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Re: 1 rollover per year?

Congress makes the laws. Section 408(d)(3)(b) says you can't do an IRA rollover if you did one within the preceding 12 months. Trustee-to-trustee transfers are not subject to this limitation.
by bsteiner
Sat Dec 20, 2014 11:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: 1 rollover per year?
Replies: 14
Views: 616

Re: State tax deducation & AMT

It is worse if you get tax refunds. At least under TT, the way they calculate the tax benefit rule if you save $1 of tax because of a state tax deduction, you have to take any state tax refund into income the next year. So, in year one, if you get overwithheld $2000 of income taxes, your tax rate o...
by bsteiner
Wed Dec 17, 2014 9:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: State tax deducation & AMT
Replies: 31
Views: 2716

Re: Asset protection in Nevada

what's the cost for something like this? ... It depends on how much time you need in the decision making process, and how much assistance you need in dealing with the trust company, but a rough estimate would be in the high 4 to low 5 figures to set it up, and in the mid-4 figures annually to maint...
by bsteiner
Wed Dec 17, 2014 8:58 am
 
Forum: Personal Finance (Not Investing)
Topic: Asset protection in Nevada
Replies: 16
Views: 1603

Re: Estate Planning Recommendations in SF Bay Area?

Yes but I don't like to mention names in a public forum.
by bsteiner
Tue Dec 16, 2014 2:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Estate Planning Recommendations in SF Bay Area?
Replies: 6
Views: 917

Re: Asset protection in Nevada

In most states, if you create a trust for your own benefit, your creditors can reach the trust assets. However, in some states, and some offshore jurisdictions, your creditors generally can't reach the trust assets. It's less expensive to do this now that you can do it in the United States but it's ...
by bsteiner
Tue Dec 16, 2014 7:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Asset protection in Nevada
Replies: 16
Views: 1603

Re: Average cost of filing Estate Taxes?

Hi, quick question. I'm coming toward the end of filing estate taxes for one of my parent's estates which was particularly complicated as they had numerous investment accounts. I was quoted "$5,000" by my accountant for the total cost of filing estate and inheritance taxes. Since I have n...
by bsteiner
Sun Dec 14, 2014 9:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Average cost of filing Estate Taxes?
Replies: 2
Views: 383

Re: Advice needed re Financial Planner?

The tax consequences if he sells are easy to figure out. His accountant can probably calculate the capital gains tax in less than an hour, and he could probably do the same using TurboTax or the H&R Block (formerly TaxCut) software, available at Staples or on Amazon. He could hire an appraiser t...
by bsteiner
Sun Dec 14, 2014 10:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice needed re Financial Planner?
Replies: 12
Views: 1488

Re: physician retirement plan. should I consider this?

An actuary who doesn't sell anything and isn't connected with someone selling something can help design a retirement plan that best accomplishes your objectives. The actuarial fees should be much less than the amounts mentioned. The lawyer who handles your estate planning should be able to recommend...
by bsteiner
Sat Dec 13, 2014 6:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: physician retirement plan. should I consider this?
Replies: 16
Views: 2205

Re: Estate Planning Recommendations in SF Bay Area?

Fortunately there are lots is good trusts and estates lawyers in the San Francisco area.

A lawyer should no more write up an estate plan created by a nonlawyer than a doctor would write a prescription determined by a nondoctor.
by bsteiner
Thu Dec 11, 2014 7:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Estate Planning Recommendations in SF Bay Area?
Replies: 6
Views: 917

Re: CRUT/CRAT [how to set up charitable trust?]

... curious if someone can give any considerations for how to most efficiently set up a charitable trust. 1) are good template documents available in the public domain? 2) do we need a 3rd party to act as trustee? 3) does it require an additional tax return (hoping to set it up so it does not?) 4) ...
by bsteiner
Tue Dec 09, 2014 10:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: CRUT/CRAT [how to set up charitable trust?]
Replies: 6
Views: 353

Re: Travelers Roadside Assistance

Liberty Mutual offers roadside assistance, which I've used several times. I think they use the same local service providers that AAA uses.
by bsteiner
Sun Dec 07, 2014 11:04 pm
 
