Did you know that once children reach age 18, their parents cannot legally access a child’s medical records or bank accounts without the child’s permission? Even if a child is in an accident, their parents may have to go to court to receive access to records and obtain permission to act on their child’s behalf. This unfortunate situation can easily be avoided by completing a power of attorney.
Do you currently have a 401(k) loan? Are you considering taking out a 401(k) loan? If so, there are many costs associated with a 401(k) loan that you should consider.