Chapter 24 Word Scramble
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Question | Answer |
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
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