Dear Liz: My mother recently died at the age of 93. My sisters and I are her beneficiaries, and all of us are in our 60s. Unbeknownst to us, one of her assets is a “dynasty trust,” established in 1964, that can only be used for “care” and “education.” The lawyer never told us this and […]
Recent Blog Posts
Q&A: Foreign tax credit delays substantial IRS refund
Dear Liz: My tax professional submitted amended tax returns for 2023, 2022 and 2021 a year ago. I’m supposed to receive a nice refund for those years but I have heard nothing from the IRS and cannot get any information from its website. I asked my tax professional about it and she said the foreign tax […]
Q&A: Early Social Security start doesn’t affect survivor benefits
Dear Liz: I started collecting my Social Security at age 62 because I had cancer and could not work. My husband is now ill and will pass on soon. Will I still be able to get my husband’s Social Security, which is much higher than mine, when he passes on? Answer: Yes. Surviving spouses get the larger […]
Q&A: What do you do when an ex takes out a credit card in your name?
Dear Liz: My ex-husband took out a credit card in my name without my knowledge. By the time I discovered it on a credit report, he had over $14,000 in charges on the card. I was able to close the credit card, but cannot remove my name and Social Security number from the account. My ex […]
Q&A: What does a successor trustee do?
Dear Liz: My older brother and his wife recently told me they made me the executor of their living trust. I have no experience with this. They live in Maryland and I’m in California. Can you please let me know what I can do now to make the process simpler when the time comes? Answer: Your brother […]
Q&A: Closing a long-held credit card didn’t have much impact
Dear Liz: I just read your column about cardholders being fearful of canceling a card. Here’s my story. I made an online purchase with a credit card I’ve had since 1981. The purchase turned out to be a scam. I spent hours trying to resolve this. When I finally got a human, she was extremely hard […]