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Re: What if a municipality invested

Someone had to have some form of motivation as to why those laws were written. I'd like to know what that is. Also "And, local governments are not authorized to make deposits or invest with savings banks, savings and loan associations and credit unions, except in limited circumstances.8" ...
by Retread
Tue Apr 22, 2014 5:35 pm
 
Forum: Investing - Theory, News & General
Topic: What if a municipality invested
Replies: 33
Views: 797

Re: What if a municipality invested

Did anyone point out that it's illegal for a municipality to invest its funds in this manner? Bruce Illegal, according to what law, specifically? Here's an example from the Municipal Law of New York State: Certain Unauthorized Investments While money market deposit accounts with a bank or trust com...
by Retread
Tue Apr 22, 2014 5:22 pm
 
Forum: Investing - Theory, News & General
Topic: What if a municipality invested
Replies: 33
Views: 797

Re: What if a municipality invested

Did anyone point out that it's illegal for a municipality to invest its funds in this manner?
Bruce
by Retread
Tue Apr 22, 2014 4:50 pm
 
Forum: Investing - Theory, News & General
Topic: What if a municipality invested
Replies: 33
Views: 797

Re: Trust Companies use thrid party custodian?

Certainly it is standard practice. A trustee has the responsibility and authority to take possession and control of all assets of the trust. Why would you feel it should delegate this to someone else? If you're concerned about someone watching over the trustee, be assured all trust institutions have...
by Retread
Tue Apr 22, 2014 9:20 am
 
Forum: Investing - Help with Personal Investments
Topic: Trust Companies use thrid party custodian?
Replies: 1
Views: 137

Re: Starting an RIA

Andymoler58 wrote:You can eliminate your non systematic risk at 20-30 stocks.

Did you mean "systemic"? You'll need the correct language to impress your potential clients.
Bruce
by Retread
Mon Apr 21, 2014 9:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Starting an RIA
Replies: 27
Views: 1575

Re: Paranoia or just hard to adjust? [High Price of Real Est

The pluses for us are a much larger water front balcony which is screened (24x12), a significantly larger apartment with over 2200 sq. ft. under air (vs. 1400 now) and the many restaurants, cafes, concert hall, event center, post office and banks are all a 10 minute or less walk, including a new Pu...
by Retread
Mon Apr 21, 2014 3:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paranoia or just hard to adjust? [High Price of Real Estate]
Replies: 19
Views: 1981

Re: Resort Property as Primary Residence

The discussion about renters prompts me to relate my experience. In 1998, we bought a wonderful log home in the North Georgia Mountains in a community which originally was primarily Floridians, who used their "cabins" (many 2,000 - 3,000 square feet) in the months of March through October ...
by Retread
Fri Apr 18, 2014 3:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Resort Property as Primary Residence
Replies: 16
Views: 1371

Re: Investing a financial settlement

Are you certain there are no income taxes due on the settlement, such as if it was partially reimbursement for lost wages?
Bruce
by Retread
Fri Apr 18, 2014 10:36 am
 
Forum: Investing - Help with Personal Investments
Topic: Investing a financial settlement
Replies: 10
Views: 430

Re: Testamentary Trust as Beneficiary

MegaCorps Profit Sharing plan, it said that naming the beneficiary like this may result in account being paid directly to the Trustee vs. the Trust. Any thoughts on this - is my lawyers recommendation OK? Would just like a second opinion before I submit dozens of forms :happy Thanks! No comment on ...
by Retread
Wed Apr 16, 2014 9:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Testamentary Trust as Beneficiary
Replies: 19
Views: 903

Re: making your own will or trust

rec7 wrote:Can people just skip wills and trusts with POD's and TOD's?

Have you thought about assets for which you can't designate a beneficiary?
Bruce
by Retread
Wed Apr 16, 2014 5:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: making your own will or trust
Replies: 29
Views: 1683

Re: ordinary income on a stock sale?

Looking at your earlier posts, was this IBM you bought as an employee at a discount? That would explain the ordinary income component of the sale.
Bruce
by Retread
Wed Apr 16, 2014 4:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: ordinary income on a stock sale?
Replies: 5
Views: 255

Re: making your own will or trust

Lawyers not only want a lot of money, but they do a terrible job and often produce pages and pages of incomprehensible documentation. They then want you to come back every year or two and get a check-up. No thanks. If I can't understand it, and if I can't do it myself, I don't want it. Yes, and you...
by Retread
Wed Apr 16, 2014 4:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: making your own will or trust
Replies: 29
Views: 1683

Re: ordinary income on a stock sale?

