Giving

Question 1

Specific gifts

Answer 1

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

Question 2

Non-specific gifts

Answer 2

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

Question 3

Residuary gifts

Answer 3

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

Question 4

Gifts to children

Answer 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

Question 5

Gifts to charities

Answer 5

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

Question 6

Grantor

Answer 6

person who forms the trust and supplies the assets

Question 7

trustee

Answer 7

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

Question 8

beneficiary

Answer 8

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

Question 9

intent from grantor

Answer 9

must have a valid legal purpose

Question 10

property

Answer 10

asses subject to the trust

Question 11

Living Trust

Answer 11

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

Question 12

Revocable living trust

Answer 12

living trust that can be dissolved

Question 13

Irrevocable living trust

Answer 13

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

Question 14

Living Will

Answer 14

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.

Question 15

Oral Will

Answer 15

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

Question 16

Testamentary Will

Answer 16

formally prepared document signed in the presence of witnesses.

Question 17

Holographic Will

Answer 17

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

Question 18

Estate Planning

Answer 18

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

Question 19

Living Will

Answer 19

A plan to care for someone who is young or incapacitated and cannot care for themselves

Question 20

Trade-Offs

Answer 20

A trade-off is giving up one thing for another

Question 21

Guardianship

Answer 21

requires a legal document called a will.

Question 22

Will

Answer 22

determines guardians, money flow otherwise determined by court

Question 23

Attorneys

Answer 23

provide you insights for titling documents, wills, etc…

Question 24

Accountants

Answer 24

help you determine net worth, see tax advantages

Question 25

Certified Financial Planners

Answer 25

help you diversify investments, protect assets

Question 26

estate

Answer 26

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

Question 27

Forms of giving

Answer 27

Being kind to another

Question 28

Forms of giving

Answer 28

Knowledge

Question 29

Forms of giving

Answer 29

Money

Question 30

Forms of giving

Answer 30

Skill

Question 31

Forms of giving

Answer 31

Talent

Question 32

Forms of giving

Answer 32

Items

Question 33

Healthy Giving

Answer 33

Giving out of excess in your life

Question 34

Healthy Giving

Answer 34

When you want to give back or pay it forward and the result is positive emotions

Question 35

Unhealthy Giving

Answer 35

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

Question 36

Unhealthy Giving

Answer 36

When giving is a method of gaining power over another.

Question 37

Prepare for giving

Answer 37

Create a spending plan

Question 38

Prepare for giving

Answer 38

Evaluate needs, wants and values

Question 39

Prepare for giving

Answer 39

Assess your time

Question 40

Prepare for giving

Answer 40

Plan for expenses, such as Christmas gifts

Question 41

Prepare for giving

Answer 41

Avoid using credit for giving

Question 42

How does giving change throughout the life cycle?

Answer 42

Children are often the recipients of giving

Question 43

Giving Throughout the Life Cycle

Answer 43

Adults give many of their resources to their children or family members

Question 44

Giving Throughout the Life Cycle

Answer 44

When someone passes on, their estate plan identifies how their assets will be given to individuals and/or community organizations

Question 45

Financial Statements

Answer 45

Assess the overall financial position to evaluate pros & cons of giving Creates a plan for special events that involve giving

Question 46

Earning

Answer 46

Choose a career that can help you meet your giving goals A career choice could be an ultimate form of giving Be grateful to those that have given to your growth of human capital

Question 47

Savings & Investing

Answer 47

Emergency savings should be established prior to giving | Savings and investing are valuable avenues to give

Question 48

Risk Management

Answer 48

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

Question 49

Giving is integral in financial planning

Answer 49

You are better off in a community than by yourself. Your present self impacts your future self. You are responsible for your present self and your future self. Investment helps manage risk and allows you to cope with risk and uncertainty.

Question 50

Money Management Tools

Answer 50

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