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An estate planning device intended to reduce a surviving spouse's estate from taxation. A portion of a deceased spouse's estate passes to a Trust rather than to the surviving spouse. The surviving spouse usually has a life estate in the Trust. Abuse, Elder The maltreatment or neglect of older persons by caregivers in a domestic or institutional setting. ACT Assessment A standardized college admissions exam that measures one's English, mathematics, reading and science reasoning abilities. See also SAT Assessment. Administrator A person designated to take charge of a decedent's assets and liabilities. If the administrator is appointed by a court s/he is known as an Administratrix/Administrator. If the administrator is designated through a Will, s/he is known as an Executrix/Executor. Adult Day Care Structured day programs for seniors that provide nursing, rehabilitation and personal services. Adult Homes Senior residences for individuals who are able to function independently, with limited support and assistance. Advance Directives Written documents that serve as an individual's instructions regarding health care or property management. These include the health care proxy, the living will, and the power of attorney. Age Discrimination A determination based solely on age, whereby one individual is selected over another. Alimony The monetary maintenance allowance provided by one ex-spouse to the other ex-spouse, as ordered by the Court. Alternative Medicine Medical treatment and/or medicine that is not categorized as traditional. Alzheimer's Disease The most common cause of dementia, whereby parts of the brain degenerate, causing further damage. Its cause is unknown. A.M. Best An independent rating service, which rates the financial strength of insurance companies and the related security of holding company debt and preferred stock. American Bar Association A national association of attorneys in the United States who sets the ethical standards and guidelines that apply to the legal profession. American Stock Exchange, The (AMEX) The United States' second largest floor-based exchange. Americans With Disabilities Act, The (ADA) A Federal law designed to provide civil rights protections to people with disabilities. The rights guaranteed include accessibility to public accommodations, transportation, government services, employment, and telecommunications. Annuity A fixed sum to be paid at regular intervals (e.g., annually) or for life. Anorexia Nervosa A medical condition whereby an individual is preoccupied with being fat, and therefore, eats very little. Apprentice Program A program that teaches an individual a craft or skill. Arteries, Hardening of (see Artherosclerosis) Arthritis A catch-all term for more than one hundred diseases that affect the joints. Assisted Living Facilities similar to adult homes, but with more extensive personal care, including, but not limited to, 24-hour nursing care, meals, and housekeeping. Asthma A medical condition characterized by constriction or spasms of the airway passages. Atherosclerosis A precursor to cardiovascular disease, caused by cholesterol-laden plaque buildup in the coronary arteries that feed the heart. Also known as hardening of the arteries. Attention Deficit Disorder (ADD) A behavioral condition marked by specific characterizations; onset occurs before age 7. Attention Deficit Hyperactivity Disorder (ADHD) See Attention Deficit Disorder. Au pair An in-home child-caregiver who completes her/his studies while living with the child/children's family. Au pairs are normally provided through European government-approved programs. Autism A developmental disability that affects a child's ability to communicate, understand language, play, and relate to others. Its cause is unknown. Back To Top A legal device that allows an individual or organization to completely or partially discharge debts, due to an inability to pay those debts as they become due. Beneficiary Life Insurance - one who receives the proceeds from a life insurance policy. Trusts - one who has a present or future interest, vested or contingent, in an established trust account. (See pages 69-70.) Benign Prostate Hyperplasia (BPH) Enlargement of the prostate gland. Bequest Personal property given to another individual through a Will. Compare to Devise. Blended Family Step-family. Bonds Debt owed to the bond-owner by the bond-issuer. Bulimia A medical condition whereby an individual rapidly eats a lot of food at one time (binges), then purges the food by inducing vomiting or using laxatives and/or diuretics; dieting rigorously; or exercising excessively to counteract the bingeing. Bypass Trust An estate planning tool that, upon one's death, allows one to transfer $675,000 to another individual, free