Semester 1 PF

Question 1

Healthy Giving

Answer 1

A person who gives out their excess of his or her life.

Question 2

Unhealthy Giving

Answer 2

People who do not have excess in his or her life.

Question 3

Specific Gifts

Answer 3

Particular item or property in an estate transferred to beneficiary on owners death.

Question 4

Non-Specific Gifts

Answer 4

does not refer to specific item

Question 5

Residuary Gifts

Answer 5

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

Question 6

Gifts to Children

Answer 6

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 7

Gifts to Charities

Answer 7

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

Question 8

Grantor

Answer 8

person who froms the trust and supplies the assests

Question 9

trustee

Answer 9

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

Question 10

Beneficiary

Answer 10

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

Question 11

Intent from Grantor

Answer 11

must have a valid legal purpose.

Question 12

Property

Answer 12

asses subject to the trust

Question 13

Living Trust

Answer 13

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

Question 14

Revocable Living trust

Answer 14

living trust that can be dissolved

Question 15

Irrevocable living trust

Answer 15

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

Question 16

Will/Testament

Answer 16

a legal document by a person, the testor, that names onr 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.

Question 18

Oral Will

Answer 18

spoken testaments given before witnesses.

Question 19

Testamentary Will

Answer 19

Formally prepared document signedin the presence of witnesses.

Question 20

Holographic Will

Answer 20

written without the presence of witness

Question 21

Guardianship

Answer 21

requires a legal document called a will.

Question 22

Attorneys

Answer 22

can provide you insights for titling documents, wills, ect.

Question 23

Accountants

Answer 23

can help you determine net worth, see tax advantages

Question 24

Certified Financial Planners

Answer 24

can help you diversity investments, protect assets

Question 25

Estate PLaning

Answer 25

involves providing a clear and complete plan fro what should happen upon the death of an individual and is based on an individual’s values.

Question 26

Assets

Answer 26

Money and Property

Question 27

Estate

Answer 27

The assets of a deceased person after all the debts are paid off.

Question 28

Spending Plan

Answer 28

A way to manage your money

Question 29

Expense

Answer 29

Something that takes something from you

Question 30

Liquid

Answer 30

the ability to have you money easily at hand

Question 31

Credit

Answer 31

You can use this to purchase items of your chosing

Question 32

Forms of Giving

Answer 32

Knowledge, Money, Skill, Talent

Question 33

Money Managment Tools

Answer 33

Statement of Financial Position, Income and Expense Statement, Spending plan.

Question 34

Financial Statements

Answer 34

Creates a plan for special events that involve giving.

Question 35

Earinings

Answer 35

Something that you receive after you have worked for it.

Question 36

Savings and Investing

Answer 36

valuable avenues to give.

Question 37

Rick management

Answer 37

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

Question 38

trust

Answer 38

can be revoked at any time or irrevocable, not modified or revoked unless permission of court to terminate it.

Question 39

Purpose of a Will

Answer 39

Ensures the estate is distributed as desired

Question 40

Elements of a will

Answer 40

Name and place of residient, description of assets, names of spouse, children, and other beneficiaries, ect.