Search found 27 matches

Return to advanced search

3MM Casino Jackpot

I heard of somebody who recenlty won a casino jackpot on the slots and was offered 117k for the next 26 years or 2MM today. I was wondering what the tax would be if they took the 2mm today. The winner was in his mid 40's, lives in California and lives off of 30k/yr disability. I assume the federal t...
by jimmy
Fri Aug 29, 2014 2:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: 3MM Casino Jackpot
Replies: 10
Views: 1812

identity theft - stolen rental car

A car was rented under my friends drivers license (a fake) and stole the car. He has filed a police report but is also wondering what else he needs to do since more could be compromised. He's contacted all of his financial institutions but is wondering what else he should do.. Anybody have any good ...
by jimmy
Tue Aug 19, 2014 2:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: identity theft - stolen rental car
Replies: 2
Views: 582

life insurance quote - no strings attached

Does anybody know where to get a term life insurance quote online without giving your contact information ie. phone, e-mail, etc? Just trying to help a young friend get a quote whose trying to get out of a universal life policy and trying to run cost comparisons with a term policy. 24 y/o female exc...
by jimmy
Thu Jul 31, 2014 7:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: life insurance quote - no strings attached
Replies: 1
Views: 292

advise for 24 y/o who just bought Index Universal Life

24 year old $1500 annual premium 500k Death benefit not married, no kids Paid first premium 4 months ago Income 30k A young co-worker just told me she was investing for her retirement and buying insurance with a Indexed Universal LIfe insurance policy with Fidelity Guarntee Life from a friend of her...
by jimmy
Fri Jul 25, 2014 6:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: advise for 24 y/o who just bought Index Universal Life
Replies: 15
Views: 1196

CPA advice.. Sep-IRA

I have a friend who has been in business for himself for over 10 years and has been contributing to a Sep-IRA. The business has been a sole proprietorship until last year when he changed the business to a partnership and brought in his brother (the only other employee). My question is he is wonderin...
by jimmy
Fri Aug 16, 2013 2:10 am
 
Forum: Personal Finance (Not Investing)
Topic: CPA advice.. Sep-IRA
Replies: 11
Views: 778

Re: need advise for my 85 year ol father

I'm not sure why you would be looking at tax exempt bonds, he doesn't appear to be in a tax bracket that would justify it, especially now with the 5% cd going away. Also long term bonds wouldn't make sense since he is 85.. He sounds very conservative and buying long term bonds would have significant...
by jimmy
Sat Jun 29, 2013 10:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: need advise for my 85 year ol father
Replies: 40
Views: 2451

Re: What was your worst investment?

My worst investment was Legg Mason Value Trust - LMVTX, which puts me in a very large club of other people who lost a lot of money with this investment. This is one of the most notorious mutual funds, and it's brought up in virtually any argument in favor of mutual funds and against actively-manage...
by jimmy
Sat Jun 29, 2013 12:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: What was your worst investment?
Replies: 100
Views: 7821

What was your worst investment?

I figured this is a good forum to learn from others mistakes.. What was your worst investment and what did you learn from it?
by jimmy
Sat Jun 29, 2013 11:10 am
 
Forum: Investing - Help with Personal Investments
Topic: What was your worst investment?
Replies: 100
Views: 7821

Hung out to dry.. Any advice on poor customer service?

Long story short. I originally called Health Port to negotiate a very small bill on principal. They basically do the billing if you order medical records and are contracted by the hospital we used. With a week long stay in a hospital and an ambulance ride to the ER my insurance paid over 40k. It too...
by jimmy
Thu Jun 20, 2013 12:58 am
 
Forum: Personal Consumer Issues
Topic: Hung out to dry.. Any advice on poor customer service?
Replies: 4
Views: 889

Re: index fund convert seeks tax advice

Any tax loss carryover's or unrealized losses? To minimize some taxes I would probably wait to sell the s/t gains until they become l/t gains. If you want to sell to index funds I don't see a reason not to sell the majority of your l/t gains to convert. You may want to spread the tax over 2 maybe 3 ...
by jimmy
Mon Jun 17, 2013 11:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: index fund convert seeks tax advice
Replies: 5
Views: 457

Re: E-mail hacked..Now what?

Thanks everybody for all of the information. One more question regarding the e-mail and link that was sent to the recipients, which happened to be a link to a diet pill. Is there e-mail now compromised if they clicked on the link? Most people who have contacted me deleted it before opening but other...
by jimmy
Sat Jun 08, 2013 3:22 pm
 
Forum: Personal Consumer Issues
Topic: E-mail hacked..Now what?
Replies: 15
Views: 1378

E-mail hacked..Now what?

