A slang term for having been negatively affected by senior management's inappropriate actions or decisions. Being "Enroned" can happen to any stakeholder, such as employees, shareholders or even suppliers. The term is derived from the name Enron, which was an American energy company that filed for bankruptcy in late 2001 due to accounting fraud. These ill actions caused thousands to lose their jobs and investment value. In any large corporation there is faith placed in upper management to make the right decisions and lead the company into profitability. When the company makes decisions that cause job loss or the reduction in benefits, the affected individual is said to have been "Enroned". For example, if someone has lost their job because their employer was shut down due to illegal activities that they had nothing to do with, they have been "Enroned."
A company-run program in which participating employees can purchase company shares at a discounted price. Employees contribute to the plan through payroll deductions, which build up between the offering date and the purchase date. At the purchase date, the company uses the accumulated funds to purchase shares in the company on behalf of the participating employees. The amount of the discount depends on the specific plan but can be as much as 15% lower than the market price. Depending when you sell the shares, the disposition will be classified as either qualified or not qualified. If the position is sold two years after the offering date and at least one year after the purchase date, the shares will fall under a qualified disposition. If the shares are sold within two years of the offering date or one year after the purchase date the disposition will not be qualified. These positions will have different tax implications.
A pooled investment account provided by an employer that allows employees to set aside a portion of their pretax wages for retirement savings or other long-term goals (i.e. paying for college tuition, purchasing a home). Many employers match their employees' contributions up to a certain dollar amount, or by a certain percentage. Employees are always fully vested in their own employee savings plan (ESP) contributions. However, many plans require that employees remain employed for a minimum amount of time before they are vested and eligible to withdraw employer-matched funds. ESPs can be an attractive and relatively easy way for employees to lower their taxes and save for long-term goals.
An IRA that allows a second generation beneficiary to continue to distribute the assets over the life expectancy used by the first generation beneficiary, thereby extending the IRA. An individual who inherits IRA assets from the original IRA owner is referred to as the first generation beneficiary. This individual is able to distribute the assets over his or her life expectancy or the remaining life expectancy of the IRA owner. If the first generation beneficiary subsequently dies, his or her designated beneficiary is the second generation beneficiary. This type of IRA is used by those who no longer need - or want - to spend all of their IRA assets at the same time. Extended IRAs can have extensive tax benefits because second generation beneficiaries are allowed to continue distributions over the life expectancy used by the first generation beneficiary, thereby spreading the tax burden from distributions over a long period.
The penalty a retirement account owner or the beneficiary of a retirement account must pay when he or she fails to distribute a minimum amount due for a year from the retirement account. The failure to distribute this amount will result in the individual being subject to an excess accumulation penalty of 50 percent of the amount not distributed from the account. This amount is then owed to the IRS.
All of the valuable things an individual owns, such as real estate, art collections, collectibles, antiques, jewelry, investments and life insurance. The value of a personal estate usually becomes very important upon the death of the person in question. Those in line for inheritance often have to pay an inheritance tax on the estate. This tax can be very large, forcing the beneficiary to sell some of the inherited assets in order to pay the tax bill.
The collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Some of the major estate planning tasks include:- Creating a will- Limiting estate taxes by setting up trust accounts in the name of beneficiaries- Establishing a guardian for living dependents- Naming an executor of the estate to oversee the terms of the will- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s- Setting up funeral arrangements- Establishing annual gifting to reduce the taxable estate - Setting up durable power of attorney (POA) to direct other assets and investments Estate planning is an ongoing process and should be started as soon as one has any measurable asset base. As life progresses and goals shift, the estate plan should move to be in line with new goals. Lack of adequate estate planning can cause undue financial burdens to loved ones (estate taxes can run higher than 40%), so at the very least a will should be set up even if the taxable estate is not large.
When property and/or an estate is transferred to the government because a person has died without a will or an heir to his or her estate. Transferred property can be claimed back by relatives if they have a worthwhile case.
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