Forum: Personal Consumer Issues
Topic: Travelers Roadside Assistance
Replies: 24
Views: 1932

Re: Retiree Health Insurance - Federal Employee

W, age 64. dropped her Federal employees' health insurance many years ago when she got married and H's employer at the time provided family coverage at no cost. W is still covered on H's family coverage. W took the least expensive self-only Federal employees' health insurance plan at the beginning o...
by bsteiner
Sun Dec 07, 2014 7:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retiree Health Insurance - Federal Employee
Replies: 37
Views: 2402

Re: Advice for lock-boxing inheritance for 20 years

...My parents die, the will says to create a DIY trust for $250k, to be distributed on x date with the following percentage per child. And then what does the executor or trustee actually do to make the DIY trust happen? Do you call Vanguard or whomever and ask them to set up a trust? (Vanguard won'...
by bsteiner
Sun Dec 07, 2014 8:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice for lock-boxing inheritance for 20 years
Replies: 45
Views: 3649

Re: Roth all the way?

I am interested in knowing what people think about how long to Roth. I am in the nice position of having a Roth TSP (401K) and a Roth IRA. I made some traditional 401K contributions before the Roth option got added last year. I max out both the TSP and the Roth IRA. I am firmly in the middle of the...
by bsteiner
Sun Dec 07, 2014 8:30 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth all the way?
Replies: 15
Views: 1220

Re: Inter vivos trusts, living trust etc

Living trusts don't save (or cost) any estate taxes. You said you're north of Boston. Massachusetts has a state estate tax with a $1 million exempt amount, and allows a separate state-only QTIP election. Since there's no portability for state estate taxes (except in Hawaii), nor for the GST exemptio...
by bsteiner
Sun Nov 30, 2014 9:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inter vivos trusts, living trust etc
Replies: 3
Views: 349

Re: Irrevocable "income only" trust, nursing home, tax quest

The income only trust is a Medicaid planning technique in states where there is no limit on income for Medicaid (though you have to contribute your income toward your medical care before you get Medicaid benefits). You put assets into a trust in which you get all of the income but you can't get any ...
by bsteiner
Sun Nov 30, 2014 9:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Irrevocable "income only" trust, nursing home, tax questions
Replies: 11
Views: 1292

Re: Burt Reynolds is Broke: Living Within Means

I've written for Leimberg Information Services on the lessons we can learn from the Wills of James Gandolfini, Philip Seymour Hoffman, Lauren Bacall and Tom Clancy, and from Robin Williams' insurance trusts. All of these individuals died recently. While that's a pay service, some or all of these art...
by bsteiner
Fri Nov 28, 2014 9:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Burt Reynolds is Broke: Living Within Means
Replies: 7
Views: 2367

Re: Starter Trust for adult child?

bsteiner, thanks for your insights. .... We live in Massachusetts. The revocable trusts seemed appropriate a few years ago under then current federal and state law. ... The tax law is irrelevant as to whether to create a revocable trust. Revocable trusts do not save or cost any estate tax, and in m...
by bsteiner
Thu Nov 27, 2014 9:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Starter Trust for adult child?
Replies: 13
Views: 1986

Re: WA estate tax of 18%

WA and almost all the other states with estate taxes has no state gift tax. Be careful with that though. Some states impose time windows to capture gifts in the estate tax. For example NJ has a 3 year look back. New Jersey includes gifts within three years of death (unless you can show they weren't...
by bsteiner
Thu Nov 27, 2014 4:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: WA estate tax of 18%
Replies: 9
Views: 1095

Re: WA estate tax of 18%

The Washington State estate tax rates are graduated: http://dor.wa.gov/content/findtaxesandrates/othertaxes/Tax_estatetaxtables.aspx#FilingThreshold. For 2014, the tax starts at 10% on the first $1 million (after the $2,012,000 exclusion) and goes up to 20% above $9 million (after the $2,012,000 exc...
by bsteiner
Thu Nov 27, 2014 12:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: WA estate tax of 18%
Replies: 9
Views: 1095

Re: Starter Trust for adult child?

