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23 Cards in this Set
- Front
- Back
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401(k) |
Retirement plan of for-profit organizationwhere the employee chooses a percentage of their salary to set aside and thecompany 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 anamount |
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Defined Benefit Plan |
Company sponsored retirement plan that specifiesretirement benefits, based on wages earned and years of service |
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Defined Contribution Plan |
Company sponsored retirement plan that specifies aminimum contribution, but no promise of a particular benefit at retirement |
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Individual Retirement Plan |
Retirement plan that allows individuals to set asidemoney in a tax deferred account and is subject to limitations |
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Social Security |
National social insurance program which providesfederal aid for the elderly and for disabled workers |
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Medicare |
Government sponsored health insurance for people whohave reached a designated retirement age |
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Annunity |
Contract sold by an insurance company that providesthe 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 ofthe person’s death |
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Will |
A legal document expressing thedesires of the author with regard to how property will be distributed |
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Codicil |
A document that explains, adds, or deletes provisionsin your existing will |
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Trust |
A legal document in which an individual gives someoneelse control of property, for ultimate distribution to another person |
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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 fromdeceased people to their heirs |
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Trustee |
The person given the responsibility of distributingproperty 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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Intestate |
The condition of dying without a willdy> |
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Power of Attorney |
Legal document giving another person the power to acton your behalf |
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Joint tenants with rights of survivorship |
A type of joint account ownership, that upon the deathof one of the owners, the surviving owners share the value of the account |
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Estate Planning |
Preparing aplan for transferring property during one’s lifetime and at one’s deathֵ |
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Simple Will |
a short documentexpressing thedesires of the author with regard to how property will be distributed to heirs |
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Gift Tax |
a tax on aperson 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 |
