FAMILY FINANCE: What to expect when there's no will

May 11, 2008

How do I find out if my father-in-law left a will? He died in March 2006, leaving three houses and other assets. His widow, who is not the mother of his six children, told them that "their father did not leave anything for them."

Recent columns

• FAMILY FINANCE: Protecting children's inheritance

  May 4, 2008

  I have three children. My will and my living trust state that everything goes to them. My son recently told me that he and his wife of eight years are separating. They are not getting a divorce. Is she entitled to half of my son's inheritance when I pass away? My stocks and money were accumulated before they married. I am 80 years young, and still working. Do I remove my son's name from my will to protect his inheritance?

• Deed is shared but not the expenses

  April 27, 2008

  My mom has a retained life estate in her home, with me and my sister on the deed as owners. My mom does not feel she should be paying ALL the expenses on "our home," which include the taxes, insurance and repair and maintenance costs. Who exactly is financially responsible for all these expenses in this situation? Also, when my mom dies, I want the house to be sold, and my sister won't agree to that. Does this become a lengthy court battle?

• Family finance: dealing with a debt collector

  April 20, 2008

  Please advise how far a collection company can go, legally, to collect a debt. There is a company calling our family members and even neighbors, looking and asking for my son, who owes this debt. Is this legal, and how can it be stopped? My son is away at school and unable to pay at this time.

• Family finance: Cashing in bonds early for 529 plan

  April 13, 2008

  Our daughter is 8, and we have a 529 savings plan as a college fund. We also are holding several savings bonds for her education. Can we cash in the bonds early and transfer the proceeds - principal and interest - to the 529 plan without paying taxes on any gain so far? L.S., East Northport

• College savings plans and taxes

  April 11, 2008

  Our daughter is 8, and we have a 529 savings plan as a college fund. We also are holding several savings bonds for her education. Can we cash in the bonds early and transfer the proceeds -- principal and interest -- to the 529 plan without paying taxes on any gain so far?

• FAMILY FINANCE: Don't miss out on stimulus rebate

  April 6, 2008

  You state that an individual taxpayer who "makes more than $187,000" is ineligible for the tax rebate. Is this earned income, adjusted gross income or some other classification of income? A.G., via e-mail

• Questions about the tax rebate

  April 4, 2008

  You state that an individual taxpayer who "makes more than $187,000" is ineligible for the tax rebate. Is this earned income, adjusted gross income or some other classification of income? A.G., via e-mail

• Daughter's credit problems are hers alone

  March 30, 2008

  My 24-year-old daughter accepts and activates and maxes out every credit card and department store card that she's offered. She can't hold a job for more than a week and is on three anti-

• Adult daughter's debts are hers, not parents'

  March 28, 2008

  My 24-year-old daughter accepts and activates and maxes out every credit card and department store card that she's offered. She can't hold a job for more than a week and is on three antidepressants. I wind up paying for her purchases, but months later I find out she's done it again. I'm on Social Security, and I can't and won't pay her bills anymore. I've put her name on the "no offers" list (which stops banks), but I have no clue how to stop department stores from offering her credit. Do I have to resort to not paying her bills until collection agencies get involved, thus ruining her credit? Is there a less painful way?

• FAMILY FINANCE: Retirees eligible for rebate

  March 23, 2008

  You must file a 2007 tax return to receive the $600 per individual and $300 per child payments of the "stimulus package." How about retirees and those who do not have to file a tax return? How can they get this money? What kind of tax return must they file?

• Do retirees qualify for tax rebate?

  March 21, 2008

  You must file a 2007 tax return to receive the $600 per individual and $300 per child payments of the "stimulus package." How about retirees and those who do not have to file a tax return? How can they get this money? What kind of tax return must they file?

• FAMILY FINANCE: Living in NYC: fine tax points

  March 16, 2008

  I moved from Nassau County to Queens on Sept. 18. Based on your March 2 column, I don't think I've lived in New York City long enough to be considered a resident for income tax purposes.

• Paying taxes on old savings bonds

  March 9, 2008

  Recently my 89-year-old uncle told me his late wife had left some E Series savings bonds. I found there are approximately 99 bonds, with a face value of $7,000. Most of them are more than 30 years old. The bank estimates they're worth $20,000 to $25,000 with the interest they've earned. My uncle's yearly income is approximately $15,316. He wants to cash them in and transfer the money to a checking and/or savings account. His tax accountant said, "considering his income and expenses," he can "safely" transfer only up to $5,000 of the interest without being heavily penalized. Is there any solution?

• Are taxes due on old savings bonds?

  March 7, 2008

  Recently my 89-year-old uncle told me his late wife had left some E Series savings bonds. I found there are approximately 99 bonds, with a face value of $7,000. Most of them are more than 30 years old.

• Student must pay city tax bill

  March 2, 2008

  My 23-year-old daughter is going to school full-time in New York City. She lives and works in the city, but her school considers her permanent residence to be my upstate New York home. She rents an apartment and made $14,000 last year working after school. I can't find any rule that states if you are a full-time student with an upstate address, you are exempt from New York City residency tax.

• Residency issues for tax purposes

  February 29, 2008

  My 23-year-old daughter is going to school full-time in New York City. She lives and works in the city, but her school still considers her permanent residence to be my upstate New York home. She does not live on campus. She rents an apartment and made $14,000 last year working after school. I can't find any rule that states if you are a full-time student with upstate address, you are exempt from New York City residency tax.

