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Liz Weston

Thursday’s need-to-know money news

October 21, 2021 By Liz Weston

Today’s top story: How the toy shortage could affect your holiday. Also in the news: How to pay for home improvements without equity, 3 free ways to run your business more smoothly, and how to save money like a ‘super saver’.

How the Toy Shortage Could Affect Your Holidays
Popular toys could be hard to find this holiday season because of supply chain issues, so planning is key.

How to Pay for Home Improvements Without Equity
Hoping to buy a home? Strategizing how you’ll pay for home improvements now can save you stress later.

3 Free Ways to Run Your Business More Smoothly
These three ideas can help your business operate more smoothly without costing you any money.

How to Save Money Like a ‘Super Saver’
If you want to save a super amount, do what so-called “super savers” do.

Filed Under: Liz's Blog Tagged With: business tips, equity, holiday shopping, home improvements, savings tips, toy shortage

Wednesday’s need-to-know money news

October 20, 2021 By Liz Weston

Today’s top story: 3 questions to ask before you buy cryptocurrency. Also in the news: What COVID test is required for travel, how to fix an overdrawn bank account, and flexibility is key when traveling abroad during COVID.

3 Questions to Ask Before You Buy Cryptocurrency
Here’s how to know whether you’re ready for the risks involved in digital assets such as bitcoin.

What COVID Test Is Required for Travel?
Whether you need a negative diagnostic COVID test to travel depends on your vaccination status and destination.

How to Fix an Overdrawn Bank Account
Overdrawing an account can be costly. Here are the steps to repair it now and how to prevent future overdrafts.

Traveling Abroad During COVID? Be Flexible to Change Plans
Heed the advice of those who have already tried traveling abroad in the COVID era: Prepare for chaos.

Filed Under: Liz's Blog Tagged With: COVID, cryptocurrency, overdrawn bank account, travel

Tuesday’s need-to-know money news

October 19, 2021 By Liz Weston

Today’s top story: 6 things you should know about signing up for Medicare. Also in the news: How to invest with your HSA, how Buy Now/Pay Later can be helpful, and how to use the 50/15/5 rule for spending and saving.

6 Things You Should Know About Signing Up for Medicare
With fall enrollment open through Dec. 7, here’s what you need to know about your sign-up options.

How to Invest With Your HSA, and Why
Health savings accounts have great benefits, including a triple tax advantage and the ability to invest your savings.

Buy Now, Pay Later Isn’t Bad — But Be Careful
Buy now, pay later makes it easy to take on debt, but if you use it with your budget in mind, it can be helpful.

How to Use the 50/15/5 Rule for Spending and Saving
Avoid overthinking your budget by using this simple rule of thumb.

Filed Under: Liz's Blog Tagged With: 50/10/5 budget rule, buy now pay later, investing with HSA, Medicare sign up, tips

How the toy shortage could affect your holidays

October 19, 2021 By Liz Weston

Many popular toys may sell out long before the holidays, thanks to ongoing pandemic-related disruptions. This could be a disaster — or a great opportunity to reshape how we celebrate.

We can shop earlier and more thoughtfully, resisting the last-minute scramble for “must-have” items that really aren’t. We can choose classic over trendy, handmade over mass-produced. We can swap experiences for stuff and even make this a learning opportunity for our kids.

In my latest for the Associated Press, strategies that could result in a saner, less-stressful holiday.

Filed Under: Liz's Blog Tagged With: holiday shopping, toy shortage

Monday’s need-to-know money news

October 18, 2021 By Liz Weston

Today’s top story: The end of student loan forbearance will be tougher on women. Also in the news: A new episode of the Smart Money podcast on what people get wrong about credit and how to build a budget when you’re self-employed, 5 misconceptions about how insurers price your auto premium, and start your holiday savings now to skip the regret later.

The End of Student Loan Forbearance Will Be Tougher on Women
Over a million women have had to drop out of the workforce

Smart Money Podcast: What People Get Wrong About Credit, and Self-Employed Budgeting
A discussion about what people get wrong when it comes to managing their credit — and how they can improve their credit the right way.

5 Misconceptions About How Insurers Price Your Auto Premium
Getting to the truth.

Start Holiday Savings Now, and Skip the Regret Later
Between now and December, these money-saving strategies can keep you from taking on additional debt or overspending.

Filed Under: Liz's Blog Tagged With: auto insurance premiums, credit misconceptions, holiday shopping, self-employed budget, Smart Money podcast, student loan forbearance and women

Q&A: How to pass on inheritance to your children

October 18, 2021 By Liz Weston

Dear Liz: I may inherit $500,000 but do not necessarily need the money for my retirement. Is there a way to pass that inheritance, or a part of it, to my two children without incurring a taxable event for myself or for them? I may want to ask my parents to add that to their trust or will.

Answer:
You can “disclaim” or refuse to accept all or part an inheritance. If you do so correctly, the assets will pass to the next beneficiary as dictated by the estate documents (or by state law, in the absence of a will or living trust). If you think you’ll want this option, definitely discuss this with your parents and their estate planning attorney so the documents can be set up properly.

Keep in mind that few families have enough wealth to be affected by gift or estate taxes. Only people who give away millions of dollars in their lifetime have to pay gift taxes, for example. If you decide not to disclaim and later give the entire $500,000 to your kids, you wouldn’t have to pay gift taxes until you gave away considerably more. Plus, gifts are tax free to the recipients.

Gift and estate laws are always subject to change, so definitely consult a tax pro before making any decision regarding either.

Filed Under: Inheritance, Q&A, Taxes Tagged With: Inheritance, q&a, Taxes

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