Giving

Question 1

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

Answer 1

Specific gifts

Question 2

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

Answer 2

Non-specific gifts

Question 3

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

Answer 3

Residuary gifts

Question 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

Answer 4

Gifts to children

Question 5

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

Answer 5

Gifts to charities

Question 6

person who forms the trust and supplies the assets

Answer 6

grantor

Question 7

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

Answer 7

trustee

Question 8

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

Answer 8

beneficiary

Question 9

must have a valid legal purpose

Answer 9

intent from grantor

Question 10

asses subject to the trust

Answer 10

property

Question 11

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

Answer 11

living trust

Question 12

living trust that can be dissolved

Answer 12

revocable living trust

Question 13

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

Answer 13

irrevocable living trust

Question 14

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

Answer 14

will/testament

Question 15

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.

Answer 15

a living will

Question 16

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

Answer 16

Oral Will

Question 17

formally prepared document signed in the presence of witnesses.

Answer 17

Testamentary Will

Question 18

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

Answer 18

Holographic Will

Question 19

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

Answer 19

estate

Question 20

• 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

Answer 20

Consequences of No Planning

Question 21

giving out access in your life

Answer 21

healthy giving

Question 22

when giving is a method of gaining power over another

Answer 22

unhealthy giving

Question 23

creates a plan for special events that involve giving

Answer 23

financial statements

Question 24

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

Answer 24

earning

Question 25

_______ and _______ are valuable avenues to give

Answer 25

saving/investing

Question 26

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

Answer 26

risk management

Question 27

you are better off in a ____ than by ___

Answer 27

community/yourself

Question 28

your ____ self impacts you _____ self

Answer 28

present/future

Question 29

you are responsible for your _____ and _____ self

Answer 29

present and future

Question 30

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

Answer 30

flexible/changed

Question 31

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

Answer 31

testamentary trust will

Question 32

- 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

Answer 32

elements of a will

Question 33

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

Answer 33

legal

Question 34

Purpose of a Will

Answer 34

- 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.

Question 35

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

Answer 35

probate

Question 36

giving up one thing for another

Answer 36

trade offs

Question 37

requires a legal document called a will

Answer 37

Guardianship

Question 38

can provide you insights for titling documents, wills, etc

Answer 38

Attorneys

Question 39

can help you determine net worth, see tax advantages

Answer 39

Accountants

Question 40

can help you diversify investments, protect assets

Answer 40

Certified Financial Planners