Being asked to be an executor is an honor you might want to pass up. Settling an estate typically involves tracking down and appraising assets, paying bills and creditors, filing final tax returns and distributing whatever’s left to the heirs. At best, the process is time-consuming. At worst, it takes hundreds of hours, exposes you […]
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Tuesday’s need-to-know money news
Today’s top story: Why buying life insurance for your parents can make financial sense. Also in the news: A new episode of the Smart Money podcast on the 50/30/20 budget, one person’s no-spending month results, and when to hire a tax professional. Why Buying Life Insurance for Your Parents Can Make Financial Sense Life insurance […]
Q&A: Emergency fund: How big?
Dear Liz: You recently advised a teacher who was inquiring about paying down student debt. You suggested among other things to “have a substantial emergency fund before you make extra payments on education debt (or a mortgage, for that matter). ‘Substantial’ means having three to six months’ worth of expenses saved. If your job is […]
Q&A: A young mother died in a car accident. Can her widower get survivor benefits?
Dear Liz: My grandson’s wife, 22, was killed in a motor vehicle accident just after her birthday. My grandson, 26, was left with a 2-year-old and 9-month-old. Due to COVID-19, he was staying home with the children, and she was working at a fast-food restaurant. We thought there would be Social Security survivor benefits, but […]
Friday’s need-to-know money news
Today’s top story: How to finally tackle tough money tasks. Also in the news: It’s now easier than ever for your boss to pay your student loans, 6 Black financial pros to follow in 2021, and 3 budgets apps for couples who want to align on money. How to Finally Tackle Tough Money Tasks Completing […]
Thursday’s need-to-know money news
Today’s top story: What gig workers need to know about taxes. Also in the news: 5 credit card red flags to avoid, why financial advisors of color matter, and how to prevent stolen tax returns. What Gig Workers Need to Know About Taxes Protect yourself from tax surprises. 5 Credit Card Red Flags to Avoid […]