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Chapter 24

Retirement & Estate Planning

QuestionAnswer
assisted living facility a residence complex that provides personal and medical services for the elderly
defined contribution plan an individual retirement account for each employee
401K a type of retirement savings plan funded by a portion of one's salary that is deducted from the gross paycheck and placed in a special account
vesting the right of an employee to keep the company's contributions from company sponsored plans even if the employee no longer works for that employer
defined benefit plan a retirement plan that specifies the benefits an employee will receive at retirement age, based on total earnings and years on the job
individual retirement account IRA a special account in which a person saves a portion of income for retirement
Keogh plan a retirement plan designed for self-employed people and their employees
annuity (insurance) a contract purchased from an insurance company that guarantees a future fixed or variable payment to the purchaser for a certain number of years, or for life
heir people who have the legal rights to one's assets when one dies
estate all the property and assets owned by an individual or group
estate planning process of creating a detailed plan for managing personal assets to make the most of them while alive and to ensure they are distributed wisely after death
beneficiary a person named to receive a portion of someone's estate
will a legal statement of a person's wishes regarding disposal of his or her estate after death.
intestate the status of not having a valid will
trust an arrangement in which a trustee manages assets for the benefit of someone else
probate the legal procedure of proving that a will is valid or invalid
executor a person who is willing and able to perform tasks involved in carrying out a will
guardian a person who accepts the responsibility of caring for the children of the deceased and managing an estate for the children until they reach a certain age
codicil a document that explains, adds, or deletes provisions in an existing will
living will a legal document in which one states if one wants to be kept alive by artificial means if terminally ill or unable to make such decisions
power of attorney a legal document that authorized someone to act on someone else's behalf
assisted living facility a residence complex that provides personal and medical services for the elderly
defined contribution plan an individual retirement account for each employee
401K a type of retirement savings plan funded by a portion of one's salary that is deducted from the gross paycheck and placed in a special account
vesting the right of an employee to keep the company's contributions from company sponsored plans even if the employee no longer works for that employer
defined benefit plan a retirement plan that specifies the benefits an employee will receive at retirement age, based on total earnings and years on the job
individual retirement account IRA a special account in which a person saves a portion of income for retirement
Keogh plan a retirement plan designed for self-employed people and their employees
annuity (insurance) a contract purchased from an insurance company that guarantees a future fixed or variable payment to the purchaser for a certain number of years, or for life
heir people who have the legal rights to one's assets when one dies
estate all the property and assets owned by an individual or group
estate planning process of creating a detailed plan for managing personal assets to make the most of them while alive and to ensure they are distributed wisely after death
beneficiary a person named to receive a portion of someone's estate
will a legal statement of a person's wishes regarding disposal of his or her estate after death.
intestate the status of not having a valid will
trust an arrangement in which a trustee manages assets for the benefit of someone else
probate the legal procedure of proving that a will is valid or invalid
executor a person who is willing and able to perform tasks involved in carrying out a will
guardian a person who accepts the responsibility of caring for the children of the deceased and managing an estate for the children until they reach a certain age
codicil a document that explains, adds, or deletes provisions in an existing will
living will a legal document in which one states if one wants to be kept alive by artificial means if terminally ill or unable to make such decisions
power of attorney a legal document that authorized someone to act on someone else's behalf
Created by: kshall