Ask Terry Archives

I am a grandparent I have a custodial stock account for a grandchild. When filling out a FAFSA application does the money in the account have to be listed as an asset to the child. He will be receiving grant money. Thank you Terry Says:  According to Mark Kantrowitz of www.Edvisors.com, one of the leading…

What's the cheapest time of year to buy airfare for travel in early January 2017? Thanks, Bob Terry Says:  Interestingly, the Wall Street Journal just posted an article on the subject, which I found fascinating.  Here is a link to the article.  But you must be a subscriber to read it in full.  It mostly…

I have a two year old and have a small 529 now for her but want to continue to invest for her college. I saw an article you wrote maybe a year or two ago and I didn't get the impression you thought the 529 was a good investment. Do I have the correct understanding?…

When I filed FAFSA it did not ask for both divorced parents income. I was just in court last week because my ex is trying to force me to file for our 2 kids because I have a low income. He has a very high income, has always claimed both kids on his taxes AND…

What is the broker's commission on purchase/sale of Exchange Traded Funds? Terry Says:  Each brokerage firm determines its own commissions, which may be lower depending upon the size of the trade and the dollars being invested.  That's why you might want to try a "discount" brokerage firm for comparison.   Fidelity and Vanguard, as well as…

I am a single retired individual and have been looking at the possibility of moving to a senior (over 55) living community but I am totally overwhelmed when I see their published income levels for single people in that "apparently" my yearly income (about $39,800 gross) does not qualify me for their communities. This is…

Where are these stock gift cards available in chicago area - NW suburbs? Thx Terry Says:   They are supposed to be in Toys 'R Us and K-Mart.  But you can always go to Stockpile.com.  I hope it's not too late to get a physical card mailed, but for sure they will email a gift card…

Greetings, I recently read an article of yours in the Chicago Tribune on Sunday, November 22, 2015. I was wondering would you have any information on retrieving lost savings bonds. I would appreciate any information you would share with me on how and whom to contact to solve this issue of mine. Thanks in advance.…

Is it better for us, the grandparents, to maintain 529s in ours and the grandkids' names OR give the money intended for our investment to the grandkids parents to invest in the 529s they have for their children? (The parents are honest and will invest the money according to our wishes.) Thanks for being willing…

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…