Read Past Q&As
I have designated specific charities as beneficiaries to non-qualified annuities that I have had for many years and have increased in value from the investments. My question is, will the beneficiary payouts be taxed before being paid to the charities? That is, will there be an estate tax consequence? I understand that if I gift an annuity to a charity while I am...
Submitted Jul 29, 2016
can I purchase life insurance for purpose to turn around & sell to obtain money for retirement. If so, how do I do this?
Submitted Aug 15, 2016
I'm retired and working part time. My regular income is 1200 dollars a month. I have 400 coming in bimonthly and I haven't saved a cent. In fact I'm broke. I only have sixty dollars left. I've tried to budget and buy on sale. My credit was destroyed by Credit cards and I was wondering how to get my credit back up and how I live without a credit card?. I know allot...
Submitted Jun 26, 2016
What are the tax concerns for me or my grandchild if I set up a Spendthrift Trust and my lifetime exclusion ($5.43M) has already been met. One thought I had is if I fund the trust and pay the 40% gift tax, the trust, effectively, becomes hers and any payouts from the trust principal will be not taxed. I understand the trust will be responsible for paying the income...
Submitted Jul 17, 2016
I filed a restricted application in 2015 at age 66. Am I allowed to file and suspend my benefits when my wife turns 66 in 2018 allowing her to receive her spousal benefits?
Submitted Jul 28, 2016
Submitted Jul 27, 2016
My grandaughter will be entering her sophmore year at a private college this summer. When she started last year I co-signed for her Sallie Mae loan and will do so for all 4 years. I would like to pay $250 per month against her loans until she graduates so her total debt is lower. (1)As the co-signor can I make such payments? (2)Will the payments impact her and/or...
Submitted Jul 19, 2016
When applying for Medicaid in Florida, what are the financial records necessary? How far back do I have to provide my financial records? I have been told - 3 months.. others say 5 years.
Submitted Jun 26, 2016
I happened upon the 360 degrees of Financial Literacy retirement calculator found at: http://www.360financialliteracy.org/Topics/Retirement-Planning/Retirement-Planning-Basics/Retirement-Shortfall. I have a question. How is one’s Social Security income during retirement taken into account in this calculator? For example, it asks for retirement savings as a...
Submitted Jul 8, 2016
I have been supporting my mother financially since 2000. I was paying for everything, to include the mortgage on the house and all that comes with it, food, utilities, cable, phone, her dental care and some doctor visits. I also went into debt to pay some of her dental bills, and I was paying for health care before she was approved for SSI. She has just recently...
Submitted Jul 20, 2016