Dear Liz: I am 74 and my husband is 68. We have decided to sell our last home and rent. Do we have to pay taxes, specifically capital gains, on the sale of our last home or are we able to keep the sale proceeds in full? Answer: Any home sale is potentially subject to […]
Recent Blog Posts
Q&A: Bowing out of trustee duty
Dear Liz: My husband agreed to serve as successor trustee for his brother’s living trust several years ago. My brother-in-law also added me as a backup. My brother-in-law’s financial situation has gotten very complicated and we would like to be removed as trustees. How do we go about this removal? My husband has asked his brother […]
Q&A: No more windfall elimination provision and government pension offset
Dear Liz: My husband worked for the postal service for over 30 years and retired with a pension. He does not have enough years working in the private sector to qualify for Social Security. Since we now have the Social Security Fairness Act, is he eligible to receive a percentage of my Social Security? I know […]
Q&A: Do retirement accounts affect survivor benefits?
Dear Liz: I was 36 with two young children, ages 6 and 2, when my husband died. We are collecting Social Security survivor benefits. I work only part time since my kids are so young. He left two IRAs: one that named me as a beneficiary and one that didn’t name anyone. I understand I can […]
Q&A: How to handle cash savings of deceased parents
Dear Liz: My mother passed away a little over a year ago, and my father about 18 months prior to her. I discovered that my parents saved up quite a lot of cash (in the six figures), and I’m afraid to deposit it without triggering the IRS. My parents routinely saved anywhere from $5,000 to […]
Q&A: Spouse gets the larger of two Social Security benefits, not both
Dear Liz: Your recent column on the divorced couple where the ex-wife can apply for Social Security benefits has me wondering about my own benefits. I’m 60 and my husband is 79. Can I get his Social Security benefits, and if so, when should I apply? I am working and have worked all my adult […]