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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: 656

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: 10
Views: 533

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: 656

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: 302

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: 467

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: 467

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: 4
Views: 538

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: 95

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: 2169

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: 95

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: 1122

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: 8
Views: 641

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: 206

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: 1187

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: 10
Views: 737

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: 319

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: 4906

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: 4906

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: 2322

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: 2061

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: 2322

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: 741

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: 2026

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: 566

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: 3743

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: 2026

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: 389

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: 2026

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: 2026

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: 4403

Re: Wealth Timeline [Portfolio help, Canada]

For a starter, I'd get rid of the 35% in precious metals.
Bruce
by Retread
Sun Mar 23, 2014 9:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Wealth Timeline [Portfolio help, Canada]
Replies: 3
Views: 309

Re: [Help with Certificate of Accrual on Treasury Securities

sscritic is right about the tax which should have been paid currently. I was thinking the bonds were in an IRA and only taxed on withdrawal. Most of these were purchased in IRA's because of the tax problem.
Bruce
by Retread
Sun Mar 23, 2014 9:11 pm
 
Forum: Investing - Theory, News & General
Topic: [Help with Certificate of Accrual on Treasury Securities]
Replies: 6
Views: 185

Re: Confused about gifting, estate taxes, and trusts

Did you read bsteiner's quote? As he points out, we don't know from the facts whether it is included in her estate. It depends on the terms of the trust. Inclusion in her estate or exclusion will determine whether there is a new basis on her death (it can be stepped down, you know?). Inclusion in h...
by Retread
Sun Mar 23, 2014 9:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Confused about gifting, estate taxes, and trusts
Replies: 37
Views: 1865

Re: New in Forum - How to maximize tax sheltered investments

placeholder wrote:That one blogger is about the only one in the country who thinks it is a problem so the real solution is to ignore that.

Here's another who thinks it's a potential problem. It clearly is a step transaction, and it seems only a matter of time before the IRS cracks down on this practice.
Bruce
by Retread
Sun Mar 23, 2014 8:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: New in Forum - How to maximize tax sheltered investments
Replies: 11
Views: 1402

Re: [Help with Certificate of Accrual on Treasury Securities

They are worth $2,000 each which is face value and were originally sold at a large discount. You will owe ordinary income tax on the difference between the redemption value and the original basis. These were originally issued by Salomon Brothers and can now be redeemed by calling:US Bank Corporate T...
by Retread
Sun Mar 23, 2014 8:28 pm
 
Forum: Investing - Theory, News & General
Topic: [Help with Certificate of Accrual on Treasury Securities]
Replies: 6
Views: 185

Re: Options for the medical grad but no residency

I don't know the process. Does one have to complete residency or a certain amount of residency to get licensed? Requirements vary by state? I realize "Doctor" isn't exclusive to physician, but if one never practiced or got licensed does one typically still use the title "Doctor"...
by Retread
Sun Mar 23, 2014 8:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Options for the medical grad but no residency
Replies: 95
Views: 7135

Re: Confused about gifting, estate taxes, and trusts

If the home is in the OP's grandmother's trust doesn't that guarantee it's part of her estate? And if it is, did it get a step up basis at the time of her husband's death and if so is the step up in value generally recorded somewhere or need to be known when she passes? Will it get another step up ...
by Retread
Sun Mar 23, 2014 8:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Confused about gifting, estate taxes, and trusts
Replies: 37
Views: 1865

Re: Donating appreciated stock to charity

And can you donate a fully matured US savings bond, E or EE, that has stopped accruing interest? Does the IRS recognize the face value of the bond plus its interest as the amount of the charitable donation? Yes, the value of the EE Bond donation is the total redemption value of the bond. HOWEVER, y...
by Retread
Sun Mar 23, 2014 12:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Donating appreciated stock to charity
Replies: 7
Views: 520

Re: Capital loss question

There are no capital gains on sales in an IRA. Sell them if you wish with no tax consequences and you'll still have your capital loss intact to use in the future.
Bruce
by Retread
Sat Mar 22, 2014 11:42 am
 
Forum: Investing - Help with Personal Investments
Topic: Capital loss question
Replies: 4
Views: 278

