What is a personal loan? A personal loan is a form of credit that's given to you as a lump sum amount. You can use it to pay for just about any large purchase – home renovations, funeral expenses, medical bills or even unexpected emergencies if you don't already have an emergency ...
distribution. The rules around this distribution are strict, and the distribution must help meet an “immediate and heavy financial need.” Such needs could include medical costs, the purchase of a principal residence, college tuition for your immediate family, funeral expensesas well as a few ...
Life Insurance:The primary purpose of life insurance is to provide financial protection for your loved ones in the event of your untimely death. It offers a safety net to ensure that your beneficiaries are taken care of and can cover expenses such as funeral costs, outstanding debts, and ongoi...
Understanding life insurance is the first step in determining its relevance to your retirement plans. Life insurance is a contract between you and an insurance company, where you pay regular premiums in exchange for a death benefit that is paid out to your beneficiaries upon your passing. It is...
Generally, Medicaid considers the value of any non-refundable pre-paid funeral plan or burial contract exempt. This includes irrevocable funeral trusts (IFTs) in most states. IFT limits vary, but the cap is typically $15,000 or less per spouse. For example, Nebraska sets a max value of $...
Universal life insurance is a form ofpermanent life insurancethat offers both flexibility and an opportunity for wealth building. A universal life insurance premium includes two main parts: Cost of Insurance (COI):This is the actual cost that covers the life insurance part of the policy. It incl...
And if the whole thing is an "Agreement", with language showing that the parties intend to be bound, maybe you don't even need that? Either would save trees, ink and space, and would get the idea of contract across, and out of the way. And either would help diminish the image of ...
it brings the contract to an end from the point of termination forward. This means obligations and liabilities up to that point typically remaining enforceable. For example, if a contract is terminated halfway, the half that was done will likely need to be paid for. If the same ...
Step 1: Determine How Much You Need Think about what expenses would need to be covered in the event of your death. Consider things such as mortgage, college tuition, credit cards, and other debts, not to mention funeral expenses. Also, income replacement is a major factor if your spouse ...
What Is a 401(k)? A 401(k) is atax-advantagedretirement savings plan. Named after a section of the U.S. Internal Revenue Code, the 401(k) is an employer-provided,defined-contribution plan.1The employer may match employee contributions; with some plans, the match is mandatory. ...