of federal transfer taxes. Back To Top The amount by which the selling price of an asset exceeds the purchase price. Caregivers, Family Individuals who provide varying degrees of assistance for an older person in that older person's home. Generally, family caregivers include an adult child, sibling, or other relative who lives near-by. Caregivers, for the Elderly Individuals who provide varying degrees of assistance for an older person in that person's home. Casualty Insurance While this used to refer to property insurance, today it may encompass automobile, liability, workers' compensation, boiler explosion; plate glass; burglary, robbery, and theft; credit; and title insurance. CCRCs See Continuing Care Retirement Communities. Certificate of Deposit (CD) A bank account in which you promise not to use the money for a designated period of time. In return the bank provides a slightly higher interest rate than for a standard savings account. Charitable Lead Trust A trust in which income from principal is paid to a selected charity for a period of time; after that period of time ends, the trust pays the principal to a different person or entity. Charitable Remainder Trust A trust in which income is paid to someone other than a selected charity for a period of time; after that period of time ends, the trust pays the principal to the charity. Child Custody Issues Child custody issues include support and visitation matters. Among the matters assessed when determining custody are a child's school; the nature of his/her activities and desires; his/her relationships with siblings; and the parents' work schedules, social life, and related issues. Child Support A legal obligation of financial maintenance to one's child/children. In the event of divorce, the dollar amount may be determined by a Court or by a private agreement, depending on a state's child support laws or guidelines. Cholesterol A white, crystalline substance found in animal tissues and various foods, that is normally synthesized by the liver. Its level in the bloodstream can influence the pathogenesis of certain conditions, such as the development of atherosclerotic plaque and coronary artery disease. Codicil A document that changes a valid Will. It may do this by adding to, subtracting from, revoking provisions, altering, qualifying, explaining, or modifying that existing Will. COBRA See Consolidated Omnibus Budget and Reconciliation Act. Conjunctivitis An infection on the inside of the eyelid. Also known as Pink Eye. Consolidated Omnibus Budget and Reconciliation Act (COBRA) Health insurance coverage, which is mandated, with certain restrictions. Continuing Care Retirement Community (CCRC) A senior facility that accommodates a person through various stages of aging by offering a wide range of services. Coronary Angiography The most accurate tool for evaluating coronary artery disease. Also known as cardiac catherization. Coronary Artery Disease (CAD) A medical condition whereby the coronary arteries are narrowed or completely blocked. Corporate Bonds A bond issued by a corporation; it protects, but does not guarantee, principal and provides a steady income-stream. Counseling, Financial Advice regarding one's financial assets, based on present and future needs and desires. Credit Shelter Trust An estate planning tool that allows spouses to maximize the use of both of their estate tax credits, rather than only protecting $675,000 (in the year 2000) from estate tax. Crummey Powers A withdrawal power given to a trust beneficiary. Cerebrovascular Accident (CVA) A stroke caused by the loss of a blood supply to a particular portion of the brain. Back To Top An adult daytime healthcare facility that offers structured programs, as well as nursing, rehabilitation, and personal services. Daycare, Child A child's daytime facility, which provides caretaking services. Decedent A deceased individual. Defined Benefit Plan A qualified employee benefit plan whose contribution is actuarily-based. The amount paid out under this type of plan is definite. Defined Contribution Plan A qualified employee benefit plan whose contribution is formula-based. The amount paid out under this type of plan is indefinite. Devise Real property given to someone through a Will. Compare to Bequest. Diabetes A disease defined by a serum blood sugar level exceeding 126. Disability Insurance Coverage that protects an individual financially if that individual is unable to work due to an incapacity as defined by the policy. Discharge Planning A customized plan that helps a patient make a smooth transition from the hospital to the post-hospital environment. Distributee A person who inherits by statute part or all of a decedent's personal property when the decedent dies without a Will (intestate). Dynasty Trust An estate planning tool that