Get smart with your money
Last year, one of my family’s credit cards was used to rack up hundreds of dollars in bogus charges at Apple.com. Another card was compromised four times in a row, as thieves repeatedly charged merchandise and Uber rides. We ultimately got our money back, but repeated credit card fraud can be frustrating and disheartening. Dealing with the […]
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This week’s top story: Smart Money podcast on investing for your family’s future. In other news: Family budgeting tips that actually work, billions spent on tax returns that could be filed for free, and 3 ways to maximize points and loyalty programs on your work trips. Smart Money Podcast: ‘The Color of Wealth’: Investing for Your […]
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Dear Liz: You recently advised the heir to a triplex that they’d have to pay capital gains tax if they sell the property, but if they keep it and bequeath to their children, there would be no capital gains for the children. How does that work? Answer: The original letter writer inherited the property from a parent in […]
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Dear Liz: I currently have a certificate of deposit with what I consider a reasonably high balance. I’ve named a beneficiary in the event something were to happen to me. Would there be tax consequences for the beneficiary upon receipt? Answer: There’s no federal inheritance tax, but six states — Iowa, Kentucky, Maryland, Nebraska, New Jersey and […]
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This week’s top story: Smart Money podcast on when to merge finances — or Not. In other news: How fresh tax credits, rebates can launch your eco home update, having a championship savings account, and age of AI: ChatGPT, Bard and how money advice might evolve. Smart Money Podcast: When to Merge Finances — or Not […]
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Dear Liz: Are spousal IRAs a good idea for a couple when one spouse is retired but the other is working? I’m 63 and work full time. My husband is 76 and retired. I have a Roth IRA; he does not. I contribute the maximum amount to my IRA. If we create a spousal IRA for […]
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When Tom Snyder coaches people in his church about how to budget, he starts by encouraging them to track their spending. “If we don’t track, we don’t know when to stop spending,” he says. The retired engineer and financial coach in Grand Rapids, Michigan, adds that it’s easy to be bumped off track by irregular […]
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Dear Liz: My siblings and I are considering selling a triplex. It was bequeathed to us by our mother when she died in 2007. There is no mortgage and it is fully occupied. If we sell, my wife and I (both over 50) would get roughly $200,000, and we’d like to minimize the tax impact. We […]
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