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19 Cards in this Set
- Front
- Back
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401 |
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 |
Retirement plan of not for profit companies, where the companies, where the employee put in a certain percentage and the employer contributes an amount |
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Benefit plan |
Company sponsored retirement plan that specifies retirement benefits, based on wages earned and years of service |
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contribution plan |
company sponsored retirement plan that specifies a minimum contribution, but no promise of a particular benefit at retirement |
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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 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 |
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 persons 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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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 from decreased people to their heirs |
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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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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 of the account |