• When children are disinherited

  February 24, 2008

  What happens when a father's will, drawn up in New York, does not mention his two legitimate sons? His spouse predeceased him. What steps must be taken to address this issue before and after probate begins?

• Dad left us out of the will -- Do we have recourse?

  February 22, 2008

  What happens when a father's will, drawn up in New York, does not mention his two legitimate sons? His spouse predeceased him. What steps must be taken to address this issue before and after probate begins?

• Keeping home for their father

  February 17, 2008

  My father-in-law just went into a Veterans Administration home in Florida. My husband and his two brothers have been advised by an attorney to keep paying the mortgage on their dad's house, plus taxes and monthly utility bills. (The attorney talked with only one of the brothers, who can't explain the reasoning.) The attorney said we must keep up the payments as if dad were coming back. Sadly, he won't be. All I can see is a feud coming: all three brothers paying all these bills each and every month? What about when one says he "just can't pay this month, or two or three"? Two brothers handing money over to the third and trusting him to pay all this? It seems like there has to be a better way. Please let us know our alternatives. This sounds way too complicated.

• Dad's in nursing home, what do we do with house?

  February 15, 2008

  My father-in-law just went into a Veterans Administration home in Florida. My husband and his two brothers have been advised by an attorney to keep paying the mortgage on their dad's house, plus taxes and monthly utility bills.

• Half a couple moves, where to file taxes?

  February 8, 2008

  I am considering changing jobs and moving to a home that my husband and I own in Florida. I'll continue to work in Florida, for a smaller salary. My husband, who hates Florida, does not want to relocate with me.

• When should surviving spouse sell house?

  February 1, 2008

  How long does a surviving spouse have before he/she loses the $500,000 tax exclusion on the sale of their residence of many years, and has to take the $250,000 deduction?

• About 'life estates' and ownership

  January 25, 2008

  In your Dec. 9 column, a reader asked if he should sell his mom's home to pay for her assisted living expenses.

• Can credit card companies afford customers who don't carry a balance?

  January 18, 2008

  I charge virtually everything on my credit card -- groceries, gas, subscriptions, clothing, gifts, etc. I pay no annual fee.

• Where does college student file income tax return?

  January 11, 2008

  My son, a college junior at a Pennsylvania school, worked in Florida this past summer between semesters. He received no other income. He spent roughly two months at home during the year, and I claim him as a dependent on my tax return. Does he need to file a New York State tax return this year?

• When does capital gains exemption apply?

  January 4, 2008

  My wife and I live in our son's house in New York eight months per year. The other four months, we live in our Florida condo, purchased in 2005 for $80,000. We expect to sell it for $120,000. When we do, can we use the $500,000 capital gains exemption on the sale of a permanent residence? We are permanent residents of Florida as of 2006. -- W.H., New Hyde Park

• Of actuarial tables and 'in pay status' IRAs

  December 28, 2007

  I've read many articles in Newsday saying that once an IRA is in "pay status," the principal isn't considered a resource that must be spent before you become Medicaid eligible. However, I don't recall your talking about how the required minimum distribution from the IRA is calculated.

• Widow asks wether probate is necessary

  December 14, 2007

  My husband passed away without leaving a will. Everything was in both our names except for his vehicle and 250 shares of stock. What must I do to have the vehicle and the stock put in my name? Must I go through probate? Our children say they'd sign any papers necessary so that everything goes to me. Is it necessary to take his name off the deed to our house? Is it expensive?

• Running out of money to pay for Mom's care

  December 7, 2007

  Is our family eligible for a reverse mortgage or home-equity loan on our mom's house to pay for her expenses? She's 89 and lives in an Alzheimer's unit in an assisted-living residence.

• He wants to leave everything to 1 of his 3 kids

  November 30, 2007

  I'm 71 years old, and my wife recently passed away. I have an IRA valued at $250,000 and a home with a mortgage of $230,000. Both are in my name.

• Retiree looks to maximize investment income

  November 23, 2007

  I have $340,000 in a brokerage account, $80,000 in emergency cash savings and $75,000 in a Roth IRA. I'm 78 years old, and my annual income -- from Social Security and interest and dividends -- is $36,000. I'd like additional income.

• If you haven't tied the knot

  June 26, 2004

  Estate planning is a good idea for everybody, but for unmarried couples, it's vital. Unlike spouses, they have no legal inheritance rights based on their relationship.

• Distributing the Inheritance: It's a Matter of Trust

  November 15, 2003

  Estate planning is a fairly straightforward business if your heirs are all mature, financially sophisticated adults who can take care of themselves after you're gone.

• Coming to Terms With Financial Planning Jargon

  November 1, 2003

  Financial planning has its own jargon - a hodgepodge of legal, tax, insurance and investment terms that's fully comprehensible only to practitioners. This is particularly true of estate planning, which, in plain terms, means figuring out how to make sure that even after you're not around, your money will do what you want it to do for the people you love.

• Rich or Not, an Estate Plan Is an Asset

  February 1, 2003

  Why do we keep saying that you don't have to be rich to need an estate plan? Because money isn't the big issue. The main goal is to protect and help the people you love after you're dead. Beating the tax collector, although deeply satisfying, is a secondary consideration.