In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodical employee contributions come directly out of their paychecks, and may be matched by the employer. This legal option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers.
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). The original Social Security Act was enacted in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
A charitable trust is an irrevocable trust established for charitable purposes and, in some jurisdictions, a more specific term than "charitable organization". A charitable trust enjoys a varying degree of tax benefits in most countries. It also generates good will. Some important terminology in charitable trusts is the term "corpus", which refers to the assets with which the trust is funded, and the term "donor", which is the person donating assets to a charity.
An individual retirement account (IRA) in the United States is a form of pension provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age. An individual retirement account is a type of individual retirement arrangement as described in IRS Publication 590, Individual Retirement Arrangements (IRAs). Other arrangements include employer-established benefit trusts and individual retirement annuities, by which a taxpayer purchases an annuity contract or an endowment contract from a life insurance company.
A Roth IRA is an individual retirement account (IRA) under United States law that is generally not taxed upon distribution, provided certain conditions are met. The principal difference between Roth IRAs and most other tax-advantaged retirement plans is that rather than granting a tax reduction for contributions to the retirement plan, qualified withdrawals from the Roth IRA plan are tax-free, and growth in the account is tax-free.
A registered retirement savings plan (RRSP), or retirement savings plan (RSP), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts. They were introduced in 1957 to promote savings for retirement by employees and self-employed people.
A 529 plan, also called a Qualified Tuition Program, is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. In 2017, K–12 public, private, and religious school tuition were included as qualified expenses for 529 plans along with post-secondary education costs after passage of the Tax Cuts and Jobs Act.
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice, or protection is sought in some matter. In such a relation, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trusts.
A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.
Probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence of the deceased at time of death in the absence of a legal will.
A retirement plan is a financial arrangement designed to replace employment income upon retirement. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions. Congress has expressed a desire to encourage responsible retirement planning by granting favorable tax treatment to a wide variety of plans. Federal tax aspects of retirement plans in the United States are based on provisions of the Internal Revenue Code and the plans are regulated by the Department of Labor under the provisions of the Employee Retirement Income Security Act (ERISA).
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for a person's future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries with incapacity.
Ayotte v. Planned Parenthood of Northern New England, 546 U.S. 320 (2006), was a decision by the Supreme Court of the United States involving a facial challenge to New Hampshire's parental notification abortion law. The First Circuit had ruled that the law was unconstitutional and an injunction against its enforcement was proper. The Supreme Court vacated this judgment and remanded the case, but avoided a substantive ruling on the challenged law or a reconsideration of prior Supreme Court abortion precedent. Instead, the Court only addressed the issue of remedy, holding that invalidating a statute in its entirety "is not always necessary or justified, for lower courts may be able to render narrower declaratory and injunctive relief."
For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions.
Sandra Lea Lynch is an American lawyer who serves as a Senior United States circuit judge of the United States Court of Appeals for the First Circuit. She is the first woman to serve on that court. Lynch served as chief judge of the First Circuit from 2008 to 2015.
Isaac Lidsky is an American corporate speaker, author, actor and entrepreneur. Before losing his sight, he played Weasel on NBC's Saved by the Bell: The New Class. He is the first blind person to serve as a law clerk for the U.S. Supreme Court. He currently serves as CEO of ODC Construction, a residential shell contractor in Florida.
George Holmes Carley was an American lawyer and judge. From Decatur, Georgia, he served on the Supreme Court of Georgia from March 1993 until July 2012, acting as Chief Justice for the last two months of his term.
New York Life Ins. Co. v. Dunlevy, 241 U.S. 518 (1916), was a decision by the Supreme Court of the United States in which the Court held that a court can exert personal jurisdiction over a nonresident party in an interpleader if that party is served with process while physically present within the state.
Dorothy Shoemaker McDiarmid was a teacher, real estate broker, Quaker activist, and Virginia legislator for nearly 26 years.
Mazurek v. Armstrong, 520 U.S. 968 (1997), was a United States Supreme Court case in which the Court upheld a Montana law permitting only licensed physicians to perform abortions. The Court summarily reversed a ruling of the United States Court of Appeals for the Ninth Circuit that had held that the law was likely intended to inhibit abortion access. In a per curiam opinion, a majority of the Court found that there was no evidence that the Montana legislature acted with an invalid intent. The Court also reiterated its earlier holding in Planned Parenthood v. Casey that the states have broad flexibility to regulate abortion so long as their regulations do not create an undue burden on a woman's right to choose. Three dissenting justices, in an opinion by Justice John Paul Stevens, wrote that they would have declined to hear the case because proceedings were still pending in the lower courts. The law itself was later struck down by the Montana Supreme Court on state-constitutional grounds, but the U.S. Supreme Court's decision has nonetheless had a significant impact on modern American abortion jurisprudence.
Edward William Whelpley was a New Jersey attorney and politician who served as Speaker of the New Jersey General Assembly in 1849 and as Chief Justice of the New Jersey Supreme Court from 1861 until his death in 1864.
