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Re: what to do about variable annuities?

If you move #1 to a Vanguard annuity, there's a tradeoff. The advantage is that you'll defer the tax, but the disadvantages are that you'll incur an additional 0.5% or so a year in costs, and all of the future income and gains will become ordinary income, and won't get a basis step-up at death. Some...
by bsteiner
Sat Apr 18, 2015 8:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: what to do about variable annuities?
Replies: 11
Views: 837

Re: Will or Trust for 98 year old?

While there's some overlap, estate planning and elder law are different areas of law. Elder law deals mainly with Medicaid planning and guardianships. This sounds more like a traditional estate planning matter, which would be pretty much the same regardless of her age. It's often hard to estimate th...
by bsteiner
Sat Apr 18, 2015 8:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Will or Trust for 98 year old?
Replies: 20
Views: 1463

Maryland (et al.) protective refund claims

There was a recent discussion about the pending case involving whether Maryland has to allow a credit against the county portion of the Maryland income tax for income taxes paid to other states having tax rates higher than the state portion of the Maryland tax. Taxpayers in Maryland who might be aff...
by bsteiner
Wed Apr 15, 2015 7:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Maryland (et al.) protective refund claims
Replies: 0
Views: 150

Re: Can sole beneficiary be the sole trustee?

... I don't see a problem with having the trust included in the beneficiary's estate. Perhaps I'm missing something here. You mentioned that, if there is a co-trustee, a replacement co-trustee should not be a close relative. Two questions: is that SHOULD not or is it CAN not? and am I correct in as...
by bsteiner
Mon Apr 13, 2015 10:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can sole beneficiary be the sole trustee?
Replies: 4
Views: 481

Re: Tough family estate issue

cadreamer2015 wrote:You can help your mother write a new will, but of course you cannot rewrite your father's will after his passing. ....


His father may have given his mother a power of appointment over the trust(s) under his Will, which she can exercise in her Will. Or he may have left his estate to her outright
by bsteiner
Mon Apr 13, 2015 3:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tough family estate issue
Replies: 6
Views: 922

Re: Can sole beneficiary be the sole trustee?

Yes, but in order to avoid having the trust be included in the beneficiary's estate, the trustee must be prohibited from participating in decisions to make discretionary distributions to himself/herself (except for an ascertainable standard such as health, maintenance, support and education). To pro...
by bsteiner
Mon Apr 13, 2015 3:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can sole beneficiary be the sole trustee?
Replies: 4
Views: 481

Re: Tough family estate issue

Mom can (in her Will) leave Dave's share to him in trust rather than outright. We would have her leave each child's share in trust rather than outright, but most likely the other children would control their trusts. Mom has to decide who should control Dave's trust. The trustees can then decide how ...
by bsteiner
Mon Apr 13, 2015 2:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tough family estate issue
Replies: 6
Views: 922

Re: Move money from Variable Annuity to taxable?

... if I were in your shoes, I'd try to model the NPV of three or four different scenarios 1) cash out now 2) hold on to it and annuitize at some point in future 3) annuitize now... Another choice is to cash it in, but only as much as you can each year without going into a higher than desired tax b...
by bsteiner
Sun Apr 12, 2015 11:35 am
 
Forum: Investing - Help with Personal Investments
Topic: Move money from Variable Annuity to taxable?
Replies: 3
Views: 519

Re: Setting up a Trust...

... You need an estate planning attorney. ... A one hour consultation will teach you a lot about your options. I would not hesitate to meet with more than one attorney, and be sure to request their fee schedule.... In a case like this, if someone wanted to meet with more than one lawyer for the hou...
by bsteiner
Sun Apr 12, 2015 8:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Setting up a Trust...
Replies: 13
Views: 1452

Re: Different IRA Beneficiaries on Different Accounts Disall

... I have heard reports that flagship clients may well receive more flexibility .... That is correct. Vanguard allows Flagship clients to have customized beneficiary designations. We almost always prepare customized beneficiary designations. Some have been fairly complicated, though most of them f...
by bsteiner
Sun Apr 12, 2015 7:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Different IRA Beneficiaries on Different Accounts Disallowed
Replies: 8
Views: 1031