...I see that Vanguard has a minimum of $500k. Any other trust companies out there with similar or lower minimums? ... Some smaller banks will take trusts smaller than $500,000. Some banks and trust companies require a minimum size substantially more than $500,000. Most banks and trust companies wi...
by bsteiner
Thu Nov 27, 2014 10:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Starter Trust for adult child?
Replies: 13
Views: 1986

Re: Livesoft can you explain how u can do this?

...Last year before I took full SS, I had my accountant take an in depth look at my situation and she told me not to do a Roth Conversion as I'm will be in the same tax bracket when I retire. I have two pensions and full SS and RMDs will kick in when I retire at 75 - well maybe. ... If you can conv...
by bsteiner
Thu Nov 27, 2014 7:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Livesoft can you explain how u can do this?
Replies: 47
Views: 4352

Re: Help with mother's Revocable Living Trust after she pass

You won't be imposing on him if you pay him for his time.
by bsteiner
Sun Nov 23, 2014 5:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with mother's Revocable Living Trust after she passes
Replies: 9
Views: 1110

Re: Help with mother's Revocable Living Trust after she pass

The location of the lawyer doesn't matter. My clients are in many different states and some foreign countries. Many are much more than 175 miles away. I don't have a majority of them in any one state. However, getting a lawyer from a free dinner seminar is scary. As I often say, if you go to the fre...
by bsteiner
Sun Nov 23, 2014 12:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with mother's Revocable Living Trust after she passes
Replies: 9
Views: 1110

Re: Family Trust? Strategies for inheritance?

The original poster is conflating two different issues: (1) whether to create a revocable trust, and (2) what the dispositive terms will be. Revocable trusts are appropriate in some cases, and in some states. However, they're overhyped and oversold, and in most cases they're not necessary. In most s...
by bsteiner
Sun Nov 23, 2014 8:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Family Trust? Strategies for inheritance?
Replies: 6
Views: 1083

Re: How do you "un-fund" a revocable trust?

The original poster is conflating two separate issues, (1) whether to create a revocable trust, and (2) whether to provide for a credit shelter (bypass) (family) trust at his/her death. Revocable trusts are appropriate in some cases, and in some states. However, they're overhyped and oversold, and n...
by bsteiner
Sun Nov 23, 2014 8:13 am
 
Forum: Personal Finance (Not Investing)
Topic: How do you "un-fund" a revocable trust?
Replies: 10
Views: 1266

Re: charitable gift trust questions

Thank you for that reply. As you suspected, he doesn't have any highly appreciated securities. He tends to invest in low-appreciating securities. :D What about the typical plug from charities (ie, his alma mater) which will pay "6.8% at age 80"? How much of an immediate deduction does he ...
by bsteiner
Tue Nov 18, 2014 10:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: charitable gift trust questions
Replies: 6
Views: 902

Re: legalities of bypass trust funding question

If they're in Maryland (which is not a community property state), one possibility is that they bought a California form. About a dozen years ago, the late Paul Fletcher, a lawyer in Oregon, wrote some articles in Trusts & Estates saying that it might be possible for a couple in a common law stat...
by bsteiner
Tue Nov 18, 2014 10:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: legalities of bypass trust funding question
Replies: 6
Views: 602

Re: Quit Cobra to go on Obamacare?

...1. How's the out of network / out of state coverage for your present plan? Those are often very limited or non-existent for Obamacare plans .... Someone in the NJ suburbs of NYC was considering the plans on the exchange and found that she could only buy a NJ plan. However, most of her doctors we...
by bsteiner
Tue Nov 18, 2014 10:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Quit Cobra to go on Obamacare?
Replies: 23
Views: 3077

Re: Revocable to Irrevocable Living Trust

...@bsteiner – You mentioned adding wording permitting the trustees to make distributions for any reason. I thought the language was standard for some "legal" reason. If the wording is changed to allow any use does that change or limit any other benefit of the trust? For example would the...
by bsteiner
Sun Nov 16, 2014 10:22 am
 
Forum: Personal Finance (Not Investing)
Topic: Revocable to Irrevocable Living Trust
Replies: 7
Views: 1065

Re: charitable gift trust questions

For $500,000 rather than $5,000, you would probably create a customized charitable remainder trust, in which he and/or the persons he selects would be the trustee(s). The trustees would have to invest the money in a reasonable manner. The principal attraction of a charitable remainder trust is that ...
by bsteiner
Sun Nov 16, 2014 10:02 am
 
