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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: 22
Views: 1847

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: 936

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: 1739

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: 890

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: 1288

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: 539

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: 460

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: 2966

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: 312

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: 764

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: 764

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: 353

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: 2274

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: 2274

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: 2274

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: 2274

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: 2274

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: 2274

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: 2959

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: 10383

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: 5909

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: 633

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: 2556

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: 2556

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: 2556

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: 351

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: 351

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: 194

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: 351

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: 1126

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: 1126

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: 3589

Re: Please Help Me Explain an Equity Index Annuity to a Rela

... I too have been at a "free" dinner where they pitched equity index annuities. ... If you go to the free dinner seminar, and you're the one who buys 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...
by bsteiner
Sun Feb 22, 2015 11:57 am
 
Forum: Personal Finance (Not Investing)
Topic: Please Help Me Explain an Equity Index Annuity to a Relative
Replies: 31
Views: 1781

Re: Expecting a big inheritance - Should it change my life?

... We talked to many estate planners when figuring out what to do with our assets. They all agreed that there are ways, like the attorney your aunt used, to qualify for Medicaid, but they did NOT recommend it because the assets should be used for the comfort and care of the person who earned them....
by bsteiner
Mon Feb 16, 2015 5:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Expecting a big inheritance - Should it change my life?
Replies: 124
Views: 8224

Re: Expecting a big inheritance - Should it change my life?

... It was an elder care attorney that recommended this strategy. ... If she's in her 80s, and she's worth $1.4 million, and has long-term care insurance, and has no children, why did she go to an elder law (Medicaid planning) attorney rather than a trusts and estates lawyer? The income on her asse...
by bsteiner
Sun Feb 15, 2015 11:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Expecting a big inheritance - Should it change my life?
Replies: 124
Views: 8224

Re: Portfolio advice for family with special needs child

...I set up a trust that will be funded, in large part, by universal life insurance. The trust will eventually have 7 figures in it. My daughter is lower functioning so she will need care for life. My son will be the trustee. Hopefully it will be enough.... ... That is why we tried to load up on li...
by bsteiner
Sun Feb 15, 2015 7:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio advice for family with special needs child
Replies: 28
Views: 1745

Re: Is spouse's 401K protected from LTC expenses?

island wrote:... Will check with an elder care attorney with our estate planning. ....


You would consult with an elder law attorney for Medicaid planning (if applicable), but you would consult with a trusts and estates attorney for estate planning.
by bsteiner
Sun Feb 15, 2015 5:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is spouse's 401K protected from LTC expenses?
Replies: 9
Views: 1309

Re: Expecting a big inheritance - Should it change my life?

My brother and I are in our mid-30's and are expecting two fairly big inheritances in the future. The first inheritance will come from an aunt in her 80's who has no children. My brother and I are the sole heirs at 50% each. Here are the stats about her assets: [approx. $1.4 million] ... She still ...
by bsteiner
Sun Feb 15, 2015 4:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Expecting a big inheritance - Should it change my life?
Replies: 124
Views: 8224

Re: Portfolio advice for family with special needs child

... He is not "disabled" enough for a special needs trust. We have a will and a regular trust "shell," or whatever it's called, that is set up to be funded - but we need sufficient, guaranteed-to-be-there money to fund it .... ... As a parent of a 22 year old with special needs,...
by bsteiner
Sun Feb 15, 2015 1:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio advice for family with special needs child
Replies: 28
Views: 1745

Re: Just no petroleum or defense?

You could hedge by investing in stocks that are counter to your views. If your views prevail, your investments may not do well, but you'll be happy that your views prevailed. If your views don't prevail, at least you're likely to make money.
by bsteiner
Sat Feb 14, 2015 9:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Just no petroleum or defense?
Replies: 49
Views: 3044

Re: Tax-managed strategy for my mother-in-law's account?

... I also had her cash her IRA cds over 2 years and go ahead and pay the taxes now (she is in a much lower tax bracket than we will be in the event of inheritance. I also read where IRA inheritances are much more complicated to distribute?). ... ... It sure looks like some Roth conversions are in ...
by bsteiner
Sat Feb 14, 2015 9:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax-managed strategy for my mother-in-law's account?
Replies: 7
Views: 560

Re: where should i pay taxes from?

