44 votes

What is the point of term life insurance?

I think the part you are missing is that the insurance isn't there to replace your husband, it is to replace his income. The implicit assumption is that when your husband is 80 he is no longer earning ...
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34 votes

How to stop fraudulent recurring credit card transactions being forwarded to new card?

The explanation is accurate, but not applicable to you. Note the "when the card on file has expired" part. You card hasn't expired, it's been canceled due to fraud. So your issuer, who's in ...
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  • 129k
15 votes

How to stop fraudulent recurring credit card transactions being forwarded to new card?

This is probably pretty simple. Contact your card issuer, tell them about the problem, and say cancelling the card didn't work. Tell them that unless they prevent any charges from the previous cards ...
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  • 30.3k
12 votes

What is the point of term life insurance?

The goal of term insurance is to replace a stream of income if somebody dies. At some point after a person retires, the stream of income that needs to be replaced isn't wages and salaries it is money ...
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7 votes

What is the point of term life insurance?

The point is to provide a safety net in case of unexpected event. After the age of 80 death becomes somewhat expected, so you should be prepared. Generally term insurance is good for a term where the ...
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  • 129k
6 votes

What is the point of term life insurance?

You seem to be asking, in essence, about term vs. whole-of-life (WOL) insurance. The major difference is that, since everyone dies, all WOL policies are guaranteed to pay out in the end, so the ...
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  • 181
4 votes

What is the point of term life insurance?

The point of insurance in general is to protect yourself against an unexpected event. In the case of (term) life insurance, the idea is to protect yourself against the possibility that your husband ...
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3 votes

What is the point of term life insurance?

Yes, you got it right. If all goes well, you will lose money on term life insurance. You will pay in all those years and never get anything out. Which is great! That's the whole point! It's just like ...
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  • 2,267
2 votes

Can a bank take money out of my account without asking, to collect old outdated debt?

The statute of limitations on collecting debt depends by State in the US. If the statute ran out, the debtor cannot pursue legal action to collect the debt from you. Taking your money from another ...
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  • 129k
2 votes

Are there any tax/general implications to adding my fiance on employer sponsored insurance?

For Federal tax, these are all non-deductible. I.e.: yes, you'll pay all the costs after tax, whereas all the benefits for yourself and/or your dependents (per the IRS rules) are pre-tax. Spouse would ...
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  • 129k
2 votes

Taxes on certain retirement income in Canada for a US citizen / resident of Canada

Publication 597 by the US IRS says: U.S. social security benefits paid to a resident of Canada are taxed in Canada as if they were benefits under the Canada Pension Plan, except that 15% of the ...
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  • 30.3k
2 votes

Itemizing property tax deduction on California state taxes?

California doesn't conform and there's no limit. See here on the FTB FAQ: State and local taxes Federal law limits your state and local tax (SALT) deduction to $10,000 if single or married filing ...
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  • 129k
2 votes

What is the point of term life insurance?

Life insurance is, like all insurance products, designed to provide financial payout in the case of a catastrophic loss. In this case, the loss of (the financial earnings of) a person. If your husband ...
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  • 143
1 vote

What is the point of term life insurance?

Other answers do a good job of explaining insurance generally and term life insurance a bit more extensively. One concept missing from the other answers that I think is worth touching on is the word “...
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  • 48.5k
1 vote
Accepted

Portability of estate tax exemption after sunset

The estate will be subject to the law at place at the time estate became to exist. I.e.: it will be subject to the law that was in place when she died. We don't know what will happen until 2026. The ...
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  • 129k
1 vote

Itemizing property tax deduction on California state taxes?

As littleadv's answer said, there is no $10,000 limit for real estate taxes on California itemized deductions. To see this, see for example the 2021 form 540 Schedule CA Part II. The net result for ...
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