Money Talk with Liz Weston: A sticky inheritance scenario
10 months, 3 weeks ago

Money Talk with Liz Weston: A sticky inheritance scenario

LA Times  

Achieving what you want with your estate plan may be a lot more complicated and have more repercussions than you currently imagine. Even if your daughter is amenable, you still need an estate planning attorney’s help to craft the trust that doles out the money. Plus, you’ll have to find someone to manage the trust, notes Burton Mitchell, a Los Angeles estate planning attorney. The windfall elimination provision normally applies to people who receive pensions from jobs that didn’t pay into Social Security. However, the provision doesn’t apply to people who have 30 or more years of “substantial earnings” from jobs that did pay into Social Security.

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Elderly and cash-strapped, a couple consider a proposal to sell their home to neighbors
2 months, 1 week ago

Elderly and cash-strapped, a couple consider a proposal to sell their home to neighbors

LA Times  

Questions and possible problems arise when an elderly, cash-strapped couple consider a proposal to sell their house to neighbors. Many older people with highly appreciated properties don’t want to sell their homes and trigger taxable gains in excess of the $250,000-per-owner home sale exclusion. Dear Liz: I was previously denied a portion of my husband’s Social Security because I received …

I Inherited a Large Sum of Money at a Young Age. It Made My Whole Family Turn On Me.
2 months, 3 weeks ago

I Inherited a Large Sum of Money at a Young Age. It Made My Whole Family Turn On Me.

Slate  

Pay Dirt is Slate’s money advice column. Dear Pay Dirt, * Your letter signoff Your pronouns Your email Submit Dear Pay Dirt, A close relative recently moved into our home in the U.S. from a country where it’s more common to keep assets very tangible—in our case, as gold jewelry and some loose precious stones. —Juggling the Literal Family Jewels …

Millions of public workers are set to get higher Social Security benefits. Here's why
Trending News
2 months, 3 weeks ago

Millions of public workers are set to get higher Social Security benefits. Here's why

NPR  

Millions of public workers are set to get higher Social Security benefits. The Windfall Elimination Provision trimmed benefits for public employees who received pensions not covered by Social Security payroll taxes. The Government Pension Offset cut Social Security spousal or widow benefits for those who also received public pensions not covered by Social Security. The changes come at a critical …

Here’s a 2024 resolution: Stop using paper checks. Fraud is soaring
1 year, 2 months ago

Here’s a 2024 resolution: Stop using paper checks. Fraud is soaring

LA Times  

Check fraud tied to mail theft is up nationwide, and thieves who can access your checks can change the amount and ferret those funds right out of your bank account. People who get pensions from jobs that didn’t pay into Social Security may be subject to two provisions, the windfall elimination provision and the government pension offset. Typically, the Social …

Column: With a noxious family leave proposal, GOP pretends it’s still pro-women despite antiabortion laws
2 years, 8 months ago

Column: With a noxious family leave proposal, GOP pretends it’s still pro-women despite antiabortion laws

LA Times  

Having achieved its long-held goal of eviscerating women’s reproductive health rights, the Republican Party is now hard at work pretending that it’s about to enter a new era of pro-women and pro-family policy. — Kathleen Romig, Center on Budget and Policy Priorities, on Sen. Marco Rubio’s New Parents Act After the Dobbs ruling was leaked in May, a fellow at …

Column: Yes, Social Security is unfair, especially to women. But can it be fixed?
9 years, 4 months ago

Column: Yes, Social Security is unfair, especially to women. But can it be fixed?

LA Times  

By tweaking Social Security benefits to eliminate an ostensible loophole favoring married couples, the recent budget deal in Washington shed light on one little-known complexity in the program. Social Security spousal and survivor benefits are so peculiarly designed they would be judged illegal.if private pension or retirement plans tried to implement them. — C. Eugene Steuerle, Urban Institute “Social Security …

Column: Did the budget deal close a Social Security ‘loophole,’ or harm poor women?
9 years, 4 months ago

Column: Did the budget deal close a Social Security ‘loophole,’ or harm poor women?

LA Times  

But who got left behind? Leaving aside that this figure spans 75 years, meaning it probably averages out to less than one or two tenths of a percent of Social Security’s projected benefit payments over that time, the main change has been a purported closing of a “loophole” that allowed some couples to claim more than their share of benefits. …

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