Giving

Question 1

Giving out of excess in your life

Answer 1

Healthy Giving

Question 2

Does not enhance the well being of both the receiver and the giver

Answer 2

Unhealthy Giving

Question 3

Use money management tools

Answer 3

Prepare for Giving

Question 4

Statement of Financial Position, Income and Expense Statement, Spending Plan

Answer 4

Money Management Tools

Question 5

Asses overall financial position to evaluate pros and cons of giving; creates a plan for special giving events

Answer 5

Financial Statements

Question 6

Choose a career that helps you meet your goals; be grateful to those that help improve your human capital

Answer 6

Earning

Question 7

Emergency savings should be established prior to giving

Answer 7

Savings & Investing

Question 8

Ensure you have planned for unaccounted life events

Answer 8

Risk Management

Question 9

Particular item or property in an estate transferred to beneficiary on owner’s death

Answer 9

Specific Gifts

Question 10

Does not refer to specific item

Answer 10

Non-Specific Gifts

Question 11

Everything left in estate after all debts, bills, and taxes have been paid and specific & nonspecific gifts have been distributed

Answer 11

Residuary Gifts

Question 12

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 12

Gifts to Children

Question 13

Gifts left to charity in will are free from inheritance tax

Answer 13

Gifts to Charities

Question 14

Provide for the future financial security of your family and others.

Answer 14

Giving through a will or trust can …

Question 15

Person who forms the trust and supplies the assets

Answer 15

Grantor

Question 16

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

Answer 16

Trustee

Question 17

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

Answer 17

Beneficiary

Question 18

Must have a valid legal purpose

Answer 18

Intent from the Grantor

Question 19

Assets subject to the trust

Answer 19

Property

Question 20

Revoked; court

Answer 20

A trust can be revocable, _________ or modified at any time or irrevocable unless by special permission of ______ to terminate it.

Question 21

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

Answer 21

Living Trust

Question 22

Living trust that can be dissolved

Answer 22

Revocable Living Trust

Question 23

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

Answer 23

Irrevocable Living Trust

Question 24

Legal document by a person, the testator, that names one or more persons, executor, to manage his or her estate & provides for the distribution of property upon death

Answer 24

Will/Testament

Question 25

Ensures estate is distributed as desired The person specified in will receives a part of the estate Prevents court from assigning you an unwanted administrator

Answer 25

Purposes of a Will

Question 26

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; document only effective in the event you are unable to express your wishes yourself

Answer 26

Living Will

Question 27

Spoken testaments given before witnesses

Answer 27

Oral Will

Question 28

Formally prepared document signed in the presence of witnesses

Answer 28

Testamentary Will

Question 29

Written without the presence of witness

Answer 29

Holographic Will

Question 30

Name and place of residence, description of assets, names of spouse, children and other beneficiaries, alternate beneficiaries, specific gifts

Answer 30

Elements of a Will

Question 31

Executor files forms in probate court, provides a copy of the will, a list of the assets, and liabilities of deceased, pays debts and sells necessary assets (can open bank acct for this).

Answer 31

Executing the Will

Question 32

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

Answer 32

Probate

Question 33

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

Answer 33

Estate Planning

Question 34

Provide for loved ones after your passing, strengthen family relationships by giving them a designated path to follow, reduces time, effort and costs for survivors, leaves a legacy

Answer 34

Positive Outcomes of Estate Planning

Question 35

Giving up one thing for another

Answer 35

Trade-Off

Question 36

Must be 18 (most states), letters are not legal documents, letter > conversation because they have longer presence

Answer 36

Estate Planning for Teens

Question 37

Letter of Last Instruction

Answer 37

Estate Planning for Minors

Question 38

Requires a legal document called a will

Answer 38

Guardianship

Question 39

Determines guardians, money flow otherwise determined by court

Answer 39

Will

Question 40

Titling; will

Answer 40

Attorneys can provide you insights for ________ documents, _____, etc.

Question 41

Worth; net

Answer 41

Accountants can help you determine net _____, see ___ advantages

Question 42

Investments; assets

Answer 42

Certified financial planners can help you diversify ____________ and _______ assets

Question 43

Assets of a deceased person after all the debts are paid; planning of how your wealth will be allocated on or before your death.

Answer 43

Estate

Question 44

Peace of mind, maintain control, protect all assets (estate taxes, creditors, special needs), avoid probate

Answer 44

Estate- Primary Functions

Question 45

May need a guardianship, medical wishes may not be carried out, State law decides where your assets go, minor children is court's decision, heirs may incur your estate taxes

Answer 45

Consequences of No Planning

Question 46

Spouse

Answer 46

Without a surviving _______, a large estate is subject to estate taxes.

Question 47

Assets

Answer 47

Value of estate is the value of all ______ minus funeral and administrative expenses.

Question 48

2001; Gradually increase tax free limit while reducing a maximum tax rate

Answer 48

Tax Relief Act of 2001

Question 49

Testator; divided

Answer 49

A testamentary trust allows the ________ to control how property will be ________.

Question 50

Living will, executor, decedent, beneficiary, testator, fiduciary

Answer 50

Terms Dealing with Estate