Dear Liz: I am having difficulty finding a fiduciary, fee-only financial advisor. I have inherited considerable investments from my parents’ trust and now that their house is sold, there will be a payout in excess of $1 million. I believe that my parents’ money manager has done an excellent job of investing and managing their money, […]
Recent Blog Posts
Q&A: How to reduce the tax penalty from an IRA distribution goof
Dear Liz: I have missed three years of required minimum distributions from one of my IRAs although I have not heard from the IRS about this. What do you advise me to do now? Answer: Did you include this account when calculating your required minimum distribution each year? If so, you won’t owe a penalty. You’re supposed […]
Q&A: Card closure reasons don’t matter
Dear Liz: Does the reason for a credit card closure affect credit scores? I’ve had retailers close a card simply because it hasn’t been used for a period of time, not because I mishandled the account. Answer: Credit score formulas don’t distinguish between accounts closed by the consumer and accounts closed by the issuer. The closed account […]
Q&A: Don’t make handwritten will changes
Dear Liz: I have a question about wills. Since circumstances change over time, is it permissible to make “pen and ink” changes to a will? For example, can I cross out a beneficiary that no longer applies and date and initial the cross out? Answer: Think about how easy it would be for someone else to alter […]
This week’s money news
This week’s top story: Mortgage rates will not fall in March. In other news: Rental housing prices 2024, why some millennials don’t want kids, and managing credit cards when you grew up in a cash-only household. When Will Mortgage Rates Fall? Probably Not in March Mortgage rates are expected to go down sometime in 2024, but […]
Q&A: Is it possible to have too many credit cards?
Dear Liz: I have accumulated too many credit cards, sometimes to get bonus frequent flier miles. The frequent flier miles cards all have annual fees. I always pay cards in full each month. My credit score is 800-plus every month. I have heard that your credit score is dinged when you close credit accounts. Is that […]