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24 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 employee amount. |
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402 (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 wage 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 a tax deferred account and is subject to limitations. |
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Social Security |
National social insurance program which 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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Annuity |
Contact sold by an insurance company that provides the investor with a series of regular payments, usually after retirement. |
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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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Estate |
All that a person owns, less debt owed, at 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 distributed. |
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Simple Will |
A short document expressing the desires of the author with regard to how property will be distributed to heirs. |
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Codicil |
A document that explains, add, 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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Gift Tax |
A tax on a person giving a gift to another person if it exceeds the annual limit. |
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Inheritance Tax |
A state tax against an heir who inherits property. |
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Estate Tax |
A tax by the government on property transferred deceased people to theirs heirs. |
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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 tester. |
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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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Interstate |
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 the account. |
