A trust whereby provisions can be altered or canceled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries.Also referred to as a "revocable living trust". This type of agreement provides flexibility and income to the living grantor; he or she is able to adjust the provisions of the trust and earn income, all the while knowing that the estate will be transferred upon death.
A situation in which a government imposes taxes on a particular group of its citizens, despite the citizens not consenting or having an actual representative deliver their views when the taxation decision was made. This situation was one of the triggering events that spurred the original thirteen American colonies to revolt against the British Empire. During the 1760s, American colonists were not satisfied at the fact that all taxation related decisions were made by people living across an ocean, unaware of concerns in their colony. Colonists sought to challenge the status quo, which lead to a full blown revolution where the colonies fought the British empire for its own independence to have a right to govern its own affairs.
A federal law enacted in 1968 with the intention of protecting consumers in their dealings with lenders and creditors. The Truth in Lending Act was implemented by the Federal Reserve through a series of regulations. The most important aspects of the act concern the pieces of information that must be disclosed to a borrower prior to extending credit: annual percentage rate (APR), term of the loan and total costs to the borrower. This information must be conspicuous on documents presented to the consumer before signing, and also possibly on periodic billing statements. |||TILA applies to most types of credit, whether it be closed-end credit (such as an auto loan or mortgage), or open-ended credit (such as a credit card). The act regulates what companies can advertise and say about the benefits of their loans or services. For example, borrowers considering an adjustable-rate mortgage must be offered specific reading materials from the Federal Reserve Board to ensure they understand the parameters of an ARM. Different states and industries have their own variations of TILA, but the chief feature remains the proper disclosure of key information to protect both the consumer and the lender in credit transactions.
A company owned by Barry Minkow in the 1980s. Through such means as forgery and theft, Minkow appeared to be building a multimillion dollar corporation. ZZZZ Best went public in December of 1986, eventually reaching a market capitalization of over US$200 million. ZZZZ Best began as a carpet cleaning company, started by Minkow in his parents' garage. He was a high school sophomore at the time! A few years later, ZZZZ Best began to specialize in insurance restoration business. Minkow was eventually convicted of fraud and sentenced to 25 years in prison. He served just over seven years.
A type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage (principal or interest) is required until the borrower dies or the home is sold. After accounting for the initial mortgage amount, the rate at which interest accrues, the length of the loan and rate of home price appreciation, the transaction is structured so that the loan amount will not exceed the value of the home over the life of the loan. Often, the lender will require that there can be no other liens against the home. Any existing liens must be paid off with the proceeds of the reverse mortgage. A reverse mortgage provides income that people can tap into for their retirement. The advantage of a reverse mortgage is that the borrower's credit is not relevant, and is often unchecked, because the borrower does not need to make any payments. Because the home serves as collateral, it must be sold in order to repay the mortgage when the borrower dies (in some cases, the heirs have the option of repaying the mortgage without selling the home). These types of mortgages have large origination costs relative to other types of mortgages. These costs become part of the initial loan balance and accrue interest. Senior citizen borrowers with good credit should carefully analyze the options of a more traditional mortgage, such as a home equity loan, against a reverse mortgage.
Life insurance that resides inside a trust. Trust-owned life insurance is used by many high net worth individuals as the cornerstone of their estate plan. It enables the trust to provide for survivors, cover estate tax liability planning, balance inheritances among heirs and meet charitable objectives. Watch: Life Insurance |||Life insurance is viewed as a long-term asset that will not be used for its true purpose, ideally, for decades. Consequently it is often overlooked when monitoring and managing the overall trust. However, it is important that the trust-owned insurance policies be reviewed regularly. The existing policy might not meet the current needs of the trust, and newer insurance products might be more cost efficient and offer better options and features.
Also known as the Social Security Wage base, this base is the maximum amount of earned income upon which employees must pay Social Security taxes. Generally, the employee's gross wages will be equal to the taxable wage base. And typically an employee's employer will handle this calculation and withold the correct amount of taxes from each paycheck, but the employee is still responsible for reporting the tax. In some instances, an employee will earn wages that can be classified as excess wages. These excess wages can be subtracted from gross income and so taxable wage base will be lower than gross income.
The act of returning to work after one has retired from one's job. Returnment happens for many reasons: some people do it out of financial necessity, others because they find full-time retirement less fulfilling than they thought and return to work for the satisfaction that work provides. Returnment is a growing trend, as more people on the cusp of retiring desire more non-traditional retirement/working arrangements. Not all retirees want to live a life of full-time leisure, especially in the early years of their retirement. In addition, people are living longer and have to support themselves over more years in retirement. With fewer workers having traditional defined-benefit pension plans, many are choosing to go back to work to support themselves financially, but not necessarily in their old jobs.
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