permits the passage of significant wealth through multiple generations, without each generation having to pay transfer taxes. Dyslexia A learning disability, whereby an individual has difficulty processing information. The difficulty an individual may experience may manifest itself in reading, writing, speaking thoughts, or having problems following directions. Back To Top A college-savings mechanism limited to a $500 annual contribution. Equal Employment Opportunity Commission (EEOC) A commission created through the Civil Rights Act of 1964. Its purpose is to end race, color, religious, age, gender, and national origin discrimination as they relate to hiring, promoting, firing, wages, testing, training, and all other employment-related issues. Estate Planning Determining and documenting what will happen to one's assets upon one's death. Estate Taxes Taxes paid from a decedent's estate to the IRS or to the State. The executor/trix or administrator/trix is responsible for ensuring that the taxes are paid. Estrogen Replacement Therapy (ERT) A prescription treatment used to restore a woman's estrogen to premenopausal levels. Executor/Executrix The person or persons (co-executors) named in a Will by the testator (the Will's creator) who are to carry out the Will's provisions upon the testator's death. An executor is male; an executrix is female. Excise Tax With relation to an estate, the tax that is passed on an estate's transfer is considered an excise tax. Back To Top An employee investment plan that allows the employee to make pre-tax contribution, which may be fully matched or matched by a fixed percentage by the employer. As of the year 2000, an employee may contribute up to 6% of pre-tax pay. 403(b) Plan An employee investment plan for not-for-profit employers, whereby an employee makes a pre-tax contribution, which is fully matched or matched by a fixed percentage by the employer. Family Caregivers See Caregivers, Family. Family Counseling Professional advice that may include a number of domestic issues, including marriage, children, education, divorce, and abuse. Federal Deposit Insurance Corporation (FDIC) An independent government agency that insures deposits in qualified institutions. As of the year 2000, the maximum amount that an individual may have fully insured in a single institution was $100,000. Free Application for Federal Assistance (FAFSA) A financial aid form required by most colleges and universities before financial aid can be calculated. Fiduciary A person who has been appointed to act in a position of trust or confidence. This person is obligated to act in good faith. Examples include a trustee, an executor/trix, a guardian, a partner, an administrator/trix, and a personal representative. Financial Planning Determining how one will handle one's financial assets, including current and future saving, investing, and spending practices. Functional Incontinence A strong urge to urinate that stems primarily from external factors, such as diueretics. It may also stem from physical disabilities, such as arthritis, which prevent a person from getting quickly to the bathroom. Back To Top A right granted to a donee to pass an interest in personal or real property to whomever the donee chooses. Grantor A person who legally transfers property from one person to another. A Trust's creator is also known as a Grantor. Guardian of the Person A person who is legally responsible for a minor's care and custody. This person may be named by a Will's maker or appointed by a court if the Will has made no provisions for the minor. Guardian of the Property A person who is legally responsible for a minor's property until that minor becomes an adult. Back To Top A person entitled by statute to inherit part of a deceased person's estate, when the deceased person has died without a Will (intestate). See also Distributee. High Density Lipoprotein (HDL) High density lipoprotein levels have been correlated with a lower risk for heart disease. Less than 35 mg/dl is considered a positive risk factor for coronary artery disease; over 60 mg/dl is considered a negative risk factor for heart disease. HMO Health Maintenance Organization. See also Medicare HMO. Hypertension Abnormally elevated blood pressure. Back To Top A Trust whereby the Trustee oversees the funds, paying out an annual income to the Trust's beneficiaries. Incontinence The inability to control urine flow. Individual Retirement Account (IRA) A retirement savings tool, whereby one makes annual tax-deductible contributions of up to $2,000 of earned income into an account designated specifically as an IRA. The IRA also allows one to contribute up to an additional $2,000 for a non-income-earning spouse. Inflation An increase in market costs that lessens the value of the dollar. Insulin A pancreas-produced