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Education IRA
Renamed the Coverdell Education Savings Account. An account created to pay the higher education expenses of its beneficiary. Contributions are not tax deductible but any accumulated earnings are tax free if used to pay eligible bills. Contributions are not allowed after the child reaches age 18.

Equity
The difference between the fair market value and the amount owed on your mortgage loan, also referred to as "owner's interest."

Equity Line
A revolving line of credit secured by your home and normally based on the equity in your home.

Equity Loan
A fixed-term loan secured by your home and normally based on the equity in your home.

Estate Planning
Preparing for the orderly administration, management and distribution of a person's assets and liabilities during one's lifetime and upon death. In addition to a will, estate planning may include trusts, insurance, and other elements intended to carry out the wishes of the estate owner and improve the estate's value.

Estate Taxes
A progressive tax assessed on the transfer of a deceased's asset to his or her heirs.