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Liz Weston

Thursday’s need-to-know money news

February 15, 2018 By Liz Weston

Today’s top story: Know how and when to thaw your credit. Also in the news: How to find lost 401(k) cash and other unclaimed money, why you should listen to money podcasts, and serious financial mistakes to avoid when getting engaged.

Don’t Be Frozen Out — Know How and When to Thaw Your Credit
Credit in the post-Equifax breach world.

How to Find Lost 401(k) Cash (and Other Unclaimed Money)
Reunite with your lost money.

Why You Should Listen to Money Podcasts
A few recommendations.

Getting engaged? Don’t make these serious financial mistakes
Starting off on the right foot.

Filed Under: Liz's Blog Tagged With: 401(k) cash, couples and money, credit freeze, credit thaw, engagements, Equifax, money podcasts, unclaimed money

Wednesday’s need-to-know money news

February 14, 2018 By Liz Weston

Today’s top story: Will your relationship last? Depends on your investment. Also in the news: How 12 Olympians pinched pennies to chase gold, your guide to buying life insurance on someone else, and the financial benefit of skipping Valentine’s Day.

Will Your Relationship Last? Depends on Your Investment
Putting in the time and effort.

How 12 Olympians Pinched Pennies to Chase Gold
Inspiring stories.

Your Guide to Buying Life Insurance on Someone Else
Not as evil as it sounds.

The Financial Benefit of Skipping Valentine’s Day
Consult your partner first.

Filed Under: Liz's Blog Tagged With: couples and money, life insurance, Olympics, relationships and money, valentine's day

You’re married, but your assets don’t have to be

February 13, 2018 By Liz Weston

People who aren’t rich or famous typically don’t have prenuptial agreements, which are legal documents detailing who gets what in a divorce. Even ordinary folks without prenups, though, should think about how to protect their money if something goes wrong.

Planning for divorce may be cynical, but it’s also smart, San Diego certified financial planner Ginita Wall says.

In my latest for the Associated Press, how to protect your assets in case the unthinkable happens.

Filed Under: Liz's Blog Tagged With: asset protection, banking, couples and money, Divorce

Tuesday’s need-to-know money news

February 13, 2018 By Liz Weston

Today’s top story: Are these 5 things worth credit card debt?
Also in the news:
What Millennials should consider about life insurance, 5 gas-saving “tips” that don’t work, and what to tell high schoolers about money.

Are These 5 Things Worth Credit Card Debt?
Paying off your wedding on your 20th anniversary.

Life Insurance and Millennials — What to Consider Now
Looking and planning ahead.

These 5 Gas-Saving ‘Tips’ Don’t Work
You can leave the AC on.

What to Tell High Schoolers About Money
Thinking outside the box.

Filed Under: Liz's Blog

Monday’s need-to-know money news

February 12, 2018 By Liz Weston

Today’s top story: 4 blunders to avoid when doing your own taxes. Also in the news: What to do if your W-2 is missing, 6 key investing concepts, and why there’s no such thing as a dumb question when it comes to money.

Doing Your Own Taxes? Pros Say Avoid These 4 Blunders
Getting it right the first time.

What to Do If Your W-2 Is MIA
You have options.

6 Investing Key Concepts — in Plain English
Understanding the basics.

Don’t Let the Fear of Looking Stupid Lead to Money Mistakes
There’s no such thing as a dumb question.

Filed Under: Liz's Blog Tagged With: advice, financial advice, Investing, Taxes, tips, W-2

Q&A: A ‘poor man’s trust’ may be a poor estate plan

February 12, 2018 By Liz Weston

Dear Liz: I am 85 and my wife is 76. We have a house free of mortgage worth about $1 million. We have market investments above $4 million and life insurance of $1 million. We do not have a trust, just a will. Our financial advisor says that we do not need a trust because we have named both of our grown children as beneficiaries on all of our accounts and on the deed to our house. Please advise us if a trust is needed in our situation or if we are fine the way things are set up.

Answer: If your financial advisor is an estate-planning attorney, he or she may be correct. Otherwise, you’d be smart to seek out a lawyer experienced in these matters to review what you’ve done.

Naming beneficiaries on financial accounts, and on deeds in states that allow that, can allow those assets to pass to heirs without going through probate. So-called transfer-on-death accounts and deeds are sometimes called “the poor man’s trust.” You’re far from poor, though, and a living trust may be a better option for distributing your wealth because there are many ways the current arrangement could go wrong.

The surviving spouse, for example, could change the beneficiaries. You both may be of sound mind now, but there’s no guarantee you’ll remain so. Fraud experts can tell story after story of caregivers, relatives, friends, advisors and romantic interests persuading a vulnerable older person to change beneficiaries in favor of the interloper. A living trust that bypasses probate can include language to prevent your children from being completely disinherited.

Another potential problem: paying funeral costs and the expenses of settling the estate. If everything does go to the kids at the survivor’s death, the executor may have to go after them to return some of the money.

This column isn’t long enough to detail all the other ways transfer-on-death arrangements can misfire, so you’ll want to make an appointment with an experienced estate-planning attorney soon.

Filed Under: Estate planning, Q&A Tagged With: estate plan, Estate Planning, poor man's trust, q&a, trust

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