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Re: IRA Beneficiary - Should a Trust ever be the beneficiary

So, assuming one doesn't have a great future need for the money in an IRA, is there a way to make one's spouse AND children co-beneficiaries? IE 50% goes to spouse and 25% to each kid, distributed according to their ages. When the beneficiary spouse dies, the remainder of what's left in the benefici...
by Swampy
Tue Sep 30, 2014 7:13 am
 
Forum: Personal Finance (Not Investing)
Topic: IRA Beneficiary - Should a Trust ever be the beneficiary?
Replies: 21
Views: 1342

Re: IRA Beneficiary - Should a Trust ever be the beneficiary

Once again, thanks everyone for all your input.
by Swampy
Sun Sep 28, 2014 1:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRA Beneficiary - Should a Trust ever be the beneficiary?
Replies: 21
Views: 1342

Re: The Villages Retirement Community Near Orlando

Why limit yourself to the Villages? Florida is a big state. It's not all Disney and the beaches or swamps and alligators. Contrary to popular belief, it does get cold here. I live about 125 miles due south of the Villages and where I live, it has gotten into the 20's at night in winter. Yes, 20's. P...
by Swampy
Sat Sep 27, 2014 6:56 pm
 
Forum: Personal Consumer Issues
Topic: The Villages Retirement Community Near Orlando
Replies: 72
Views: 7536

Re: IRA Beneficiary - Should a Trust ever be the beneficiary

DonCamillo, thanks for sharing the experience.
by Swampy
Sat Sep 27, 2014 6:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRA Beneficiary - Should a Trust ever be the beneficiary?
Replies: 21
Views: 1342

IRA Beneficiary - Should a Trust ever be the beneficiary?

I've received some conflicting information regarding titling all assets, including IRA's, into a revocable trust. Apparently, having the trust as 'beneficiary' is not such a good choice as it would be paid out as a lump sum, creating a large taxable event. This is something I want to avoid. If I kee...
by Swampy
Sat Sep 27, 2014 3:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRA Beneficiary - Should a Trust ever be the beneficiary?
Replies: 21
Views: 1342

Re: Notice From Vanguard About Impending Transfer

Are you sure it's really from Vanguard??? I usually click the 'forward this email' button and see where it really came from. Of course, I don't forward it to anyone. I would bypass the email and separately log into your Vanguard account or call them about it. If they have an internet fraud division,...
by Swampy
Thu Sep 25, 2014 8:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Notice From Vanguard About Impending Transfer
Replies: 17
Views: 2036

Re: Trust Company Fees

It is my concern with the fee's that is making me tread very cautiously. .75% here, .9% there, ETF or mutual fund expense ratios, etc - all add up to a trust that eventually costs more to administer and manage than the money it distributes to the beneficiary. With the kind of asset mix I'm looking a...
by Swampy
Tue Sep 23, 2014 8:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Trust Company Fees
Replies: 22
Views: 1448

Re: Could one theoretically be 100% stocks your whole life?

Could one theoretically be 100% in stocks your whole life?

Yes, of course.

You could also theoretically be destitute for the rest of your life.

It all depends on your annual withdrawal rate.
by Swampy
Tue Sep 23, 2014 8:14 am
 
Forum: Investing - Theory, News & General
Topic: Could one theoretically be 100% stocks your whole life?
Replies: 43
Views: 2741

Re: Trust Company Fee's

Gill said If the trust declines to $100K you're still paying $2,000 or 4% of the trust. I think 4% of a $100K is $4000. Even so, I think you meant to say that if the trust dropped to $50K, an annual fee of $2000 is 4%. So, the point then is to make sure the assets in a trust never go below a certain...
by Swampy
Sun Sep 21, 2014 12:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trust Company Fees
Replies: 22
Views: 1448

Re: Trust Company Fee's

Let me get this straight.

