Estate Planning
What is estate planning?
A clear and complete plan of what should happen upon your death.
Filing something with your insurance company is called what?
Claim
What is renting?
A short-term agreement between the owner (Landlord) of an apartment complex or home and an individual in need of housing.
What is active income?
Income received from performing a service and includes wages, tips, salaries, commissions, and income from businesses in which there is material participation.
Commission
Is a serve charge assessed by a broker or investment advisor for providing investment advice or handling purchases and sales of securities for a client
What is a trade-off?
giving up one thing for another
A Contract between you and your insurance company
insurance policy
What is leasing?
It is a longer-term agreement that both parties (Renter and Landlord) have to follow for the duration of the lease.
What is portfolio income?
money received from investments, dividends, interest, royalties from an investment, and capital gains.
unemployment compensation
Paid by the state to unemployed workers who have lost their jobs due to layoffs or retrenchment.
How old should you be for estate planning?
must be 18 in most states
When you go to the doctor what will you have to pay?
Copay
What are mortgages?
a loan from a bank or other financial institution that helps a borrower purchase a home.
Stock options?
Contracts given to an employee by an employer, contractors, consultants, and investors.
Capital Gains?
profit one earns on the sale of an asset like stocks, bonds or real estate
Requires a legal document called a will?
Guardianship
The most money you’ll have to spend within a given year.
Out-of-pocket maximum
What is home equity?
Equity is the difference between what you owe on your mortgage and what your home is currently worth.
Annuity
series of payments made at equal intervals.
Rental Income?
Income received from rental properties or goods
Who can help with estate planning?
attorneys, accountants, certified financial planners
Types of auto insurance
Collision insurance, Comprehensive coverage, Uninsured/underinsured motorist protection, Personal injury protection (PIP)
Home equity increasing?
It can increase through mortgage payments or the value of the home increasing.
Types of active income
wage, salary, commission, Pension, unemployment compensation, social security
Business income?
income received from the sale of products or services.