Where did you see this? Was the ordinary income from a dividend?
Bruce
by Retread
Wed Apr 16, 2014 4:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: ordinary income on a stock sale?
Replies: 5
Views: 255

Re: making your own will or trust

I found an attorney who was very reasonable. She pointed out significant problems with my "do it yourself" will. Just wondering, could you elaborate on the "significant problems"? As an attorney and corporate trust officer, my experience has been in the area of administering est...
by Retread
Wed Apr 16, 2014 4:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: making your own will or trust
Replies: 29
Views: 1683

Re: Shuttle from Tampa airport to St Pete Beach?

Yes, I think it's your best bet and I'd suggest reserving it online. You can pick it up right near the baggage claim area.
Bruce
by Retread
Wed Apr 16, 2014 3:18 pm
 
Forum: Personal Consumer Issues
Topic: Shuttle from Tampa airport to St Pete Beach?
Replies: 18
Views: 1037

Re: Tax Efficient "Gifting" for K-12 private school tuition

jjaster7 wrote:Assuming the school is nonprofit, gift the appreciated shares to the school, the school liquidates and no taxes are due.

Oh yes they are! This transaction would be taxed to the donor.
Bruce
by Retread
Wed Apr 16, 2014 3:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Efficient "Gifting" for K-12 private school tuition
Replies: 15
Views: 778

Re: Annuity Rollover

g$$ wrote:Can you roll an annuity into an IRA? I was not aware of this option.

No
Bruce
by Retread
Wed Apr 16, 2014 2:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: Annuity Rollover
Replies: 15
Views: 609

Re: Annuity Rollover

jayhawk20 wrote:The rate has slowly worked itself down to 3%, which is obviously unacceptable.

3% ain't so bad in this environment...
Bruce
by Retread
Wed Apr 16, 2014 2:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: Annuity Rollover
Replies: 15
Views: 609

Re: Tax Efficient "Gifting" for K-12 private school tuition

Jay045 wrote:I suppose if it's a nonprofit school, she could somehow work with the school to set this up as a donation designated as a very targeted scholarship, but not sure if that's legal.

Treating it as a contribution for tax purposes is clearly tax fraud, plain and simple.
Bruce
by Retread
Wed Apr 16, 2014 2:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Efficient "Gifting" for K-12 private school tuition
Replies: 15
Views: 778

Re: Toaster Ovens

Another endorsement for the Breville if you want the best.
Bruce
by Retread
Wed Apr 16, 2014 12:57 pm
 
Forum: Personal Consumer Issues
Topic: Toaster Ovens
Replies: 15
Views: 981

Re: When to terminate an irrevocable trust?

[quote="ross"I CAN terminate it anytime.[/quote]
Is the language really that broad? It would be unusual to give the trustee the unfettered right to terminate.
Bruce
by Retread
Wed Apr 16, 2014 6:31 am
 
Forum: Personal Finance (Not Investing)
Topic: When to terminate an irrevocable trust?
Replies: 11
Views: 774

Re: making your own will or trust

Yes, but I'm an attorney. :happy
Bruce
by Retread
Wed Apr 16, 2014 6:27 am
 
Forum: Personal Finance (Not Investing)
Topic: making your own will or trust
Replies: 29
Views: 1683

Re: When to terminate an irrevocable trust?

What does the language of the trust say about when it terminates?
Bruce
by Retread
Tue Apr 15, 2014 9:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: When to terminate an irrevocable trust?
Replies: 11
Views: 774

Re: Distribution of losses at termination of Trust

In many states, of the beneficiaries all agree in writing you can do just about anything. Check with a reputable trust attorney. You may be able to change the distribution of the trust by agreement as allowed in the instrument, but the tax consequences will follow in the same proportion. You can't ...
by Retread
Tue Apr 15, 2014 8:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Distribution of losses at termination of Trust
Replies: 4
Views: 328

Re: Options used to fund ROTH after retirement?

dickenjb - Any portion of “Wages, tips, other compensation” that’s also reflected in the box labeled “Nonqualified plans” doesn’t count as “compensation income” for this purpose. You have probably been making illegal contributions to your IRA.
Bruce
by Retread
Tue Apr 15, 2014 5:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Options used to fund ROTH after retirement?
Replies: 11
Views: 547

Re: Options used to fund ROTH after retirement?

