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Re: Rental property with in-laws: please help!

I suspect they are feeling guilty for the horrible thing they have done, and would feel even worse if her credit is destroyed, so they will do what they can to cover everything. I call it "well-deserved emotional blackmail".. IMHO you are far too kind to the parents. I don't think they fe...
by Professor Emeritus
Thu Sep 18, 2014 3:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Rental property with in-laws: please help!

Meg - in your summary you may have missed the part where it is the parents that built this house on spec. They then browbeat the daughter into buying it despite her declining their offer. Their financial advice to their college-aged daughter is now going to result in a nearly 6 figure loss for her ...
by Professor Emeritus
Wed Sep 17, 2014 5:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Do you plan trips on your own or use a TA?

I never use travel agents except in South Africa where my TA has been fantastic in cutting through the fog.
by Professor Emeritus
Wed Sep 17, 2014 2:29 pm
 
Forum: Personal Consumer Issues
Topic: Do you plan trips on your own or use a [travel agent]?
Replies: 36
Views: 1297

Re: Rental property with in-laws: please help!

Remember according to the OP that the Parents built and sold the house in the first place, So they sold the daughter the house for 240 k and now will grandly take her off the hook as long s she pays the 43k?

I did say the financials don' t add up.
by Professor Emeritus
Wed Sep 17, 2014 5:36 am
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Rental property with in-laws: please help!

1) the parents won't level with you. Their property management firm has all the documents you need. Who built the house , deeds everything. 2) If they were honest your wife would have been given copies of everything. They think you are a mushroom . 3) The financials don't add up. What is the current...
by Professor Emeritus
Tue Sep 16, 2014 5:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Strange Billing Practice by Medical Provider

I'm an independent physician and agree I don't understand. Copays upfront is normal. I've also heard of paying the whole Thing up front And placing the onus of submitting the Claim to the patient. If u pay the whole thing and no one submits a claim sounds fishy and maybe illegal. Why would a patien...
by Professor Emeritus
Tue Sep 16, 2014 2:26 pm
 
Forum: Personal Consumer Issues
Topic: Strange Billing Practice by Medical Provider
Replies: 35
Views: 2142

Re: How much to self insure LTC and longevity? hypothetical

In the case of spouse, I was told, and need some confirmation, that you can separate your assets from those of your spouse when you are in LTC. When you run out of your assets (not your spouse's), you can apply for Medicaid. So your spouse's assets are protected. in general only up to a limit which...
by Professor Emeritus
Tue Sep 16, 2014 2:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much to self insure LTC and longevity? hypothetical
Replies: 13
Views: 670

Re: How much to self insure LTC and longevity? hypothetical

We "self insure" for long term care. DW is disabled so purchase was not an option and we need close to indefinite coverage. We each have DB pensions and SS. Mine would cover 80/90% of my LTC. DWs are smaller 70/80%. so we need to cover 10-30% of costs on an additional costs basis per year....
by Professor Emeritus
Tue Sep 16, 2014 2:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much to self insure LTC and longevity? hypothetical
Replies: 13
Views: 670

Re: Blending Wellesly , TSP and Bonds

Vanguard Wellesley has about a 40/60 stock/bond ratio. The stocks tend to be large value and so the Vanguard Value Index would be a close match although it skews a bit smaller than Wellesley does (67,28,5 vs. 53,35,12 for (Giant, Large, Medium Morningstar categories)). Wellesley has more corporate ...
by Professor Emeritus
Tue Sep 16, 2014 11:01 am
 
Forum: Investing - Help with Personal Investments
Topic: Blending Wellesly , TSP and Bonds
Replies: 5
Views: 631

Blending Wellesly , TSP and Bonds

We are retired low 60s . DW is disabled and I am full time caretaker. I keep staring at our retirement investment portfolio and wondering if we can do it any better on fees. I liquidated our Cref stock account this year since this is a "low income year" (no AMT for the first time in 20 yea...
by Professor Emeritus
Tue Sep 16, 2014 7:41 am
 
Forum: Investing - Help with Personal Investments
Topic: Blending Wellesly , TSP and Bonds
Replies: 5
Views: 631

Re: How much you need to save as multiple of salary

Folks, most Bogleheads rate B+ to A+ on understanding of personal finance . Out THERE, in what is often laughingly called the real world, its closer to D- or F. To give an example If you understand imputed rent on an owner occupied house You get an "A" If you think you "earned" t...
by Professor Emeritus
Tue Sep 16, 2014 4:47 am
 
Forum: Investing - Theory, News & General
Topic: How much you need to save as multiple of salary
Replies: 51
Views: 5933

Re: Rental property with in-laws: please help!

younginvestor wrote: Her parents owned a construction company as one of their businesses. I think they bought the land for 30k, had their construction company build the home, and sold it to my wife in 2006..


