Estate Accounts
What is the person in charge of the estate called?
Executor
What does IRA stand for?
Individual Retirement Account
Who is the Rep Payee on the account?
The person assigned by the SSA or VA to manage the beneficiary's funds.
What is the minimum opening deposit for an IRA account?
$0
What is a POA?
Power of Attorney is a legal document delegating authority from one person to another
What do we call the person who has passed?
Decedent
What terms do we offer for our IRA's?
3-60 months
*Bonus: 13mth Special
What is 1 of the 2 types of benefits that a Rep Payee acct covers?
VA and Social Security
How many days does a member have to fund the Roth IRA account after it has been opened?
90 days
What is the owner of the POA called?
Principal
What does liquidation mean for an estate account?
Disbursement
What is the minimum opening for any of our CD's?
1 bag, 1k, 1g(rand), $1000
Whom is not allowed to transact on the account?
Tax Reported Owner
How is the interest calculated for a Roth IRA account?
Interest is compounded daily and credited monthly
What is the agent able to do on the POA's accounts?
The one empowered to act for or represent the principal
What does the estate for someone consist of?
All possessions, particularly all the property and debts left by a person at their death
Can CD's be used as a draw account?
NO
Who is appointed to be the Rep Payee for the account of the Beneficiary?
A relative, friend or other interested party
What is the annual contribution limit for members over 50 years old?
$7000
What happens when a principal passes away?
All POA's are null and void
In order for the executor to handle the estate, what document is needed from the courts?
Letter of Administration
What age do you have to be to withdraw penalty free?
59 1/2
Why is a Rep Payee account established?
The member is incapable of managing those federal benefits on their own behalf
What is the difference between a traditional and roth IRA?
Traditional taxes on the front end and roth taxes on the back end
What is a special circumstance that someone would need to draw up POA forms?
Military personnel may create a POA before they deploy overseas, Younger people who travel a great deal might set up a POA so that someone could handle their affairs, the most common time to establish a POA comes with advanced age, usually in retirement