No, you must have earned income or wages.
Bruce
by Retread
Tue Apr 15, 2014 4:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: Options used to fund ROTH after retirement?
Replies: 11
Views: 547

Re: Estate Planning Lawyer

Hi, Looking to have a lawyer put together a living revoc trust but don't know how to find an experienced and trust worthy lawyer in NYC. Any particular area where I can find a few so wife and I can meet with and see who we are comfortable with? Also, any idea what the cost will be, $1,000 - $1,500 ...
by Retread
Tue Apr 15, 2014 3:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Estate Planning Lawyer
Replies: 8
Views: 1147

Re: Help Gift of Equity Example

Condescension noted; thank you. What's that all about? I was simply pointing out that your math was incorrect and explaining the amount of the gift. Did I state it incorrectly? Why did you post it if you knew it was incorrect? Also, you should be aware that there might be more tax ramifications wit...
by Retread
Tue Apr 15, 2014 2:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help Gift of Equity Example
Replies: 3
Views: 105

Re: Can this 4% CD be trusted?

It's probably not being issued by bank bank, but another entity pretending to be a bank.
Bruce
by Retread
Tue Apr 15, 2014 2:06 pm
 
Forum: Investing - Theory, News & General
Topic: Can this 4% CD be trusted?
Replies: 21
Views: 2419

Re: Help Gift of Equity Example

I've come across this recently in my line of work: Married Business Owner owns a home in their business name and in which their single daughter currently resides; $250K house purchased for $200K with Bank proceeds a few years ago; Balance now $126K Single Daughter is soon to purchase home from Pare...
by Retread
Tue Apr 15, 2014 2:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help Gift of Equity Example
Replies: 3
Views: 105

Re: Use of tax software for planning

I do my tax return on TurboTax and then save an additional copy as a pro forma return for the following year. I then go in and make any changes for the current year and modify it during the year as things change. It won't be precise because of changes in tax rates, personal exemptions and the like, ...
by Retread
Mon Apr 14, 2014 9:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Use of tax software for planning
Replies: 17
Views: 1136

Re: Help with Whole Life Insurance (Parents Purchased)

Whose life is being insured?
Bruce
by Retread
Mon Apr 14, 2014 11:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Help with Whole Life Insurance (Parents Purchased)
Replies: 15
Views: 1049

Re: exchanging shares in an IRA/tax implication

Do whatever you like. No tax implications at all.
Bruce
by Retread
Sun Apr 13, 2014 9:47 pm
 
Forum: Investing - Theory, News & General
Topic: exchanging shares in an IRA/tax implication
Replies: 4
Views: 213

Re: Financial plan for pensioned in-laws

They have asked me to help put together a financial plan for them. Contributing 6500/year/person to a Roth IRA seems worthwhile (as opposed to traditional ira). Do you agree? Is the income received from pension considered "earned" income such that a roth ira contribution can be made? The ...
by Retread
Sun Apr 13, 2014 1:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financial plan for pensioned in-laws
Replies: 19
Views: 1204

Re: Retirement account beneficiary; family trust?

Peter Foley wrote:He stated that you do not want to put retirement accounts in a Trust.

He asked about making the trust the beneficiary, not placing the retirement account in a trust.
Bruce
by Retread
Sun Apr 13, 2014 1:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement account beneficiary; family trust?
Replies: 13
Views: 1167

Re: Are there any downsides to amending a tax return?

Luke Duke wrote:Does an amended return make me a bigger target for an audit?

Most tax practitioners feel it does.
Bruce
by Retread
Mon Apr 07, 2014 3:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Are there any downsides to amending a tax return?
Replies: 2
Views: 323

Re: retired at 37?

chaz wrote:
Retread wrote:
ieee488 wrote:He claimed that he started working at age 23...

Graduated from law school by 23?? Very rare...
Bruce

Maybe a job until he passed the bar exam at a later date.

I guess that's right, Chaz. I read it that he had been a lawyer since age 23.
Bruce
by Retread
Sun Mar 30, 2014 4:45 pm
 
Forum: Investing - Theory, News & General
Topic: retired at 37?
Replies: 52
Views: 4934

Re: retired at 37?

ieee488 wrote:He claimed that he started working at age 23...