They built a spec house , couldn't sell it and dumped it on your wife.
by Professor Emeritus
Tue Sep 16, 2014 3:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Rental property with in-laws: please help!

[offensive comment removed by admin alex]
by Professor Emeritus
Tue Sep 16, 2014 3:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Rental property with in-laws: please help!

Young investor, I frankly at this point think you have enough information. By enough, I mean that you will never understand it all as you are dealing with very sophisticiated in-laws while you are and your wife are not (and you shouldn't be). Others will disagree with me but those who know me know ...
by Professor Emeritus
Mon Sep 15, 2014 7:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Should I step in to help my in law pay off credit card d

Honest question And I am not saying don't pay it off. But if she is "poor as a church mouse", by what logic does she go deep into debt on a dying pet? If she had asked for the 3k up front would you give it to her? Does having a pet cause your brains to fall out? What if She needs the money...
by Professor Emeritus
Mon Sep 15, 2014 3:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I step in to help my in law pay off credit card debt
Replies: 31
Views: 2493

Re: Should I purchase retirement home with in-laws?

What is the deal with Medicaid? Also, why is it such a horrible idea? I don't see how it will get messy we were all going to be on the mortgage together. We would use the residence as our vacation house for the week we go on vacation each summer so we would save the $ we usually use to rent a place...
by Professor Emeritus
Mon Sep 15, 2014 2:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I purchase retirement home with in-laws?
Replies: 18
Views: 1268

Re: Should I purchase retirement home with in-laws?

It is , unfortunately a bad idea for more reasons than I can name. But I'll just give one, MEDICAID.

Such an ownership situation is horribly difficult to unwind. Been there, Done that .
by Professor Emeritus
Mon Sep 15, 2014 12:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I purchase retirement home with in-laws?
Replies: 18
Views: 1268

Re: Rental property with in-laws: please help!

Thank you for the replies. My wife is going to call the loan companies tomorrow, so I will figure out more information and answer the above questions. My in-laws want to have a conference call, but need to figure out details of the loan and HELOC first. IMHO That gives me a very bad feeling. What c...
by Professor Emeritus
Mon Sep 15, 2014 5:06 am
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Rental property with in-laws: please help!

Folks, there does not appear to be anything amiss here. At the height of the real estate bubble in 2006, anyone could get 100% financing (or more). This is a classic 80/20 plan, where the primary loan of 80% has no need for PMI, and the 20% HELOC covers the "down payment" required by the ...
by Professor Emeritus
Sun Sep 14, 2014 2:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Rental property with in-laws: please help!

I had experience with in-laws and real estate. Yes it's a scheme. Yes your wife is involved whether ignorant or not, but she is, and blood is thicker than water. Which means, in order for you to get your respect you either need to be on the same page as your wife (sounds like it will be impossible ...
by Professor Emeritus
Sun Sep 14, 2014 9:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Could you sleep with all your money in Berkshire Hathawa

VictoriaF wrote:The secret to sleeping well is what's happening between the sheets, that is spreadsheets.

Victoria


very very deep since NOTHING happens BETWEEN the spreadsheets. So Victoria's Secret to sleeping well is the ability to appreciate that sometimes nothing can be a real cool hand
by Professor Emeritus
Sun Sep 14, 2014 8:09 am
 
Forum: Investing - Theory, News & General
Topic: Could you sleep with all your money in Berkshire Hathaway?
Replies: 42
Views: 2766

Re: Could you sleep with all your money in Berkshire Hathawa

I there's no reason to believe that the market price of Berkshire Hathaway is wrong. . This is true of any stock, or gold or goose feathers. The market price is always "right" . But that is the right answer to the wrong question. the Key issue is how much of the overall market is represen...
by Professor Emeritus
Sun Sep 14, 2014 8:05 am
 
Forum: Investing - Theory, News & General
Topic: Could you sleep with all your money in Berkshire Hathaway?
Replies: 42
Views: 2766

Re: Rental property with in-laws: please help!

