We cover the basics and more about personal finance, answering frequently asked questions about credit and debt, identity theft, saving for college, retirement, estate planning, insurance, taxes, job hunting, and raising money-savvy kids. Check out the articles, columns, blog posts, radio shows and videos for tons of personal finance advice.
Estate Plan Mistake
Estate Plan Mistake Q: I'm wondering if my husband made an estate plan mistake. He died without a will. We have one son and when my husband passed, my son and I signed an agreement that said if I sold any of the properties, we’d both need to agree to the sale. When I sold [...]
Pros and Cons of Joint Financial Accounts
Joint Financial Accounts: Pros and Cons Q: Could you explain the pros and cons of having joint financial accounts with a daughter? I also own my home with her as well? My husband has passed away. I have a will and other needed documents. A: We’re sorry for your loss. We understand how having joint [...]
Home Sale Tax Exclusion: Residency Requirements
Home Sale Tax Exclusion: Residency Requirements What does the IRS really say about the home sale tax exclusion? Q: I read your column regularly and now I have a question for you. We own two houses. One is in Chicago, which we purchased in 2010. The other is in Arizona, which we purchased in 2012. We [...]
Will Closing Credit Cards Hurt My Credit Score?
Will Closing Credit Cards Hurt My Credit Score? Q: I am looking to buy a home in the near future. I recently heard that my credit card with a big box discount store would come to an end. I signed up for a credit card with the big box store years ago to get a [...]
Home Sale Tax Exclusion
Home Sale Tax Exclusion: What are the rules? Q: I learned something new in your recent article about the home sale tax exclusion. I did not know that a person could receive the benefit of the Internal Revenue Service (IRS) rule that allows homeowners to exclude from federal taxes the first $250,000 in profits from [...]
Paid Off House: Will It Affect My Trust?
Paid Off House: Will It Affect My Trust? If your house is in a trust, will paying off the mortgage affect the successor trustee? Q: Well, I just paid off my house and don't know what the next steps might be. I did receive a letter from my mortgage lender congratulating me on paying off [...]
Finding the Will Saved the Day
Finding the will saved the day Sibling never wanted mother's will found so she'd get a bigger inheritance Q: My mother's original will was kept in her attorney's office. At some time after she signed it, her estate attorney died. My sister hoped our mother died without a will so that she would get half [...]
Estate Plan: Is a Simple Will Enough?
Our estate plan is a will. Is that enough to make sure our son inherits? Q: I read about people putting their home in trust to avoid probate. Our estate plan is a simple will. Our house and everything we own, including our money and personal effects, is left to our son. I thought that [...]
Tax Sale Value
Tax Sale Value Is Confusing to Owner A reader is confused about how to value a property that was bought at a tax sale. Q: My former step-dad purchased a property in 2018 at a tax sale. Since my mother had already passed, I assumed he bought it in his own name. I’ve recently been [...]
Primary House Tax Break
Primary House Tax Break Wife's name isn't on the deed. Can they still enjoy the full $500,000 primary house tax break? Q: I have a question about the primary residence tax break. I am selling my primary home in Chicago that I’ve owned for about 30 years. I owned another property in another state and [...]