review

Question 1

Specific Gift

Answer 1

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

Question 2

Non-Specific gifts

Answer 2

does not refer to specific item

Question 3

residuary gifts

Answer 3

everything left in estate after all debts, bills and taxes 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

Question 9

intent from grantor

Answer 9

must have a valid legal purpose

Question 10

property

Answer 10

asses subject to the trust

Question 11

living trust

Answer 11

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

Question 12

revocable living trust

Answer 12

living trust that can be dissolve

Question 13

irrevocable living trust

Answer 13

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

Question 14

A Living Will

Answer 14

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 15

Oral Will

Answer 15

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

Question 16

Testamentary Will

Answer 16

formally prepared document signed in the presence of witnesses.

Question 17

Holographic Will

Answer 17

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

Question 18

guardianship

Answer 18

requires a legal document called a will

Question 19

will

Answer 19

determines guardians, money flow otherwise determined by court

Question 20

attorneys

Answer 20

can provide you insights for titling documents, will, etc

Question 21

accountants

Answer 21

can help you determine net worth, see tax advantages

Question 22

certified financial planners

Answer 22

can help you diversify investments protect

Question 23

estate

Answer 23

the assets of deceased person after all debts are paid

Question 24

fraud

Answer 24

an international effort to deceive another individual for personal gain

Question 25

identity theft

Answer 25

when another’s personal information is used without their permission

Question 26

communications

Answer 26

occurs via mass marketing, mail, wire, telephone, internet, etc. to deceitfully get money from people

Question 27

credit

Answer 27

applying for and modifying credit

Question 28

investment

Answer 28

investors are deceived by individuals claiming to be financial advisors or have an investment guaranteed too make money

Question 29

tax

Answer 29

scammers making claims that a person may be exempt from paying taxes

Question 30

healthy giving

Answer 30

giving out of excess in your life

Question 31

unhealthy giving

Answer 31

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

Question 32

trade-offs

Answer 32

giving up one thing for another

Question 33

forms of giving

Answer 33

being king to another, knowledge, money, skill, talent, items

Question 34

preparing to give

Answer 34

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 35

money management tools

Answer 35

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

Question 36

decision making with giving

Answer 36

values, money, time, needs, wants, finances

Question 37

Determining estate taxes

Answer 37

value of estate is the value of all assets minus any liabilities minus funeral and administrative expenses.

Question 38

Consequences of No Planning

Answer 38

May need a guardianship, medical wishes may not be carried out, state law via a public probate process decides who receives your assets and in what proportions, court decides who raises you minor children, heirs may unnecessarily incur estate taxes

Question 39

Estate Primary Functions

Answer 39

Peace of Mind, Maintain control, protect assets for yourself and loved ones

Question 40

Estate planning

Answer 40

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