Laws designed to protect the value of a home from property taxes and creditors following the death of a homeowner spouse. A homestead exemption can be found in state statutes and constitutional provisions across the U.S. and is an automatic benefit in some states. In states where the homestead protection is not automatic, homeowners must file a claim which must be re-filed when moving primary residences. The primary features of homestead exemptions are typically meant to provide shelter for the surviving spouse while preventing the forced sale of a home to meet creditor obligations and property taxes. Most homestead exemptions use a monetary value to determine property tax protection, implementing a progressive-style tax to home value in order to assure that homes with lower assessed value benefit the most from the exemption.
A program in Canada that allows RRSP holders to withdraw up to $25,000 from their plan to buy or build a home for themselves. The major benefit of the Home Buyer's Plan (HBP) is that you are allowed to withdraw the funds tax free as long as they are used to buy/build your first home. You are given 15 years after the second year of withdrawal to pay the money back into your RRSP. The amount you have to pay back per year is 1/15th of the total amount you took out of your RRSP. Failure to pay back the funds may result in having to declare the funds you withdrew as part of your income. For more information on the HBP, contact the Canada Revenue Agency or visit their website.
A holographic will is a will that is handwritten and signed by the testator (the person who makes the will). Some states do not recognize holographic wills and those that do require the will to meet certain requirements. The minimal requirements that must be met for a holographic will to be recognized are: Proof that the testator actually wrote the will Proof that the testator had the mental capacity to write the will The will must contain the testator's wish to disburse personal property to beneficiaries. To avoid fraud, some states require that a holographic will contain the maker's signature. A holographic will does not have to be witnessed or notarized. However, if the will is typed instead of handwritten and it is unwitnessed, then the will is invalid because typed wills must be witnessed.
All or part of a person's estate/assets that is given to an heir once the person is deceased. Most countries tax any inheritances.
In some states in the U.S. (and in the United Kingdom), a tax imposed on those who inherit assets from a deceased person. The tax rate for inheritance taxes depends on the value of the property received by the heir or beneficiary and his/her relationship to the decedent. Inheritance tax is known in some countries as a "death duty" and is occasionally called "the last twist of the taxman's knife". Inheritance tax is not the same as estate tax, which is imposed on the total value of a person's estate when that person dies. Rather, inheritance tax is imposed on the property that is passed to an heir.
A retirement investment vehicle that is structured similarly to a individual retirement account (IRA), except that in this instance, an annuity contract must be purchased, subject to a number of conditions which must be met. An individual retirement annuity must be issued in the owner's name, and only the annuity owner or their surviving beneficiaries are eligible to receive benefits from the contract. Annuity payments may be made by persons other than the primary holder. A number of specific requirements apply to individual retirement annuities. For instance, the owner's entire interest in the annuity must be fully vested, and the owner is not allowed to transfer any of their balance to another person. These types of investment accounts must allow for flexible premiums, and annual contributions are capped at a specified maximum, which was $4,000 for the 2005 to 2007 period and $5,000 in 2008. Distributions from this type of annuity must be made before April 1 of the year in which the owner reaches the age of 70.5.
A method of transferring assets from a tax-deferred 401(k) plan to a traditional individual retirement account (IRA). With this method, the funds are actually given to the employee via check to be deposited into their own personal account. With an indirect rollover, it is then up to the employee to redeposit the funds into the new IRA within the allotted 60 day period to avoid penalty. Monies transferred by this method are subject to withholding rules which in essence cost the employee 20% of the amount to be transferred. However, the employee has full use of the funds for the entire 60 day period, and has the choice of whether to redeposit into the IRA or not. If the employee chooses not to redeposit, the entire amount is subject to tax.
A worker's past wages that have been adjusted for changes in the overall wage level in the economy. Indexed earnings are generally used in computing pension-type benefits. Since wage levels generally rise over time, a worker's earnings in the past must be adjusted so they can be measured against what the worker would have made at the present wage level. Social Security benefits in the U.S. are calculated using average indexed monthly earnings, a type of indexed earnings. Indexing earnings allows the Social Security Administration to award benefits which account for changes in standard of living. If earnings were not indexed in this manner, then retirees would receive much lower benefits that would be out of proportion to the true buying power of their earnings in prior years.
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