Dear Liz: We are a heterosexual couple who are registered domestic partners in California. We have owned our primary residence for decades. Obviously, its value has increased and is well past the $500,000 home sales exemption limit for couples. When one of us passes away, how is the basis and the appreciation of the residence calculated […]
Recent Blog Posts
Q&A: Can I open a Roth IRA for my minor grandchildren?
Dear Liz: Where can I open a Roth IRA for my minor grandchildren? Answer: Fidelity, Charles Schwab and Vanguard are among the large brokerages that offer custodial IRAs with no account minimums or fees. Getting your grandkids started with saving for retirement is a great idea, but they’ll need to be earning their own money before you […]
Q&A: Social Security disability benefit doesn’t increase at retirement age
Dear Liz: If someone is currently receiving Social Security disability payments, does the monthly dollar benefit change when they reach age 62 or at full retirement age? Answer: Social Security disability payments convert to a retirement benefit when the recipient reaches their full retirement age, which is currently 67. The dollar amount doesn’t change, although recipients continue […]
Q&A: Can insurers require you to buy a membership?
Dear Liz: I have my homeowners and auto insurance with the auto club. For the past few years, I have called them about their $59 yearly membership fee. I advised them that I did not need any of their services, as my last three new cars have their own roadside service. I was shocked to find […]
Q&A: How can I withdraw money from an IRA without paying taxes?
Dear Liz: I’ve been retired for 17 years due to illness. My wife has passed away. I know nothing about finances. She did it all. I have an IRA with my wife. I want to withdraw from it but not be penalized on taxes. I know there is a way, but I don’t know the proper […]
Q&A: Where should I keep money after selling my home?
Dear Liz: I’m a widow about to go into independent living which means I will be selling my home. I need to find the best place to park my money to have payments to me but still earning on the balance. What would you suggest? Answer: FDIC-insured savings accounts at online banks can earn a higher interest […]