Dear Liz: My husband was the primary account holder on our credit cards and I was the authorized user. When he recently passed away, I was told I had to close the cards. I have tried to open my own credit cards and have been declined by two banks because my debt is too high. […]
Recent Blog Posts
Q&A: Couple worries about soaring ACA health care premiums
Dear Liz: My wife and I have health insurance through the Affordable Care Act exchange. With the enhanced tax credit ending this year, our insurance bill could go up from $500 a month to about $2,000 a month. Are there any good options or plans you can recommend? Would filing taxes separately help if my […]
Q&A: Follow the rules for IRA donations
Dear Liz: Hello. I’d like to use my IRA for charitable donations when I’m required to make minimum distributions. The problem I’ve encountered is that I want to use a debit card for donations. I prefer to donate to small art organizations, which are set up for online donations and definitely not paper checks. I […]
Q&A: Friends don’t ask friends for condos
Dear Liz: I have a younger friend who has asked me to leave them a condo I own. I would prefer the condo remain in my daughter’s name, and designate that the income from the condo go to my friend after my death. Is there a way to do this? Answer: Your friend just handed […]
Q&A: “Simple” ways to avoid probate often create complications
Dear Liz: I was perplexed by your column in which you pooh-poohed pay-on-death and transfer-on-death accounts in favor of trusts. But you gave no specific explanation. Rather, you said trusts “generally allow a smoother, more organized settlement of the estate than other probate-avoidance options.” Would you please explain what is smoother and more organized than POD […]
Q&A: What can retirees do to deduct medical expenses?
Dear Liz: My wife and I, both in our early 90s, are fortunate to have good health insurance. However, we have significant expenses that are not covered. As you might expect, we are retired and receive income from Social Security, pensions, annuities and investments. Are we eligible to use flexible health accounts funded with pretax dollars? […]