Dear Liz: One subject I’ve never seen you address is the use of proprietary funds by financial advisors. We’ve taken over the finances of my in-laws, whose advisor put their money in a well-balanced portfolio, but all within a proprietary fund group. We are more or less stuck with continuing with their advisor because only certain […]
Recent Blog Posts
Q&A: Social Security Disability Benefits for Disabled Adult Children
Dear Liz: This is regarding the writer whose daughter is a 21-year-old single mom with bipolar disorder and major depressive disorder. Adults who are disabled before age 22 can be eligible for Social Security Disability Insurance under the Disabled Adult Child program. After two years of SSDI, she would be eligible for Medicare. An attorney who […]
Q&A: Taking half your spouse’s Social Security payment can be better than taking your own.
Dear Liz: My bookkeeper cousin told me I could get half my husband’s Social Security instead of my own. I took Social Security at 66, when my benefit was $1,300. My husband waited until 70, when his was $3,295. Does that mean I could be getting a monthly check for $1,600? Answer: Probably not. Spousal benefits can […]
Q&A: A husband handles the investing. What happens when he’s gone?
Dear Liz: My husband has always handled our investments. He doesn’t think it makes sense to pay someone 1% to do what he can do on his own. As we’re getting older, I’m starting to worry about what I would do if he dies first. We also have a friend who got scammed, and it’s made […]
Q&A: Giving your money away? The IRS wants to know about it.
Dear Liz: You recently wrote that “the only givers who have to pay taxes are those who have given away millions in their lifetimes.” I tend to be generous with my offspring who are the beneficiaries of my trust. For example, I gave a down payment on a house to my son last year. Because of […]
Q&A: When giving cash gifts, does anyone need to pay taxes?
Dear Liz: I am a widow age 95. I would like to give my three kids, who are in their 60s, $5,000 each this year. What are the taxes, and who pays them? Answer: Gifts aren’t taxable to the recipients, and the only givers who have to pay taxes are those who have given away millions […]