Check bank statements, papers for safe-deposits clues

Dear Reader: Have you looked through your brother-in-law’s personal papers? Scrutinize his financial paperwork very carefully. It’s very likely that where he had his accounts set up is where his safe-deposit box will be. In the absence of that, he would have to pay for the safe-deposit box, and there would be a paper trail from one of his accounts. Look through his papers for a receipt for this box. There is no way that you can trace the box by the key. They are deliberately void of any markings to keep someone from being able to identify which bank the key belongs to.

Dear Bruce: I recently was awarded $100,000 from my previous employer due to an out-of-court settlement on an equal employment opportunity complaint. My husband and I are both retired. How can I conserve the majority of this money since it is taxable? Your assistance will be greatly appreciated. – F.M, via e-mail

Dear F.M.: I’m assuming that your claim was one for wages, and if this is the case, they will be taxable. The majority of the money can be invested in any number of ways. Your income dictates in many cases what is wise or unwise. For example, if you have relatively modest income, tax-free bonds have no place in your portfolio. Your tolerance for risk is another variable. If you are intolerant of risk, then you’ll have to settle for a modest return on your investment. The older one becomes, the more conservative investment portfolios should, and tend to, be. There are many solid companies whose stock purchases might be in your favor. You will have to do your homework or deal with a broker whose integrity and expertise you trust.

Dear Bruce: Will you please explain the rules and regulations regarding printing credit card numbers on receipts? Recently, I have noticed that the copy I am signing and returning to businesses has my full credit card number displayed on it – the copy I receive has all the numbers crossed out on it except the last four digits. I am concerned because a few months ago, my husband and I were victims of personal identity theft. Someone got our debit-card number and attempted to use it on the Internet. Luckily, the security company for our bank card recognized the purchases were out of the ordinary and contacted us immediately, and we were refunded the money. I am now very cautious because I was told by the bank representative that the person possibly copied our debit-card number from a transaction we had done. Is it safe and necessary for the copy we sign to have our complete number on it for any employee to have access to? If not, how do I handle this in the future? Thank you for your advice. – L.F., via e-mail

Dear L.F.: Unfortunately, your number has to stay with the people you are charging your purchases to; otherwise they couldn’t file the necessary data with the credit supplier to have your account charged. The reason that they cross out the numbers on your receipt is that’s the one that the customer can be very careless with. Obviously, any employee who handles your card during the transaction can, if they choose, misuse the number – that’s part of the system. However, in the case of credit cards, your maximum liability is $50, and credit card companies seldom require that you pay even that. This is the price for the cashless society. I believe we’re reaching a point where the price is too much to bear. If you are that uncomfortable, then carry cash, but then again, this, too, can be lost.

Dear Bruce: My father passed away not long ago, and my mother has very recently retired. She has never been good with her finances and has agreed to let me help. She wants to put me on her checking account in case anything were to happen to her. I could continue to pay her bills, etc. If I were on her checking account would that make me legally liable for any of her debts? Her credit cards and all other assets would remain in her name only. I want to look out for her best interests but don’t want to damage my own family’s hard-earned excellent credit rating. Thanks so much for your help. – J.D. (no address given)

Dear J.D.: What you are doing with your mom is a very common proposition. You are nothing more than her secretary. You are not legally responsible for any of her debts other than money put into her account for such payment. It does not affect your credit as long as everything is in your mom’s name. If she passes, you, as her likely executor, will be responsible for retiring her obligations.

Bruce Williams is a national radio talk show host and syndicated columnist.