Graduated from law school by 23?? Very rare...
Bruce
by Retread
Sun Mar 30, 2014 3:49 pm
 
Forum: Investing - Theory, News & General
Topic: retired at 37?
Replies: 52
Views: 4934

Re: Where to put $10-15K for 2-5 years?

It doesn't make sense to pay the penalties of withdrawing from an IRA in your 20's and losing the opportunity forever of having that compound for much of your life. You should look on an investment in your IRA as being there for retirement and beyond.
Bruce
by Retread
Fri Mar 28, 2014 9:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Where to put $10-15K for 2-5 years?
Replies: 25
Views: 2344

Re: A whole life question (put the axes and torches away)

It sounds as if you don't need any life insurance, in which case I would dump it.
Bruce
by Retread
Fri Mar 28, 2014 9:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2095

Re: Where to put $10-15K for 2-5 years?

popcathiphat wrote:-I plan to dip into my IRA if needed.

Not a good plan!
Bruce
by Retread
Fri Mar 28, 2014 9:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: Where to put $10-15K for 2-5 years?
Replies: 25
Views: 2344

Re: UGMA account tax question for deceased son

Someone was wrong in putting your SS number on the account, but if that is the case, simply report it on your own return. If he died without children and no will, you as parents are the likely beneficiaries of his estate. As sscritic points out, there would have been a stepup or stepdown in basis at...
by Retread
Fri Mar 28, 2014 12:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: UGMA account tax question for deceased son
Replies: 8
Views: 750

Re: Donor Advised Funds

What happens to the DAF after you die and don't have heirs that want to continue to manage it? Do you have instructions in your will or trust pay out all the funds at one time according to your wishes or will Vanguard, Fidelity, etc continue to manage it over time according to your instructions unt...
by Retread
Fri Mar 28, 2014 11:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Funds
Replies: 56
Views: 2050

Re: Do you need to pay taxes on ETF's?

If you have a gain, yes.
Bruce
by Retread
Wed Mar 26, 2014 8:49 pm
 
Forum: Investing - Theory, News & General
Topic: Do you need to pay taxes on ETF's?
Replies: 5
Views: 568

Re: We Don't want to die with Money

Even a SPIA annuity might not do the trick. If you're receiving $200,000 in annuity payments and spending $60,000 your estate will build up again.
Bruce
by Retread
Wed Mar 26, 2014 4:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: We Don't want to die with Money
Replies: 45
Views: 3751

Re: Donor Advised Funds

An interesting feature of the Fidelity program is that it allows me to send email gifts to friends and family, in which they are given the ability to donate a specified amount from my account to the charity of their choice. Could you explain this further. I have a Fidelity DAF and never heard of th...
by Retread
Tue Mar 25, 2014 9:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Funds
Replies: 56
Views: 2050

Re: IRA Deductions for Estate Tax Return?

Fidelity has explained it quite well. Did the estate pay estate tax? If not, this is irrelevant.
Bruce
by Retread
Tue Mar 25, 2014 8:04 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA Deductions for Estate Tax Return?
Replies: 4
Views: 394

Re: Donor Advised Funds

An interesting feature of the Fidelity program is that it allows me to send email gifts to friends and family, in which they are given the ability to donate a specified amount from my account to the charity of their choice. Could you explain this further. I have a Fidelity DAF and never heard of th...
by Retread
Tue Mar 25, 2014 4:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Funds
Replies: 56
Views: 2050

Re: Donor Advised Funds

I have Fidelity DAF also. They both make giving easy and painless once you've made the contribution to the fund, normally long term appreciated securities. Lower minimums are attractive with Fidelity. A DAF is far superior to trying to transfer appreciated securities direct to a charity.
Bruce
by Retread
Tue Mar 25, 2014 8:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Funds
Replies: 56
Views: 2050

Re: Car buying experience. Do I have a case to sue the deal

Leesbro63 wrote:For a used car?

Yes, some state laws cover used cars as well.
Bruce
by Retread
Sun Mar 23, 2014 9:45 pm
 
Forum: Personal Consumer Issues
Topic: Car buying experience. Do I have a case to sue the dealer?
Replies: 40
Views: 4422
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