Dear Liz: I have a long-standing credit card with a national bank. As I travel a lot, I just opened a travel rewards card with the same issuer. I would prefer to keep the new card and close the old one, rather than keep two cards active with the same issuer. I understand from reading your […]
Recent Blog Posts
Q&A: Speaking of credit cards, what if a spouse has a balance when they die?
Dear Liz: When a spouse dies, is the surviving spouse responsible for outstanding credit card debt from a card issued only in the deceased’s name? Answer: In community property states — including Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin — debts incurred during marriage are usually considered owed by both spouses, even if […]
This week’s money news
This week’s top story: How to get into college without applying. In other news: Solar panels in Ohio, project 2025 calls for big changes to Medicare, Medicaid, and 5 ways to practice financial self-care. Direct Admissions: How to Get Into College Without Applying If your senior year of high school approaches, direct admissions can help you […]
Q&A: When landlords move in to an old rental, are tax breaks part of the deal?
Dear Liz: My husband and I bought a single-family home as a rental property in 1988. We paid $135,000. The tenants moved out in February and we are doing major upgrades now. If we moved into the property and sold it after two years, would the first $500,000 of gain be excluded from income tax? The […]
Q&A: An inheritance sounds great, but what will it mean for my free meds?
Dear Liz: I live on Social Security alone, which puts me at the poverty level. The state pays for medical and dental premiums, so I have no copay for doctor visits or prescriptions. I was just notified that I was left $175,000. If this shows up in my bank account, I will lose all the medical […]
Q&A: Co-owned credit cards are great … if you can find them.
Dear Liz: Recently you recommended that both spouses have a credit card on which they are the primary account holder. Another option is for the spouse to apply to be a co-owner of their current credit cards. This worked for me when my husband passed away five years ago. The bank canceled his access, but left […]