Jamie Lima remembers his divorce six years ago as one of the most emotionally draining and financially challenging experiences of his life. As a result, he resolved to use his professional background as a certified financial planner to help other people going through similar situations. “I want to make sure other people don’t step on […]
Recent Blog Posts
This week’s money news
This week’s top story: 2022 mortgage applicants sought larger loans, faced deeper debt. In other news: 5 roadblocks to improving credit, reframe gift traditions, and a passport renewal by mail. 2022 Mortgage Applicants Sought Larger Loans, Faced Deeper Debt A look at 2022 mortgage application data from the Consumer Financial Protection Bureau shows some of the […]
Q&A: A capital gains surprise
Dear Liz: My son has decided to settle abroad and wants to purchase a home. I made a gift of stock valued at $17,000, which had significant gains. My broker indicated that giving him the stock would avoid capital gains on my part, and he could cash the stock in at that value, also without accruing […]
Q&A: Their variable-rate loan is out of control. What should they do now?
Dear Liz: We paid a lot for our house, and a lot to renovate it seven years ago. My banker recommended taking a low-interest loan against our assets at the bank instead of selling investments to pay for the renovations, which cost $900,000. The bank offered a rate of prime plus half a point. Up until a […]
Q&A: Spousal and divorced spousal benefits are available only while the primary worker is still alive
Dear Liz: You recently answered a question about divorced survivor benefits. Is the survivor benefit going to be 100% of what the deceased ex-spouse was receiving at death or 100% of the ex’s benefit at full retirement age? My ex-wife is 65, the marriage lasted 34 years, it’s been two years since our divorce and she’s planning […]
How to reduce your ‘widow’s penalty’
After a spouse dies, the survivor often ends up paying higher taxes on less income — something known by accountants and financial planners as the “widow’s penalty,” because women typically outlive their husbands. Couples who know what’s coming often can take steps to soften the penalty’s effect, but too many don’t think far enough ahead, says Barbara […]