Is this a non-recourse mortgage or a recourse mortgage? http://www.investopedia.com/ask/answers/08/nonrecourse-loan-vs-recourse-loan.asp If it's a recourse mortgage or HELOC your In-laws are simply crooks. In effect they used the HELOC to pledge your wife's credit for their business . If for any rea...
by Professor Emeritus
Sun Sep 14, 2014 4:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Rental property with in-laws: please help!
Replies: 118
Views: 6003

Re: Hearing aids - for those that use them

I realized 12 years ago could not hear a female student in class. It turned out I had a genetic "Notch" in my hearing that was right at the pitch of Most women's voices. While always there, when combined with normal aging it produces big effects by age 50. I have tiny ReSound behind the ea...
by Professor Emeritus
Sun Sep 14, 2014 3:59 am
 
Forum: Personal Consumer Issues
Topic: Hearing aids - for those that use them
Replies: 29
Views: 1614

Re: The dangerous practice of rebalancing...

One person's opinion We are retired. low 60s I use a time based analysis. I have 100% of 20 years normal consumption in absolute no risk investments. 75 % of that is lifetime no risk I have a long term care fund equal to the additional costs for 10 person/years LTC in Wellesley I have an emergency f...
by Professor Emeritus
Sat Sep 13, 2014 6:30 am
 
Forum: Investing - Theory, News & General
Topic: The dangerous practice of rebalancing...
Replies: 180
Views: 10805

Re: What type of assets can a lawyer see that you have?

I happen to work at a bank and I can tell you that an account with a $0 balance is not a liability any more than a loan with a $0 balance is an asset. Why? Because it is money that makes them an asset or a liability. To say otherwise is just plain silly. You really don't understand the meaning of t...
by Professor Emeritus
Sat Sep 13, 2014 3:35 am
 
Forum: Personal Finance (Not Investing)
Topic: What type of assets can a lawyer see that you have?
Replies: 32
Views: 3890

Re: Clean, quiet, safe and cheap. Is there such a travel pla

Let me speak up for Grand Junction Colorado. Amazing scenery , nice folks.
by Professor Emeritus
Fri Sep 12, 2014 9:10 am
 
Forum: Personal Consumer Issues
Topic: Clean, quiet, safe and cheap. Is there such a travel place?
Replies: 75
Views: 5470

Re: Hiring your kids

I get what you are saying but that does bring up an interesting point. Can the government really dictate what you can pay someone? As long as you are paying all the payroll taxes and the person is issued a W2 it seems you should be able to pay them what you want. You can pay them what you like. You...
by Professor Emeritus
Thu Sep 11, 2014 6:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Hiring your kids
Replies: 34
Views: 2077

Re: What type of assets can a lawyer see that you have?

Not a chance. the asset is the bank account. Switching banks to hinder a creditor is a violation. From the UFTA (12) “Transfer” means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes ...
by Professor Emeritus
Thu Sep 11, 2014 2:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: What type of assets can a lawyer see that you have?
Replies: 32
Views: 3890

Re: What type of assets can a lawyer see that you have?

I don't know where you practice but In our procedure you get an order freezing the assets and also directing the debtor to supplement answers if they acquire any more. California for example 3439.04. (a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the ...
by Professor Emeritus
Thu Sep 11, 2014 10:08 am
 
Forum: Personal Finance (Not Investing)
Topic: What type of assets can a lawyer see that you have?
Replies: 32
Views: 3890

Re: College-bound teens and finances

I had my first passbook savings account when I was 12. I went on the family checking account when I was 14. My Best example of the importance of knowledge. IN 1968 The local bank at college had a sweetheart deal with some regents who got fees for serving as directors. They kept the universities mone...
by Professor Emeritus
Thu Sep 11, 2014 5:29 am
 
Forum: Personal Finance (Not Investing)
Topic: College-bound teens and finances
Replies: 35
Views: 2339

Re: What type of assets can a lawyer see that you have?

