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Penalty-Free Withdrawals for Domestic Abuse Survivors
Good to Know Domestic abuse happens far too frequently and more often than is commonly thought. The National Institute of Health warns that: One of every four women “will experience physical violence…by their intimate partner at some point during their lifetime.” The incidence of physical violence against men by their intimate partners is lower but…
Vested versus Contingent Beneficiary
Course: Estate PlanningLesson 3: Understanding Trusts and Trust Documents Student Question: In the example, I would think Northwestern would have a future, contingent interest, as their interest is dependent upon the death of the wife. But the feedback tells me it’s a vested interest. Do we assume death is inevitable, and therefore not a contingent-worthy…
Power of Attorney over Financial Affairs
Laura is concerned she will develop Alzheimer’s disease later in life similar to her mother. Which of the following documents should Laura execute to make sure her son is able to handle her financial affairs in the event she does develop Alzheimer’s disease? Durable springing power of attorney Nondurable springing power of attorney Durable nonspringing…
CFP Board Elects Three New Directors
CFP® Board Updates On October 19, 2023, the CFP Board announced that its Board of Directors elected three new members: Malik Lee, CFP®, Linda Leitz, CFP® and Elisse Walter. The Board of Directors is the policymaking and oversight body of CFP Board of Standards and CFP Board Center for Financial Planning and acts on behalf…
Premium Payments on Buy-Sell Agreements
Course: Insurance PlanningLesson 17: Business Uses of Life and Disability Insurance Student Question: I have a quick question regarding buy/sell agreement; not clear who would pay the premiums on disability and or life insurance on the principals and the key employees? Instructor Response: Great question. A buy-sell agreement relates to owners of the business while…
Refinance Payment Calculation
Lisa refinanced her home mortgage to a 30-year fixed mortgage with biweekly payments. How much is each payment if she owed $550,000 at the time of the refinance and the interest rate is 3.5%? $943 $1,139 $1,321 $1,453 CLICK TO REVEAL ANSWER Expand B is the answer. Lisa pays her mortgage every two weeks which…
Early Holiday Gifts from Secure 2.0 Act
Good to Know Secure 2.0 Act is dramatically more impactful than is commonly appreciated. Not-to-be-missed “gift” opportunities range from employer 401(k) plan matches for student loan repayments to Roth account rollovers from 529 plans and more. This article will summarize the most powerful opportunities. Employer 401(k) Match for Student Loan Repayments Employers have the…
Social Security Retirement Benefits
Course: Investment PlanningLesson 14: Evaluation Portfolio Performance Student Question: This question (below) doesn’t quite make sense to me. Could you clarify why the correct answer is D? Robin Elizabeth qualifies for a retirement benefit of $250 and a spouse’s benefit of $400. At her full retirement age, she will receive which of the following? Instructor Response:…
Passing Property Via Will
Course: Investment PlanningLesson 14: Evaluation Portfolio Performance Student Question: Hello – I’m a little confused about the example (below) discussing an heirloom of only sentimental value. Why would this be titled at all for a will, especially since an earlier lecture said items of no value would pass through will as the situation does not…