Pricey Reader,
Each week I rely on you to ship your thorniest cash questions my means. And as soon as once more, you actually delivered. Some themes from my inbox in 2022:
- For the third consecutive 12 months, probably the most generally requested query was “Can I get my ex’s Social Safety?”
- The abysmal efficiency of the inventory market had lots of you asking: “Ought to I simply money out already?”
- Inflation and stagnant wages had loads of us on edge.
- As normal, letter writers sought recommendation about making issues work with a accomplice who’s broke, lazy or each.
- Inheritances have been a scorching subject. However these days the burning query has been: “Do I’ve to share my inheritance with my partner?”
Obtained a burning cash query? Submit it right here. Although I can’t reply to each query, I’ll do my greatest to reply if I’ve one thing useful to say. Test again on Wednesdays and Sundays to see if I answered your letter. Whilst you’re at it, subscribe to my weekly publication for bonus Pricey Penny content material.
Thanks for studying and for trusting me together with your most perplexing cash questions. Cheers to a affluent 2023!
Sincerely,
Penny
High 10 Pricey Penny Columns of 2022
Earlier than we ring in 2023, let’s look again upon some highlights from the previous 12 months. These have been the ten hottest Pricey Penny columns of 2022.
1. Can I Cease My Ex-Spouse From Claiming Half My Social Safety?
Pricey Penny,
I used to be married 22 years. The wedding resulted in 2002. When my ex-wife retires, will I be capable to gather half of her Social Safety? In that case, how do I’m going about that? I’m 61; she is 62 now.
Additionally, would she be capable to come after half of my Social Safety? How can I stop the latter? (I earned lower than she did.)
-R.
Learn Pricey Penny’s response right here.
2. Do I Must Pay Mother’s Debt With My $1M Life Insurance coverage Payout?
Pricey Penny,
My mother handed away final 12 months with numerous debt in her property. This debt features a mortgage, IRS tax liens, bank card money owed and different heirs who would should be notified of her property. The property seems to be in debt slightly below $200,000 with no different property obtainable to pay for these money owed.
Unknown to me, my mother made me the only beneficiary below a number of insurance coverage insurance policies (nicely over $1 million), together with her lifetime pension/annuity. Per her final needs, via video recordings, she didn’t need another members of the family to be notified of her dying, not even my different half siblings. She mentioned that I ought to merely stroll away from all of the money owed, and all different belongings, together with the mortgage.
I’ve finished precisely as she wished, by submitting all claims and paperwork, together with the lifetime pension/annuity that I’m now receiving. All proceeds from these claims are actually deposited into my very own private accounts as the only beneficiary.
The one liquid money that she had was $3,000 in a checking account with no financial savings or different supply of funds. All the contents of her property amounted to round $5,000 of private belongings. Right now the home has gone via foreclosures, together with all of the furnishings and private belongings left inside.
I’ve not made any effort to inform any debt collectors or any events who would have a declare as a creditor, together with any heirs or members of the family. (Our household has had a foul relationship for over 10 years, and I used to be the one one who stored in touch.) I additionally haven’t filed any of her tax paperwork for the prior 12 months for her ultimate taxes. Her ultimate paychecks have been issued out to the property, round $9,000, and would wish to undergo probate.
I’ve primarily walked away from every thing as she has instructed, besides to observe via with submitting claims for each the insurance policies and her annuity. My primary query is, will I be answerable for something due below her identify reminiscent of again taxes or another obligations that might pop up sooner or later?
I’ve already requested two attorneys, however each of them have merely mentioned that I can stroll away. However I’ve some reservations in doing so, because it simply doesn’t really feel regular. As the only beneficiary of each the insurance policies and lifelong annuity, am I obligated to pay any taxes or liens which will current themselves sooner or later?
-J.
Learn Pricey Penny’s response right here.
3. Can My Deadbeat Son Combat My Determination to Disinherit Him?
Pricey Penny,
I’m 73 and have one son who’s single and lives in the identical city. I even have 5 siblings. I’m very near my youngest sister, who’s on incapacity. I paid my house off two years in the past, and I’ve some 401(ok) financial savings.
