• Term life - Life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies during the specified term.

• Whole life - Life insurance lasts for an insured's lifetime, as opposed to term life insurance, which is for a specific amount of years.

• Universal life - Life insurance which offers lengthy coverage and builds cash value over time. Policies typically last until a certain age, such as 95 or 120.

• Assets are economic resources that have measurable value and can be owned or controlled to produce positive economic value.

• Current Assets: These are assets that can be converted into cash within a year, such as cash, accounts receivable, and inventory.

• Fixed Assets: Long-term assets used in the operation of a business, like buildings, machinery, and equipment.

• Financial Assets: Investments such as stocks, bonds, and other securities.

• Intangible Assets: Non-physical assets like patents, trademarks, and goodwill.

• A tax-advantaged investment account designed to help you save toward retirement.

• Investment accounts are those that hold stocks, bonds, funds and other securities, as well as cash.

Cryptocurrency are digital or virtual currencies that use cryptography for security. Unlike traditional currencies issued by governments (like the U.S. Dollar or Euro), cryptocurrencies operate on decentralized networks based on blockchain technology.

• An estate refers to the total net worth of an individual, including all their assets (such as real estate, bank accounts, investments, personal belongings, and more) and liabilities (such as debts and obligations).

• It encompasses everything a person owns and owes at a particular point in time. In the context of estate planning, an estate is the focus of managing and distributing these assets according to the owner's wishes, either during their lifetime or after their death.

  
  

The legal process where a judge decides what to do with your assets after you die, especially if you don’t create a trust.

1. Sole Proprietorship: Owned and operated by one person. It's simple to set up and offers complete control, but the owner is personally liable for all business debts.

2. Partnership: Involves two or more people sharing ownership. There are general partnerships (where all partners share liability) and limited partnerships (where some partners have limited liability).

3. Limited Liability Company (LLC): Combines the benefits of a corporation and a partnership. Owners (called members) have limited liability, and profits are passed through to their personal income without corporate taxes.

4. Corporation: A separate legal entity owned by shareholders. There are C corporations (subject to double taxation) and S corporations (which allow profits to be passed through to shareholders' personal income).

5. Nonprofit Corporation: Organized for charitable, educational, religious, or other activities serving the public good. Profits are not distributed to owners but reinvested in the organization.

6. Cooperative: Owned and operated by a group of individuals for their mutual benefit. Members share profits and decision-making responsibilities.