Estate Planning

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  1. Continuous Contract

    A continuous contract is a reinsurance contract that does not have a fixed contract end date and is renewable until terminated ...
  2. Combined Single Limits

    Combined single limits are a provision of an insurance policy that limits the coverage for all components of a claim to a ...
  3. Inherited IRA

    An inherited IRA is an account that is opened when an individual inherits an IRA or employer-sponsored retirement plan after ...
  4. Traditional Whole Life Policy

    A traditional whole life policy is a type of life insurance contract that provides for insurance coverage of the contract ...
  5. Estate Planning: Living Trusts vs. Simple Wills

    A look at wills versus living trusts and when to choose one over the other.
  6. Life Settlement

    A life settlement is the selling of one's life insurance policy to a third party for a one-time cash payment.
  7. Laddering

    Laddering is the promotion of inflated pre-IPO prices for the sake of obtaining a greater allotment of the offering.
  8. Insurance Trust

    An insurance trust is an irrevocable trust set up with a life insurance policy as the asset, allowing the grantor to exempt ...
  9. Level Death Benefit

    A level death benefit is a life insurance payout that is the same whether the insured person dies shortly after purchasing ...
  10. Insurance Inflation Protection

    Insurance inflation protection is designed to allow policyholders to make sure that the benefits they receive can keep up ...
  11. Grantor Retained Annuity Trust (GRAT)

    A grantor retained annuity trust (GRAT) is a financial instrument used in estate planning to minimize taxes on large financial ...
  12. Commutation

    Commutation refers to the rights of beneficiaries to exchange one type of income for another.
  13. Establishing A Revocable Living Trust

    This arrangement allows you to have more control over your estate - both before and after your death.
  14. Credit Shelter Trust - CST

    A Credit Shelter Trust allows a surviving spouse to pass on assets to his or her children estate-tax free.
  15. Death Benefit

    A death benefit is the amount on a life insurance policy or pension that is payable to the beneficiary when the annuitant ...
  16. Average Indexed Monthly Earnings (AIME)

    Average indexed monthly earnings (AIME) is used to determine the primary insurance amount (PIA) that values an individual's ...
  17. Own-Occupation Policy

    An own-occupation policy covers individuals who become disabled and can't perform what they have been trained to perform.
  18. Human-Life Approach

    The human-life approach calculates the amount of life insurance a family needs based on the financial loss they'd experience ...
  19. Guideline Premium And Corridor Test (GPT)

    The Guideline Premium And Corridor Test (GPT) is used to determine whether an insurance product can be taxed as insurance ...
  20. How are trust fund earnings taxed?

    Trust fund earnings that are distributed are paid by the beneficiary. The trust pays taxes on retained earnings and principal ...
  21. Guaranteed Investment Fund (GIF)

    A guaranteed investment fund allows a client to invest in an equity, bond or index fund with the promise of a predefined ...
  22. Assumed Interest Rate (AIR)

    Assumed interest rate (AIR) is the rate of interest or growth rate selected by an insurance company.
  23. Do beneficiaries of a trust pay taxes?

    Beneficiaries of a trust typically pay taxes on distributions from the trust's income, but not on distributions from the ...
  24. Second-To-Die Insurance

    Second-to-die insurance is a type of life insurance on two people that provides benefits to the beneficiaries only after ...
  25. Certain And Continuous

    Certain and continuous is a type of annuity that guarantees a number of payments, even if the annuitant dies.
  26. Trustee

    A trustee is a person or firm that holds or administers property or assets for the benefit of a third party.
  27. When are beneficiaries of a will notified?

    Learn when the beneficiaries of a will must be notified, and understand how this requirement varies depending on whether ...
  28. Using an LLC for Estate Planning

    An LLC is a powerful tool for estate planning. By establishing a family LLC, parents can distribute assets to their children ...
  29. Insurance Grace Period

    An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium ...
  30. Safe Deposit Box

    A safe deposit box is usually located inside a bank and is used to store valuables.
  31. Mortality And Expense Risk Charge

    A mortality and expense risk charge is a variable annuity fee that compensates insurance companies for risks and expenses ...
  32. Hurricane Deductible

    A hurricane deductible is the amount a homeowner must pay before insurance will cover the damage caused by a hurricane.
  33. Insurance Risk Class

    An insurance risk class has similar characteristics, which are used to determine risks of underwriting a policy and the premium ...
  34. Long-Tail Liability

    A long-tail liability is a type of liability that carries a long settlement period.
  35. Policy Loan

    A policy loan is issued by an insurance company that uses the cash value of a person's life insurance policy as collateral.
  36. Trust Company

    A trust company is a legal entity that acts as fiduciary, agent or trustee on behalf of a person or business entity.
  37. Transfer On Death - TOD

    A transfer on death (TOD) designation allows beneficiaries to receive bequeathed assets without going through probate.
  38. Income In Respect Of A Decedent - IRD

    Income in Respect of a Decedent (IRD) is untaxed income that a decedent earned or was meant to receive before death.
  39. Family Limited Partnership - FLP

    A Family Limited Partnership (FLP) allows family members to own shares of a family business while securing estate and gift ...
  40. Surrender Charge

    A surrender charge is a fee levied on a life insurance policyholder upon cancellation of their life insurance policy.
  41. Trust Property

    Trust property includes assets such as securities, cash and property that are managed by a trustee for the benefit of designated ...
  42. Hazard Insurance

    Hazard insurance protects a property owner against damage caused by fires, severe storms, earthquakes or other natural events.
  43. Endowment

    An endowment is a donation of money or property to a nonprofit organization, which uses the resulting investment income for ...
  44. How to set up a trust fund if you're not rich

    You don't need to be wealthy to create your own trust fund. Here's why and how to go about it.
  45. What are the pros/cons of naming a trust as the beneficiary of a retirement account?

    Basically, naming a trust as the beneficiary of a retirement account depends on how many people you want the account's proceeds ...
  46. Living Trust

    A living trust is established in an individual's lifetime and it bypasses probate upon death.
  47. Aggregate Stop-Loss Insurance

    Aggregate stop-loss insurance is an insurance policy that limits claim coverage (losses) to a specific amount.
  48. Credit Insurance

    Credit insurance is a type of insurance that pays off one or more existing debts in the event of a death, disability, or ...
  49. Bare Trust

    A bare trust is a type of trust that provides beneficiaries with immediate and absolute ownership of its capital and the ...
  50. Dynasty Trust

    A dynasty trust is designed to grow wealth for a grantor's descendants while offering protection from transfer taxes like ...
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