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15 Cards in this Set
- Front
- Back
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Reverse Mortgage
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A loan against the equity in the borrowers home in which he lender makes tax-free monthly payments to the borrower
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Heirs
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Are people who recieve property from someone who has died
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Will
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A legal document that tells how you want your estate to be distributed after your death
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Estate
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Is all that a person owns, less debts owed at the time of the persons death
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Estate planning
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Preparing a plan for transferring property during ones lifetime and at ones death
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Codicil
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A person can make a will and later make small changes with a documents called that
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Power of Attorney
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A legal document authorizing someone to act on your behalf
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Trust
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A legal documnet in which an individual gives someone else control of property for ultimate distribution to another person
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Estate Tax
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A tax on property transferred from deceased people to their heirs
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Inheritance tax
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a tax on a heir who receives property from a deceased persons estate
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Gift Tax
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Tax on a gift of money or property to be paid by the giver, not the reciever of the gift
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Individual Retirement Account
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A retirement savings plan that allows individuals to set aside up to $3000 per year and delay paying tax on the earnings untile they begin withdrawing it at age 59 or later
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Keogh Plan
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A tax deffered retirement savings plan available to self employes individuals ad their employees
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Defined-benefit plan
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Such as pension is a company-sponsored retirement plan in which employees recieve t normal retirement age a specified monthly amount based in wages earned and number of years in service
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Defined contribution plan
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A company-sponsored retirement plan in which employees may choose to sontribute part of their salary as a tax deferred investment
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