week 2 vocab

1.  Estate (n.) /ɪˈsteɪt/ : a large area of land in the country which is owned by a family or an organization and is often used for growing crops or raising animals. (http://dictionary.cambridge.org/dictionary/british/estate_1?q=estate)

2. Estate planning (n.) The preparation of a plan of administration and disposition of one's property before or after death, including will, trusts, gifts, power of attorney, etc.

(http://www.investorwords.com/1752/estate_planning.html)

    Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney.
(http://en.wikipedia.org/wiki/Estate_planning)

3. Family limited partnership is important in for the small business because the main member of business are the family's member.

4. Buy-sell agreement this situations is we use agreement when we buy or sell the goods. It can protect when have some problem.

5. Living trust is we are more trust in some person. This word difference form "will" that is will is we can do estate planning with everyone but living trust means we do it with the person that we have more trust with them.