Forum: Personal Finance (Not Investing)
Topic: charitable gift trust questions
Replies: 6
Views: 902

Re: Transition from Saving to Spending

I've been retired for 12 years now, and just this year realized something that I should have started doing the year I retired. My main asset, except for the house, has been a Vanguard traditional IRA, that I started in the '80s with Windsor II and Value Index funds. It's been a great investment, an...
by bsteiner
Sat Nov 15, 2014 6:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Transition from Saving to Spending
Replies: 37
Views: 4883

Re: Trust protection questions

The scenario is the following: Beneficiary is newly remarried to husband #2 who is on wife #3. They have been marries 2 years. Husband has a serious spending problem. Sometime in the next 10-15 years, the Bene will inherit $2M, 40% as an inherited IRA the rest in taxable accounts. What happens if t...
by bsteiner
Wed Nov 12, 2014 11:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trust protection questions
Replies: 13
Views: 1371

Re: Trust protection questions

...Beneficiary is newly remarried to husband #2 who is on wife #3. They have been marries 2 years. Husband has a serious spending problem. Sometime in the next 10-15 years, the Bene will inherit $2M, 40% as an inherited IRA the rest in taxable accounts. What happens if they divorce shortly after re...
by bsteiner
Wed Nov 12, 2014 11:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trust protection questions
Replies: 13
Views: 1371

Re: Revocable to Irrevocable Living Trust

I have recently been trying to get a will, durable POA, health care POA, and advanced directive. Yes at 55 I should have had these a long time ago but better late than never. I have talked to two different estate lawyers. In addition to the basics they both suggested I put my assets into a Revocabl...
by bsteiner
Wed Nov 12, 2014 10:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Revocable to Irrevocable Living Trust
Replies: 7
Views: 1065

Re: Trust protection questions

We've heard from some on the board about the advantages of leaving estates to beneficiaries in trusts, i.e. protection from bankruptcy, divorce and future estate taxes. I'd like to hear more about divorce protection. For example, if a bene receives an inheritance in a trust and then draws $10K &quo...
by bsteiner
Tue Nov 11, 2014 11:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trust protection questions
Replies: 13
Views: 1371

Re: Bypass trust

...Bruce, I'm surprised at your comments. You say most people don't create revocable trusts. Here in Florida it is much more common than testamentary trusts. Most of my career in the trust business was spent in Florida and the vast majority of our accounts were RLT's. Also, you suggest asking for a...
by bsteiner
Tue Nov 11, 2014 10:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bypass trust
Replies: 7
Views: 1144

Re: Roth 401(k) vs. 401(k) Spreadsheet Attempt - Critique Pl

There are some additional benefits to the Roth: 1. All of the money in the plan or IRA doesn't have to come out all at once at retirement. Distributions can be stretched over the lifetimes of the IRA owner and spouse, and thereafter over the beneficiary's life expectancy. 2. There are no required di...
by bsteiner
Tue Nov 11, 2014 9:49 pm
 
Forum: Investing - Theory, News & General
Topic: Roth 401(k) vs. 401(k) Spreadsheet Attempt - Critique Please
Replies: 10
Views: 1461

Re: Bypass trust

If the credit shelter trust was created under a revocable trust rather than by Will, then it won't be a public record unless there was some court proceeding involving the trust instrument. However, it's worth checking to see if the credit shelter trust was created by Will. While some people create r...
by bsteiner
Tue Nov 11, 2014 9:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Bypass trust
Replies: 7
Views: 1144

Re: Vanguard sued for charging too little

Internal Revenue Code Section 482 says: In any case of two or more organizations, trades, or businesses (whether or not incorporated, whether or not organized in the United States, and whether or not affiliated) owned or controlled directly or indirectly by the same interests, the Secretary may dist...
by bsteiner
Mon Nov 10, 2014 10:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard sued for charging too little
Replies: 201
Views: 29666