If a trust company states there is a minimum fee of $2000 and a .75% 'management' fee (or whatever they call it),

on a $300K SNT, what would the fee be? $300K x .75% = $2250 - or - would it be $2000 + $2250 = $4250?
by Swampy
Sun Sep 21, 2014 10:36 am
 
Forum: Personal Finance (Not Investing)
Topic: Trust Company Fees
Replies: 22
Views: 1448

Re: Amount to set aside for Special Needs Trust

Thank you everyone for your thoughtful and reasoned insight and responses. I'll probably end up funding the SNT with more than the expected minimum, especially if it reverts back to his siblings/direct heirs on his death. Since I am hoping that the trust is capable of lasting at least 60 years, I've...
by Swampy
Sun Sep 21, 2014 7:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Amount to set aside for Special Needs Trust
Replies: 11
Views: 1037

Re: Trust Company Fee's

I'm not convinced Vanguard is the answer. I know that there are some trust companies out there that have lower minimums and lower management fee's. I recall hearing of some with minimums as low as $1000/yr with fee's that were 1% - a deal killer. Others have minimums of $3000/yr and fee's were in th...
by Swampy
Sat Sep 20, 2014 6:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Trust Company Fees
Replies: 22
Views: 1448

Re: Trust Company Fee's

I'm hoping to find a corporate trust company that will do it for at or under 0.5% max.
by Swampy
Fri Sep 19, 2014 9:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trust Company Fees
Replies: 22
Views: 1448

Trust Company Fees

I'm in the process of setting up a Special Needs Trust as well as an Irrevocable Protective Trust. That said, does anyone have suggestions on where to look for a low cost corporate trustee that doesn't charge an onerous fee? My concern is that with all the extra layers of fee's involved, between ass...
by Swampy
Fri Sep 19, 2014 9:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trust Company Fees
Replies: 22
Views: 1448

Re: When did you feel "Out of the Woods"?

1998

Not long after that I got creamed!
by Swampy
Fri Sep 19, 2014 7:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: When did you feel "Out of the Woods"?
Replies: 42
Views: 5325

Re: Are SPIA's fairly priced? - A quick and dirty analysis

The longer I'm around, the more I realize that annuities are a great deal for insurance companies.

Not so for the average annuitant.
by Swampy
Fri Sep 19, 2014 2:06 pm
 
Forum: Investing - Theory, News & General
Topic: Are SPIA's fairly priced? - A quick and dirty analysis
Replies: 75
Views: 3564

Re: Time Has Gone Quickly, 3 Months Till Retirement

A 7 year cash reserve of funds seems prudent at this time - at least to me. I think you should look at your portfolio, as a whole to see what percentage you have in equities, etc. If it interferes with your sleep, you know the answer. Back in 2000 I was within a few months of retirement. Due to extr...
by Swampy
Fri Sep 19, 2014 2:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Time Has Gone Quickly, 3 Months Till Retirement
Replies: 31
Views: 3860

Re: Amount to set aside for Special Needs Trust

It is hard being the parent of a kid with special needs. This is just one more burden that the average person, fortunately for them, has no clue about. I'm reading a book called "Beyond the Grave' currently, which describes some nightmarish scenarios. It's an eye opener. All we can do is plan f...
by Swampy
Fri Sep 19, 2014 1:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Amount to set aside for Special Needs Trust
Replies: 11
Views: 1037

Re: Amount to set aside for Special Needs Trust

PS

Since the term of the Special Needs Trust payout could exceed 60 years, I'm looking at an annual payout of no more than 2% after expenses. My concern is that the expenses may be ridiculously high, too.
by Swampy
Thu Sep 18, 2014 9:32 am
 
Forum: Personal Finance (Not Investing)
Topic: Amount to set aside for Special Needs Trust
Replies: 11
Views: 1037

Amount to set aside for Special Needs Trust

We're finally meeting with an attorney regarding setting up a Special Needs Trust for our mentally handicapped 17 year old son. Since this trust would be a part of a larger living trust, it wouldn't be funded until after both, my wife and I, pass. He will be eligible for aid and living in a subsidiz...
by Swampy
Thu Sep 18, 2014 9:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Amount to set aside for Special Needs Trust
Replies: 11
Views: 1037

Re: Real Estate Question

Septic systems, not so much. :P

Happily, the septic system and field are fine. Especially since two went away to college.
by Swampy
Wed Sep 17, 2014 6:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Real Estate Question
Replies: 21
Views: 1631

Re: Creating a permanent legacy?

