Dear Liz: My husband and his six siblings inherited a large family farm. No one lives there; it is used recreationally. Our limited liability corporation is set up so that only blood relatives can inherit. If they don’t want it, they can sell their share (only to family) for 40% of the value. The seven current […]
Recent Blog Posts
Q&A: Bank dragging its heels on reimbursement for forged checks
Dear Liz: I am a victim of check fraud where someone intercepted two checks made out to the U.S. Treasury and changed the payee name. These two checks were for $21,000 and $6,000, so it’s substantial. I made a police report and spoke with my bank at the end of August. Any advice on how to […]
Q&A: Unwanted timeshares granted back to developers
Dear Liz: I successfully granted back seven timeshare properties in different locations that my father had bought over the years. In several cases, the companies were very unhelpful over the phone, but responded once I wrote a letter explaining my father’s age and inability to travel and requested to grant back the deed. It seems all […]
Q&A: Will canceling a card permanently hurt my credit scores?
Dear Liz: My wife and I have excellent credit, pay our credit cards in full each month before the due date, and have no outstanding loans or debts. Our credit utilization is low, about 3-4%. Our total available credit is about $125,000 for six cards. One credit company keeps reducing our credit line every time they […]
Q&A: What if my heirs don’t want my timeshare?
Dear Liz: You recently answered a question about the consequences of giving up a timeshare. What are the possible consequences if a timeshare is held until the owner’s death? What is the effect if it is included in a will or trust? If none of the potential heirs want it, what is the effect of not […]
Q&A: How do I claim fire-damage losses on my taxes?
Dear Liz: My home in Pacific Palisades is still standing after January’s fire, but was damaged by smoke and ash. The remediators deemed hundreds of personal property items unsalvageable. Our insurance company is paying us a highly depreciated amount for these items, with the full amount to be received upon the actual purchase of each replacement. […]