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13 Cards in this Set
- Front
- Back
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Reverse Mortgage
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loan against the equity in the borrowers home in which the lender makes tax-free monthly payments to the borrower
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Heirs
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people who receive property from someone who has died
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Will
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legal document that tells how you want your estates to be distributed after your death
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Codicil
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a person can make a will and later make small changes with a document
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Power Attorney
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a legal document authorizing someone on your behalf
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Trust
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legal document in which an individual(the trustor) gives someone else(the trustee) control of property, for ultimate distribution to another person
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Estate Tax
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a tax on property transffered from deceased people to theor heirs
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Inheritance Tax
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a tax on an heir who receives property froma deceased persons estate
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Gift Tax
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a tax on a gift of money or property to be paid by the giver not the receiver of the gift
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Individual Retirement Account(IRA)
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a retirement savings plan that allows individuals to set aside up to $3000 per year
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Keogh Plan
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a tax deferred retirement savings plan available to self employed individuals and their employees.
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Defined benefit plan
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a company sponsored retirement plan in which employees receive, at the normal retirement plan in which employees receive at normal retiremt age a specified monthly amount based on wages earned and number of years of service
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defined contribution plan
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a company sponsored retirement plan in which employees may choose to contribute part of their salary as a tax deferred investment
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