I guess the goal would be to provide a baseline amount of income for all my future generations so that they could pursue whatever aspirations they have without having to worry about falling into poverty. It's also quite possible that by providing a minimum baseline of assistance to your heirs, you ...
by Swampy
Wed Sep 17, 2014 4:07 pm
 
Forum: Investing - Theory, News & General
Topic: Creating a permanent legacy?
Replies: 46
Views: 3216

Re: Creating a permanent legacy?

Gee, I worked my @$$ off to get ahead in life. I plan on leaving something to my kids when I die, especially my special needs child. Beyond that, I'm less concerned about the future of great-great grandkids with who knows how many spouses and ex-spouses mixed into the fray. I'm lucky to have a few b...
by Swampy
Wed Sep 17, 2014 4:01 pm
 
Forum: Investing - Theory, News & General
Topic: Creating a permanent legacy?
Replies: 46
Views: 3216

Re: Real Estate Question

Over the years, I've used several 'property managers' and, to say the least, I'm less than impressed. To say they were anything above mediocre would be a lie. The only one worth anything found the tenants and took her cut, then I managed it. I know more about property management than many of these s...
by Swampy
Wed Sep 17, 2014 3:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Real Estate Question
Replies: 21
Views: 1631

Re: Real Estate Question

I had the exact opposite experience with property management people. I found them to be utterly useless and they skimmed the cream off of the top. It's no different than paying a money manager 1-1.5% for assets under management. The absolutely worst tenant I ever had was from one such 'professional....
by Swampy
Wed Sep 17, 2014 12:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Real Estate Question
Replies: 21
Views: 1631

Re: How to best adjust asset allocation as years pass

I don't think asset allocation has to do with age. It has more to do with the stage of life you are in. Some people retire at 40 while others keep working well past 70. Personally I think, at retirement, a person should be between 20-40% equities and gradually increase as time passes. You avoid the ...
by Swampy
Wed Sep 17, 2014 10:20 am
 
Forum: Investing - Help with Personal Investments
Topic: How to best adjust asset allocation as years pass
Replies: 21
Views: 1788

Re: Why Invest in Bonds in your early 30s?

I won't dissuade you from your thoughts. I just want to know what if your plans change and you want to either leave the workforce, travel, find time to 'discover' yourself, or any one of a thousand other possibilities that potentially leave you dependent, whether temporarily or permanently, on your ...
by Swampy
Wed Sep 17, 2014 8:49 am
 
Forum: Investing - Help with Personal Investments
Topic: Why Invest in Bonds in your early 30s?
Replies: 43
Views: 3566

Re: BEWARE - Phony IRS call from 202-750-1631

If that fails, I'll try another language.

Maybe they really are calling from Texas?
But it doesn't sound like a Texas drawl to me.

LOL
by Swampy
Wed Sep 17, 2014 8:24 am
 
Forum: Personal Consumer Issues
Topic: BEWARE - Phony IRS call from 202-750-1631
Replies: 16
Views: 1723

Re: BEWARE - Phony IRS call from 202-750-1631

Hah! "Legal allegations?" They are mightily persistent and keep calling. Since I'm fluent in a few other languages, I carried on a conversation with 'these IRS agents in Texas' in a foreign language. I got a good laugh. In their clipped Indian or Pakistani accents they asked "Can't yo...
by Swampy
Wed Sep 17, 2014 8:22 am
 
Forum: Personal Consumer Issues
Topic: BEWARE - Phony IRS call from 202-750-1631
Replies: 16
Views: 1723

Re: Air Purifier for Allergies

I have three Brookstone Pure-Ion Pro air cleaners in the house. They really make a difference for this allergy sufferer. No filter replacement needed. When the unit starts 'zapping' and sizzling, I pull out the metal grid, hose it off and let it dry out in the sun before inserting it again. I bought...
by Swampy
Tue Sep 16, 2014 8:51 pm
 
Forum: Personal Consumer Issues
Topic: Air Purifier for Allergies
Replies: 27
Views: 1570

Real Estate Question

My tenant of several years called and gave notice that he is leaving at the end of his lease by the end of the year. This was a good tenant, unlike some real nightmares in the past. I rent for below market rates and have had better success obtaining better quality tenants than trying to push for mar...
by Swampy
Tue Sep 16, 2014 8:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Real Estate Question
Replies: 21
Views: 1631

Re: Trip to Greece

What would you say the affordability index of travel to Greece was this trip compared to before the financial crisis?

