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Personal Finance > Giving > Flashcards

Giving Flashcards

1
Q

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

A

Specific gifts

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2
Q

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

A

Non-specific gifts

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3
Q

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

A

Residuary gifts

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4
Q

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

A

Gifts to children

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5
Q

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

A

Gifts to charities

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6
Q

person who forms the trust and supplies the assets

A

grantor

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7
Q

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

A

trustee

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8
Q

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

A

beneficiary

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9
Q

must have a valid legal purpose

A

intent from grantor

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10
Q

asses subject to the trust

A

property

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11
Q

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

A

living trust

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12
Q

living trust that can be dissolved

A

revocable living trust

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13
Q

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

A

irrevocable living trust

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14
Q

a 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

A

will/testament

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15
Q

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.

A

a living will

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16
Q

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

A

Oral Will

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17
Q

formally prepared document signed in the presence of witnesses.

A

Testamentary Will

18
Q

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

A

Holographic Will

19
Q

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

A

estate

20
Q
  • 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 your minor children
  • Heirs may unnecessarily incur estate taxes
A

Consequences of No Planning

21
Q

giving out access in your life

A

healthy giving

22
Q

when giving is a method of gaining power over another

A

unhealthy giving

23
Q

creates a plan for special events that involve giving

A

financial statements

24
Q

be grateful to those that have given to your growth of human capital

A

earning

25
Q

_______ and _______ are valuable avenues to give

A

saving/investing

26
Q

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

A

risk management

27
Q

you are better off in a ____ than by ___

A

community/yourself

28
Q

your ____ self impacts you _____ self

A

present/future

29
Q

you are responsible for your _____ and _____ self

A

present and future

30
Q

Gifts included in wills and living trusts are _____, easy to arrange, and may be ____ with your life circumstances.

A

flexible/changed

31
Q

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

A

testamentary trust will

32
Q
  • name and place of residence
  • description of assets
  • names of spouse, children and other beneficiaries
  • alternate beneficiaries
  • specific gifts
  • establishment of trust if desired
  • cancellation of debts owed to you
  • name of executor to manage the estate
  • name of guardian for minor children
  • name of alternative guardian
  • your signature
  • witnesses’ signatures
A

elements of a will

33
Q

A Will can be written by any person of ___ age and being of sound mind and memory

A

legal

34
Q

Purpose of a Will

A
  • Ensures the estate is distributed as desired
  • Beneficiaries (heirs), the persons specified in will receives a part of an estate
  • prevents the courts from assigning an administrator who may not carry out your wishes.
35
Q

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

A

probate

36
Q

giving up one thing for another

A

trade offs

37
Q

requires a legal document called a will

A

Guardianship

38
Q

can provide you insights for titling documents, wills, etc

A

Attorneys

39
Q

can help you determine net worth, see tax advantages

A

Accountants

40
Q

can help you diversify investments, protect assets

A

Certified Financial Planners

Personal Finance (1 decks)

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