Gifting home creates unnecessary tax bill
Dear Liz: My wife and her brother are selling their parents’ home. The parents transferred the deed to their children’s names years ago. My wife should receive about $85,000 from the sale. Our yearly...
View ArticleMyths about “death taxes” lead to costly mistakes
Dear Liz: You recently answered a question about capital gains taxes that stemmed from two siblings selling their parents’ home. The children had been added to the parents’ deed, presumably before the...
View ArticleElderly mom isn’t the only one overdue for estate planning
Dear Liz: Could you advise us on how to protect our 93-year-old mother’s assets if she should become ill or die? She does not have a living will or a trust regarding her two properties. Answer: “If”...
View ArticleInheritance tax may not be worth avoiding
Dear Liz: My father-in-law’s spouse recently died. He is 89 and not in very good health. He has assets of about $3 million and lives in a state (Pennsylvania) that has an inheritance tax. What can he...
View ArticleWhat you need to know about estate planning
Exclusive to Ask Liz Weston, this post comes courtesy of Ally Bank. Whether you’ve worked for years or you’re just starting out, it makes sense to create a plan for distributing your assets after...
View ArticleQ&A: Money owed on a lease after death
Dear Liz: I read your answer to the person who returned a car and wanted to be free of that debt. Our situation is somewhat different. My son’s father had a massive stroke and died two weeks after...
View ArticleMonday’s need-to-know money news
Today’s top story: How to get the best deal on a new cellphone. Also in the news: What happens to your debts after you die, when a loan beats a credit card, and how to decide if you need life...
View ArticleQ&A: Your debt lives even after you die
Dear Liz: I live in a senior building and we had a discussion about our debt after we pass away. I said, “If we have any money in our estate, that will pay it off.” One woman who lives here claims that...
View ArticleThursday’s need-to-know money news
Today’s top story: Your kids don’t want your stuff. Also in the news: Don’t become a victim of Coronavirus shopping frenzy, what to do if the Coronavirus is affecting your finances, and why you...
View ArticleQ&A: How the COVID-19 pandemic is delaying inheritances
Dear Liz: My mother passed away in March due to old age. She lived in California. I live out of state and couldn’t travel because of the pandemic. My siblings took care of her burial. Her will named me...
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