hormone that lowers blood sugar levels. Minimal or a total lack of insulin production is characteristic of juvenile diabetes (Type 1 diabetes). The pancreas' inability to respond appropriately by producing the correct amount of insulin (often producing too much insulin) is characteristic of Type 2 diabetes. Insurance Trust A Trust paid from insurance policies or insurance proceeds. Inter Vivos Trust A Trust created during one's lifetime. It is often established to ensure one's own personal and financial welfare in the event of incapacity, or to minimize the time and expense of a probate proceeding. Also known as a Revocable Living Trust. Intestate To die without a Will. In-Trust-For Account See Totten Trust. In Vitro Fertilization A fertilization technique whereby a woman's eggs are fertilized outside of her body. The fertilized eggs (embryos) are allowed to grow for a period of time before being implanted in the woman's uterus. IRA See Individual Retirement Account. Irrevocable Life Insurance Trust A type of Irrevocable Living Trust whereby the Trust is funded from one's life insurance policies, thus removing the proceeds of those policies from one's taxable estate upon death. Irrevocable Living Trust A Trust that allows an asset's ownership transfer without giving the recipient total access to that asset. See also Irrevocable Life Insurance Trust. Back To Top An account that is held in two or more names. Each individual has complete access to the account. When one owner dies, that person's interest passes equally to the remaining owner(s). Joint and Survivor Annuity A fixed sum paid at regular intervals through the lifetimes of the owners of the annuity. Upon the death of one owner, the surviving owner continues to receive the same or a reduced payment. Typically, spouses would have this type of annuity. Junior College A two-year educational institution. Juvenile Diabetes A physical condition caused by minimal or total lack of insulin production by the pancreas. Also known as Insulin-Dependent Diabetes Mellitus (IDDM). Back To Top An insurance contract that ensures some sort of compensation, as designated in the policy, if the conditions under which one suffers a loss are covered in the policy. Life Estate The right for one to have the full use of specified real property, as a life tenant, throughout one's lifetime, without having full title to that same property. Generally, the life tenant is responsible for upkeep, mortgage payments, insurance, and other financial obligations, while being assured of the right to use the property until his/her death. Living Trust A Trust created during one's lifetime. It is often established to ensure one's own personal and financial welfare in the event of incapacity or to minmize the time and expense of a probate proceeding. Also known as an Inter Vivos Trust. Low Density Lipoprotein (LDL) High levels of low density lipoprotein are considered a positive risk factor for developing coronary artery disease. Less than 130 mg/dl is desirable; 130 to 159 mg/dl is borderline-high; over 160 mg/dl is high. Back To Top A life insurance policy that does not pay a dividend. Compare to Participating Policy. Nonprobate Assets Assets that transfer automatically to another person or beneficiary upon one's death. Nonprobate assets are not controlled by a Will. Nursing Home A living facility that may provide its clients with any combination of skilled nursing and/or medical needs, as well as personal care needs, including dressing, eating, toileting, and walking. Back To Top The contribution of one's body organs after one's death, such that a living person may benefit from those organs. The organ donor must specify that s/he wants his/her organs to be used upon death. Osteoarthritis A type of degenerative arthritis, whereby the cartilage cushion within the joint breaks down, thus causing further degeneration to the adjacent bone(s). Osteoporosis A progressive decrease in bone density that ultimately makes bones weak and brittle. Back To Top A degenerative, nervous system disorder characterized by shaking, sluggishness when initiating movements, and muscle stiffness. Participating Policy A life insurance policy that pays a dividend. Compare to Nonparticipating Policy. Pink Eye See Conjunctivitis. PLUS Loan A college loan provided by the Federal government. It allows parents to borrow sufficient money to pay for their child's education, with an interest rate that may not exceed 9 percent. (Compare to Stafford Loan). Portal A website intended to link the user to numerous related websites. Power of Attorney A legal document that one signs, giving another party(ies) the authority to make certain property, financial, and other legal decisions on behalf of the signer. Preliminary Scholastic Aptitude Test (PSAT) A preparatory test for the