Consist of all property a person owns or controls.
What is an estate?
100
You charge these if you don't have the money to pay for something, and you pay interest on any money not paid back right away.
What are credit cards?
100
One way to pass tax free money to beneficiaries at death.
What is life insurance?
100
The average employer long term disability insurance covers 75% of lost income. True of False.
What is False?
100
This gives you the freedom to choose the location of your long term care stay and to keep some of your assets from depleting so quickly.
What is Long Term Care Insurance?
200
Provides authority to a person making health care decisions.
What is a Living Will or Health Care Directive?
200
The recommended amount of money to set aside into an emergency fund.
What is 3-6 months worth of expenses?
200
A type of life insurance that builds no cash value and is set to cover for a certain number of years.
What is term insurance?
200
The percentage of workers that enter the workforce today will become "disabled" before retiring.
What is 30%?
200
They will pay for LTC costs if you only have $3000 worth of assets, and your spouse can keep $113,640 total.
What is Medicaid?
300
In the event of incapacity, authorizes a person to manage financial affairs.
What is a Durable Power of Attorney?
300
These are the penalties if you cash in your 401(k) before you reach the age of 59 1/2.
What is income taxes on the withdrawal and a 10% early withdrawal penalty?
300
This type of insurance builds a cash value inside the policy and will last as long as the cash value is >$0.
What is permanent insurance?
300
My biggest asset.
What is my ability to work?
300
The state of Minnesota has a look back period of 3 years at all of your assets before you can be eligible for Medicaid. True or False?
What is False?
400
The process of setting up arrangements to meet your wishes, minimizing potential taxes and fees, and reducing the court procedures after death.
What is Estate Planning?
400
Other than a mortgage, this is the type of debt people typically have the most of.
What are student loans?
400
Life insurance can be overfunded and used as another tax free vehicle for this.
What is retirement?
400
46% of all conventional mortgage foreclosures are due to this.
What is disability?
400
The average length of stay in a nursing home.
What is 2.44 years?
500
Used to hold property.
What is a Trust or Family Limited Partnership?
500
You spend roughly this percentage more per month when you charge credit cards versus cash or debit cards.
What is 20%?
500
Life insurance can be used to cover more than 1 person's life. True or False.
What is True?
500
The average length of time a disability prevents someone from working.
What is 2 1/2 years?
500
The probability that an individual over age 65 will become cognitively impaired or unable to complete at least two "activities of daily living"--including dressing, bathing, or eating--over his or her lifetime.