Ask Terry Archives

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

We are looking to invest in something that gives us some kind of decent return. we are retired, have no debt and live beneath our means. Could you explain T Bills and how we can get involved? If there is another relatively safe investment please mention it in your response?

I received a worker compensation settlement. Can you explain what and where would I best put this money.

I have a 9 year old child and am wondering when we should start giving her an allowance. Should it be tied to doing chores? Should we require her to save/spend/donate it? How much is appropriate? There are so many opinions on this that I am overwhelmed. Any advice or resources you could recommend would…

I have one child who is a 48-year-old single mother raising my seven-year-old grandson. We have saved $250. from his birthday and Christmas money and would like to start some investment me for him. When my daughter was young I would buy savings bonds for her along with bank savings that she could watch interest…

The best place to transfer TSP(Thrift Savings Plan). I am limited to three interfund transfers a month that I sometimes missed the movement of the market.