Retirement & Estate Planning
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| assisted living facility | a residence complex that provides personal and medical services for the elderly
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| defined contribution plan | an individual retirement account for each employee
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| 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
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| 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
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| 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
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| individual retirement account IRA | a special account in which a person saves a portion of income for retirement
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| Keogh plan | a retirement plan designed for self-employed people and their employees
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| 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
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| heir | people who have the legal rights to one's assets when one dies
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| estate | all the property and assets owned by an individual or group
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| 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
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| beneficiary | a person named to receive a portion of someone's estate
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| will | a legal statement of a person's wishes regarding disposal of his or her estate after death.
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| intestate | the status of not having a valid will
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| trust | an arrangement in which a trustee manages assets for the benefit of someone else
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| probate | the legal procedure of proving that a will is valid or invalid
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| executor | a person who is willing and able to perform tasks involved in carrying out a will
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| 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
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| codicil | a document that explains, adds, or deletes provisions in an existing will
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| 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
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| power of attorney | a legal document that authorized someone to act on someone else's behalf
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| assisted living facility | a residence complex that provides personal and medical services for the elderly
🗑
|
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| 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.
🗑
|
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| intestate | the status of not having a valid will
🗑
|
||||
| trust | an arrangement in which a trustee manages assets for the benefit of someone else
🗑
|
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| probate | the legal procedure of proving that a will is valid or invalid
🗑
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| executor | a person who is willing and able to perform tasks involved in carrying out a will
🗑
|
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| 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
🗑
|
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| codicil | a document that explains, adds, or deletes provisions in an existing will
🗑
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| 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
🗑
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| power of attorney | a legal document that authorized someone to act on someone else's behalf
🗑
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Created by:
kshall
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