Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t. Transferring your house to your kids while you’re alive may avoid probate, the court process that otherwise follows death. But gifting a home also can result in a big, unnecessary […]
Recent Blog Posts
Tuesday’s need-to-know money news
Today’s top story: What to do if you’re laid off due to Coronavirus. Also in the news: Coronavirus relief for small businesses and the self-employed, free ways to protect your mental health, and 4 things to do for your parents during the Coronavirus outbreak. What to Do if You’re Laid Off Due to Coronavirus One […]
Monday’s need-to-know money news
Today’s top story: Does life insurance cover deaths from Coronavirus? Also in the news: Everything you need to know about Coronavirus stimulus checks, how expanded Coronavirus unemployment benefits work, and what to do if you can’t pay rent this month. Does Life Insurance Cover Deaths From Coronavirus? Looking at the exceptions. Coronavirus Stimulus Checks: How […]
Q&A: Inheriting an IRA can get messy
Dear Liz: My brother passed away at age 47. My mother was named beneficiary of his retirement account. We opened an inherited IRA under her name. Sadly, my mother recently passed away, and my father is the beneficiary of the account. Does my father open a regular IRA or inherited IRA? How would the title […]
Q&A: Car repo is a nonstarter
Dear Liz: I had to move to assisted living due to a stroke. I no longer need my car — or the car payment. Can I simply stop paying and let it be repossessed? There are about 18 months to go before it’s paid off. I don’t need great credit anymore and our current expenses […]
Q&A: Those IRS coronavirus-extended deadlines apply to more than just taxes
Dear Liz: Now that we’re not required to file our taxes until July 15 this year, has anything been said about pushing back the 2019 contribution deadline for IRAs and Roth IRAs? Answer: The IRS recently confirmed that the deadline for making contributions to IRAs has also been extended to July 15. The deadlines were […]