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 Issues: Transferring Co-owned Assets
Estate Issues: Transferring Co-owned Assets How estates transfer assets like brokerage accounts or houses that are co-owned Q: I just read your article in the newspaper about the parents weighing the pros and cons of sharing assets with their daughter. What do you think about brokerage accounts that are held in joint tenancy with one [...]
Unpaid Home Loans: Sibling Wants Her Fair Share
Unpaid Home Loans Reader wants her fair share after siblings failed to repay home loans to mother's estate Q: My mother told me directly that the home loans my sisters and brother received from her would be taken out of their inheritance. My mother passed away 10 years ago. I just found out that my [...]
Estate Planning: Holding Title as Tenants in Common Causes Problems
Estate Planning: Holding Title as Tenants in Common Causes Problems Q: My husband died a couple of months ago. He had a living trust. I did not realize that our condo was titled as tenants in common rather than joint tenants. When he died, I asked a friend for the name of a lawyer to [...]
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 [...]