Re: Confused about naming beneficiaries on IRA and 401k

Instead of mandating distributions at a specified age(s), you could provide that your children gain control over their trusts at the specified age(s). In that way, your children's inheritances won't be included in their estates, and will be better protected against their creditors and spouses. For t...
by bsteiner
Sat Apr 11, 2015 9:46 pm
 
Forum: Investing - Help with Personal Investments
Topic: Confused about naming beneficiaries on IRA and 401k
Replies: 2
Views: 389

Re: Mailing tax returns

If it gets there, a timely postmark is sufficient. Section 7502(a). If not, if it's sent registered by the due date, it's considered timely. Section 7502(c). Section 7502(b) allows the IRS to extend this to certified mail, and Section 7502(f) allows the IRS to extend this to certain private delivery...
by bsteiner
Thu Apr 09, 2015 3:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mailing tax returns
Replies: 56
Views: 3506

Re: When to give adult children their inheritance?

Instead of requiring distribution at a specified age or ages, our clients instead provide that each child gets control of his/her trust at a specified age or ages. For this purpose, control means the right to become a trustee, the power to remove and replace his/her co-trustee (provided the replacem...
by bsteiner
Tue Apr 07, 2015 10:22 am
 
Forum: Personal Finance (Not Investing)
Topic: When to give adult children their inheritance?
Replies: 57
Views: 6404

Re: Difficult to answer tax and residency question

Here is the NY Division of Tax Appeals decision in the Julian Robertson case: http://s.wsj.net/public/resources/documents/wsj_NYSTDTADtr091103.pdf. Here is the Wall Street Journal story on it: http://www.wsj.com/articles/SB125729222815826639. I had a case once where New York wanted over $10 million ...
by bsteiner
Mon Apr 06, 2015 9:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Difficult to answer tax and residency question
Replies: 19
Views: 1211

Re: How should I go about getting a Will made?

You could do it for that, assuming you decided that you wanted a simple Will, you found a lawyer who did simple Wills, and you spent zero time discussing with the lawyer whether a simple Will would be appropriate. However, the original poster has two children, one of whom is a baby. Since he/she has...
by bsteiner
Mon Apr 06, 2015 4:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: How should I go about getting a Will made?
Replies: 22
Views: 2367

Re: How should I go about getting a Will made?

I agree that asking for recommendations is often a good way. You might also ask your accountant, or a lawyer in your community in a different practice area, for recommendations. I would be careful about looking on the internet, except to check the bios of the lawyers who are recommended, and their f...
by bsteiner
Mon Apr 06, 2015 3:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: How should I go about getting a Will made?
Replies: 22
Views: 2367

Re: IRS makes Tax Error - Wrong Invoice - How to Fix?

The line 44 tax appears to be equal to the tax on the line 43 taxable income. Did you have any qualified dividends or long-term capital gains that would be taxable at lower rates? Do you owe any alternative minimum tax on line 45? Do you owe any additional Medicare tax or net investment income tax o...
by bsteiner
Wed Apr 01, 2015 10:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS makes Tax Error - Wrong Invoice - How to Fix?
Replies: 15
Views: 1426

Re: Minimizing income taxes in retirement

You might want to move back to New York. New York doesn't tax Federal or New York government pensions or Social Security benefits, and New York exempts up to $20,000 a year of IRA benefits if you're over age 59 1/2.
by bsteiner
Wed Apr 01, 2015 8:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Minimizing income taxes in retirement
Replies: 54
Views: 5116

Re: Need some help please with Estate question

investordoc wrote:My father recently passed away ....

... He has a large estate (4 M) at least we believe. ...

... We currently have an elder care attorney who we established with prior to Dad's death. ...


For a $4 million estate, a trusts and estates lawyer might be a better fit.
by bsteiner
Sat Mar 28, 2015 9:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Need some help please with Estate question
Replies: 23
Views: 2368

Re: Do I need an ILIT for a current estate value of 2M in WA

An insurance trust is a separate trust, created under a separate trust agreement. However, the terms of the insurance trust following the insured's death are usually the same as the terms of the credit shelter trust under the Will (in the case of someone who is married), or as the trusts for the chi...
by bsteiner
Wed Mar 25, 2015 10:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do I need an ILIT for a current estate value of 2M in WA?
Replies: 9
Views: 966

Re: Do we need irrevocable life insurance trust (ILIT)?