As someone else said, if someone gets a judgment against you they can also call you in for a debtor's examination. You will then testify under oath and penalty of perjury how much and where all your assets are. Of course, if you tell them that there is $100,000 in a Checking account at TD Bank ther...
by Professor Emeritus
Thu Sep 11, 2014 4:20 am
 
Forum: Personal Finance (Not Investing)
Topic: What type of assets can a lawyer see that you have?
Replies: 32
Views: 3890

Re: WA state Teacher Retirement System questions

I think we are doing the OP a disservice as he is probably quite young. I "laugh" when I read a post like this only because the way things are going, the chance that this system will be in place in 30 years is virtually zero. (I am not saying she will lose anything she gets rights to but ...
by Professor Emeritus
Wed Sep 10, 2014 10:05 am
 
Forum: Personal Finance (Not Investing)
Topic: WA state Teacher Retirement System questions
Replies: 32
Views: 2053

Re: Employer finding out you have a financial cushion?

[ You are compensated based on your value to the firm. Your compensation is commensurate with this value simply because the firm realizes its necessary to retain you. The first statement is actually false , but the second statement is true. Your value to the firm sets a cap on what they will pay. W...
by Professor Emeritus
Tue Sep 09, 2014 7:04 am
 
Forum: Personal Finance (Not Investing)
Topic: Employer finding out you have a financial cushion?
Replies: 62
Views: 6108

Re: Credit card fraud in South Africa

dolphinsaremammals wrote:My new credit card came with a chip. There was no info about a PIN. What happens if I try to use this internationally?

signed,

Confused

pretty good info
http://www.cardhub.com/edu/chip-and-pin ... signature/
by Professor Emeritus
Mon Sep 08, 2014 7:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card fraud in South Africa
Replies: 16
Views: 1226

Credit card fraud in South Africa

I just got off a skype phone call with Capitol one when my CC was declined several times in the Kruger national park. Someone tried to send through multi thousand dollar bogus charges. Cap 1 security picked up the bogus charges vry quickly. Card was never out of my sight and used only in the park an...
by Professor Emeritus
Mon Sep 08, 2014 4:43 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card fraud in South Africa
Replies: 16
Views: 1226

Re: Employer finding out you have a financial cushion?

I was promoted to the level of Director in a Silicon Valley company where the normal practice was to grant options for 10,000 shares of stock in recognition of that achievement. Imagine my unhappiness when my VP informed me I was not receiving that usual grant because I already had received a large...
by Professor Emeritus
Mon Sep 08, 2014 2:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Employer finding out you have a financial cushion?
Replies: 62
Views: 6108

Re: Injury on MBTA: Financially worth it to hire an attorney

In my opinion, our society is filled with countless frivolous lawsuits that burden taxpayers with expense that is unnecessary and not rightly theirs. There is a big difference between a boiler explosion on a ship (ripping people limb from limb and presumably killing everyone aboard due to the ship ...
by Professor Emeritus
Sun Sep 07, 2014 10:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Injury on MBTA: Financially worth it to hire an attorney?
Replies: 27
Views: 1953

Re: Injury on MBTA: Financially worth it to hire an attorney

As a periodic MBTA rider (and financial supporter through my taxes) I find it despicable that someone would even consider something like this. This was just bad luck, may not be anything but fleeting, was not negligence, and certainly doesn't merit a lawsuit which, if successful, would just increas...
by Professor Emeritus
Sun Sep 07, 2014 9:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Injury on MBTA: Financially worth it to hire an attorney?
Replies: 27
Views: 1953

Re: Do retirement accounts affect medicare/medicaid eligbili

A corresponding PM-ed me pointing out that I misunderstand the meaning of the term "entitlement program." I thought it meant "not means-tested." He says it means "one in which there are legally-defined criteria, at any governmental level, such that no agent acting on behalf...
by Professor Emeritus
Sun Sep 07, 2014 9:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do retirement accounts affect medicare/medicaid eligbility?
Replies: 7
Views: 869

Re: Travel Insurance for a "trip of a lifetime"

The exception becomes a personal choice in that a 5 figure trip hurts a lot more than a $1,000 trip. I can afford to self insure in both cases. The question becomes whether a small upfront cost can obviate the need for ice on my bum if the trip doesn't happen. Insurance cost is actuarially neutral ...
by Professor Emeritus
Sun Sep 07, 2014 8:44 pm
 
Forum: Personal Consumer Issues
Topic: Travel Insurance for a "trip of a lifetime"
Replies: 36
Views: 2379

