1. A beneficiary specified by an insurance contract holder who will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid. 2. A beneficiary who is only entitled to insurance proceeds if predetermined conditions have been met at the time of the insured's death (as can be found in a will). Contingent and primary beneficiaries can be changed if the policy is a revocable one, such as with many individual policies. In the business world, most policies are irrevocable, as they are only meant to insure the person(s) originally specified as beneficiaries. Virtually any conditions may be in place for a contingent beneficiary of a will as this depends entirely on the person drafting the will.
The ways in which people try to optimize their lifetime standard of living by ensuring a proper balance of spending and saving during the different phases of their life. Those who overspend and put off saving for retirement to enjoy a higher standard of living often have to work longer or reduce their standard of living in retirement. Those who over save will live a more frugal lifestyle while working to enjoy a better lifestyle while retired. In each case, the overall standard of living is less than optimal. Saving for retirement is a delicate balancing act. By having a a better understanding of the saving and spending requirements to smooth out standard of living, one can have a a better overall standard of living, at least in theory. But this is easier said than done, and striking this balance is one of the major challenges of financial planning.
A circumstance in which the court declares an individual unable to take care of legal matters and appoints another individual, known as a conservator, to do so. This is sometimes referred to as "LPS Conservatorship". The LPS stands for Lanterman, Petris and Short - the three senators who passed California's mental health conservatorship laws.
An adverse health condition that confines an individual to his or her home or a medical facility such as a hospital or nursing home. Health insurance policy rates take note of individual records and family records of historic confining conditions. Confining conditions are often used in health insurance plans as a breakpoint for coverage. Some plans will not reimburse for treatments and/or procedures until a specific medical condition has become a confining condition.
A traditional IRA that holds only assets that were distributed from a qualified plan. Typically, the intention of using this type of plan is to store assets until they can be rolled into a new employer's qualified plan. Should any other assets be commingled with the assets in a conduit IRA, the IRA will lose its conduit status and the assets are no longer eligible for capital gains and forward averaging tax treatments. There is no limit on the contributions transferred to a conduit IRA.
A retirement plan in which a certain amount or percentage of money is set aside each year by a company for the benefit of the employee. There are restrictions as to when and how you can withdraw these funds without penalties. There is no way to know how much the plan will ultimately give the employee upon retiring. The amount contributed is fixed, but the benefit is not.
An employer-sponsored retirement plan where employee benefits are sorted out based on a formula using factors such as salary history and duration of employment. Investment risk and portfolio management are entirely under the control of the company. There are also restrictions on when and how you can withdraw these funds without penalties.Also known as "qualified benefit plan" or "non-qualified benefit plan". This fund is different from many pension funds where payouts are somewhat dependent on the return of the invested funds. Therefore, employers will need to dip into the companies earnings in the event that the returns from the investments devoted to funding the employee's retirement result in a funding shortfall. The payouts made to retiring employees participating in defined-benefit plans are determined by more personalized factors, like length of employment.A tax-qualified benefit plan, shares the same characteristics of a defined-benefit plan, but also provides the beneficiary of the plan with added tax incentives. These tax incentives are not realized under non-qualified plans.
Taxes imposed by the federal and/or state government on someone's estate upon their death. These taxes are levied on the beneficiary that receives the property in the deceased's will; the tax amount is based on the property's value at the time of the owner's death. Also called death duties or inheritance tax. The term was first coined in the 1990s to describe estate and inheritance taxes by those who want such taxes eliminated.
登录
工商服务
危机公关
金融律师
app开发
财税服务
金融牌照
网站建设
知识产权
企业征信
审计评估