Re: Help with my Father-In-Law's Assets

Since father-in-law is still living, his IRA is still his. Mother-in-law's IRA goes to the named beneficiary. If father-in-law is the beneficiary, he can roll it over into his own IRA. Mother-in-law's other assets go however her Will says. It's unlikely but possible that her Will would set up a cred...
by bsteiner
Mon Nov 10, 2014 10:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with my Father-In-Law's Assets
Replies: 11
Views: 1332

Re: Bypass trust

He could go to the probate court and get a copy of the Will and see what it says. In some states (such as Maryland and Florida) it's fairly easy to check online to see if it's on file, and then to order a copy from the court.
by bsteiner
Mon Nov 10, 2014 10:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bypass trust
Replies: 7
Views: 1144

Re: One Person Defined Benefit Plan

I am considering starting a one person defined benefit plan .... I am 54 years old, am self employed with a stable income of $300K-$450K pretax, and am planning retirement in 6-8 years. .... The plans are somewhat expensive to set up, but allow deferred taxes on $100K-$200K. 1) I was wondering if a...
by bsteiner
Sun Nov 09, 2014 8:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: One Person Defined Benefit Plan
Replies: 50
Views: 4571

Re: I'm Scared! Vanguard Target Retirement 2015 - What to d

...I attended a retirement seminar and received a 'free' 1 hour advice visit with a financial adviser. He wants me to put my company pension and 401K in a variable annuity. I was very disappointed with him as he only offered his variable annuity plan and no other options.... If you go to the free d...
by bsteiner
Sat Nov 08, 2014 9:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: I'm Scared! Vanguard Target Retirement 2015 - What to do!
Replies: 39
Views: 7793

Re: adding 600K inheritance to an after tax portfolio

The deadline for disclaiming is 9 months from the original transfer. If the trust is the credit shelter trust for your mother's benefit under your father's Will, then the 9 month period would have commenced at your father's death. You can't disclaim an interest in property if you've accepted any ben...
by bsteiner
Sat Nov 08, 2014 5:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: adding 600K inheritance to an after tax portfolio
Replies: 11
Views: 2677

Re: Strategy of 6M trusts meeting tonight. Few Q's

...I agree with a few of the posters suggesting to immediately invest the cash taking into account the asset allocation of the other investments (Reits and Annuities).... Why did the trusts buy annuities? Trusts don't have to hedge against living too long. Also, whether a trust can defer the income...
by bsteiner
Sun Nov 02, 2014 1:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Strategy of 6M trusts meeting tonight. Few Q's
Replies: 64
Views: 6081

Re: How difficult is probate court? (NYC)

What's the big deal about probating a Will? I'm sure if varies by state but in Missouri it was required to publish two notices for potential creditors that had to be six months apart and no assets could be distributed until after the second one. The procedure regarding creditors varies from state t...
by bsteiner
Sun Nov 02, 2014 12:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: How difficult is probate court? (NYC)
Replies: 13
Views: 1749

Re: Strategy of 6M trusts meeting tonight. Few Q's

...No, the trustee does not have unlimited discretion in distributions. They are fixed for 7 or 10 years depending on which trust. In my statement, I meant that based on the distribution schedule the beneficiaries should be able to pay the taxes on whatever income the trust generates, at their rate...
by bsteiner
Sun Nov 02, 2014 7:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Strategy of 6M trusts meeting tonight. Few Q's
Replies: 64
Views: 6081

Re: How difficult is probate court? (NYC)

...What about the use of a living trust instead of POD and TOD? No probate, assets move according to terms of trust. ... Revocable trusts are not commonly used in New York (where the decedent in this case lived). What's the big deal about probating a Will? We file the Will with some forms, a death ...
by bsteiner
Sat Nov 01, 2014 10:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: How difficult is probate court? (NYC)
Replies: 13
Views: 1749

Re: Strategy of 6M trusts meeting tonight. Few Q's

...- Based on the trust documents, his goal is to pass through all trust income to the beneficiaries, so to calculate what bond fund(s) we buy based on OUR (beneficiary) tax rate. Lets say roughly 33% combined for state and federal. That suggests that the trustees have discretion (since if the trus...
by bsteiner
Sat Nov 01, 2014 10:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Strategy of 6M trusts meeting tonight. Few Q's
Replies: 64
Views: 6081
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