The Help Desk

Is collision insurance worth keeping on my car?

I have a 2008 Honda Accord with about 24,000 miles that was purchased in 2007. The last payment has been made. Should I drop the collision insurance on the car? I have read that if a vehicle is five years old that coverage is not needed. — Welton S.

A good rule of thumb is to keep collision coverage until its annual cost exceeds 10% percent of the value of your MORE

Are heirs responsible for credit card debts?

My elderly mother-in-law has several credit cards, two of which are being used by her granddaughters. The minimum is paid each month, but never the full balance. Will my wife, who will be the sole survivor of my mother-in-law's very small estate, be responsible for the credit card balances? — Craig P.

As an heir, your wife will not be liable for any outstanding credit card debt in the estate. But MORE

Which are the best states for retirees?

Which states are most tax-friendly for retirees? — Larry O.

There are a lot of things to think about when choosing a place to retire, and state taxes are definitely worth considering. It's particularly useful to look at how states tax Social Security, pensions and IRA distributions, says Liane Warcup of Geneva, Ill.-based Clarus Financial Planning.

For instance, Social Security benefits are federally taxed, but they are excluded at the state level in MORE

Does part-time work affect unemployment benefits?

My husband was just laid off from his full-time job with the state of New York. He also has a part-time job on the weekend. Can he file for unemployment benefits and will they be impacted by his part-time job? — N.R.

Your husband can still apply for partial benefits with a part-time job, but those benefits will be reduced depending on how many days he works in a given week MORE

Do I need to sell my mutual fund to capture its gain?

My U.S. stock mutual fund has risen in value by 20% this year. I want to be sure to capture that 20% gain. Will the mutual fund's year-end capital gains distribution capture that 20% gain, or do I have to sell the mutual fund shares to do so? — Paul K.

You have to sell your fund shares to capture that gain. Your fund realizes its own capital gains and losses MORE