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I am the owner of a sole proprietor LLC and employed my 11 year old son this year in the family business. From what I have read, he is exempt from paying social security and medicare tax until his 18th birthday? And, he only has to pay fed. income tax on earned income if he makes more that $6,300? Also, do I have to pay the ss-c or med-c on my end? And as far as...
Submitted Oct 28, 2016
Can you amend an existing durable power of attorney? Currently POA lists 3 children, to act jointly or by majority of them. One of the existing POA's wants to be removed as a POA. Is a new durable power of attorney needed or can it just have an addendum added?
Submitted Oct 28, 2016
Hi There – loving this website. Really appreciate whoever is working on maintaining it. I have a few questions related to gifted property, capital gains tax and calculating the cost basis. Basically, my parents are going to sell their house to me. I plan to take out a mortgage of about 60% of the property value, and the remainder will be treated as a gift...
Submitted Oct 23, 2016
i am retired fm the military and i have gotten behind on a lot of credit card an other debt. i have aa pd in full military insuranc about 20000 policy.but if i pass away the military will take ov all the burial expenses.how do i borrow from my life insurance to consolidate some of my debts?
Submitted Oct 22, 2016
I have a small life ins .policy which I have been paying on for 29 years. I have been informed that the payments of $13.00 per month will go up to approx. $60.00 for at least a year and I need to also send in a check for $250.00 as the fund for maintenance is used up. I have never borrowed any money nor missed a payment. The Life Ins. amount is $5,000.00. Is this...
Submitted Oct 20, 2016
My wife will have Medicare part B beginning in December. She also will have retirement employer coverage but we are not sure how this all works. Should we also consider getting a Medicare Supplement plan?
Submitted Sep 27, 2016
Submitted Sep 26, 2016
I am 57 and debt-free and intend to stay debt-free permanently if possible, while continuing to build my net worth. I hope I never need credit, but if something comes up and I do need it, I wonder what my credit score will be with years of no credit being used. My current credit score is 835 or higher. Short of taking on debt, is there anything I should do to...
Submitted Aug 27, 2016
I am listed on a property deed with 2 siblings. the deed gives my mother rights to live in the house until her death. I would like to take my name off the deed. would removing my name be considered a gift of real estate to my siblings? If so what tax implications would there be?
Submitted Oct 13, 2016
My husband and I have $26,000 of credit card debt. I just found this out as we are in the process of renting my father-in-law's house and preparing our house to be rented while my father-in-law is in an Alzheimer facility. I have a $20,000 inheritance that I want to use to immediately pay down our debt. My husband wants to continue to use my inheritance to pay for...
Submitted Sep 10, 2016