Review

Question 1

what are the forms of giving?

Answer 1

knowledge, money, skill, talent, items

Question 2

What is healthy giving?

Answer 2

giving out of excess in your life

Question 3

What is unhealthy giving?

Answer 3

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

Question 4

Specific gifts

Answer 4

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

Question 5

Non-specific gifts

Answer 5

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

Question 6

Residuary gifts

Answer 6

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

Question 7

Gifts to children

Answer 7

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 8

Gifts to charities

Answer 8

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

Question 9

grantor

Answer 9

person who forms the trust and supplies the assets

Question 10

trustee

Answer 10

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

Question 11

beneficiary

Answer 11

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

Question 12

intent from grantor

Answer 12

must have a valid legal purpose

Question 13

property

Answer 13

asses subject to the trust

Question 14

living trust

Answer 14

trust in which you assign management of your assets

Question 15

Purpose of will

Answer 15

Ensures the estate is distributed as desired
Beneficiaries (heirs), the persons specified in will receives a part of an estate
T prevent the courts from assigning an administrator who may not carry out your wishes.

Question 16

A Living Will

Answer 16

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 17

Oral Will

Answer 17

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

Question 18

Testamentary Will

Answer 18

formally prepared document signed in the presence of witnesses.

Question 19

Holographic Will

Answer 19

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

Question 20

Executing the Will

Answer 20

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 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

how long do Americans live?

Answer 23

77.9

Question 24

what is estate planning?

Answer 24

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

Question 25

living will

Answer 25

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

Question 26

trade-offs

Answer 26

giving up one thing to another

Question 27

guardianship

Answer 27

requires a legal document called a will

Question 28

will

Answer 28

determines guardians, money flow otherwise determined by court

Question 29

Attorneys

Answer 29

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

Question 30

Accountants

Answer 30

can help you determine net worth, see tax advantages

Question 31

Certified Financial Planners

Answer 31

can help you diversify investments, protect assets