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Baby boomers are individuals born between 1946 and 1964, characterized by a significant increase in birth rates following World War II.

“[I]t is basically a high grade traditional life insurance trust . . . that gives the person setting it up . . . an extra shot at getting access to the money in the trust.” Martin Shenkman, Back End Slats–A SLAT, ILIT, DAPT, OR SPAT By Another Name?, Forbes, March 12, 2023 (Apple News link).

A psychological phenomenon in which attempts to correct misinformation inadvertently strengthen the original false belief, particularly among individuals whose identities or worldviews are closely tied to the misinformation.

See 60/40 portfolio.

“The [FIRE] movement even has offshoots, with some focusing on extreme frugality and others on building a large retirement fund or keeping a part-time job. . . . There is Barista FIRE, representing semi-retirees who maintain income-generating hustles because they haven’t saved enough to live entirely off a retirement fund.” Laila Maidan & Kathleen Elkins, FIRE Movement: Early retirees discuss limitation, need to resume working, Business Insider, Sept. 13, 2023 (Apple News link). • See financial independence and FIRE movement; c.f. Fat FIRE and Lean FIRE.

A unit of measure in finance that is used to describe a percentage change or rate change. One hundred basis points is equal to one percent. One basis point is equal to 0.01% (1/100th of a percent, which is 0.0001 in decimals). • Example: “The financial shock delivered by the banking ferment is tantamount to “50 basis points [that is, one half of a percentage point] of policy tightening,” Joseph Brusuelas, chief economist at the consulting firm RSM, wrote Tuesday.” Michael Hiltzik, Column: The Fed’s anti-inflation work is almost done, with an assist from the banking crisis, Los Angeles Times, March 22, 2023 (Apple News link).

A battle in 1066 in which William the Duke of Normandy defeated the Anglo-Saxon King, Harold II, and became King of England.

A “grizzly decline” of a widely-followed index, such as the Dow or S&P 500, of at least 20% from a recent peak. Caitlin Ostroff, The Dow Is Officially in a Bear Market. Here’s What to Know., WSJ, Sept. 26, 2022 (Apple News link) (“There is nothing official about the determination. The designation is a shorthand way for Wall Street to mark when markets have taken a tumble.”). • “The tech-focused Nasdaq plunged 10% and into a bear market, meaning the index had fallen 20% from its previous high.” Vicky Ge Huang, Krystal Hur & Gunjan Banerji, Trump’s Tariffs Wipe Out Over $6 Trillion on Wall Street in Epic Two-Day Rout, WSJ, April 4, 2025 (Apple Ness link). • C.f. bull market, correction.

A trial by a judge, as opposed to a trial by jury.

(1) Generally: A person who is designated to receive a distribution under a will or trust, the proceeds of an insurance policy or a retirement account, or the benefits from financial producs. Beneficiaries can be primary or contingent. • “A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products.” Naming a beneficiary: What you need to know, Securian Financial. • “A beneficiary is a person or entity legally designated to receive the benefits or proceeds of a trust, will, insurance policy or retirement account.” Entrepreneur Staff, What Is a Beneficiary? Here’s Everything to Know., Entrepreneur, Feb. 24, 2023 (Apple News link).

(2) Estate adminsistration: A person who is entitled to some or all of an estate. • NY EPTL § 11-A-1.2 (Definitions): “(2) ‘Beneficiary’ includes, in the case of a decedent’s estate, a distributee and testamentary beneficiary . . . .” • NY SCPA 103(8): “Any person entitled to any part or all of an estate.”

(3) Trusts: Income and remainder beneficiaries. • NY EPTL § 11-A-1.2 (Definitions): “(2) ‘Beneficiary’ includes, . . . in the case of a trust, an income beneficiary and a remainder beneficiary.”

“[A] registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.” NY EPTL 13-4.1(a).

(1) Broadly, the transfer of property by any arrangement or procedure at death.