I’m planning on leaving my house and all of my 401(ok) and financial savings accounts to my sister. I owe no cash to anybody. I’ve a $10,000 life insurance coverage coverage I put in my son’s identify.
I do know he can be upset, however he has been stealing from me for years as he did together with his dad when he was dwelling. He has a set of grasp keys and will get in even after I’ve modified my locks and in addition stole my further automotive key! Can he combat my determination in courtroom to get the cash and home after I move on?
-L.
Learn Pricey Penny’s response right here.
4. Am I Liable for My New Husband’s Secret $200K Debt?
Pricey Penny,
I’m 59 and was just lately married. I simply discovered he’s in debt for over $200,000. As of proper now, all of our monetary stuff is separate. If he passes away, am I accountable for his debt although it was acquired earlier than our marriage? Additionally, are we higher off submitting our taxes individually?
-M.
Learn Pricey Penny’s response right here.
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DISCLAIMER: Choose questions will seem in The PNW’s “Pricey Penny” column. We’re unable to reply each letter. We reserve the proper to edit and publish your questions. However don’t fear — your id will stay nameless. Pricey Penny columns are for common informational functions solely, however we promise to supply sound recommendation based mostly on our personal analysis and insights.
5. I Can’t Afford a Divorce Lawyer. Am I Caught With My Spouse Ceaselessly?
Pricey Penny,
I’ll have been married for 30 years in July 2022. My spouse and I haven’t been intimate in over 10 years. We’re each 58 years of age.
I haven’t been in love together with her for nearly half our marriage. I’ve advised her for the final 10 to 12 years that I need a divorce. However I can’t break up lawyer presently as a result of I’ve been attempting to repay hospital payments and different loans.
I’ve been disabled since near the top of 2016. My incapacity is extra in my extreme despair and my migraine complications. Stress normally causes my migraine complications.
When my dad died, my siblings and I acquired an inheritance of about $100,000. My inheritance cash paid off our home.
I’m afraid if I proceed with divorce that I’m going to be homeless. I had been hoping that my spouse would go away as an alternative of me leaving, however I’m nearly 100% positive she’s not going anyplace.
My spouse and I should not have any extra youngsters dwelling with us. I truthfully can not stand to be round her anymore. When she speaks to me, her voice drives me nuts. I simply don’t need her to say something to me.
Penny, I don’t know if I’m asking you for recommendation or actually what I’m doing. I cry nearly day-after-day as a result of I’m so unhappy and alone. I truthfully don’t know what to do with myself. I don’t wish to be homeless, however I don’t wish to be unhappy and alone anymore. Are you able to give me recommendation on what I must do, please?
-E.
Learn Pricey Penny’s response right here.
6. Was I Mistaken to Give My Daughter’s School Fund to a Relative?
Pricey Penny,
When my daughter didn’t go to varsity even after taking a “hole 12 months,” I used her school fund (nonetheless legally my cash) to repay a relative’s pupil loans. My daughter was livid, and this quickly translated right into a common anger towards “deadbeats” who don’t wish to pay again their pupil loans.
I identified that many individuals have been coerced into pupil mortgage debt. She mentioned they need to “develop up” and assist themselves. This was fairly ironic coming from a twentysomething who lives at house rent-free.
To show her a lesson, I attempted to cost her hire. When she didn’t pay, I threatened to kick her out, however she knew I didn’t imply it. I assumed perhaps she had discovered her lesson, however she simply now made an indignant publish concerning the cost pause extension. I’m fairly positive she reads this column, so perhaps you could possibly assist her to see the issue together with her angle?
-L.
Learn Pricey Penny’s response right here.
7. Can I Kick Out My Boyfriend if We’re in a Widespread Legislation Marriage?
Pricey Penny,
I’m in a little bit of a multitude and don’t know what I ought to do. My boyfriend and I’ve been relationship for about seven years. Final 12 months we determined to purchase a home and eventually transfer in collectively.
