Ask Terry Archives

Hi Terry I'm in the market of buying a house. I have been preapproved of a purchase price of 250,000. I have in savings around 57,000. Here is my quetion I would like to use all that for my down payment ....I would like to that a loan from my 401k at work to pay…

In your recent column on "5 kinds of insurance needed", under umbrella coverage,you stated ones requirement to have the "maximum underlying coverage" on the residence and auto policies." I have a 1 M umbrella from Farmers (for $156 annually) but do not understand how to evaluate "maximum underlying coverage" on the home and auto policies!…

Terry, I am 67 want to pay off mortgage with a IRA Matured CD. Do I have to pay taxes on that amount as taxable income? Terry Says:  When you withdraw the money from the IRA you must pay ordinary income taxes on all money withdrawn.  That assumes it was a traditional IRA and that…

I have 2 AT&T stocks from NY gifted to me from 1967 and 1968. How can I find out what they are worth and what is required to cash them in? Terry Says:  OK, this is going to be complicated because, of course, that original ATT stock was divided into five "baby bell" companies, and…

Is it worth it? Terry Says:  Only if you are in good health -- and if you need the insurance proceeds to assist someone who is depending on your income.

Our assets are in both names (home, condo(investment), savings and checking accounts). I have an inherited annuity(husband beneficiary). My husband owns a commercial truck, the title is just in his name. Should we have a joint or individual trust? I have read that with joint trusts there could be capital gains and gift taxes, whereas…

I have EE savings bonds that matured in the years 2013 and 2014. You mentioned in your column in today's Baltimore Sun that taxes on these mature bonds must be paid during the maturity year. Recently, I realized that I did not report the mature bonds and am wondering if there is a penalty if…

Refinanced in 2013. Ocwen Mortgage bought the contract. They raised my monthly payment by $160 a month.said I was behind in escrow.Went from $1470 to $1634 a month.They said after a year my payment would go back to $1470.When they raised it , they said if I paid about $1150 that my payment would go…

Hi Terry I read the article printed on June 21, 2015. Sounds wonderful! I hope that some day my son will be employed, but what do we do if they dont have a job yet? His debt is overwhelming and we see no way out as of yet, anything you can recommend to take a…

Just read your column in today's Baltimore Sun. Don't some insurance companies allow the policyholder to name someone to be notified if the policy is in danger of lapsing? This could be especially useful for LTC insurance. Terry Says:  Yes, most companies offer this feature -- but it is also helpful to maintain a relationship…

Dear Terry, It appears that, according to an article in your column in the money section, I have a problem and need some serious advice. We have EE bonds, over 100,000 K, that matured years ago. We have left them sitting, since they are our best and safest investment, because we bought them when the…

My wife is owner of whole life policy and I am the insured. Will she have to cash the policy in for my medic aid qualification for nursing home if it should occur? Terry Says:  No, it is not your asset and will not be counted.

Terry, I am curious about what to do with money that I have in an employer (fire department) sponsored 457 account with Nationwide Retirement. I have about $220k in the account, but I cannot make additional contributions now that I am retired. I am 57 years old and I do not intend to collect until…

not a question..a comment..In your article, you indicated a carpentry might want to consider professional liability.. A carpenter or plumber wants to purchase General Liability insurance...for the loose board or scalding liability.. Overall..your suggested coverages were very good..and frequently overlooked. Terry Says:  Good point - and thank you for the correction in words.  It helps…

I wanted to know the approximate cost of a combination policy of life and long term care. I read that it is an upfront deposit. I am sure it depends on age and health of the individual. Thank you. Terry Says:  Yes, combo policies that pay death benefits if the policy is not used for…

Can you get longterm care insurance with a pre-existing illness? Terry Says:  No, sorry.  Once your life expectancy is compromised, it's tough to get any kind of long term care insurance.  You'll have to rely on savings, or on relatives, if you need long term "custodial" care  -- that is care for basic activities of…

I have purchased small EEbonds for my grandchildren but need to know where to find information on them. In fact, I'm not sure we have copies of them now. I understand they aren't selling them anymore, but I wondered IF I can get info and IF they can still be redeemed and numbers and addresses…

I need to invest retirement funds safely. I have to live off the interest. Invested with one firm and lost a lot of it. They now have it in international I shares , and I am not comfortable with this. I think this company is motivated by commissions at my expense. I talked about no…

I heard you talk about LTC insurance on WGN radio a couple of months ago. I don't see anything specific on your website that discussed LTC insurance, only the home page link to Medicaid state benefits. Do you have information on the subject that will help me learn about the benefits of such a policy…

I have about 50K in 5-6 stocks. I have been losing since the '08 meltdown (prior to '08 had 70-80K).. I know its time to put the money in a different investment but not sure what. Maybe an ETF, mutual fund or index fund? That's where I need direction. I currently put money into deferred…