Now that the Federal estate tax exempt amount is $5,430,000 (indexed), and portability has been made permanent, we're doing far fewer insurance trusts than we once did. To the extent the insurance replaces the lost earnings if the insured dies early, the family will need to spend much of it. If you ...
by bsteiner
Tue Mar 24, 2015 9:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do we need irrevocable life insurance trust (ILIT)?
Replies: 27
Views: 1788

Re: Forum's opinion on James Lange?

Not that I'm trying to get out of purchasing Jim's new edition of "Retire Secure" (OK maybe I am, as I did not read the last one), but is there something new and insightful about his "Cascading Beneficiary Plan?" An example of a cascading beneficiary designation would be to name...
by bsteiner
Sun Mar 22, 2015 5:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Forum's opinion on James Lange?
Replies: 7
Views: 913

Re: Have You Prepared A Durable Power Of Attorney?

... I wonder what Vanguard requires for a change of trustee for a trust account. If my non-retirement accounts are all titled in the name of my revocable trust (myself as trustee), what would Vanguard require for my successor trustee to take over in the case of my incapacity? Would it be easier tha...
by bsteiner
Fri Mar 20, 2015 7:46 am
 
Forum: Personal Consumer Issues
Topic: Have You Prepared A Durable Power Of Attorney?
Replies: 19
Views: 1309

Re: Trust Income Inheritance - Taxable?

If you go to the free dinner seminar and you buy the annuity, the living trust, the timeshare, or the bridge, not only did you pay for your free dinner, but you paid for the free dinners for everyone else in the room.
by bsteiner
Thu Mar 19, 2015 8:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trust Income Inheritance - Taxable?
Replies: 4
Views: 549

Re: Distribution of RMD when trust is Inherited IRA benefici

Assuming the Will or trust agreement gives the trustees the necessary discretion, the trustees could distribute less than the required IRA distribution, and retain the rest in the trust. Or, assuming the trustees have the necessary discretion, the trustees could distribute more than the required dis...
by bsteiner
Wed Mar 18, 2015 6:43 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution of RMD when trust is Inherited IRA beneficiary
Replies: 3
Views: 463

Re: Whole Life Insurance as asset protection

... I knew a plaintiff's malpractice lawyer whose "retirement" job was reviewing investments for physicians. He got into it from doing structured malpractice settlements. ... The benefit of the structured settlement (a schedule of installment payments) is that the imputed interest portion...
by bsteiner
Sun Mar 15, 2015 5:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance as asset protection
Replies: 40
Views: 3028

Re: Profits from trust fund investments??

It might be worth taking a look at the grandfather's Will or the trust agreement to see if lark265's mother has a power of appointment that she can exercise so as to keep the trust assets in further trust for lark265, to keep it out of his/her estate, and to protect it against his/her creditors and ...
by bsteiner
Sat Mar 14, 2015 9:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Profits from trust fund investments??
Replies: 2
Views: 317

Re: my situation advisor fee or index funds

nissanaltima21 wrote:I have been advised to put it in a living trust as soon as possible, which I will do within a week of receiving.


What is that supposed to accomplish?
by bsteiner
Mon Mar 09, 2015 9:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: my situation advisor fee or index funds
Replies: 9
Views: 785

Re: my situation advisor fee or index funds

Can the trust be decanted to keep it from being thrown into your estate for estate tax purposes, and to protect it against your creditors and spouses?
by bsteiner
Mon Mar 09, 2015 5:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: my situation advisor fee or index funds
Replies: 9
Views: 785

Re: Recs for estate planning and tax pros in SAN DIEGO pleas

I sent you a recommendation privately as well, I much prefer sending referrals privately.
by bsteiner
Mon Mar 09, 2015 11:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Recs for estate planning and tax pros in SAN DIEGO please
Replies: 4
Views: 366

Re: How to get started on a Trust/Will?

