income beneficiary
21Registered Retirement Income Fund - RRIF — A retirement fund similar to an annuity contract that pays out income to a beneficiary or a number of beneficiaries. To fund their retirement, RRSP holders often roll over their RRSPs into an RRIF. RRIF payouts are considered a part of the… …
22Immediate Beneficiary — A beneficiary designation most commonly used in charitable gift planning to describe which parties get an immediate benefit from a transaction. The most basic type of immediate beneficiary would be a charity that receives an outright gift from a… …
23Family Income Rider — An addition to a life insurance policy that provides the beneficiary with an amount of money equal to the policyholder s monthly income if the policyholder dies. A family income rider is a type of death benefit, and specifies the term for the… …
24Grantor Retained Income Trust — ( GRIT) A tax saving trust in which a grantor transfers property to a beneficiary, but receives income until termination, at which time the beneficiary begins receiving the income. Bloomberg Financial Dictionary …
25final beneficiary — The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary …
26Life Income Plan — A type of philanthropic strategy where cash or property is transferred into a pooled income fund sponsored by the receiving charity in return for a lifetime of guaranteed income for the donor. The charity assumes full control and ownership of the …
27allocable share of income — Certain entities receive conduit treatment under the Federal income tax law. This means the earned income or loss is not taxed to the entity, but such amounts are allocated to the owners or beneficiaries thereof, regardless of the magnitude or… …
28allocable share of income — Certain entities receive conduit treatment under the Federal income tax law. This means the earned income or loss is not taxed to the entity, but such amounts are allocated to the owners or beneficiaries thereof, regardless of the magnitude or… …
29Employee Retirement Income Security Act — The Employee Retirement Income Security Act of 1974 (ERISA) (USStatute|93|406|88|829|1974|09|02) is an American federal statute that establishes minimum standards for pension plans in private industry and provides for extensive rules on the… …
30Voluntary Employees Beneficiary Association Plan - VEBA — A tax free post retirement medical expense account used by retirees and their eligible dependents to pay for any eligible medical expenses. The plan is funded by the amount of unused sick leave that an employee has at the time of retirement,… …
