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CFP Board Announces November Exam Results
CFP® Board Updates The CFP Board has announced the results for the November 2024 CFP® Certification Exam, held during the testing window of November 6-13. A total of 3,755 candidates participated, with 6% opting for remote testing. This marks the second-largest group to ever take the CFP® Certification Exam in November. The pass rate for…
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Completed Gift with JTWROS
Course: Estate PlanningLesson 1: Property Ownership Student Question: In the example here of a completed gift, doesn’t Harry still have rights to the condo if it is a JTWROS? How is that considered a completed gift? Example Harry buys a condominium for $200,000. He wants his brother, Hank, to get the property when he dies,…
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Maximizing Retirement Savings
A financial planner is working with a client, Lisa, who is 35 years old, earns $100,000 annually, and has expressed an interest in maximizing her retirement savings. Lisa’s employer offers a 401(k) plan with a 100% match up to 5% of her salary. She also has a Roth IRA and an emergency fund covering six…
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Choosing the Best Medicare Advantage Plan
Good to Know Medicare Advantage, or Medicare Part C, is an increasingly popular alternative to Original Medicare, offering highly sought-after additional benefits and coverages. With a wide variety of plans available, selecting the right one can feel overwhelming. However, by considering key factors such as coverage needs, costs, and network restrictions, you can confidently choose…
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Unused Premium
Course: Insurance PlanningLesson 8: Gift and Estate Valuation Student Question: Could you please clarify for me what the unused premium would be in term life insurance? I don’t quite understand how you could not use the premium. Thanks. Instructor Response: Certainly. A lot of different terms in insurance, to be sure. Assume you pay $6,000…
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IRA Withdrawals for College Tuition
Lisa, age 50, is considering withdrawing funds from her traditional IRA to pay for her daughter’s college tuition. She is concerned about the tax implications and potential penalties. Which of the following is the best advice to give Lisa? She can withdraw the funds penalty-free because the withdrawal is for higher education expenses, but she…
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Financial Planning Jobs for Career Changers
CFP® Certificants in the News The author is frequently asked how a newly-minted CFP® Certificant finds their first financial planning job. One resource not to be overlooked is the CFP Board’s Guide to Careers in Financial Planning which “provides students, recent graduates and career changers with information on starting and sustaining successful financial planning careers. Developed by the…
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Real Estate Income and IRA Contributions
Course: Retirement PlanningLesson 1: Using IRAs to Build and Distribute More Retirement Income Student Question: This page states that rental income is not included in the definition of earned income. If the client is a professional real estate developer whose income is derived mainly from rental income, would they be able to contribute to an…
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Adequate Retirement Savings
Mary, age 52, has $300,000 in her 401(k) and plans to retire at age 67. She currently contributes $15,000 per year to her 401(k), and her employer matches 50% up to 6% of her salary. Mary’s salary is $100,000, and she expects to earn a 7% annual return on her investments. She wants to ensure…
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