Ask Terry Archives

This Christmas has been especially trying for us. My husband just started treatment for prostate cancer and his mother died on Tuesday. The only good that will come of this is that he is due to inherit quite a bit of money from her trust and the sale of her apartment, which I know will…

Terry, In your recent article "5 Things to know about FAFSA", you state "The FAFSA form ask for all income, substantiated by the parents' tax return (of both parents, if divorced)." Yet there are countless internet references which state that "If your parents are separated or divorced, the custodial parent is responsible for filling out…

We have a college savings account through Hartford for my son. It is a custodial account with my husband as the owner. Today my son turns 18 so we can no longer contribute to this account. We are going to open a 529 with my husband as the owner and my son as the beneficiary…

Hi Terry, I love hearing your financial advice on WGN. I am writing because my husband and I need something along the lines of a financial therapist to help us regroup and get our very disorganized and messy financial life in order. We have a lot of debt (a LOT) and my husband owns his…

Hi Terry, I just heard your segment on 720AM in Chicago and I have a question that I hope you can help me with. My family is selling our house and have not had a good luck of getting any offers on the property. It has been on a market since September of this year.…

Hi Terry- We have savings accounts for each of our 17 (yes 17!!) grandchildren and deposit money in the accounts for their birthday and Christmas. As we all know, the interest rate on savings account is VERY low. Is there a better savings vehicle than a traditional savings account? The amounts in the various accounts…

We sold our family farm, I received $216K. I paid off credit cards and bills, I put money into my house..new roof, window, siding and gutter. I put 40k aside for taxes. Is that enough? Should I pay down my mortage. I would like to lower my payments or invest in a retirement found. I…

Approaching the age of 62 in May, and may be interested in applying for a reverse mortgage.I sent for information from varies sources and receive impressive brochures, with a slanted viewpoint, with no particulars . What information is required for the lenders to provide, interest rate, closing costs? etc. What should I watch out for.…

I am owner of several 529 education plan accounts for 8 grandchildren and great grandchildren. I have one grandchild who will not use all the assets in his account and I want to rollover or transfer some of those assets to another grandchild or great grandchild. Are there any restrictions in doing this as the…

Hi Terry, My wife and I are both 30 and recently married. We have no debt other than a couple of credit cards that we pay off each month and our mortgage which has $65K (@ 4.13% fixed 30yr) remaining from an initial $85K from 4 years ago when we purchased our home. It was…

Can (or should) my wife and I buy an adequate life policy on one or both of my daughter and son-in-law if my two grandkids (age 3 and 7) become our charges if one or both of their parents were to be killed? I'm thinking the cost to raise them though college could be in excess…

TERRY,I FOUND SOME ITALIAN DEBIT BONDS ISSUED IN 1941 AMONG MY GRANDMOTHERS BELONGINGS.WOULD YOU KNOW WHERE I COULD GET SOME INFORMATION REGARDING THESE BONDS.COULDNT GET MUCH HELP FROM THE ITALIAN CONSULATE.THE HEADING ON THE BONDS READS-DEBITO PUBBLICO DEL REGNO D'ITALIA. THANKS MUCH Terry Says:  Wow, those date from the period of Mussolini -- and I'm…

Re: Balto. Sun article 11/22, do not understand paying Fedral taxes on year savings bond mature even if they are not cashed, how does that take place. Thank you. Terry Says:  The point is that the taxes are due in the year the bonds reach FINAL maturity!  (That's assuming you did not pay income taxes…

  I read your article on US savings bonds in Sunday's paper 11/22/15. You stated that you must pay federal income tax on the bonds in the year that they mature, even if you don't cash them in. As far as paper bonds (unregistered with Treasury Direct) are concerned, I'm wondering if you can hold…

Terry, very interesting Savage Truth this week. Question: Are there thresholds of dollar amounts below which the IRS would not require reporting on stock sales? What are the implications of sales of stock that were purchased say, monthly. Terry Says:  This is an interesting question -- and the answer is "it depends"!  According to the…

Hi Terry, I wrote to you recently after leaving my advisor and moving money to Vanguard. However, Vanguard seems to like to recommend indexing only, and I would like to have an advisor to work with on my portfolio. Does anyone "consult" anymore for a fee, or has everyone gone to 1% portfolio management? I…

I liked your idea of the stockpile giftcard and will purchase one for each of my 14 year old grandsons. I would also like to give them a book and the one that you have on your site, OMG for Teens is out of print according to my bookstore. Can you recommend another that includes…

Enrolling via the marketplace for the first time this year. Your article in the Tribune mentions cost sharing reductions potentially reducing costs for silver plans, but I can't find any mention of this in heathcare.gov. Our estimated income input on the website to find plans is within the CSR limits, but I could not see…

Hello Terry, I'm 36, and In my 10th year as a public school teacher. My school district and state combine to automatically invest 7.5% of my earnings into my pension. What I have read and heard over the past several years has left me with little confidence that I will ever actually get any of…

My husband is considering it. Is it a good idea or not? Terry Says:  I'm a big fan of reverse mortgages -- done at the right time, for the right reason.   Here's a link to an article on reverse mortgages that I wrote a couple of months ago.  Basically, if you're planning to stay in…