Dictionary of Exit Planning Terms

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Wealth Management

A comprehensive approach of investment management that incorporates multiple disciplines to create an aggregated financial plan for an individual. These disciplines include Retirement Planning, Estate Planning, Investment Portfolio Management, Tax Planning and Risk Management.


A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his estate and provides for the transfer of his property at death. A will may also create a testamentary trust that is effective only after the death of the testator.

Whole Life Insurance

A type of insurance in which the insured is guaranteed coverage for life and the premiums are structured in a fixed series of equal payments, with the result being a growth in the cash value of the policy. The cash value is determined through a sinking fund which uses a guaranteed, but conservative rate of return. Upon death, the insured receives both the death benefit and the accumulated cash value.