Sadly for private causes (not weak credit), he isn’t capable of have something in his identify. Due to this fact, the home is below my identify alone. After transferring in, we purchased a automotive. We additionally wanted furnishings for the home, so I opened a couple of strains of credit score additionally below my identify to furnish the home.
Six months later, our relationship isn’t doing so nicely. We always combat, and it has gotten to the purpose the place I’ve significantly thought-about ending the connection.
The problem is, I worry ending the connection as a result of I do know I can’t afford the mortgage, automotive cost, payments and bank card debt on my own. On prime of that he has advised me that if I finish the connection, he is not going to go away as a result of we’re in a “widespread legislation marriage” and, due to this fact, this home is simply as a lot his as it’s mine.
I don’t wish to keep in a poisonous relationship, however I can also’t afford to finish it. Is that this true? Does he have a declare to the home below widespread legislation marriage? What can I do in regards to the debt I can’t afford alone? I really feel like such a failure. Please assist!
– L.
Learn Pricey Penny’s response right here.
8. My Finest Pal Died. Is Her Husband Accountable for Her Secret Debt?
Pricey Penny,
My greatest good friend was just lately killed by a drunk driver. I’m serving to her husband kind every thing out, and we’ve found she was hiding bank card debt. She additionally had a number of pupil loans he didn’t find out about.
His identify wasn’t on any of it. Is he answerable for these money owed?
-Choosing Up the Items
Learn Pricey Penny’s response right here.
9. Ought to My Husband Refuse to Pay $600 for His Mother’s Cremation?
Pricey Penny,
My 72-year-old mother-in-law handed away final month. She had most cancers, and, sadly, it took her in a short time. Earlier than she died, she had made her needs recognized to my father-in-law as to what she needed after dying, which was no funeral, simply cremation, and for the household to go and have a meal collectively.
The issue is that my in-laws stay in Britain, the place my husband is from. His entire household nonetheless lives there. My husband has lived within the U.S. for 27 years. My one brother-in-law and his spouse organized every thing for my father-in-law.
Cash is tight for us so we may solely organize for my husband to go. He had sufficient frequent flyer miles to assist convey down the prices slightly for us, however there are nonetheless charges and taxes concerned with these tickets. The ticket price round $450. My brother-in-law provided to select him up from the airport and take him again as a result of he will get free diesel in his firm van. My husband took $300 with him to cowl meals and his share of the funeral meal. Whereas he was there, he took out his dad after which his dad, brother and his household.
Quick ahead to 2 weeks later, and we acquired an bill for one-third of the price of the cremation, which involves round $600. The crematorium holds the ashes till the invoice is paid. My husband is slightly annoyed at this. He has two brothers, one who lives in the identical city as his mother and father and the opposite who lives inside driving distance of his mother and father. Neither spent a fraction of what my husband spent to get there.
We don’t know what to do. We don’t have the cash instantly to pay. We are able to save, however it should take a few months. We lastly paid off all of our bank cards via a consolidation mortgage so we don’t wish to use credit score. Within the meantime, my father-in-law awaits my mother-in-law’s ashes, and it’s inflicting a rift in relationships. The brothers aren’t extraordinarily shut already, however my husband hoped his mum’s passing may assist bridge the hole.
Can we inform them it should take a couple of months to avoid wasting? Or can we inform them we simply can’t afford it?
-Pissed off at Funeral Prices
Learn Pricey Penny’s response right here.
10. My Husband Refuses to Pay for the Prices of Elevating Our Child
Pricey Penny,
My husband makes at the very least twice as a lot cash as I do and we each pay payments. He refuses to pay for something for our baby. Not faculty provides, garments, lessons, or birthday and Christmas items. He’ll even keep away from me when I attempt to speak to him about it.
I by no means have cash as a result of I pay payments additionally and pay for every thing for our baby. What ought to I do?
-T.
Learn Pricey Penny’s response right here.
Robin Hartill is an authorized monetary planner and a senior author at The PNW. Ship your difficult cash inquiries to [email protected].