An inducement, using maximum incentives and financial benefits, for an older worker to take "voluntary" early retirement. A golden boot is usually offered by companies planning on downsizing or hiring new employees. The goal for these companies is to avoid potential lawsuits stemming from labor laws that protect employees from age discrimination.
The stage in an investor's life where he or she seeks to use his or her accumulated wealth to provide for the current and future needs of family and friends, as well as to leave a mark on the world by funding charities of his or her choice through philanthropy. The investor's concerns during this phase shift from matters of capital accumulation to estate planning and tax minimization. While investing is indeed all about making money, the gifting phase of a successful investor's life can be the most personally fulfilling reward for a commitment to long-term investing. Many prominent investors who were aggressive capitalists in their heyday have gone on to be great philanthropists: for example, the infamous Michael Milken, who made a fortune in the junk bond market in the 1980s but now donates large amounts of money to support prostate cancer research.
A federal tax applied to an individual giving anything of value to another person. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, but may pay an amount less than its full value. It is the giver of the gift who is required to pay the gift tax. The receiver of the gift may pay the gift tax, or a percentage of it, on the giver's behalf in the event that the giver has exceeded his/her annual personal gift tax deduction limit. The following are generally excluded from gift tax:1. Gifts to one's spouse.2. Gifts to a political organization for use by the political organization.3. Gifts that are valued at less than the annual gift tax exclusion for a given year.4. Medical and educational expenses - payments made by a donor to a person or organization such as a college, doctor or hospital. As the regulations applied to gift taxes are very complicated, it is best to check with your respective tax authorities if you have given anyone a gift valued at more than $13,000 for 2009.
A gift given during the life of the grantor. Following a gift inter vivos, the grantor no longer has any rights to the property, and can not get it back without the permission of the party it was gifted to. This type of gift has two major benefits. The first is that since the gift was given prior to death, it is not considered part of the estate and is therefore not subject to probate taxes. Also, if given as a donation to a charitable foundation, the gifter can use the value amount as a tax credit on his/her tax return.
A type of legally binding trust agreement in which the contributed assets are passed down to the grantor's grandchildren, not the grantor's children. The generation to which the grantor's children belong skips the opportunity to receive the assets in order to avoid the estate taxes that would apply if the assets were transferred to them. Because a generation-skipping trust effectively transfers assets from the grantor's estate to his or her grandchildren, the children of the grantor never take title to the assets. This is what allows the grantor to avoid the estate taxes that would apply if the assets were transferred to his or her children first.Generation-skipping trusts can still be used to provide some financial benefits to a grantor's children, however, because any income generated by the trust's assets can be made accessible to the grantor's children while still leaving the assets in trust for his or her grandchildren.
A benefit term that guarantees that the beneficiary, as named in the contract, will receive a death benefit if the annuitant dies before the annuity begins paying benefits. The benefit received differs among companies and contracts, but the beneficiary is guaranteed an amount equal to what was invested or the value of the contract on the most recent policy anniversary statement, whichever is higher. This benefit gives the annuitant peace of mind by guaranteeing that his or her beneficiary will be protected from down markets and decreases in account value. For example, if there is an economic downturn and the overall market falls by 20% when the annuitant dies, the beneficiary will still receive the full guaranteed amount as dictated by the terms of the annuity and death benefit.
A mutual fund or ETF that has a dual strategy of capital appreciation (growth) and current income generation through dividends or interest payments. A growth and income fund may invest only in equities or in a combination of stocks, bonds, REITS and other securities. Growth and income funds are popular among investors with moderate (but not excessive) appetites for risk – the ever-popular “balanced investor.” Although returns will typically lag those of pure growth funds, sometimes high-yielding stocks become favored in the stock markets, driving up the growth and income funds to superior performance. The stability of these funds appears most attractive when the broad economy looks to be weakening.
An estate planning technique that minimizes the tax liability existing when intergenerational transfers of estate assets occur. Under these plans, an irrevocable trust is created for a certain term or period of time. The individual establishing the trust pays a tax when the trust is established. Assets are placed under the trust and then an annuity is paid out every year. When the trust expires the beneficiary receives the assets tax free. Under these plans, the annuity payments come from interest earned on the assets underlying the trust or as a percentage of the total value of the assets. If the individual who establishes the trust dies before the trust expires the assets become part of the taxable estate of the individual, and the beneficiary receives nothing.
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