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15 Cards in this Set
- Front
- Back
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Reverse Mortgage
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is a loan against the equity in the borrowers home in which the leander makes tax free monthly payments to the borrower
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Heirs
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are people who receive property from someone who has died
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Estate
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is all that a person owns
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Estate Planning
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is preparing a plan for transferring property during ones lifetime and at ones death
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Will
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is a legal document that tells you how you want your estate to be distrubuted after your death
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Codicil
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a person can change small changes to the will document
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Power of Attourney
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is a legal document authorizing someone to a act on your behalf
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Trust
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is a legal document in which an individual gives someone else control of property
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Estate Tax
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a tax on a property transferred from deceased people to thier heirs
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Inheritance Tax
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is a tax on a heir who receives property from a deceased persons estate
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Gift Tax
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is a tax on a gift of money or property
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Individual Retirement Account
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is 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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is a tax deferred retirement savings plan available to self employed individuals and thier employees
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Defined Benfit Plan
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is a company spnosored retirement plan in which employees receive at normalnl sponsored age
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Defined Contribution Plan
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is a company sponsored retirement plan in which employees may chosse to contribute part of their salary as a tax deferred investment
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