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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 ome in which the lender makes a tax free monthy payment to the borrower
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Heirs
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people who receive property from smeone who has died
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Estate
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all that a person owns, less debts owed, at the time of a persons death
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Estate Planning
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preparing a plan for transfering propety during ones lifetime and at ones death
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Will
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legal document that tells how you want your estate to be distributed after death
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Codicil
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small changes with a document
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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 document in which an individual (a trustor) gives someone else (a trustee) control of property, for ultimate distribution to another peron (the beneficiary)
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Estate tax
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a tax on property transferred from deceased people on their heirs
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Inheritance tax
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a tax on a heir wh recieves property from a deceased perons estate
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Gift tax
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a tax on a gift of mopney or property, to be paid by the giver not the reciever of the gift
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Individual Retirement Account (IRA)
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retirement savings plan that allows individuals to set aside up to $3000 per year (or $6000 for a married couple filing jointly) and delay paying tax on the earnings untill they beginwithdrawing at the age 59
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Keogh Plan
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a tax deferred retirment saving plan available to self-employed individuals and their employees
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Defined benefit plan
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such as pension , a company sponsered retirement plan in which employees recieve, at normal retirement 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 sponsered retirement plan in which employees ay choose to contribute part of their salary as a tax deferred investment
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