... Ahh, for some reason, I was thinking I would better achieve what I wanted (leave assets in trust to our minor daughter in the event of both our deaths) if we had a living trust. But if it can be handled with the trust under our wills, then that would be fine. ... You can put the same dispositiv...
by bsteiner
Sun Mar 08, 2015 4:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to get started on a Trust/Will?
Replies: 27
Views: 2352

Re: How to get started on a Trust/Will?

... if the subtrust can be drafted such that the beneficiary is free to add/alter cotrustees as well as change who to leave the trust assets to after her death, how will her wishes be documented? I always thought this is documented directly in the trust. How is this done on an irrevocable subtrust,...
by bsteiner
Sun Mar 08, 2015 1:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to get started on a Trust/Will?
Replies: 27
Views: 2352

Re: How to get started on a Trust/Will?

... I see common plans have assets disburse in increments over several years, or all at once at 35 or something. But is it also possible to have the trust remain in place and, instead of disbursement, select an age that the beneficiary can become successor trustee? In such a case, would this be vie...
by bsteiner
Sun Mar 08, 2015 7:46 am
 
Forum: Personal Finance (Not Investing)
Topic: How to get started on a Trust/Will?
Replies: 27
Views: 2352

Re: How to get started on a Trust/Will?

... Do you know if the Avvo ratings are meaningful? ... I should probably say yes since mine is a 10 (out of 10), but I'm not sure they are. I think their ratings depend on how much detail you put into your profile. Many lawyers don't bother filling out their profiles, so they end up with middling ...
by bsteiner
Sat Mar 07, 2015 11:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to get started on a Trust/Will?
Replies: 27
Views: 2352

Re: How to get started on a Trust/Will?

... I found a few estate lawyers in my area that seem to be pretty highly regarded. However, one of the highest rated on avvo and is known for giving lectures on living trusts, has a high social network presence, and a lot of the reviews (from happy clients) have a trend of people going in for a wi...
by bsteiner
Sat Mar 07, 2015 10:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to get started on a Trust/Will?
Replies: 27
Views: 2352

Re: How to get started on a Trust/Will?

... Research the estate planning lawyers in your area. Decide on 2-3 that you want to talk to. They will probably do a 1-2 hour free consultation to see what you want and to talk over several options with you. Then they will give you their price and you decide which one to go with. ... The ones who...
by bsteiner
Sat Mar 07, 2015 7:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to get started on a Trust/Will?
Replies: 27
Views: 2352

Re: Where's your Will?

We have duplicate originals at home and at lawyer's office Wills should never have duplicate originals. ... Duplicate originals--at least from a litigator's perspective. We signed two documents and each of them was verified/notarized to be self-executing under our state's probate code. Perhaps the ...
by bsteiner
Sat Mar 07, 2015 7:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Where's your Will?
Replies: 46
Views: 3000

Re: $10+ M, age 49, seeking wisdom regarding retirement

... Financial assets over $10 M. Age 49. Business generates $100 K per year, about 1/2 time. Wife is medical doctor, age 49, works 24 hours per week, earns $100 K plus healthcare. ... ... Our financial house is in good order. All passively managed. Over $1 M in Roth for me, almost $1 M in Roth for ...
by bsteiner
Sat Mar 07, 2015 7:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: $10+ M, age 49, seeking wisdom regarding retirement
Replies: 61
Views: 10473

Re: Does My Daughter Need A Prenup?

Why don't her parents and grandparents provide for her in trusts that she can control, rather than outright. This will protect her inheritance against her creditors and spouses, and will also keep it out of her estate for estate tax purposes. Almost all of our clients do this.
by bsteiner
Fri Mar 06, 2015 9:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 6306

Re: Step-up in basis for inherited assets - Question

When I first started, someone would go to the library and check the prices in the NY Times or the Wall Street Journal. Then we had a service that gave us the information as to the ex-dividends. We relied on the brokers for the bonds. Now it's all done electronically. Lawyers subscribe to a service t...
by bsteiner
Wed Mar 04, 2015 9:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Step-up in basis for inherited assets - Question
Replies: 8
Views: 640

Re: Legal Fees for Trusts and Wills

patriciamgr2 wrote:Not to hijack the thread, but does anyone have experience with setting up an irrevocable, asset protection trust in a state which allows them? Are there any low-cost corporate trustees which would administer such a trust & invest in index funds? ...


