Vocabulary
What is an annuitized annuity?
An account that starts out as an asset, but turns into income when annuitized.
Care that is received in the home either by a nurse or caregiver (like family members, not spouse).
In Home Care
DECEMBER 7, 1941 – DECEMBER 31, 1946
WORLD WAR II
What is a Life Insurance Policy?
Provides a financial benefit to dependents upon the death of an insured person. This may have a cash value, which is considered an asset. This does not include burial policies.
What is a trust?
A legal agreement that is designed to protect assets.
What are ADLs?
Activities of Daily Living
A senior living community that is for seniors who are self-sufficient and need little to no assistance. Requires 2 ADLs if it is not 24/7 staffed
Independent Living
JUNE 27, 1950 – JANUARY 31, 1955
KOREAN WAR
What is an annuity?
A contract between you and an insurance company in which you make a lump-sum payment or series of payments and, in return, receive regular disbursements, beginning either immediately or at some point in the future
What is a revocable trust?
Trust can be changed or accessed by the owner. This is always an asset.
What is DFAS?
Military Retirement
A type of housing designed for people who need various levels of medical and personal care. Does not require ADLs
Assisted Living
AUGUST 5, 1964 – MAY 7, 1975
VIETNAM
What is an IRA?
Individual Retirement Account. There are Roth IRAs, which have no Required minimum distribution (RMD), and a Traditional IRA which does have a yearly RMD.
What is a living trust?
A revocable trust that is designed to allocate a person’s assets at the time of their passing. Keeps a home from going into probate.
What is DIC?
Pension paid out to surviving spouses when the veteran passed away from service related injury.
Communities that offer dementia-specific activities tailored to the unique cognitive needs of people with dementia, 24-hour care, specialized staff, and secure environments. ADLs not required.
Memory Care
AUGUST 2, 1990 – PRESENT DAY
PERSIAN GULF
What is a 401K?
Contribution plan where an employee can make contributions from his or her paycheck either before or after-tax, depending on the options offered in the plan.
What is an irrevocable trust?
A trust that cannot be changed or modified. The contents will not be an asset after 3 years from the date of creation.
What are the 2 keys to success?
Quality and Quantity
What is a nursing home?
a public or private residential facility providing a high level of long-term personal or nursing care for persons (such as the aged or the chronically ill) who are unable to care for themselves properly.
BOG: NOVEMBER 1, 1955 – AUGUST 4, 1964
VIETNAM
What is a long-term care policy?
Insurance policy that pays out daily for long term care.
What is a residential trust?
Used to remove the home as a viewable asset when the home sells. This will keep the profit from being named to the veteran or spouse.