A new Ohio law attempts to impose ‘best interest’ fiduciary standards onto life insurance and annuity providers. However, these standards are extremely vague and still leave from for abuse to consumers. Many annuity providers and so-called financial advisors plant their product as a solution to a variety of problems, when in reality another product is likely more useful. Below are 4 cautionary tales from clients that have come to us for help in the past. If any of these situations have happened to you or a loved one, or are currently happening, we encourage you to seek out additional financial tools and professionals.
Many of us start thinking about life insurance when we get our first full-time job and the company’s HR representative asks us “Do you want to enroll in the employer’s group life insurance policy?”. Most people think “Why not?” and sign up, naming a family member as the beneficiary of their policy, and then neverContinue reading “Types of Life Insurance and How They Can Be Used in Estate Planning”
The future increase in estate taxes could cause problems for your inheritance and retirement income down the road. To protect yourself from heavy taxation, know what tax laws are changing, be proactive in your retirement planning, and look at perusing difference inheritance strategies such as gifting and life insurance.