwise determined by court.

Question 27

Attorneys

Answer 27

provide you insights for titling documents, wills, etc…

Question 28

Accountants

Answer 28

help you determine net worth, see tax advantages

Question 29

Certified Financial Planners

Answer 29

help you diversify investments, protect assets

Question 30

Healthy giving

Answer 30

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

Question 31

Unhealthy giving

Answer 31

When giving is a method of gaining power over another

Question 32

Prepare for giving

Answer 32

Create a spending plan, Evaluate needs, wants and values, Assess your time, Plan for expenses, such as Christmas gifts, Avoid using credit for giving.

Question 33

Giving throughout the life cycle

Answer 33

When someone passes on, their estate plan identifies how their assets will be given to individuals and/or community organizations

Question 34

Earning

Answer 34

Choose a career that can help you meet your giving goals, A career choice could be an ultimate form of giving, Be grateful to those that have given to your growth of human capital

Question 35

Financial statements

Answer 35

Assess the overall financial position to evaluate pros & cons of giving ,Creates a plan for special events that involve giving

Question 36

Savings and Investing

Answer 36

Emergency savings should be established prior to giving ,Savings and investing are valuable avenues to give

Question 37

Risk management

Answer 37

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

Question 38

Forms of giving

Answer 38

Knowledge, money, skill, talent, items

Question 39

Money management tools

Answer 39

Statement of Financial Position, Income and Expense Statement, Spending Plan

Question 40

Decision making with giving

Answer 40

Values, Money, Time, Needs, Wants, Finances