Account Beneficiary |
The person or entity designated to receive the assets of an account upon the account holder's death. |
Annual Gift Exclusion |
The IRS-defined amount you can gift to an individual each year without triggering gift tax reporting requirements. |
Annuity |
A contract with an insurance company that provides a stream of income, often used as part of a retirement income plan. |
Asset Allocation |
The practice of dividing investments among different asset categories to balance risk and reward based on goals and time horizon. |
Asset Protection |
Strategies used to protect an individual's or organization’s assets from taxes, creditors, or legal action. |
Board Oversight |
The duty of an organization's board of directors to supervise investments, policies, and fiduciary responsibilities. |
Charitable Trust |
A trust designed to benefit a charitable organization while offering potential tax advantages to the donor. |
Comprehensive Financial Plan |
A full-spectrum plan that addresses multiple areas of a person’s financial life, such as investments, insurance, taxes, retirement, and estate goals. |
Custody Account |
An account where a financial institution holds and safeguards a client’s financial assets, while the client retains control of investment decisions. |
Discretionary Management |
An arrangement where an investment advisor makes buy/sell decisions on behalf of a client according to an agreed-upon strategy. |
Distribution |
A payment or withdrawal made from a retirement, trust, or investment account. |
Diversification |
The process of spreading investments across different asset classes to reduce risk. |
Endowment |
A permanent fund that supports an organization through income generated by invested principal. |
Estate |
All property and assets owned by a person at the time of their death. |
Estate Planning |
The process of organizing your assets and intentions for how they should be managed and distributed during life and after death. |
Executor |
The person or entity named in a will to carry out the terms of the estate after the death of the individual. |
Fiduciary |
A person or entity legally and ethically obligated to act in the best interest of another party, often with decision-making power over financial matters. |
Foundation |
A type of nonprofit organization established to support charitable activities through grants and funding. |
Grantor |
The person who creates a trust and transfers assets into it. |
Guardian of the Estate |
A court-appointed individual or institution responsible for managing the financial affairs of someone who is unable to do so themselves. |
Income Planning |
Developing a strategy to provide reliable income during retirement or for beneficiaries of a trust or estate. |
Investment Management |
The professional management of various securities and assets to meet specified investment goals for the benefit of the client. |
Investment Policy Statement (IPS) |
A document outlining the objectives, strategies, and guidelines for managing an investment portfolio. |
IRA Rollover |
The transfer of funds from a retirement plan (e.g., 401(k)) into an IRA to maintain tax-deferred status. |
Legacy Planning |
Planning how your values, assets, and philanthropic goals will be passed on to future generations or causes. |
Mutual Fund |
A pooled investment vehicle that buys a diversified portfolio of securities on behalf of shareholders. |
Personal Custody Services |
Secure safekeeping of assets with administrative support and reporting—without investment advisory services. |
Power of Attorney |
A legal document allowing one person to act on behalf of another in financial or medical matters. |
Required Minimum Distribution (RMD) |
The minimum amount you must withdraw from certain retirement accounts each year after reaching a specific age, as required by the IRS. |
Revocable Trust |
A trust that can be altered or canceled by the grantor during their lifetime. |
Risk Tolerance |
An investor’s ability and willingness to endure market volatility and potential losses. |
Spending Policy |
Guidelines used by endowments and foundations to determine how much money can be distributed annually while maintaining long-term financial stability. |
Tax-Efficient Strategy |
Planning investments and withdrawals in ways that reduce tax liabilities and maximize after-tax returns. |
Trust |
A legal arrangement where assets are held by a trustee for the benefit of designated beneficiaries. |
Trust Administration |
The ongoing management of a trust, including distribution of assets, recordkeeping, and communication with beneficiaries. |
Trustee |
The person or institution responsible for managing the assets in a trust and carrying out its terms. |
Will |
A legal document stating a person’s wishes regarding asset distribution and care of dependents after death. |