Dear Liz: My parents left me with financial accounts at two companies. My instinct is to combine them to deal with one less company. Is there a downside to doing this? Answer: You should first determine whether any of the inherited accounts is a retirement account because those come with special rules. You can’t simply merge an […]
Recent Blog Posts
Q&A: Minimizing your taxes is fine — to a point
Dear Liz: In reading your columns, one can get the impression that reducing tax liability is the primary objective for many financial advisors. I disagree with this. Paying a fair share of taxes is a responsibility to society and the less fortunate, especially for wealthy people. Why are so many financial “professionals” so obsessed with paying […]
What Can You Quit Today?
For many years, I tried to personally answer as many reader emails as possible. I couldn’t offer personalized advice – I’m a journalist, not a practicing financial planner – but I wanted to at least point people to helpful articles, agencies or sites. As my readership grew, this task became Sisyphean. I’d spend hours at […]
This week’s money news
This week’s top story: Avoiding 4 Prime Day pit falls. In other news: How to use buy now, pay later like a pro, 60/30/10 budget, and a court ruling that blocked lower student loan bills under the SAVE repayment plan has been overturned. Avoid These 4 Prime Day Pitfalls Protect your wallet this month by steering clear […]
Q&A: Old inherited IRA is safe from “drain it in 10 years” requirement
Dear Liz: You have written that non-spouse beneficiaries are now required to drain their inherited IRAs within 10 years. Is this requirement retroactive? I inherited an IRA from my mother in 2015. I have been taking out the minimum required each year. If I must drain the account within 10 years, will the increase in yearly […]
Q&A: Can a brokerage close my account? You bet
Dear Liz: Is it common for a brokerage agreement to say the firm can close my account for any reason and without any notice? The agreement goes on to say that the brokerage can liquidate the investments in my account if it’s closed and that the brokerage is not responsible for any investment losses that result. […]