Dear Liz: You recently wrote about the capital gains tax implications when someone sells a house they’ve been given, versus one they’ve inherited. Would you elaborate on the estate ramifications for the donor if that person has a large estate? Would their estate pay tax on the gift? Answer: Few people have to worry about either gift or estate […]
Recent Blog Posts
This week’s money news
This week’s top story: How to get paid for surviving the Southwest meltdown. In other news: Smart Money podcast on January money moves, and paying off your mortgage early, 4 ways to improve your odds of meeting new year’s money goals, and the path of mortgage rates prior to Fed meeting. How to Get Paid for […]
Sneaky ways inflation affects your money in 2023
By now, you’re probably familiar with the more obvious ways inflation affects your finances. Your money doesn’t go as far at the grocery store, for example. Credit card and other variable-rate debt is getting more expensive as the Federal Reserve raises short-term interest rates to combat inflation. Rates are also rising, albeit more slowly, on savings accounts. […]
Q&A: Divorce survivors benefits and remarriage
Dear Liz: I am a divorced man receiving Social Security survivors benefits based on the earnings record of my ex, who has died. I am 63. Can I get married and continue to receive benefits? Answer: Yes. People receiving survivors benefits can remarry at age 60 or later without losing their benefits. Survivors benefits are based on […]
Q&A: Old uncashed insurance policies
Dear Liz: What advice can you provide to people when they stumble on old life insurance policies that may never have been cashed in? Answer: My siblings and I have personal experience with this after coming across two policies in our late father’s papers. We learned one policy had indeed been cashed in, but the second — […]
Q&A: How a Roth IRA rollover can cause unforeseen problems
Dear Liz: I have been contributing to my young adult children’s Roth IRA accounts for the past few years to get them started on retirement savings. My oldest just left her first job to go back to graduate school. Since her income will be low this year, I advised her to roll her defined contribution plan […]