Read Past Q&As
Hi, Upon her death, my mom gifted me and my 2 siblings an IRA and an Annuity. What is the best way to remove the money in these accounts to save on taxes? Thanks, Susan
Submitted Aug 15, 2016
My son passed away He left two children life insurance It was being held in trust until they became of age I asked insurance company to send a statement of earnings if any To date, nothing was sent: 1. HOW do we get that info? 2. My fear is: If mother cashed in policy as the children's guardian, who audits her...she may be spending the benefits on herself...
Submitted Aug 4, 2016
I am a benifiary of my fathers group life insurance policy. My father recently passed and the insurance company is only paying out a fraction of the death benefit. Do I have the legal right to obtain a copy of the actual policy to determine why the death benefit has been reduced?
Submitted Aug 2, 2016
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