The Daily Money: The long wait for probate

Good morning! It’s Daniel de Visé with your Daily Money.

Nothing is certain, it is said, but death and taxes.

Yet, many Americans know surprisingly little about the legal process that follows a loved one’s death.

A new report, titled The State of Probate in America, finds many Americans badly misinformed about basic facts of probate.

Check your knowledge here.

Rate cut? See you in September. . .

This week’s Federal Reserve meeting probably won’t result in an interest rate cut, but it will likely lay the ground for one in September, Medora Lee reports.

The Fed’s benchmark, short-term rate has stood at a 23-year high of 5.25% to 5.5% since July 2023 as the Fed waits for inflation to cool further. Annual inflation dipped in June to 3.0 %, far below the two-decade high of 9.1% in June 2022, but still above the Fed’s 2% goal.

Here's what economists predict at this week's meeting.

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Wi-Fi, laptops and mobile phones have made work from anywhere a reality for many of us. But working while moving from state to state could cause a tax headache, Medora Lee reports. 

If you work in a different state from where you live, you may have to file more than one state income tax return.

State taxes can be complicated, so before heading out to fulfill your wanderlust or escape wintry weather, understand what may be in store for you come tax season. 

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.