Study Flashcards
How much can you deposit in a 401k
17500
You can play catch up if you are over 50 and playing catch up…
deposit 5 thousand more
1041 and 541
Tax forms when you are filling the out to benefit someone
A Ponzi Scheme is
An investment scheme promising high returns
Are notaries required to report elder abuse
No
Who is required to report elder abuse
Doctors, healthcare professionals, police, and social services
Aid and Attendence
Veteran aid for in home care not necessarily skilled nursing. It gives you an extra 2085 dollars to pay for care
Custodial Care
None medical care for assistance with daily activities
Intestate
Without a will
Bed hold
A nursing facility keeps a bed on hold so a person return to the home after a hospital visit
Separate Property
Acquired before message
Probate
Court process of proving the will and acting upon the will. If there is no will then they will look into the probate code to determine the proper action
Administrator
Person appointed to manage the estate without the will, if there is a will this person is called the executor
Executor
Person who manages the estate if there is a will
Abandonment
Not checking in on, or neglecting an elder
Jurisdiction
Power of the court to hear a case
Venue
Location of the actual court
Divorce
The dissolution of marriage
holographic
(for wills) it is a handwritten will
Emotional Abuse
When a person torments a person and their emotions through threats or insults or abandonment
Independent Contractor
Someone who is not an actual employee and they have to fill out a 1099
Equity
Increased value over debt.
Test. Trust
A trust created in a will
Fiduciary
Someone who manages property and has an obligation to invest conservatively
Reciprocal
Usually for husband and wife, the wills mirror each other
CASA
Court Appointed Special Advocate for a minor
Para-transit
Transportation to help an elder or someone with limited mobility. Used to drive to doctors offices or senior centers
Life Estate
Ownership that terminates with death
Informed Consent
Consent given voluntarily after receiving and understanding adequateinformation
Pour over will
All that is left over from the will “pours into trust”
Trustee
Person who manages trust
Palliative Care
Page 265, they asset people to reduce or slow symptoms of disease. “Comfort Care”
Step Up Basis
Property, basis of reassessment for property taxes.
Estate
Assets and property
Testator
Person who establishes the will
Codicil
To make a change or amendment to a will
A of A
Administration of Ageing
Attestation
declaring under penalty of perjury that a will is correct
Per Stirpes
Per family line
Annulment
marriage that becomes void, so it never existed
Whole Life
Life insurance for a persons entire life, they pay into it every year
Explotation
When someone tries to take funds from an elder, known as financial abuse
401k
defined contribution where employees and employers pay into a retirement plan. It is tax deferred.
Long term care insurance
Insurance for long term care, can be for in home or for nursing or for both
Decedent
Person who dies
QDRO
Qualified domestic restraining/relations order
Employer can not give out benefits until determining what an ex souse receives as per the order
beneficiaries
Person who receives assess from the trust or will
Annuity
Contract to provide regular payments
ADA
American Disabilities Act
housing
discrimination
Affidavit
Written needs to be notarized, sworn statement made by a person
Mediation
When a mediator sits down and works out a decisions that is beneficial to both parties, the people make the decisions and the court enforces
Per capita
Money
IRA
Individual retirement account
Means Test
- Considers income and assets to determine eligibility for programs like veteran care.
Duress
Forcing someone to do something
Double effect
Doubles the medication, medication to help pain can kill you 119, 266
Foster Parent
not an actual biological parent, someone who takes in children who need homes. The system
Term Life
No cash value, available at time person dies, to pay for funeral bills etc
Ancillary Admin.
Out of state probate
Fraud
illegal action intentional misrepresentation
Sexual abuse
unwanted sexual contact
Undue influence
acting under coercion
Bond
like an insurance policy, makes sure you wont take off with money. Policy not to dispose of assets illegally
CUTMA
California Uniform Transfer to Minors act
custodian over sees money ment for minor until they turn 18
Viatical
settlement of a life insurance policy of a terminally ill person
Grantor
creator of trust
see principal
Community property
Property shared by husband and wife, property acquired after marriage that is not inheritance or a gift
Adoption
When a person or family legally becomes a parent for a child who is not theirs biologically
Euthanasia
mercy killing
assistant suicide
revocable trust
a trust that can be amended revoked or terminated
In terrorem
a clause in a will
if you terrorize a will, you get a dollar or less
meglect
refusal to care for a person under your custody
liquidated damages
damages to compensate for actual loss
Employ at will
Most common job status. can quit or be fired at any time for any reason
Special Needs Trust
A trust created for someone who can not manage their own money, with funds set aside for assistance
TDD
telecommunications device for a deaf person
Tax deferred
do not have to pay taxes now, pay taxes later
Roth IRA
NOT TAX DEFERRED. benefit to beneficiaries Tax free at the end
Separation
When people live in separate homes but have not dissolved marriage
POD
payable on death
Roll over IRA
When money can roll over into a different account to avoid taxes
