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401(k) "an employer-sponsored plan that gives employees a choice of investment options. Employee contributions to a 401(k) plan and any earnings from the investments are tax-deferred." Taxes are payed after retirement.
403(b) "A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers." ... "accept payroll-deducted contributions"
Annuity A fixed payment given to someone, payed annually
Codicil "an addition or supplement that explains, modifies, or revokes a will or a part of one"(eg, changing will from one person to another because that person died, etc)
Defined Benefit Plan Based on years worked at a place and average salary; Set amount income after retirement given by previous employers
Equity "the value of the shares issued by a company"; "the value of a mortgaged property after deduction of charges against it." In other words, the value of estate when passed on
Estate "all the money and property owned by a particular person, especially at death."
Estate Planning "the act of preparing for the transfer of a person's assets after his or her death."
Estate Tax "a tax levied on the net value of the estate of a deceased person before distribution to the heirs."
Executor "a person or institution appointed by a testator to carry out the terms of their will."
Gift Tax You can give up to $14,000 in gifts w/o tax every year w/o being taxed, but after that, there is a tax
Heirs "a person legally entitled to the property or rank of another on that person's death" -google
Individual Retirement Plan(IRA) Aka Individual Retirement Account; can be put in any bank; was created by the government to help save money
Inflation The lowering of the worth of a currency due to raised prices/money in the system... eg, USD worth today vs 1-cent candy days
Inheritance Tax "a tax imposed on someone who inherits property or money"
Intestate "a person who has died without having made a will"
Joint Tenants with Right of Survivorship If one person dies, the property will be passed on to their survivor(surviving owner; eg, co-owned business; Scrooge)
Medicare Federal Health Insurance program for those 65+ years in age, or those with specified disabilities.
Power of Attorney "the authority to act for another person in specified or all legal or financial matters"; you can give someone your power of attorney(eg, Grey choosing matters in Chief's emergency health)
Simple Will A will that is 'simple' in leaving all of one's estate behind(eg, all belongings going to spouse, instead of a complicated process of distributing everything between Jim, Sally, and everyone around)
Social Security "a federal insurance program that provides benefits to retired people and those who are unemployed or disabled"... "provides monetary assistance to those with an inadequate or no income."
Testator "a person who has made a will or given a legacy"
Trust A group of trustees; a trust is giving someone property and such under the trust that they will use it "for the benefit of one or more others"
Trustee Individual person of a trust board/group
Will A legal document that states someone's 'will' after their death(gives instructions beyond death)
Created by: TheFavChild