Failing that, what would you say your expenses were compared to London, Paris, Rome (if you've been to any of these)
or Chicago or NYC here?
by Swampy
Tue Sep 16, 2014 7:53 am
 
Forum: Personal Consumer Issues
Topic: Trip to Greece
Replies: 10
Views: 713

Re: Best Time Of Year To Visit Mediterranean

North Africa is not on my list at this time. The best way I can describe what I want to do in the Mediterranean would be similar for a northern snowbird to visit Miami for a few months and visit points within a 1-2 hour drive. Repeat following year at Fort Myers, repeat in St. Petersburg, repeat in ...
by Swampy
Mon Sep 15, 2014 1:53 pm
 
Forum: Personal Consumer Issues
Topic: Best Time Of Year To Visit Mediterranean
Replies: 28
Views: 1393

BEWARE - Phony IRS call from 202-750-1631

Just received a phone call from 202-750-1631. A man with a very heavy Indian accent identified himself as agent 'Patrick Cane' from the IRS and needed to speak to Swampy about serious IRS legal problems. (Yeah, right) So far, I called the FBI, who referred me to the FTC and then to my state attorney...
by Swampy
Mon Sep 15, 2014 1:42 pm
 
Forum: Personal Consumer Issues
Topic: BEWARE - Phony IRS call from 202-750-1631
Replies: 16
Views: 1723

Re: Tiny house movement.

Would you raise 3-4 kids in a small 500 square feet home?


NO

Am I being unrealistic?


YES

Even a singlewide has more room than that.
by Swampy
Mon Sep 15, 2014 10:08 am
 
Forum: Personal Consumer Issues
Topic: [can my family live in a] Tiny house
Replies: 60
Views: 4074

Re: Best Time Of Year To Visit Mediterranean

The entire area is rich with history and culture.

All one needs, besides the desire, is time and money to pursue these interests.
by Swampy
Sun Sep 14, 2014 8:24 pm
 
Forum: Personal Consumer Issues
Topic: Best Time Of Year To Visit Mediterranean
Replies: 28
Views: 1393

Re: Do I need to hold my emergency fund in cash?

Just to be the devil's advocate: Suppose an individual has investments and owns a home free and clear - what's to stop that person from establishing a HELOC on the primary residence and using that for emergency funding? In other words, have a zero loan balance until the need arises, borrow from the ...
by Swampy
Sun Sep 14, 2014 8:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do I need to hold my emergency fund in cash?
Replies: 29
Views: 3285

Re: Best Time Of Year To Visit Mediterranean

So, has anyone done this?
by Swampy
Sun Sep 14, 2014 8:09 pm
 
Forum: Personal Consumer Issues
Topic: Best Time Of Year To Visit Mediterranean
Replies: 28
Views: 1393

Re: Best Time Of Year To Visit Mediterranean

I'm not in the inner circle of their travel plans, nor do I care to be.
by Swampy
Sun Sep 14, 2014 7:50 pm
 
Forum: Personal Consumer Issues
Topic: Best Time Of Year To Visit Mediterranean
Replies: 28
Views: 1393

Re: Am I in over my head?

dbr write And just because you pay for it does not mean it is good. Sigh, how true. I paid dearly for some of the worst advice and planning. Over a decade later, I'm still paying for it. That said, forward, educate yourself. You are in an enviable position. The absolute worst thing you can do is loo...
by Swampy
Sun Sep 14, 2014 6:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Am I in over my head?
Replies: 51
Views: 4659

Re: Best Time Of Year To Visit Mediterranean

Yes, Portugal counts. Actually, the Azores could be a destination as well as the Canary Islands, though technically in the Atlantic. I wasn't that impressed with AirBNB. I've been in a few of their listed properties before and the quality was quite variable. Actually, the most expensive place I rent...
by Swampy
Sun Sep 14, 2014 5:56 pm
 
Forum: Personal Consumer Issues
Topic: Best Time Of Year To Visit Mediterranean
Replies: 28
Views: 1393

Re: Am I in over my head?

