Dear Bruce: I have always had excellent credit. Recently, I discovered that I forgot to mail my mortgage payment. When I received my statement, I noticed that they had not credited me, and when I went digging around, found it among other papers. I promptly paid it, bringing what I owed current. To be on the safe side, I called to verify they had received my payment. I asked if they had reported this as being late. They said yes and that it could not be removed. Is there anything I can do? How much will this impact my future loan applications? Will I still be able to get the best rates available? How long will this be on my credit report? — Reader in Michigan

Dear reader: While consumer credit is in the tank these days, one late payment is not something to be suicidal over. Sometime in the future, you may be penalized for the single late payment. The first thing that you ought to do is to pull your credit report from all three agencies. See what your FICO score is and if in fact the deficiency is being reported on each report. I don't think that this is going to adversely affect you to the point where you should try some remedial action, but it could result in paying a little higher interest rate in the near term. Pull the reports and see where you go from there.

Dear Bruce: I was joint owner with right of survivorship on a number of CDs with a friend. The other owner died, and the CDs were transferred into my Social Security number. Was I obliged to pay inheritance tax to the state? According to your column, inheritance tax is paid by the decedent. — Reader, via e-mail

Dear reader: This is a perfect example of seeking advice from a qualified accountant. You did not share any numbers, but the amounts involved here are important. If it's a minor amount, they will receive little attention. Large amounts are a different matter. What was the size of the person's estate? How the state looks at ownership is another issue. In many cases, half would be assumed to be yours, but it would be foolish for me to comment without looking at the specifics. The best advice that anyone can give you is to seek the services of a local accountant knowledgeable in state and federal tax matters.

Dear Bruce: I went to a lawyer recently and had my will drawn up. Will it have to go through probate court, as all my property is in my daughter's name anyway? — T.M, via e-mail

Dear T.M.: You did well to have a lawyer draw up your will. If the property is as you described, there is no reason that the will should be filed for probate. It can be filed but not probated since there are no assets. In the event that you've overlooked the assets, the will is there to cover that eventually. You've done well.

Dear Bruce: I attended a scary financial seminar during which the speaker stated a "power of attorney" as recent as three years old is no longer valid. Is this true? Also, under a new HIPAA law, will my daughter not be allowed to find out about my medical condition should I be hospitalized? She is my next of kin. — E.C., via e-mail

Dear E.C: Powers of attorney and the rights and responsibilities vary from jurisdiction to jurisdiction. I know of none where they expire automatically at the end of three years. The conditions certainly change an individual's circumstance, and they may have been referring to a durable power of attorney. By all means, this should be of concern to you. Consult an attorney in your jurisdiction and have him or her explain the difference between a general power and durable power and how these can affect your financial life.

Dear Bruce: I recently discovered that there seems to be several names associated with my Social Security number. I have contacted all of the credit-reporting agencies to figure out what's going on. Do you have any other suggestions? — Reader, Las Vegas, Nev.

Dear reader: It sounds as if you're a victim of identity theft, which is a growing problem. The first thing is track down every usage of your name and contact the business source where the name was used. I would also make complaints to the district attorney's office in each of the cities where this has taken place and suggest possible identity theft. Until you understand the magnitude to which the number was used, it's difficult to tell you what road to take. Please keep in touch.

— Send your questions to Smart Money, P.O. Box 2095, Elfers, FL 34680. E-mail to bruce@brucewilliams.com.