estate planning
Wealth transfer strategy
Estate planning is the process of arranging for the management and distribution of a person's assets after death or incapacitation.
It typically involves creating legal documents such as wills, trusts, and powers of attorney, and may include strategies to minimize taxes owed by heirs.
We finally got around to estate planning after our second child was born.
The term also covers decisions about healthcare directives and guardianship for dependents.
One who receives legacy
- beneficiaryDesignated asset receiver
- bequestGift left by will
- deviseCreate through ingenuity
- probateWill validation proceedings
succession · descendant · birthright · primogeniture · entailment · disinheritance · per stirpes · blended family
Faculty of deliberate choice
- trustConfidence in another
- living trustModifiable estate planning document
- power of attorneyLegal authority for another's decisions
- advance directiveDocumented future healthcare preferences
revocable trust · irrevocable trust · codicil · living will · healthcare proxy · deed · title transfer · letter of intent
Confidence in another
- fiduciaryAgent bound by loyalty
- guardianshipLegal care of another
- conservatorshipCourt-appointed care management
- umbrella policySupplemental liability insurance
Charge on large presents
- inheritance taxLevy on bequeathed assets
- capital gainsProfit from asset sales
- tax exemptionFreedom from governmental levies
- charitable deductionTax reduction for donations
Tax-advantaged retirement savings account
Inherited family treasure
- family businessEnterprise owned by relatives
- charitable givingDonating to help others
- donor-advised fundCharitable investment account for grants
- family foundationRelatives' philanthropic organization
heir
One who receives legacy
- beneficiaryDesignated asset receiver
- bequestGift left by will
- deviseCreate through ingenuity
probate · succession · descendant · birthright · primogeniture · entailment · disinheritance · per stirpes · blended family · stepchildren
will
Faculty of deliberate choice
- trustConfidence in another
- living trustModifiable estate planning document
- power of attorneyLegal authority for another's decisions
advance directive · revocable trust · irrevocable trust · codicil · living will · healthcare proxy · deed · title transfer · letter of intent · pour-over will
trust
Confidence in another
- fiduciaryAgent bound by loyalty
- guardianshipLegal care of another
- conservatorshipCourt-appointed care management
gift tax
Charge on large presents
- inheritance taxLevy on bequeathed assets
- capital gainsProfit from asset sales
- tax exemptionFreedom from governmental levies
charitable deduction · tax avoidance · wealth transfer · portability
401(k)
Tax-advantaged retirement savings account
heirloom
Inherited family treasure
- family businessEnterprise owned by relatives
- charitable givingDonating to help others
- donor-advised fundCharitable investment account for grants
- arts lawart fraud, fair use, intellectual property, looted art, restitution claims
- legallawyer, judge, jury, trial, verdict
- personal financesavings, income, credit, investments, bills
- adult classescooking classes, art classes, computer classes, yoga classes, dance classes
- financial planningbudget, financial plan, retirement plan, financial goals, investment
- legal topicsconstitutional law, criminal code, legal procedures, administrative law, federal law
estate planningconsuming
Using up entirely
dissipation · spending down · spending · spending spree · immediate gratification
estate planningintestacy
Estateless death condition
procrastination · avoidance · unpreparedness · winging it · disorganization
estate, planning, estates, testator, intestate, estate's, real-estate