Ch. 15
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is a plan available through companies that operate for a profit; taxes are deferred until the money contributed is withdrawn.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a plan for employees of government or not-for-profit organizations; taxes are deferred until the money contributed is withdrawn.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.