(2) Narrowly, a transfer of property by will. • Usually, a “bequest” refers to the transfer of personal property by will. For example, NY SCPA 103(9) defines a bequest as “[a] transfer of personal property by will.” • Bequest can also be used to refer to the transfer of any property by will, so it can also include and refer to the transfer of real property by will.

“Systematic errors are known as biases, and they recur predictably in particular circumstances.” Daniel Kahneman, Thinking, Fast and Slow 3 (2011).See normalcy bias, persistence bias, projection bias, and status quot bias.

“A bill jacket is a compilation of documents received by the Governor’s Office of General Counsel after a New York bill has passed both houses of the legislature and is awaiting the governor’s signature. The bill jacket may contain letters and memoranda from state agencies, legislators, lobbyists, bar associations and private citizens discusssing the pros and cons of a bill and why the governor should (or should not) sign the bill.” New York State Legislative History Research: Bill Jackets, Brooklyn Law School.

A tax proposed by President Biden on households worth at least $100 million. It is a 20% levy on all income and unrealized appreciation on investments. See Hani Sarji, Biden Proposes Billionaire Minimum Income Tax in 2023 Budget, But It’s a Gimmick, Wills, Trusts, Estates, April 12, 2022.

A family where parents have children from previous marriages.

“[A] bond is a loan an investor makes to a borrower—typically a company or a government agency—that uses the money to fund its operations. If you’re the investor, you receive regular interest payments on the loan; that’s why bonds are called fixed-income investments. A bond has a maturity, or term, which is the amount of time over which it is scheduled to make payments. When the bond reaches maturity, the loan amount, or principal, is returned to you, the investor.” Penelope Wang, 8 Things You Need to Know About Bonds, AARP Bulletin, Aug. 2023 (Apple News link).

See laddered bond portfolio.

The amount that an investor paid for a bond. C.f. market value of a bond.

Children “who leave and return a few times, occasionally staying until the death of the last parent.” Andrew Auerbach & Jean Blacklock, ‘Boomerang children’ are a newer part of the financial planning conversation, Globe and Mail, June 20, 2024 (Apple News link).

See burgage tenure.

A means of resolving a dispute over the boundary line between properties. This agreement avoids litigation to determine the exact boundary of properties.

Someone paid to facilitate the buying and selling of an asset, such as real estate or stocks and bonds. Brokers do not have a fiduciary duty to their clients.

Buying life insurance “policies from owners who can no longer afford to pay the premiums and selling the policies in fractional shares to investors.” Kevin Brodehl, “Equitable Buyout” as a Remedy for LLC Wrongdoing?, JD Supra, June 26, 2023.

Land that was previously used for industrial or commercial purposes and that may be contaminated by toxic waste. • A brownfield site is sometimes simply called a “brownfield.”

BRRRR stands for “buy, rehab, rent, refinance, and repeat.” “It involves buying and flipping a distressed property, renting it out, and then doing a cash-out refinance on the property so you have the funds to buy another property and repeat the process.” Kathleen Elkins, How to use HELOC home equity line of credit buy property build wealth, Business Insider, Oct. 13, 2022 (Apple News link).

An increase of a widely-followed index, such as the Dow or S&P 500, of at least 20% from a recent low. C.f. bear market , correction.

In feudal times, a type of socage tenure that prevailed in some places by custom that provided that on the death of an owner, land descended to the youngest son. • Also known as “borough English tenure.” C.f. gavelkind tenure, primogeniture.

“This type of insurance helps prevent the burden of final expenses from falling on the shoulders of your loved ones. It’s a major part of most life insurance policies, but you can also purchase it as a solo policy. . . . Simply put, burial insurance is used to pay for your funeral, burial and grave. It is a smaller, less comprehensive form of life insurance that’s generally easier to get but usually offers a smaller death benefit.” Jacob Clifton, What Is Burial Insurance?, Money (Apple News link). • Burial insurance is also called “funeral insurance” and “final expense insurance.”

An internal corporate document that contains the rules for the corporation for such things as meetings and voting. • Bylaws of a corporation are “internal” because they are not filed with the state.