Dear Liz: Someone recently asked whether to make a bank account “payable on death” or put it in their living trust. Our bank has refused to allow us to retitle our accounts so we can have them in our trust. Is “payable on death” our only option? Answer: No, but you may need to move your accounts […]
Recent Blog Posts
Q&A: An aging relative is spending her nest egg on round-the-clock care. What happens when the money runs out?
Dear Liz: A family member is 90 and lives by herself at home. She has around-the-clock caregivers paid for by her investment accounts. Her teacher pension pays for all everyday expenses. She is high maintenance and unwilling to accept she will one day run out of money for caregivers. What would you suggest? Answer: That depends on […]
This week’s money news
This week’s top story: 5 big changes to Medicare Part D for 2025. In other news: Weekly mortgage rates, Mega Millions will raise ticket price, and sports betting can be a gamble for your financial health. 5 Big Changes to Medicare Part D for 2025 (And What to Do About Them) Watch out for big changes […]
Q&A: Beware foreign transaction fees when using credit cards abroad
Dear Liz: I have a question regarding the use of credit cards for foreign transactions. Are the card companies required to use a certain exchange rate? I’ve used two different cards, and the one that charges a fee used a better exchange rate. The total cost to me, including the fee, was less than the other […]
Q&A: A follow-up question about payable on death accounts
Dear Liz: I’ve worked for various broker dealers for 33 years and have never heard of a “payable on death” account. Did you mean transfer on death (TOD) in your previous column? Answer: I did not. Payable on death accounts are similar to transfer on death accounts since both allow owners to designate beneficiaries and avoid probate, […]
Q&A: You can’t spend it when you’re gone, but delaying Social Security payments makes sense
Dear Liz: I’m a single person with no children. I worked for one private employer for 36 years, retired from there at 54 and am now 57. My home is paid off. I receive a pension of $2,400. I’ve been working a nearly full-time job averaging $3,800 a month with 8% going into a 401(k) and […]