For years, identity theft expert Eva Velasquez warned parents that freezing their children’s credit reports was difficult, problematic and probably unnecessary. Velasquez, chief executive officer of the nonprofit Identity Theft Resource Center, has since changed her mind. Or rather, the sheer volume and severity of database breaches — including last year’s breathtakingly huge compromise at […]
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Monday’s need-to-know money news
Today’s top story: How to turn a tax refund into a fatter paycheck. Also in the news: 3 money lessons we can learn from ‘Roseanne,’ what to do when your tax pro botches your return, and how to set money goals with your spouse. How to Turn a Tax Refund Into a Fatter Paycheck Make […]
Q&A: A large foreign bequest could trigger U.S. taxes
Dear Liz: I have received an inheritance of $445,000 from a relative who died out of the country. Do I have to pay income tax on this money? Answer: If you inherited from someone who was a U.S. citizen who lived abroad, then that person’s estate may be subject to U.S. estate taxes. The estate […]
Q&A: The dark side of reverse mortgages
Dear Liz: I have had a reverse mortgage on my condo since 2009, due to financial necessity. The interest rate on my mortgage keeps going up. Could the interest rate be reduced by changing lenders or would there be exorbitant fees involved in the process? My financial standing is not good, and I am in […]
Q&A: Credit scores come in many forms
Dear Liz: I am now getting my credit score from three different places: my bank, one of my credit cards and a free online site. Why are all three of the scores always different? Answer: You don’t have one credit score, you have many and they change all the time. Furthermore, you’re probably looking at […]
Friday’s need-to-know money news
Today’s top story: The single parent’s guide to life insurance. Also in the news: How to pay your taxes with a credit card if you must, life insurance and suicide, and how to prepare your kids for “adulting.” The Single Parent’s Guide to Life Insurance Protecting your children’s future. If You Insist on Paying Taxes […]