Explain each of these terms: (a) Grantor (b) Trustee (c) Beneficiary (d) Pour-over will (e) Testamentary trust

Question:

Explain each of these terms:
(a) Grantor
(b) Trustee
(c) Beneficiary
(d) Pour-over will
(e) Testamentary trust
(f) Irrevocable life insurance trust.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Personal Financial Planning

ISBN: 978-1111971632

13th edition

Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley

See More Books

Question Posted: Feb 13, 2015 09:41 AM

See More Questions

Explain each of these important terms in issuing bonds: (a) Face value. (b) Contractual interest rate. (c) Bond certificate.
Explain each of these methods: a. The plan-do-study-act (PD SA) cycle b. The 5W2H approach
Explain each of these familiar phenomena in terms of what you learned in this chapter: (a) Pimples, (b) Dandruff, (c) Greasy hair and "shiny nose," (d) Stretch marks from gaining weight, (e) Freckles.
A company is deciding whether to produce a new gadget at a plant located in a country close to consumers at a higher labor cost and shorter lead time or to outsource it to a country with a low labor...
The rolling resistance of a car depends on its weight as: F = 0.006 mg. How long will a car of 1400 kg drive for a work input of 25 kJ?
Interview three teachers and ask them several questions. First, do they believe it is important for students to use learned skills outside of the classroom? Second, what tactics do they use to ensure...
Describe the various scenarios for project termination. AppendixLO1
When a new process moves from the ready state to the running state ( in Figure), each register in the CPU must be set either to initial values or to the values the process had when it was last...
3. A stock just paid a cash dividend of $2.20 per share. It is expected to grow at 15% per year for the next 5 years. After that, the growth will stabilize at 4% per year forever. The required return...
Galle Inc. entered into the following transactions during January. a. Borrowed $50,000 from First Street Bank by signing a note payable. b. Purchased $25,000 of equipment for cash. c. Paid $500 to...
What is a living (inter vivos) trust? Distinguish between a revocable living trust and an irrevocable living trust.
What is a gift, and when is a gift made? Describe the following terms as they relate to federal gift taxes: (a) Annual exclusion (b) Gift splitting (c) Charitable deduction (d) Marital deduction.
Acadia Inc. owns the following long-lived assets: Instructions (a) Prepare depreciation adjusting entries for each asset for the year ended December 31, 2018, assuming the company uses straight-line...
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity...
Openthe Phetsimulation Charges and Field from this link: ( https://phet.colorado.edu/en/simulation/charges-and-fields ) . In this simulation, a little different model is used: the little yellow "E...
A particle of mass m that is moving along the x-axis is experiencing a restoring force of the form F = -k+x, where kf is the spring constant. The Hamiltonian for this system is given as: = d 2m dx +...
Distinguish carefully between the following terms: i) Resolution and Sensitivity. ii) Type A and Type B evaluations of measurement uncertainty. [30%] (b) Describe two common schemes used for the...
Write out the form of the partial fraction decomposition of the function (See Example). Do not determine the numerical values of the coefficients. (a) +3 x5 + 2x3 A B C x Dx + E ++++ 2+2 6 (b)...
What is a code of ethics, and how do such codes add to the integrity of accounting information?
Find the equations of the ellipses satisfying the given conditions. The center of each is at the origin. Passes through (2, 2) and (1, 4)
What are the strengths of MST and FFT as treatment approaches to serious delinquents?
Assuming that interest is the only finance charge, how much interest would be paid on a $5,000 installment loan to be repaid in 36 monthly installments of $166.10? What is the APR on this loan?
1. How much would Anita (a) Receive in initial loan proceeds (b) Be required to repay at maturity under the North Carolina State Bank loan? 2. Compute (a) The finance charges (b) The APR on the loan...
1. Using Exhibit 7.5 or a financial calculator, determine the required monthly payments if the loan is taken out at First National Bank of Charlottesville. 2. Compute (a) The finance charges (b) The...
Break-Even Sales and Sales to Realize Income from Operations For the current year ending October 31, Yentling Company expects fixed costs of $537,600, a unit variable cost of $50, and a unit selling...
You buy a stock for $35 per share. One year later you receive a dividend of $3.50 per share and sell the stock for $30 per share. What is your total rate of return on this investment? What is your...
Filippucci Company used a budgeted indirect-cost rate for its manufacturing operations, the amount allocated ($200,000) is different from the actual amount incurred ($225,000). Ending balances in the...

Explain each of these terms: (a) Grantor (b) Trustee (c) Beneficiary (d) Pour-over will (e) Testamentary trust

Question:

Step by Step Answer:

a The grantor is a party in a trust relationship who transfers property to a second party the truste...View the full answer

Personal Financial Planning

Students also viewed these Corporate Finance questions