Re: Help me settle a debate -- Risk in Retirement

I live very well with little effort, and I am not willing to expend much energy to "improve my lifestyle", whatever that may mean. Dale, as someone nearly your age, I love this statement as it sums up my feelings exactly. If one has more than adequate assets, one reaches a point where cer...
by Retread
Fri Mar 21, 2014 5:27 pm
 
Forum: Investing - Theory, News & General
Topic: Help me settle a debate -- Risk in Retirement
Replies: 61
Views: 4206

Re: Help me settle a debate -- Risk in Retirement

I'd go with the moderate risk, perhaps 40/60 stocks to bonds and forget rental property. Who need that aggravation in retirement!
Bruce
by Retread
Fri Mar 21, 2014 5:17 pm
 
Forum: Investing - Theory, News & General
Topic: Help me settle a debate -- Risk in Retirement
Replies: 61
Views: 4206

Re: IRS Sales Tax Deduction

It doesn't make sense that the amount in a 1035 exchange would be included in calculating the sales tax deduction. The intent of this provision is to include income that flows to you, but that isn't included on your 1040. You never get your hands on the 1035 exchange funds and therefore there is no ...
by Retread
Fri Mar 21, 2014 5:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS Sales Tax Deduction
Replies: 6
Views: 517

Re: Issues with income from sharing a home

My opinion, which I have expressed in other threads, is that the tax law never intended to include arrangements such as this, in which expenses in living arrangements are shared. I don't think this is any different than many other transactions in daily life such as buying someone lunch or picking up...
by Retread
Thu Mar 20, 2014 9:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Issues with income from sharing a home
Replies: 17
Views: 704

Re: out of order responses

Are you looking at the original posting date by chance?
Bruce
by Retread
Thu Mar 20, 2014 9:43 pm
 
Forum: Forum Issues and Administration
Topic: out of order responses [Viewing the forum]
Replies: 3
Views: 404

Re: Children: Are they worth every penny?

Just six days ago you posted that your husband planned to retire in nine years at age 62 and you also seemed a bit unsure if there would be insufficient income to support your two children. All of this seems very inconsistent with your current question.
Bruce
by Retread
Wed Mar 19, 2014 3:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Children: Are they worth every penny?
Replies: 68
Views: 4586

Re: Supporting Family Members

Wow! This is one of the worst pieces of advice I've ever seen. Please refrain from giving tax advice which amounts to fraud. Bruce I disagree but to each his own. You disagree? Disagree all you wish, but I'm telling you what the law is. Paying the debts of another is a gift, plain and simple. Bruce
by Retread
Wed Mar 19, 2014 12:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Supporting Family Members
Replies: 30
Views: 1689

Re: Supporting Family Members

DireWolf wrote:A good way to avoid the taxation problem is to directly pay for things like their mortgage, car payment, bills, etc. No tax obligations with this strategy.

Wow! This is one of the worst pieces of advice I've ever seen. Please refrain from giving tax advice which amounts to fraud.
Bruce
by Retread
Tue Mar 18, 2014 9:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Supporting Family Members
Replies: 30
Views: 1689

Re: Sending Money to Parents and Gift Taxes

Neither one has to do anything.
Bruce
by Retread
Tue Mar 18, 2014 12:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Sending Money to Parents and Gift Taxes
Replies: 3
Views: 394

Re: How much do you make a year in Dividends?

How so? If I have 100 shares at $1 a share and receive $10 a year from those shares in dividends, assuming the price of the stock doesn't change it seems like I have $110 at the end of the year (not factoring in taxes) That's a big assumption. If you own one share of a company and it sends you $10,...
by Retread
Tue Mar 18, 2014 9:18 am
 
Forum: Investing - Theory, News & General
Topic: How much do you make a year in Dividends?
Replies: 72
Views: 5678

Re: How much do you make a year in Dividends?

I don't know and I don't really care.
Bruce
by Retread
Mon Mar 17, 2014 9:48 pm
 
Forum: Investing - Theory, News & General
Topic: How much do you make a year in Dividends?
Replies: 72
Views: 5678
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