Retirement
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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.
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| 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"
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| Annuity | A fixed payment given to someone, payed annually
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| 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)
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| Defined Benefit Plan | Based on years worked at a place and average salary; Set amount income after retirement given by previous employers
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| 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
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| Estate | "all the money and property owned by a particular person, especially at death."
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| Estate Planning | "the act of preparing for the transfer of a person's assets after his or her death."
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| Estate Tax | "a tax levied on the net value of the estate of a deceased person before distribution to the heirs."
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| Executor | "a person or institution appointed by a testator to carry out the terms of their will."
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| 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
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| Heirs | "a person legally entitled to the property or rank of another on that person's death" -google
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| Individual Retirement Plan(IRA) | Aka Individual Retirement Account; can be put in any bank; was created by the government to help save money
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| 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
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| Inheritance Tax | "a tax imposed on someone who inherits property or money"
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| Intestate | "a person who has died without having made a will"
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| 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)
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| Medicare | Federal Health Insurance program for those 65+ years in age, or those with specified disabilities.
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| 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)
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| 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)
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| 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."
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| Testator | "a person who has made a will or given a legacy"
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| 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"
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| Trustee | Individual person of a trust board/group
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| Will | A legal document that states someone's 'will' after their death(gives instructions beyond death)
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