Perfect timing. There is an article on this subject in the current issue of the American Bar Association Taxation Section's Newsquarterly: http://www.americanbar.org/content/dam/aba/publishing/newsquarterly/15win/wang-ptr-is-it-worthwhile-to-realize-capital-gains-nq-winter-2015.authcheckdam.pdf. I j...
by bsteiner
Thu Feb 12, 2015 10:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: where should i pay taxes from?
Replies: 24
Views: 1720

Re: Better to leave qualified or non-qualified money to kids

The best way to view a traditional IRA is that it's part the government's (the tax rate) and part yours (1 minus the tax rate), and the income and gains on your part are tax-free. You've correctly analyzed this. The taxable account gets a stepped-up basis at death, while the traditional IRA doesn't....
by bsteiner
Thu Feb 12, 2015 6:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Better to leave qualified or non-qualified money to kids?
Replies: 14
Views: 1451

Re: Rejected from disability insurance

Does the American Medical Association or your state medical association or society offer disability insurance? Sometimes it's easier to get coverage through these plans than if you buy it outside these plans.
by bsteiner
Sun Feb 08, 2015 6:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rejected from disability insurance
Replies: 18
Views: 1934

Re: Retirement Plan for Small Business...SEP IRA or SIMPLE I

You might want to consult with an actuarial firm who can help design a plan that will best accomplish your objectives.

The lawyer who handles your estate planning should know some actuaries who deal with small company plans.
by bsteiner
Sun Feb 08, 2015 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Plan for Small Business...SEP IRA or SIMPLE IRA
Replies: 23
Views: 1269

Re: Joining the free dinner circuit? Promises, promises.

... The dinner probably cost $25 x 40 people, $1,000 for the event. If he signs up 1 person @ $250k @ 3%, that is $7500, he's way ahead. ... It depends on the hotel or restaurant, but it might cost more than $25 per person, especially if it's in a hotel, or if it's in a private room in a restaurant...
by bsteiner
Sat Feb 07, 2015 10:51 pm
 
Forum: Personal Consumer Issues
Topic: Joining the free dinner circuit? Promises, promises.
Replies: 100
Views: 8287

Re: For those who have living trusts...

I would definitely establish a living trust, unless perhaps you are in one of the few states where probate is really cheap and easy.... I would suggest the opposite. I woulld recommend one where there's a particular reason for doing so in a given case, of if someone is in a state where probating a ...
by bsteiner
Fri Feb 06, 2015 9:24 am
 
Forum: Investing - Help with Personal Investments
Topic: For those who have living trusts...
Replies: 43
Views: 4995

Re: Merrill Edge Screws Up My Roth IRA And Won't Fix It

The deadline for a rollover is 60 days. However, the IRS has discretion to waive the 60-day deadline. See this from the IRS website: http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-relating-to-Waivers-of-the-60-Day-Rollover-Requirement. We've obtained a number of private letter rulings wai...
by bsteiner
Fri Feb 06, 2015 9:10 am
 
Forum: Investing - Help with Personal Investments
Topic: Merrill Edge Screws Up My Roth IRA And Won't Fix It
Replies: 9
Views: 1000

Re: Joining the free dinner circuit? Promises, promises.

...$100,000 invested in the Vanguard 500 Index Fund, Admiral Shares, on 30 Sept. 1998 would have grown to $252,639.40 by 30 Sept., 2014--not the $188,000 they said, and more than the $210,000 they claimed for their annuity ... The difference is greater after income taxes. Of the $152,639.40 income ...
by bsteiner
Thu Feb 05, 2015 10:18 pm
 
Forum: Personal Consumer Issues
Topic: Joining the free dinner circuit? Promises, promises.
Replies: 100
Views: 8287

Re: Telecommuter tax

The $400 was referring to the CPAs fee. I realize I will potentially be owing the sate of ny several thousands (despite not using any of their roads, hospitals, public services etc for the last 6months) I was referring to the cost of having someone research the issue, not the cost of preparing the ...
by bsteiner
Thu Feb 05, 2015 12:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Telecommuter tax
Replies: 5
Views: 725
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