A husband handles the investing. What happens when he’s gone?
1 month ago

A husband handles the investing. What happens when he’s gone?

LA Times  

As they grow older, couples should plan for how one will handle financial decisions when the other is gone. Since lifetimes don’t expire until we die, and I plan to live to 120, does this mean that until I give away over $13 million in cash, I don’t have to report or pay taxes in any given year on gifts? If you’d given your son a house instead of a down payment, you’d still need to file a gift tax return. Even if you don’t deplete the exemption, reportable gifts will reduce the amount of your estate that can avoid estate taxes. Dear Liz: My bookkeeper cousin told me I could get half my husband’s Social Security instead of my own.

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History of this topic

How to dump your broker and invest your own money
1 year, 3 months ago

How to dump your broker and invest your own money

LA Times  

If you’re not happy with the way your broker is handling your money, start by reviewing the agreement you signed when opening your account. Answer: Because you will be receiving a pension from a job that didn’t pay into Social Security, you’re subject to two provisions: the windfall elimination provision, which can reduce but not eliminate your own Social Security …

This spouse wants to keep an inheritance secret from the other spouse. Here’s a better idea
1 year, 8 months ago

This spouse wants to keep an inheritance secret from the other spouse. Here’s a better idea

LA Times  

An inheritance can be kept as separate property, but an inherited IRA would be tough to keep secret if you file taxes jointly with your spouse. When WEP doesn’t apply Dear Liz: I am a retired police officer who worked for an organization that did not pay into Social Security or Medicare. The windfall elimination provision can reduce your Social …

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