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Liz Weston

Q&A: Sorting out trust confusion

April 4, 2022 By Liz Weston

Dear Liz: In a recent column you wrote of bypass trusts that “for many people this estate planning tool has outlived its usefulness.” In California, a trust avoids probate. Isn’t avoiding probate a reason to continue with a trust?

Answer: What you’re referring to is a living trust — a revocable (which means changeable) trust created while someone is alive. A bypass trust is irrevocable (which means not changeable) and typically goes into effect when someone dies. To further complicate matters, a living trust or a will can have provisions that create a bypass trust after someone dies.

Living trusts are indeed designed to avoid probate, the court process that otherwise follows death to settle an estate. Living trusts remain useful to many people who live in states where probate can be expensive and prolonged, such as California and Florida. Living trusts are also private, unlike wills, which typically become public record after death, and so are favored by people who want to avoid publicity.

Bypass trusts, on the other hand, were primarily designed to minimize or avoid estate taxes, which are no longer a concern for the vast majority of people. Bypass trusts have a number of disadvantages, so if you have one in your estate plan, you’ll want to consult an experienced estate planning attorney about whether to keep it.

Filed Under: Estate planning, Q&A Tagged With: Estate Planning, q&a, trusts

Friday’s need-to-know money news

April 1, 2022 By Liz Weston

Today’s top story: 5 things to ask before opening an account at a neobank. Also in the news: Don’t go broke attending weddings, the questions you’ll be asked when applying for a credit card, and 13 places you can legally stream TV for free.

5 Things to Ask Before Opening an Account at a Neobank
Neobanks like Chime have accounts with appealing perks and low costs, but they have limits.

Please Don’t Go Broke Attending Weddings
One little postcard or email can also pack loads of pricey pressure.

How to Apply for a Credit Card: Questions You’ll Be Asked
Applying for a credit card isn’t hard, but it helps to know in advance what information you’ll need.

13 Places You Can Legally Stream TV Shows for Free
Budget-friendly entertainment.

Filed Under: Liz's Blog Tagged With: credit card applications, neobanks, streaming, weddings

Thursday’s need-to-know money news

March 31, 2022 By Liz Weston

Today’s top story: 3 tasks for new retirees that will pay off later. Also in the news: Credit card interest vs. buy now, pay later, forget the fed, pay off your credit card debt, and cities where it’s cheaper to buy than rent.

3 Tasks for New Retirees That Will Pay Off Later
Taking care of one more to-do list early on can set you up for a better retirement.

Credit Card Interest vs. Buy Now, Pay Later: Which Is Better for My Budget?
Key differences, like how rates are calculated and how much debt you can take on, are crucial to consider when weighing each financing option.

Forget the Fed, Pay Off Your Credit Card Debt
Credit card debt is always expensive, no matter what interest rate changes the Federal Reserve makes.

It’s Cheaper to Buy a House Than Rent in These Cities
Purchase prices and rents are skyrocketing, but there are areas where homeownership isn’t entirely out of reach.

Filed Under: Liz's Blog Tagged With: buy vs rent, credit card debt, credit card interest vs buy now pay later, new retirees, Retirement

Wednesday’s need-to-know money news

March 30, 2022 By Liz Weston

Today’s top story: Why many new cars are cheaper than used. Also in the news: Do this if you’ve already refinanced your student loans, how to find a COVID test to return to the United States, and how the student loan pause has played out for borrowers.

Why Many New Cars Are Cheaper Than Used
Due to the lack of new-car inventory, the average used car now costs more than a new one.

Do This if You’ve Already Refinanced Your Student Loans
Time to refinance again.

Ask a Travel Nerd: How Do I Find a COVID Test to Return to the U.S.?
You need a negative result within one day of your return flight to the U.S. Have a plan for getting tested.

How the Student Loan Pause Has Played Out for Borrowers
New data show many borrowers have used that extra room in the budget to shore up their overall finances.

Filed Under: Uncategorized Tagged With: automobile shopping, COVID and international travel, student loan pause, Student Loans, used cars

Tuesday’s need-to-know money news

March 29, 2022 By Liz Weston

Today’s top story: 3 ways to get money back when COVID ruins your vacation. Also in the news: 5 key numbers to know about savings accounts, a new episode of the SmartMoney podcast, and red flags to look out for from personal finance influencers.

3 Ways to Get Money Back When COVID Ruins Your Vacation
COVID-19 still has the potential to derail plans, but you can protect the value of your vacation with some options.

5 Key Numbers to Know About Savings Accounts
Knowing about account minimums, fees and rates can help you maximize your savings.

Smart Money Podcast: The Fed Interest Rate Hike, and What’s a Credit Card Authorized User?
Higher interest rates may affect your mortgage and credit card payments, as well as everyday finances.

17 Huge Red Flags From Personal Finance ‘Influencers’
There’s good advice out there, as long as you can tell the good financial influencers from the shady ones.

Filed Under: Liz's Blog Tagged With: Covid and vacations, personal finance influencers, savings accounts, Smart Money podcast

3 tasks for new retirees that will pay off later

March 29, 2022 By Liz Weston

After a working lifetime of alarm clocks and meetings, you might be looking forward to a lot more unstructured time once you retire. But taking care of one more to-do list early on can set you up for a better retirement.

The following assumes you’ve already done some basic financial planning. Ideally, before you retire, you’ll create a budget, decide when to claim Social Security, settle on a sustainable withdrawal rate from your retirement funds and figure out how you’ll cover health care expenses. If any of those topics are still a mystery, consider talking to a fee-only financial advisor. If money’s tight, you may qualify for free or low cost consultations through the Foundation for Financial Planning, National Association of Personal Financial Advisors or the Association for Financial Counseling & Planning Education, among other organizations.

Even longtime do-it-yourselfers should consider getting expert retirement planning advice, says Catherine Azeles, a certified financial planner and investment consultant in Harrisburg, Pennsylvania. Although your days may be simpler without workplace demands, your finances often become more complex.

In my latest for the Associated Press, learn 3 tasks for new retirees that will pay off later.

Filed Under: Liz's Blog Tagged With: financial planner, Retirement, retirement planning

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