In YOUR OWN WORDS, Compare and contrast the main components of  a Roth IRA and a traditional IRA? Why is a ROTH an important tool to for colllege students?Ai is NOT permitted to be used. Students who are flagged using it will FAIL the entire course.

A(n) ________ is a pension plan in which you and your employer, or your employer alone, contribute funds directly to a retirement account set aside specifically for you.

A(n) ________ is a trust established to transfer assets to your children, while allowing the surviving spouse access to funds in the trust, if necessary. Trust assets are distributed to the children tax free upon the death of the surviving spouse.

Which of the following statements about the letter of last instruction is false?

In some states, property that is acquired during a marriage is referred to as ________ and upon the death of either spouse, his/her half is distributed according to the will, or if intestate, according to state law.

Which of the following is not necessary for a will to be valid?

You and your spouse wish to give each of your three grandchildren a yearly tax-free gift from your estate. If you both give each of your three grandchildren the maximum amount allowed by law, what is the total amount that you, as a couple, would pay out in gifts according to our notes?

Retirement fund withdrawals are usually taxed as ________ income.

For the individual whose will is being prepared, in order for the will to be valid they must be all of the following except ______.

When you leave an employer, your options with your 401(k) are all of the following except _____.