Scholastic Aptitude Test (SAT). An exceptional score on this test may qualify a child for the National Merit Scholarship Program. Prenuptial Agreement A pre-marriage contract that details how one's assets are to be distributed in the event of divorce or death. Also known as an Antenuptial Agreement. Probate A Court procedure whereby a Will's validity is determined and the deceased's estate is administered. Profit-Sharing Plan A tax-deferred retirement plan that allows one to share in his/her employer's profits. Prostate A male organ located beneath the bladder. The prostate produces fluid to nourish the sperm. Prostate Cancer A slow-growing, progressive cancer of the prostate gland. There are often no symptoms, or symptoms may resemble benign prostatic hyperplasia. PSAT See Preliminary Scholastic Aptitude Test. Psychotherapy Treatment by a mental health professional, whereby psychologic techniques are used. Settings may be one-on-one with the therapist, in a group, or with the family. Therapists may include psychiatrists (who may administer drugs), psychologists, some pastoral counselors, nurses, and social workers. Back To Top A Trust that allows one to transfer his/her residence/vacation property to a Trust on a highly leveraged transfer tax basis and still collect income from or use the property for the Trust's term. This Trust is often used to freeze the value of estate assets for tax purposes. (See page 76.) Qualified Terminable Interest Property Trust A Trust that allows one to dictate how his/her property will be distributed upon the death of the surviving spouse. Back To Top A slow, progressive cancer of the rectum. There are often no symptoms until the cancer is extensive. Bleeding during a bowel movement is often the first symptom that one experiences. Reparation Payment A payment made to correct a previous wrong that has been done. For example, many United States' Holocaust survivors and their heirs have received payments. Respite Care Temporary care offered for an elderly or ill individual who needs constant care, such that the regular caretaker(s) may take a break from caregiving services. Respite care may last for several days or weeks, and it may take place in the home or in a facility such as an adult home, assisted living facility, or nursing home. Reverse Equity Mortgage A monthly payment by the lender fo the homeowner for either a term of years or for the life of the homeowner. Revocable Living Trust See Inter Vivos Trust. Risk Management Determining an individual's risk level by weighing the major investment risks of inflation, market, and the investment management. Roth IRA A retirement savings tool that allows one to contribute up to $2,000 per year of after-tax savings. This investment grows tax free and is never taxed again, even upon withdrawal. Back To Top A standardized college entrance exam that measures one's verbal and mathematical abilities. Simplified Employee Pensions (SEPs) A retirement savings tool for a self-employed individual who has no employees. Series EE Bonds Government-backed bonds that offer interest rates similar to those paid by banks. Federal income tax is deferred, and there are no state or local income taxes applied to these bonds. Series HH Bonds Government-backed bonds that provide periodic payouts to the bondholder. Sexual Dysfunction Difficulty performing sexual intercourse due to physical, mental, emotional, and/or relationship problems. Sexually Transmitted Diseases (STDs) Infectious diseases that are passed between people as the result of sexual contact. These diseases include gonorrhea, syphilis, HIV infection and AIDS, genital herpes, chlamydia, and a variety of other infections. Shared Housing A program in which an elderly person is matched with another individual who needs a place to live. Shivah A Jewish tradition whereby upon the death of an individual, there is a period of deep mourning for one week to the next Sabbath, followed by twelve months of regular religious services attended by the mourners. Sibling Rivalry A competitive dispute between the children in a family, whereby "pointing a finger" at the other is intended to make the accuser look better in the eyes of the parent. Single Life Annuity A payout of a fixed amount in periodic payments over the lifetime of the annuitant. Upon the death of the annuitant, the payments stop, leaving nothing to a surviving spouse or family members. Springing Durable Power of Attorney A conditional legal document that one signs, giving another party(ies) the authority to make certain property, financial, and other legal decisions on behalf of the signer. The authorization to act by the springing durable power of attorney depends on the occurrence of a certain event that is identified in the document, such as the certified mental incapacity of the