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15 Cards in this Set
- Front
- Back
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Reverse Mortgage
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A loan against the equity in the borrower's home in which the lender makes tax-free monthy payments to the borrower.
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Heirs
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People who receive property from someone who has died.
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Estate
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All that a person owns, less debt owed, at the time of the person's death.
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Estate Planning
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Preparing a plan for transferring property during one's lifetime and at one's death.
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Will
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A legal document that tells how you want your estate to be distributed after your death.
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Codicil
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document that a person can make a will and later make small changes.
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Power Of Attorney
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A legal document authorizing someone to act on your behalf.
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Trust
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A legal document in which an individual gives someone else control of their property, for ultimate distribution to another person.
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Estate Tax
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A tax on property transferred from decreased people on their heirs.
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Inheritance Tax
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A tax on an heir who receives property from a decreased person's estate.
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Gift Tax
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A tax on a gift of money or property, to be paid by the giver, not the receiver of the gift.
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Individual Retirement Account
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A retirement savings plan that allows individuals to set asside up to $3,00 per year and delay paying tax on the earnings until they begin withdrawing it at age 59 and a half or later.
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Keogh Plan
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A tax-deferred retirement savings plan available to self-employed individuals and their employees.
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Defined-benefit plan
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a company-sponsored retirement plan in which employees receive, at normal retirement age, a specified monthly amount based on wages earned and number of years of service.
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Defined-contribution plan
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A company-sponsored retirement plan in which empoyees may choose to contribute part of their salary as a tax-deferred investment.
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