Re: Travel Insurance for a "trip of a lifetime"

We are on Safari in Kruger NP South Africa right now. We use Travelguard as our Medical evacuation insurance. We have an annual policy so it has no exclusions. It also covers 25 K in medical expenses so any hospital or Doctor KNOW they will get paid. Could you share the information about the annual...
by Professor Emeritus
Sun Sep 07, 2014 8:35 pm
 
Forum: Personal Consumer Issues
Topic: Travel Insurance for a "trip of a lifetime"
Replies: 36
Views: 2379

Re: 50-50 Wellesley-Wellington or Total Bond-Total Stock

I might be crazy but I think a lot of people look at the index as being average and most of us do not like bring considered average,whether we admit it or not :D I do not believe getting the real return of the market is average but just the return of the market,which is actually above average in th...
by Professor Emeritus
Sun Sep 07, 2014 7:06 am
 
Forum: Investing - Theory, News & General
Topic: 50-50 Wellesley-Wellington or Total Bond-Total Stock
Replies: 68
Views: 5367

Re: Six-Figure Incomes—and Facing Financial Ruin [WSJ articl

Unfortunately, this article seems to describe the path my daughter may very well end up on to a 'T.' She's in her 2nd year away from home at the state university. I had an inkling when I commented some time ago that spending was a problem. The real extent had been intentionally hidden from me until...
by Professor Emeritus
Sat Sep 06, 2014 8:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Six-Figure Incomes—and Facing Financial Ruin [WSJ article]
Replies: 59
Views: 9213

Re: 50-50 Wellesley-Wellington or Total Bond-Total Stock

We are Vanguard flagship customers, but if you have a complex power of attorney issue be warned that they are very very difficult to deal with on POA. Vanguard is hostile to disabled customers who need special POA. DW is disabled so her IRA is with Fidelity since they are a snap to deal with. They h...
by Professor Emeritus
Sat Sep 06, 2014 12:16 am
 
Forum: Investing - Theory, News & General
Topic: 50-50 Wellesley-Wellington or Total Bond-Total Stock
Replies: 68
Views: 5367

Re: Why no more Vanguards

Fidelity has its Spartan funds which are pretty much competitive with Vanguard's offerings. But I am sure they push their active funds and their high priced Fidelity Advisory Services offerings because that is where they make the big bucks. We have Fidelity Spartan and have never been pushed toward...
by Professor Emeritus
Fri Sep 05, 2014 8:54 am
 
Forum: Investing - Help with Personal Investments
Topic: Why no more Vanguards
Replies: 36
Views: 4852

Re: Lawnmower/gas issues

My small engine colleague told me that evaporation of the light fraction of the gas is responsible for most engine starting problems. He buys gas by the half gallon.
by Professor Emeritus
Fri Sep 05, 2014 5:54 am
 
Forum: Personal Consumer Issues
Topic: Lawnmower/gas issues
Replies: 48
Views: 2017

Re: How much does your home *really* cost?

For those who are renting it seems pretty easy - rent and utilities are your overhead. For those who own outright, it's taxes, insurance, utilities, repairs/maintenance. For those in the process of buying, add interest . Or for those with a paid off mortgage, add in the opportunity cost of having h...
by Professor Emeritus
Thu Sep 04, 2014 9:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much does your home *really* cost?
Replies: 23
Views: 4212

Re: Graduating Debt-Free, or with Elite College Degree?

I would simply note that USA universities are so highly rated in the world that a very wide range of Schools have to be considered intellectually "elite" All rankings are suspect but if you claim some schools are elite you do have to rank them See for example http://www.shanghairanking.com...
by Professor Emeritus
Thu Sep 04, 2014 9:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Graduating Debt-Free, or with Elite College Degree?
Replies: 92
Views: 4808

Re: Travel Insurance for a "trip of a lifetime"

We are on Safari in Kruger NP South Africa right now. We use Travelguard as our Medical evacuation insurance. We have an annual policy so it has no exclusions. It also covers 25 K in medical expenses so any hospital or Doctor KNOW they will get paid.
by Professor Emeritus
Thu Sep 04, 2014 9:01 am
 
Forum: Personal Consumer Issues
Topic: Travel Insurance for a "trip of a lifetime"
Replies: 36
Views: 2379
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