WEALTH MANAGEMENT GLOSSARY

Par Value

Passive Activity

Payable Date

Per Capita

Per Stirpes

Personal Property

Personal Representative

Physical Certificate

Portfolio

Power

Power Of Appointment

Power Of Attorney

Precatory Words

Preferred Stock

Prime Rate

Principal

Principal Portfolio

Probate Court

Probate Of Will/Probate

Prospectus

Proxy

Prudent Investor Rule

A business deal or venture where an individual is a silent partner (that is, not actively involved in the management of the venture or its properties). Losses from such passive activities are limited in their deductibility to offset income from other passive activities.