We all manage our budgets, plan for our major purchases, have financial plan for paying for our children’s college and our own retirement, but we seldom consider end-of-life planning. In reality, 2.4 million Americans die each year — and that number grows every year. Losing a loved one is an unfortunate event. More often than not, we find ourselves unprepared in many ways, especially financially, when it happens. The majority of individuals that lost a spouse between the ages of 30 and 55 described their spouse’s passing as having a “devastating” or “major” impact on them financially. The Center for […]

Saving for college—whether for your children or your grandchildren—has become easier in recent years with the emergence of state-sponsored savings plans. Called a Section 529 Plan, after the section of the Internal Revenue Code that created them, these plans are offered by all 50 states and provide tax benefits to college savers. Two options While each state plan is different, there are two general types of plans: prepaid tuition plans and college savings plans. With a prepaid tuition plan, the money you put into the plan is earmarked for tuition at your local state university. In most cases, once you […]