Ask Terry Archives

I currently purchase individual health insurance with a high deductible (Bronze plan) on the exchange. In the past I have been able to contribute to a health savings account to help cover my deductible. However in 2018 I will not be able to contribute to a HSA because my maximum annual deductible and other out-of-pocket…

We have already deposited into 529 plans for each of our grandchildren ages 9-12. In a discussion on WGN Morning News you mentioned that these funds will adversely impact the financial status of our grandchildren when they begin using this money. Should we continue making deposits to these funds? What's the best way for us…

I am looking for a reputable financial planner. My wife and I are retired and although we have pension and 401K plans, we have a sizable savings account that isn't earning any interest! I qualify for a free consultation with a financial planner, but he wants EVERYTHING brought to the visit: ____Current Statements (CD, Savings,…

In two years I will be 70 and my wife will be 66. I amy trying to figure out whether she should take spousal benefits at 66 or wait to until she is 70 and take her social security benefit. My benefit will be at the maximum available . My wife's will be significantly less.…

Terry, my wife and I purchased long term care insurance policies from Northwestern Mutual in 2009, and our premiums have been the same every month every since until...now. Starting in June, this company will be hiking premiums by a whopping 40% for Illinois residents on the anniversary of a policy purchase. Then, we're told this…

My husband and I live in a 55+ Mobile Home Community in Illinois. We moved in in September. We paid cash for our home but we do NOT own the lot. The lot rent is $675/month and we are required to pay $152/month property taxes too. Since we do not own the property, is this…

We've accumulated way too much credit card debt and need to consolidate. What's the best way to go about it? I've stopped using them, but it's getting harder to pay the minimum on them all. Thank you so much

Discover offers an Online Savings Account with APY at 1.60%, much higher than any bank. No fees, no opening deposit. It sounds too good to be true. Is it? Thanks, Karen

Does a Social Club in a Mobile Home Park in Illinois need to have a Tax ID number?

My dad is loaning my sister $100k to purchase a new home. There is no doubt that she will pay him back as soon as she sells her current place. If that all happens in 2018, are there any tax implications?

Hi Terry, we froze all three credit rating account during the Experian breach. How long should we keep the freeze in force? We watch you on WGN all the time!

My sister age 72 passed away in February of 2018 she has an IRA at UBS, I do not believe there are any beneficiaries listed. She died without a will-never married-no children-only 3 siblings left. Both parents deceased. Do we have to cash out the IRA (170K) and pay tax in her EIN checking account…

I’m trying to sign up as one of your friends but I keep getting booted out. Please advise

When bonds bought at a premium are sold or called at a loss, and when bonds bouight at a discount are sold or called at a gain, how is the situation reported to the IRS. I'm getting vastly different stories from my CPA, financial advisor(s) and broker. Love your column. Many thanks.

Good Evening Terry; Can you please let me know which credit card is the best for a 2018 College Grad? My son currently has NO Credit cards at all. Thank You Terry.

Terry Has the amount changed under the new tax laws as to how much is allowed to be given tax free? It was $14,000 per person per year. Thank you for your help. Thomas George

Hi Terry, What is the best program for credit card debt consolidation? Thanks, Jamie

Hi terry my husband and I own a home in Illinois we have no mortgage our house is paid off, we have gotten behind on our property taxes what options do we have to pay them, we have a low credit score and are unable to get a loan to pay taxes off