Chapter 15 Retirement and Estate Planning
a(n) ____ is a plan available through companies that operate for a profit; taxes are deferred until the money contributed is withdrawn.
401K
a(n) ____ is a plan for employees of government or not-for-profit organizations;taxes are deferred until the money contributed is withdrawn
403B
Self-employed individuals and their employees may contribute to a(n) ____ plan.
Koegh
a(n) _____ is used to make small changes to an existing will (x)
condicile
a(n) ____ annuity allows the tax-free buildup of interest or dividends during the contract time (x)
deferred
in a(n) ____ plan, the contract specifies the benefits promised to the employee at normal retirement age.
defined-benefit
In a(n) ____ plan, a minimum contribution is made by both employer and employee; no particular benefit is promised
defined-contribution
When a person is living, all he or she owns, less debts owed, is called
estate
a(n) _____ tax is levied by the federal government on the transfer or property at death. (x)
estate
____ is the process of planning for the administration and transfer of property during one's lifetime and at one's death
estate planning
___ are people entitled to receive the property or assets from another person who has died. (x)
heirs
a(n) ____ will is one written in a person's own handwriting(x)
holographic
a(n) ___ is a tax-sheltered retirement plan to which working people make annual contributions of up to $5500
individual retirement account
a person who dies without having a valid will is said to die _____(x)
intestate
a legal document called a(n) ____ authorizes another person to act on your behalf in your absence.
power of attorney
A court process called ____ is when a will is validated and processed.
probate
a(n) ____ provides a homeowner with a tax-free income in the form of a loan to be paid back when the property is sold.(x)
reverse mortgage
the ____ is the person who makes or draws a will
testor
an employee is ___ when a certain number of years or other condition of employment has passed.
vested
a legal document that tells how you want your estate to be distributed after your death.
will