signer. Stafford Loan A federal loan available to students who apply for and qualify for financial aid for college. Standard Deductions Fixed-amount deductions that may be entered on income tax returns based on certain criteria. These deductions do not require back-up documentation. Statins A class of drugs that cause a dramatic reduction of low-density lipoproteins (LDL) and total cholesterol levels in the bloodstream. Stocks Documents that represent one's ownership of a corporation and participation in corporate profits through dividends. Straight Life Insurance A whole life insurance policy whose premiums do not change throughout the coverage period. Stress Test An exercise tolerance test designed to reveal problems that may not be identifiable when the body is resting. Stroke See Cerebrovascular Accident. Supplemental Needs Trust (SNT) A legal document that allows certain financial resources to be used to improve the life of a disabled child without jeopardizing that child's eligibility for governmental assistance. Back To Top Property ownership held equally by a husband and wife, whereby if either one dies, all of the property immediately passes to the surviving spouse. Tenants in Common Property ownership held equally by all parties, whereby if one party dies, that person's share is passed to his/her estate, not to the surviving party(ies). Term-Life Insurance The least costly form of life insurance, which provides coverage for a specified period of time, as decided by the insured and the insurance carrier. One's beneficiary receives the policy's proceeds only if the insured dies within the specified period. Testamentary Trust A Trust created within a Will that ensures that one's assets are held, managed, and distributed in specific manner upon one's death. Tissue Donation The contribution of one's body tissues after one's death, such that a living person may benefit from the tissue. The tissue donor must specify that s/he wants his/her tissue to be used upon death. Totten Trust A revocable account owned by a donor for the benefit of a minor or other named-beneficiary. Also known as an In-Trust-for Account. Treasury Bills Bonds that may be purchased directly from the U.S. Treasury or through a financial institution. The bonds are very secure, but carry a minimal interest rate. Interest is tax exempt by state and local governments, however, federal taxes are payable. Triglycerides A major fat found in the blood. The affect of a high-level of triglycerides as a contributing factor to heart disease or stroke is uncertain, although a level of 250 mg/dL is considered abnormal. Levels above 800 mg/dL may result in pancreatitis. Back To Top An estate planning device intended to pass up to $675,000 of property to another party free of estate taxes. This amount is scheduled to increase annually. Uniform Gifts to Minors Act (UGMA) A custodian (who is not subject to a Court's control), rather than a guardian, monitors a minor's gift until the minor reaches the age of majority. The custodian may be another adult, a bank, or a Trust company. Gifts under $10,000 are excluded from gift taxation. Uniform Transfers to Minors Act (UTMA) See Uniform Gifts to Minors Act. Universal Life Insurance Whole-life insurance, which provides investment options for added flexibility. Urinary Incontinence The inability to control urine flow. It may be caused by drugs, or physical, emotional, and/or mental problems. Back To Top Whole-life insurance, which provides investment options for added flexibility. (See page 186.) Vision Impairment A temporary or permanent disturbance in what is classified as "normal" vision. Its causes may include aging, disease, injury, and genetic factors. Vocational Education An educational program intended to help non-college-bound students obtain career-oriented, self-sustaining employment after high school. Back To Top A Christian practice regarding the viewing of a deceased. Details of a wake, such as location, open/closed casket, music, and so forth, are dictated by personal preference. Well-Child Care Regular medical appointments, proper nutrition, and timely immunizations for children. Well-Child Care is intended to monitor and ensure a child's growth and development, such that appropriate measures may be taken, if necessary, to prevent or to correct potentially lifelong problems. Whole-Life Insurance Life insurance that stays in effect for the entirety of one's life. It has a fixed premium, based on the age at which one took out the policy, and it pays a dividend. There is a residual cash value that one may use before death, or the policy may remain in tact for a beneficiary. Will A revocable document that specifies how one's personal and real property are to be distributed upon one's death. |
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