Glossary

G

Gift tax

The gift tax is a tax assessed on transfers of cash or property valued above a certain threshold, which is referred to as an exclusion. The gift tax is paid by the giver of the gift, and rates range from 18% to 40%, depending on the amount by which your gifts exceed the exemptions.

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Recent Terms

SEP IRA
A SEP IRA — short for simplified employee pension plan — is a tax-advantaged retirement plan designed for business owners. While it can be used by businesses of any size, it’s often used by small business owners and self-employed individuals.
High earner, not yet rich (HENRY)
HENRY is an acronym for "high earner, not yet rich." It is used to describe someone who earns a high income, usually between $100,000 to $500,000, but has not saved or invested enough to be considered rich. HENRYs typically spend a large portion of their earnings on expenses and purchases.
Financial planner
A financial planner is a professional dedicated to helping you manage your money. They can assess your income, expenses, assets, and liabilities to get a holistic view of your financial health. Once they have a full understanding of your needs, they help you establish clear financial goals.