Online Retirement Planning Calculators Measure Risk Poorly, Study Finds
If you are retired or are nearing retirement, the main questions on your mind are probably “Will I run out of money in retirement?” and “Will I be able to maintain my standard of living?” For answers, people often turn to free online retirement calculators.
Bank Pays Price for Refusing to Honor Request Made Under a Power of Attorney
Because of the risk of abuse, many banks will scrutinize a durable power of attorney (POA)carefully, and often a bank will refuse to honor one. In a recent Florida case, Bank of America did just that and the individual holding the POA fought back in court.
Financial Crisis Affects Prepaid 529 Plans
The uncertain stock market has made prepaid 529 plans more attractive to parents looking to save for their children’s college education. However, the same economic problems that have increased the popularity of the plans are also putting the plans in jeopardy.
Pre-Paid Funeral Plans: Buyer Beware
Funerals rank among the most expensive purchases many consumers will ever make. Moreover, people often “overspend” on a funeral or burial because they think of it as a reflection of their feelings for the deceased. To help relieve their families of anxiety in a time of grief, an increasing number of people are planning their own funerals, designating their funeral preferences, and sometimes even paying for them in advance.
Estate Tax Repeal Creates Dilemma: Some Surviving Spouses May Now Be Left ‘Out in The Cold’
The repeal of the Estate Tax on 01/01/2010 may sound good, but it may also create real problems for surviving spouses. Under older estate plans which left the tax-free portion to the children, that tax-free portion may now be the entire estate! In some cases, this could effectively leave the surviving spouse with little or nothing. Couples faced with this dilemma should have their estate plans reviewed and revised.
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