Dear Liz: My husband died in November 2022. I was told that if I sell the house within two years of his death, I can benefit from two capital gains exclusions, his and mine, each for $250,000. The house was appraised at $912,000 based on his date of death. I don’t imagine it would sell for […]
Recent Blog Posts
Q&A: Using 529 accounts on groceries
Dear Liz: You said 529 accounts could not be used for groceries. I searched on the internet and found that students can use 529 money to purchase meals off campus and buy groceries. Which is correct? Answer: The original letter writer’s child lived on campus, so the amount the family can withdraw tax free from the 529 account is limited to what they […]
3 time-sensitive money tasks for new widows and widowers
Widows and widowers are often told not to make any major decisions for a year or more after a spouse’s death. Grief can cause you to make choices you later regret. Some financial tasks, though, shouldn’t be postponed. Revising your budget, meeting with a tax pro and securing access to credit can help protect you […]
This week’s money news
This week’s top story: White House touts U.S. economy’s strength as election year begins. In other news: 5 signs you should consolidate your credit card debt in 2024, the cost of literally keeping your chin up, and 5 cities where you can book a 5-star hotel for cheap. White House Touts U.S. Economy’s Strength as Election […]
Q&A: 529 college savings rollovers
Dear Liz: The beneficiary on the 529 college savings account I manage has no education plans so they cannot use the 529 funds without tax penalty. They also do not work, so I cannot roll the money over into a Roth IRA for them because there is no earned income to qualify for the rollover contribution. However, I […]
Q&A: Social Security versus government pensions
Dear Liz: I have a dear friend who after 48 years of marriage went through a horrible divorce. She worked for a school district that did not pay into Social Security but her ex was self-employed and did pay into the system. I advised her to apply for spousal benefits but she was told she was […]