Tax-deferral: When tax liability is delayed until some time in the future.

Taxable-equivalent yield: The calculation of yield on a federal-tax-free investment so that it can be compared to a taxable investment.

Term insurance: The type of life insurance policy that provides coverage for a specified period of time (e.g., 10, 15, 20 or 25 years) or until the insured reaches the age specified in the insurance policy.

Testamentary trust: A trust created in a will. The trust comes into being only after the testator's/testatrix's death.

Time horizon: The amount of time that you plan to invest a sum of money.

Total return: The total earnings from an investment, including dividends or interest and any profit or loss realized on the liquidation of the investment.

Trade Confirmations: Trade Confirmations are the written statements that follow any "trade" in the securities markets. Confirmations are issued shortly after a trade is executed. They include settlement date, terms and commission.

Trade date: The date on which a transaction is executed.

Traditional Individual Retirement Account (Traditional IRA): An investment vehicle designed for retirement savings. A traditional IRA presents the opportunity for tax-deductible annual contributions and tax-deferred growth of investment earnings.

Transaction fee: The fee charged for completing a transaction.

Transfer on death (TOD): A legal agreement between you and a financial institution that lets you pass ownership of certain assets in your individual or joint account to beneficiaries you choose. The assets bypass probate and go directly to your beneficiaries.

Treasury bill: A short-term debt security of the U.S. government, known as a "T-bill." T-bills are short-term, highly liquid investments that mature anywhere from three months to a year, are sold at a discount and return to their full face value at maturity.

Treasury bond: A negotiable, coupon-bearing debt security with a maturity of more than seven years offered and backed by the full faith and credit of the U.S. Treasury. Treasury bonds pay a fixed rate of interest every six months.

Treasury note: An intermediate-term debt security of the U.S. Treasury that pays a fixed rate of interest every six months and returns its face value at maturity. Maturities range from two to 10 years.

Trust: Fiduciary relationship in which a person, called a trustee, holds title to property for the benefit of another person, called a beneficiary.

Trust administrator: A person in a trust company who manages trust accounts.

Trustee: A person holding legal title to the assets of a trust and who is responsible for management of the trust assets.

12b-1 Fee: A type of fee charged by a mutual fund company to pay for marketing, advertising and distribution services.