Personal Finance: Ask the Experts

Each quarter or so, we rotate a new panel of Sacramento-area experts, who answer readers' questions on financial topics: taxes, investing, personal finances and wills/trusts. The "Ask the Experts" advice is free; the questions are all over the map. Here are the Top 5 most popular posts of 2012:

Estate taxes:
Should Mom gift now, or wait for Congress to act on the estate tax?
Should a parent be gifting in 2012 to avoid estate tax in 2013?

Selling Mom's house after a reverse mortgage:
Do heirs pay tax on sale of inherited residence?

Buying CalPERS "airtime" retirement credits:
Looking toward retirement, should I buy airtime with CalPERS?

Social Security benefits:
Did Social Security pull the rug out from some early retirees?

Other popular posts:
How much is Mom/Dad worth around the house?
Tax debtors could lose DMV or professional licenses
IRS wants volunteer tax preparers; no experience necessary

For 2013, we hope you'll be among the first to post an "Ask the Experts" question! To submit a question, click on one of the ASK A QUESTION topics on the right of this blog.

A new year, a new credit card? If you're in the market for a credit card with better rates than what's now in your wallet, a number of credit card-comparison sites are listing their top picks for 2013. Take a look:

Best Cash Back:
Chase Freedom Visa
Blue Cash Preferred (American Express)
Fidelity Investment Rewards

Best Airline/Travel:
Starwood American Express
Capital One Venture
Chase Sapphire Preferred

Best Low-Interest:
Citi Simplicity
Capital One Platinum Prestige
Simmons First Visa Platinum
Navy Federal Credit Union Visa Platinum

Best Small Business:
Chase Ink

Best for College Students:
Citi Forward
Citi Dividend

For details, go to CardRatings.com, NerdWallet.com or LowCards.com

Q: Can my daughter, who is an American citizen but lives in Sweden, be administrator of my revocable trust (which is small and mostly insurance proceeds)? --Wanda, Rocklin, CA

In Sunday's column on money-minded holiday gifts for kids, we offered parents and grandparents some ideas for giving to kids, teens and young adults.

Add to that: The FDIC recently issued an online newsletter aimed at young adults and teens: "Quick Tips for Managing Your Money." It covers practical info on borrowing, banking, saving and avoiding scams. There's advice on getting the best car loan, avoiding costly credit card mistakes, starting a savings account, how to do mobile banking safely and how to spot email/texting scams.

There's also a section for parents/grandparents on teaching money-managing skills to kids. Best of all, it's free.

TurboTax is offering free tax help to those currently serving in the U.S. military.

On Wednesday, the company is hosting an online webinar, "Last Minute Tax Tips That Save You Money and Get You a Bigger Refund" on Wednesday at 1:30 p.m. PST. It will include year-end tax tips for military families. You can log in online.
Also, through Feb. 14, TurboTax is letting enlisted military families file their taxes - for free - using its new military tax software. The software covers tax-filing issues specific to U.S. military members and their families, such as tax deductions/credits for uniforms, relocation, combat pay, travel and/or job training expenses.

The software is available free for junior enlisted personnel. Those ranked E-g through officer can get the $30 software at a discounted price.

In Sunday's personal finance column, we wrote about ways to make smart donations to your favorite charities. Here are some other ideas from financial pros:

1) Donate stocks, bonds or mutual funds - held for at least a year - that have gone up in value:
"Rather than just writing a check to a charity, review your portfolio for appreciated securities you have held for more than a year," said consumer advocate Eleanor Blayney, in a recent release from the Certified Financial Planner Board of Standards, Inc., in Washington, D.C. "Not only do you get a (tax) deduction for the market value of the securities donated, but you get the additional benefit of avoiding the capital gains when the security is sold."

2) Another idea: Create a charitable gift annuity. Essentially, it's a swap: You give a charity a sizable monetary donation; in return, the charity pays you a set amount of income for life. Typically, it's a fixed interest rate and is partly tax-free. As AARP.com money columnist Jane Bryant Quinn notes: Although they pay lower interest rates than annuities sold by insurance companies, gift annuities give donors two benefits: a tax break and the reward of giving to a favorite charity.

If you have questions, consult with a certified financial planner or your tax adviser.

Q: We bought 2 burial plots when we were married. The plot is listed in both our names. We got divorced and he remarried. It did not come to my mind about the burial plots in our settlement. He died 2 yrs ago and was cremated and is not using the plot. Am I entitled to the other plot or does the new wife get it? The plot is listed in our names. --hungsen77, Sacramento, CA

Whether they're young adults or tiny toddlers, what are some of your favorite money-minded gifts for kids and grandkids? A piggy bank, a share of stock, a wad of cash, a teachable moment?

We're gathering ideas from parents, grandparents and professional advisers on some of the best money-minded holiday gifts for kids - of any age.

If you'd like to share yours, please contact personal finance writer Claudia Buck at (916) 321-1968 or cbuck@sacbee.com.

Q: Can a Qualified Personal Residence Trust or "QPRT" be used for a residential rental property? I do not live at this residence which has a value of about one million. I would like to protect this property from as much taxation as possible and give it to someone who is unrelated to me. --Margaret, Santa Barbara, CA