Ch. 15

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Heirs

. _________ are people entitled to receive the property or assets from another person who has died.

Power of Attorney

A legal document called a(n) _________ authorizes another person to act on your behalf in your absence.

Intestate

A person who dies without having a valid will is said to die _________.

SEP

A retirement plan for small businesses, similar to that for self-employed individuals, is a(n) _________ plan

401K

A(n) _________ is a plan available through companies that operate for a profit; taxes are deferred until the money contributed is withdrawn.

403B

A(n) _________ is a plan for employees of government or not-for-profit organizations; taxes are deferred until the money contributed is withdrawn.

IRA

A(n) _________ is a tax-sheltered retirement plan to which working people make annual contributions of up to $5,000 per year.

Estate tax

A(n) _________ is levied by the federal government on the transfer of property at death.

Codicil

A(n) _________ is used to make small changes to an existing will.

Reverse Mortgage

A(n) _________ provides a homeowner with tax-free income in the form of a loan to be paid back when the property is sold.

Holographic

A(n) _________ will is one written in a person's own handwriting.

Estate

All that a person owns, less debts owed, at the time of the person's death is called a(n) _________.

Vested

An employee is _________ when a certain number of years or other condition of employment has passed.

Defined Contribution

In a(n) _________ plan, a minimum contribution is made by both employer and employee; no particular benefit is promised.

Defined Benefit

In a(n) _________ plan, the contract specifies the benefits promised to the employee at normal retirement age.

Keogh

Self-employed individuals and their employees may contribute to a(n) _________ plan.

Testator

The _________ is the person who makes or draws a will.

Probate

_________ is a court process of paying debts and distributing property to heirs.

Estate Planning

_________ is the process of planning for the administration and transfer of property during one's lifetime and at one's death.


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