Estate Planning terms E

Employee Benefit Plan: A plan sponsored by an employer, employee organization, or both, to provide employees a certain benefit (e.g. pension, profit-sharing, stock bonus, thrift medical, sickness accident, or disability benefits). Important to consider during estate planning process.

Employee Stock Ownership Plan: Stock bonus plan where employer stock is used for contributions. Contains §401(k) Plan features. Contributions of employers are tax deductible. Contributions grow tax deferred and distributions are taxed as ordinary income.

ERISA: Employee Retirement Income Security Act of 1974. Federal law establishing minimum standards for certain employee benefit plans, particularly qualified employer retirement plans.
Escheat: Assignment of property to the state when there is no heir to property.

Estate: All of a person’s valuable possessions in life or at the time of death.

Estate Planning: Process of conserving estate assets, distributing property according to a decedent’s wishes, minimizing inheritance taxes, providing liquidity to meet the estate’s obligations, and providing for a family's financial needs.
Estate Tax: A tax imposed owned on a decedent’s estate.
Executor or Executrix: Individual or institution designated in the decedent’s will and appointed by a court to settle the deceased’s estate.

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