Yes as to both questions.
by bsteiner
Sun Mar 01, 2015 8:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Legal Fees for Trusts and Wills
Replies: 37
Views: 2666

Re: Legal Fees for Trusts and Wills

Here is the Connecticut case that ajr22 referred to regarding the Legal Zoom will that wasn't witnessed: http://caselaw.findlaw.com/ct-superior-court/1635009.html. On the other hand, in the Estate of Karter Yu, the court admitted to probate a Will that the testator prepared and stored on his iPhone:...
by bsteiner
Sun Mar 01, 2015 7:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Legal Fees for Trusts and Wills
Replies: 37
Views: 2666

Re: Legal Fees for Trusts and Wills

... I am looking for a lawyer in the Baltimore county area in MD to provide a Revocable Living Trust, Health Care POA, and Will. I'm trying to figure out a reasonable flat fee would be for these documents. What should I be looking for in a law firm in the selection process? .... Is there some parti...
by bsteiner
Sun Mar 01, 2015 6:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Legal Fees for Trusts and Wills
Replies: 37
Views: 2666

Re: Inherited Non-Qualified Annuity

...If the contract is annuitized at a fixed rate there should be no expenses. The payments are fixed at the embedded rate stipulated by the annuity tables. ... The fixed rate takes into account the expenses. Presumably the fixed rate reflects what the insurance company expects to earn on the money,...
by bsteiner
Sun Mar 01, 2015 1:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inherited Non-Qualified Annuity
Replies: 9
Views: 364

Re: Inherited Non-Qualified Annuity

navahowhite, you haven't explained what the problem is. ... The problem is that if the beneficiary collects the proceeds all at once (or over a short period of time such as 5 years), that will bunch the income, putting the beneficiary in a high tax bracket, and will give up the future deferral, whe...
by bsteiner
Sun Mar 01, 2015 12:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inherited Non-Qualified Annuity
Replies: 9
Views: 364

Re: Need a CFP in Pittsburgh Area

I agree with Leesbro63's suggestion of Jim Lange. While he's a lawyer rather than a CFP, he's very knowledgeable and numbers-oriented, and his practice probably comes closer to financial planning than that of most lawyers.

Full disclosure: I've been a guest on his radio show on two occasions.
by bsteiner
Sun Mar 01, 2015 11:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Need a CFP in Pittsburgh Area
Replies: 3
Views: 199

Re: Inherited Non-Qualified Annuity

I've inherited a non-qualified (not an IRA) annuity - and am faced with options that range from really bad to mostly bad (from a tax perspective). ... So - I'd like to take an advantage of a 1035 exchange ... The IRS allowed a beneficiary of an inherited IRA to do a Section 1035 exchange In PLR 201...
by bsteiner
Sun Mar 01, 2015 11:09 am
 
Forum: Personal Finance (Not Investing)
Topic: Inherited Non-Qualified Annuity
Replies: 9
Views: 364

Re: Estate Planning 101 - how, when, where, etc

... Going through probate would be a major PITA for our Trustee. Why? In most cases, in most states, probating a Will is a routine matter. You file the Will, a death certificate and some forms. While there are some exceptions, you didn't provide any information that would suggest that your case wou...
by bsteiner
Thu Feb 26, 2015 8:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Estate Planning 101 - how, when, where, etc
Replies: 13
Views: 1153

Re: Estate Planning 101 - how, when, where, etc

Some things you might want to think about before meeting with the lawyer are: 1. How much control should the surviving spouse have? To the extent the surviving spouse shouldn't have control, who should? 2. At what age (if at all) should your children gain control of their shares after neither you no...
by bsteiner
Wed Feb 25, 2015 10:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Estate Planning 101 - how, when, where, etc
Replies: 13
Views: 1153

Re: Poll: How Would You Want Your Estate Divided?

It's interesting that at this point "strict per stirpes" is by far the most popular option at 47% of the vote. For both situation A & B it leads to the most lopsided distributions for the GC generation. Did people vote for this option because it does not punish or reward grandchildren...
by bsteiner
Mon Feb 23, 2015 10:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Poll: How Would You Want Your Estate Divided?
Replies: 43
Views: 3634
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