Dear Liz: My son lives overseas. He just became a father. He plans to apply for U.S. citizenship for his dependent as an American born abroad. We would like to help save for our new granddaughter’s future. There are 529 accounts here. Can he set up an account like that if he gets a Social Security […]
Recent Blog Posts
Q&A: Should you add beneficiaries to all your accounts?
Dear Liz: In response to a reader who asked about creating a will, you suggested options for low-cost online resources. That is great! But, I would encourage you to remind readers to designate beneficiaries on accounts and assets where that option is available. While they should still have a will, many readers may not know that […]
Q&A: Is free advanced directive site really free?
Dear Liz: Your recent column about advanced directives said that people could get a free version at PrepareForYourCare.org. I found there is a charge. Is this for all online directives? Answer: Prepare is a free site supported by donations, grants and licensing agreements. If you were asked to pay, you either clicked the donate button or weren’t […]
Q&A: How to fix a mistaken contribution to an IRA
Dear Liz: When I retired, I had a small 401(k) with about $12,000 in it. Instead of rolling that money into an IRA, I took a distribution and paid taxes on it. I had no immediate need for the remaining funds, so eventually I opened a new IRA account and deposited the money. I now realize […]
Q&A: Closing credit accounts doesn’t need to be a big deal
Dear Liz: Your recent response to the person giving bad advice about closing credit accounts was truly a public service. Over the years, I have opened and closed many credit accounts. Only once was a credit card closed for non-usage by the issuer and there was no major degradation of my credit score. Never has one […]
Q&A: Medicare premium increase offsets cost-of-living boost
Dear Liz: My wife and I are well over 70 and receive Social Security. We pay for Medicare Part B as well as IRMAA (Income-Related Monthly Adjustment Amount) for Part B and Part D via deductions from our monthly checks. We just received our annual notice from the Social Security Administration of the 2.8% cost-of-living increase […]