Dear Liz: I inherited my father’s IRA through a trust in 2010. Unbeknownst to me at the time, I’ve now found out I should have taken that money out over the following years, but I didn’t. I turned 73 in May of this year, and I’d like advice on what I should do with that account. […]
Recent Blog Posts
Q&A: Can you revoke a revocable trust?
Dear Liz: Is it possible to revoke an irrevocable trust? Answer: Surprisingly, yes, in some cases it’s possible to revoke an irrevocable trust, depending on state law, the terms of the trust and the circumstances. For example, a trust could be dissolved or changed if all the beneficiaries agree and a court approves. In other cases, assets […]
Q&A: What to do when a stolen IRS check is altered and cashed
Dear Liz: My mail with a check to the IRS was stolen from inside the post office (I dropped it into the internal wall slot). The envelope was pre-addressed to the IRS P.O. box. The payee on the check was altered. The memo section text was removed, and parts of the upper-left section of the check […]
Q&A: Are credit card surcharges a tax windfall for businesses?
Dear Liz: Regarding the fees charged to use credit cards. Aren’t the fees charged by the credit card companies considered deductible expenses on the businesses’ taxes? It seems that if the customer pays the surcharge then the business claims a deduction on its taxes, the business is getting a big benefit. It’s nothing but a scam. […]
Q&A: Should grandparents open their own 529 plans?
Dear Liz: My two grandchildren are in middle school and are expected to attend college. I’d like to contribute to 529 plans for them, possibly making five years’ worth of contributions at once. Should I contribute to the plans their parents have established, or open separate 529s so I can maintain control? I’m 86 and live […]
Q&A: Can I switch from my Social Security to a spousal benefit?
Dear Liz: I will be 62 in January. My husband turns 70 in July. If I take my Social Security benefits at a reduced rate at 62, can I switch to half of his benefits once he turns 70 and applies? Let’s say my reduced benefit at 62 is $1,000 per month and my husband’s maximized […]