Dear Liz: You recently answered a question from someone who lent a van to a friend for more than a year. You mentioned the borrower “may have benefited from free insurance coverage if you continued to pay those premiums.” Some insurance companies limit the time they extend coverage when a car is driven by someone other than the […]
Recent Blog Posts
How to make summer camp more affordable
To create a fun but affordable summer for her daughters, ages 11 and 13, Flossie McCowald plans out camps well in advance. The Pennsylvania resident snags early bird discounts, takes advantage of a church-based sleepaway camp that offers scholarships and leverages sibling discounts. “Every little bit helps,” says McCowald, who is the founder of SuperMomHacks.com, […]
This week’s money news
This week’s top story: Smart Money podcast on the future of college debt, and rent vs. buy (with a dog). In other news: Record levels of debt, how trusts can support loved ones with mental illness, and Fed has ‘moved a long way’ but doesn’t promise rate hike pause. Smart Money Podcast: The Future of College […]
Q&A: This spouse wants to keep an inheritance secret from the other spouse. Here’s a better idea
Dear Liz: A good friend is leaving me money from her IRA after she dies. I have asked that the gift be designated as “sole and separate property” to me. As I am married and file joint state and federal taxes, can this money be kept separate for my use only? I prefer that my spouse […]
Q&A: Social Security survivor benefits
Dear Liz: My beloved brother died recently. He was 70, retired and collecting Social Security. His husband, age 63, is still working. They had been married since 2008 but when he applied for survivor benefits, he was denied. Several in our friend group looked into this and the way we all read it, he should be entitled to […]
Q&A: When WEP doesn’t apply
Dear Liz: I am a retired police officer who worked for an organization that did not pay into Social Security or Medicare. During my career I worked side jobs and paid my own self-employment taxes to get my 40 quarters to qualify for Medicare once I reach age 65. I did have Social Security earnings for […]