By Emmy Hernandez Tell me if you’ve heard this one before: Three non-spousal, IRA beneficiaries walk into a bar. Over a round of Shirley Temple hi-balls, AJ, Bob and Chad compare notes on how differently they handled the inheritance of their parent’s IRA. Chad’s father didn’t name a beneficiary on his IRA, or perhaps he…
Dear Emmy, I’m selling my home almost two years after my husband’s passing. May I still take the full $500,000 capital gain exclusion allowed for jointly owned properties? By Emmy Rodriguez No, you cannot – but work-arounds abound. Generally, individual federal taxpayers are allowed a maximum $250,000 deduction from the profit made off the sale…
Dear Emmy, I’m worried about derailing my retirement. What risks should I watch for? By Emmy Hernandez If you’re in or nearing retirement, you’re likely thinking about it as a time to relax, check items off your bucket list and enjoy what you’ve earned. But from a financial standpoint, it’s important not to get too…
Dear Emmy, My mother is almost 70 and she’s being encouraged to buy life insurance. Is this common and should I be concerned? By Emmy Hernandez Life insurance is generally cost prohibitive for people over 65, so this possible purchase by someone your mother’s age is not very common. Life insurance typically provides protection for…
