Read Past Q&As
i am the owner of a whole life insurance policy on my son's life. I have always had the dividend buy additional paid-up insurance on this policy. Now I want to transfer ownership of this policy to my son (the insured). What are the tax implications for me and my son?
Submitted Sep 27, 2016
Hi, my employer pays for my disability insurance and then paid me my regular salary while I was out on disability. I paid my employer the full amount that was sent to me from the disability insurance. I just received a notice from the IRS saying that I owe taxes on the amount the disability insurance paid me. Is that correct even though I paid it to my employer?
Submitted Nov 21, 2016
This year, I have worked in two separate states (MA and MD) while retaining residence in PA. Most of the money earned was spent on travel and hotel costs. Is any part of the money spent on travel and accommodations deductible as business expenses?
Submitted Nov 27, 2016
My neighbor's husband passed away 2 years ago. She is starting to show MILD signs of dementia. There are 5 siblings and now a power struggle. A brother has power of attorney and has been named executor. All of her finances have been moved by him to a separate account the elderly woman has no access to. He has had all of her mail forwarded to his residence. This...
Submitted Dec 3, 2016
I'm a grandparent of boys 9 & 13. Thinking of xmas present involving education on investments for kids. Any suggestions ? Rhoda
Submitted Nov 1, 2016
A medical benefits policy/accidental death benefits has been paid out to the beneficiaries, it is not part of the estate, only the children were declared as beneficiaries,; it was listed as part of the estate nor were any wives or ex wives listed on the benefits application. The insurance company is from out of state, but according to the company the policy has...
Submitted Oct 27, 2016
Hi my name is Matt and Im 26 years old and I currently only have about $2200 put away for retirement. I have no emergency fund either. What would be the best way to find the money to put away? Percentage wise whats the best amount? Thanks
Submitted Nov 30, 2016
What is the best way to avoid being highly taxed when I receive a lump sum pension plan of about $56,000.? Is is best to put it directly into an IRA or should I put a down payment on a home? Thank you.
Submitted Dec 1, 2016
Submitted Nov 24, 2016
I'm in need of buying a new car, but I'm still paying on my student loans. I have the money to pay off the loan and still have money left over to put down on a car. However, I want to better my credit and I was advised not to pay the loan all at once. In addition to that, I'm afraid to pay off the loan and get the car because I think it may dig into my emergency...
Submitted Nov 26, 2016