Dear Liz: I am 85, and my husband is 87. We are both retired. He has not paid our income tax for three to five years. I have given up trying to get him to do it. I know it’s partly my fault, as I should have taken more responsibility. What should I do? Whom should […]
Recent Blog Posts
Q&A: Who is responsible for the costs of settling an estate?
Dear Liz: Our dad is 93 and has a reverse mortgage on his house, where he lived until recently with my brother and my brother’s friend. In August, we had to move Dad into assisted living. Shortly after that, the “friend” locked my brother out of the house and has been a squatter ever since. We […]
Q&A: Should I close paid-off, high-rate credit cards?
Dear Liz: I paid off my high-interest credit cards. Should I close the accounts or leave them open? I heard a long time ago that closing the accounts will affect my credit score because less credit is available to me. But I don’t want to use these credit cards anymore because they have a high interest […]
Q&A: Tuition payments could require filing gift tax return
Dear Liz: I have been paying college tuition for my grandson: $20,000 per semester for the last three years. He has used the university’s online option to pay the tuition by transferring the money from my bank checking account. Am I entitled to a tax exemption? How should I claim it when I return my tax […]
Q&A: Should I tap retirement savings for home repairs?
Dear Liz: We had a plan to make our retirement savings last until our mid- to late 80s. Now we have unanticipated house repairs that could amount to tens of thousands of dollars. Should we draw down our retirement savings and pay the associated taxes at a 22% rate, or take out a home equity loan, […]
Q&A: Should I name a representative payee in advance?
Dear Liz: My question has to do with a bulletin put out by the Social Security Administration last year requiring people with Social Security income to submit the name of a person to be their advanced designation representative. It also said that you need to submit a name for your ADR annually. Many people probably don’t […]