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22 Cards in this Set
- Front
- Back
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401(k) |
Retirement plan of for-profit organization where the employee chooses a percentage of their salary to set aside and the company may match the employee amount |
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403(b) |
Retirement plan of not-for-profit companies, where the employee puts in a certain percentage and the employer contributes an amount |
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Defined Benefit Plan |
Company sponsored retirement plan that specifies retirement benefits, based on wages earned and years of service |
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Defined Contribution Plan |
Company sponsored retirement plan that specifies a minimum contribution, but no promise of a particular benefit at retirement |
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Individual Retirement Plan |
Retirement plan that allows individuals to set aside money in tax deferred account and is subject to limitations |
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Social Security |
National social insurance program which provides federal aid for the elderly and for disabled workers
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Medicare |
Government sponsored health insurance for people who have reached a designated retirement age |
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Annutiy |
Contract sold by an insurance company that provides the investor with a series of regular payments, usually after retirement |
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Estate |
All that a person owns, less debt owed, at the time of the person's death |
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Will |
A legal document expressing the desires of the author with regard to how property will be distributed |
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Codicil |
A document that explains, adds, or deletes provisions in your existing will |
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Trust |
A legal document in which an individual gives someone else control of property, for ultimate distribution to another person |
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Estate Planning |
Preparing a plan for transferring property during one's lifetime and at one's death |
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Simple Will |
A short document expressing that desires of the author with regard to how property will be distributed to heirs |
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Gift Tax |
A tax on a person giving a gift to another person if it exceeds the annual limit |
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Testator |
the person who makes a will for themselves |
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Trustee |
The person given the responsibility of distributing property of a trust according to the wishes of the testator |
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Heirs |
People who receive property from someone who has died |
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Executor |
the person designated in a will to carry out your instructions regarding the distribution of assets |
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Intestate |
the condition of dying without a will |
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Power of Attorney |
Legal document giving another person the power to act on your behalf |
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Joint tenants with rights of survivorship |
A type of joint account ownership, that upon the death of one of the owners, the surviving owners share the value of the account |