You can pay someone to give you advice for a fee
or
you can take in all the advice given here for free.

Just because it's free, doesn't mean it's not good.

A lot of advice here is invaluable.

My advice, don't rush into anything. Open a savings account at CITbank (0.9%) while you mull your options.
by Swampy
Sun Sep 14, 2014 5:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Am I in over my head?
Replies: 51
Views: 4659

Re: Best Time Of Year To Visit Mediterranean

Duly noted. I was in Italy one June and, not only was it hot (like Miami in June), they don't believe in AC.
by Swampy
Sun Sep 14, 2014 5:25 pm
 
Forum: Personal Consumer Issues
Topic: Best Time Of Year To Visit Mediterranean
Replies: 28
Views: 1393

Best Time Of Year To Visit Mediterranean

I'm thinking about an extended trip to the Mediterranean area sometime in the next 1-2 years and am open to all areas and suggestions from Gibraltar to Turkey. Obviously, there are expensive places to stay, like Monaco, which I wouldn't mind visiting for 1-2 days, but I'm more interested in affordab...
by Swampy
Sun Sep 14, 2014 5:19 pm
 
Forum: Personal Consumer Issues
Topic: Best Time Of Year To Visit Mediterranean
Replies: 28
Views: 1393

Re: Can You Build Your Retirement Portfolio Young, then Coas

Absolutely!


I did this from my 20's to early 40's AND with a lot less money invested than $100K/yr.

Barring any disasters, with intelligent diversification and asset allocation, you should easily reach that goal.

I did, even with a number of serious setbacks.
by Swampy
Sun Sep 14, 2014 4:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can You Build Your Retirement Portfolio Young, then Coast?
Replies: 58
Views: 7354

Re: Investing $100

How old are you? How far did you get in school? You just got a new credit card and you have $100 to spare? Send the credit card company the extra $100 to have on account to act as a buffer against overspending and prevent you from doing something foolish. If you don't have at least some college or t...
by Swampy
Sat Sep 13, 2014 7:18 am
 
Forum: Investing - Help with Personal Investments
Topic: Investing $100
Replies: 15
Views: 1836

Re: New Roof Needed Soon... Advice?

Do you have any old phone books from at least 5 years ago? I'd look at the old ads and compare the ads to the ones in the present day phone book. The more successful businesses usually downsize their ads over time. I'd also rule out any business that doesn't list an actual address. I also avoid the ...
by Swampy
Fri Sep 12, 2014 9:24 am
 
Forum: Personal Consumer Issues
Topic: New Roof Needed Soon... Advice?
Replies: 48
Views: 2988

Re: Math Help: Paying Home Mortgage Early?

I vote you get an HP 12C calculator. It will be a trusty guide for many years to come.
It fits easily in your shirt pocket.

I've had the same one for over 25 years, probably the single best investment I ever made.
by Swampy
Wed Sep 10, 2014 9:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Math Help: Paying Home Mortgage Early?
Replies: 16
Views: 1280

Re: Financial planner advice needed

nedsaid wrote The best thing to do is to educate yourself first. Go through the wiki and read. The more you know, the better questions you can ask an advisor and the better sense you will have whether you are getting good advice or not. Please don't be a babe in the woods and just walk into an advis...
by Swampy
Sat Sep 06, 2014 1:46 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financial planner advice needed
Replies: 11
Views: 1052

Re: Couples of diff ages: how do you handle asset allocation

Depends on how far apart you are in age. It seems that the divergence would come if there was a great age spread between the two of you. If under 10 years, why not 'split the difference?' It also depends on where you are in the work-retirement phase. Personally, the closer you are to retirement, I'd...
by Swampy
Sat Sep 06, 2014 8:06 am
 
Forum: Investing - Theory, News & General
Topic: Couples of diff ages: how do you handle asset allocations?
Replies: 13
Views: 1181
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