Well I woke up this morning to the sound of a dozen returned e-mails on my I-phone. With a closer look I realized my e-mail was hacked and e-mails were sent out to probably everybody in my contacts (not the way I wanted to start my Saturday morning). The e-mail sent in the subject line had "bre...
by jimmy
Sat Jun 08, 2013 11:45 am
 
Forum: Personal Consumer Issues
Topic: E-mail hacked..Now what?
Replies: 15
Views: 1378

Re: MasterDex 10 Annity in IRA

Take the free w/d amount every year until it surrenders or bite the bullet surrender the annuity and roll it over. Remember every year you keep it in you are paying 2% more in fee's than you should be. This adds up over time. What is the CDSC if you surrender today?
by jimmy
Fri May 31, 2013 12:52 am
 
Forum: Personal Finance (Not Investing)
Topic: MasterDex 10 Annity in IRA
Replies: 6
Views: 428

Re: Pros/Cons for GMWB (Guaranteed Minimum Withdrawal Benefi

All in with probably 2.5% fee's that you will be paying for the rest of your life is insane. If you read the fine print of the 100 plus page prospectus you will probably see the fee for this rider (GMWB) could substantially increase if the insurance co. needs to raise it. Also fee's can be deducted ...
by jimmy
Fri May 31, 2013 12:22 am
 
Forum: Personal Finance (Not Investing)
Topic: Pros/Cons for GMWB (Guaranteed Minimum Withdrawal Benefit)
Replies: 13
Views: 859

Re: Financial Power Of Attorney

It probably wouldn't hurt to get one just in case. You can get a basic POA and do it yourself at legal zoom for a nominal cost.
by jimmy
Wed May 29, 2013 11:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial Power Of Attorney
Replies: 13
Views: 737

Re: AUM Fees: Taxes and recordkeeping

As far as I know.. The fee's do not count as a withdrawal or RMD.. It's simply a fee that is paid pre-tax if it's from an IRA and paid from and IRA and after tax if it's from a non-qualifed account and paid from a non-qualified account. The fee is taken from the cash in the account or billed to you....
by jimmy
Wed May 29, 2013 12:08 am
 
Forum: Investing - Theory, News & General
Topic: AUM Fees: Taxes and recordkeeping
Replies: 2
Views: 312

Do you tip on take out?

Just wondering what everybody else does here. Do you tip when you order take out? If so how much and what is your general tipping rule for take out?
by jimmy
Sat May 25, 2013 6:58 pm
 
Forum: Personal Consumer Issues
Topic: Do you tip on take out?
Replies: 70
Views: 5014

Re: Do I need a Bypass?

Thanks for all the responses and education. I guess what I'm really trying to wrap my head around is if it's worth it to have a Bypass Trust with all the extra administrative work, higher taxes (at the trust level) and no step up in basis vs. no admin work, lower taxes at individual level, step up i...
by jimmy
Fri May 17, 2013 9:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do I need a Bypass? [Trust]
Replies: 6
Views: 1429

Do I need a Bypass? [Trust]

Here's the situation: Husband passed away late last year. Wife is mid 60's. Total estate is 6.5 million. 2M in IRA which is now in wife's name 2M Several Index Funds with Vanguard 2M Bank accounts 1.5M House This is approximately where the assets are. All non-IRA money is in a Family trust. The atto...
by jimmy
Fri May 17, 2013 12:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Do I need a Bypass? [Trust]
Replies: 6
Views: 1429

Re: Just Sold Out. What do you think?

The hardest thing about getting out is when to get back in. Most people usually don't get back in until the market is higher than when they got out. I can't tell you how many people I know got out in 2009 and are still waiting to get back in. If you play this game you will lose in the long wrong and...
by jimmy
Wed May 15, 2013 11:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Just Sold Out. What do you think?
Replies: 95
Views: 7734

Re: How Much Did You Spend on Your Engagement Ring??

When I got engaged a couple years ago I bought my ring through Blue Nile. After lots of research and shopping around this had the best value and selection.
by jimmy
Tue May 07, 2013 11:36 pm
 
Forum: Personal Consumer Issues
Topic: How Much Did You Spend on Your Engagement Ring??
Replies: 289
Views: 21288

Re: Unsecured wifi

You're on vacation, leave your portfolio alone. I'm not a tech guy so this is the best advise I can give you.. :happy
by jimmy
Fri May 03, 2013 11:27 pm
 
Forum: Personal Consumer Issues
Topic: Unsecured wifi
Replies: 66
Views: 6412

Re: When transferring... best way to deal with taxable equit

The IRA you obviously don't have to worry about since cost basis isn't going to matter. As far as the taxable account cost basis should transfer over, new regulation requires broker/dealers to pass this information along but I think mutual funds don't go into effect until 2014. You're statements on ...
by jimmy
Fri May 03, 2013 10:50 pm
 
Forum: Investing - Theory, News & General
Topic: When transferring... best way to deal with taxable equities?
Replies: 7
Views: 583

Re: Bypass Trust

Makes sense now, thanks for explaining..
by jimmy
Fri May 03, 2013 12:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Bypass Trust
Replies: 8
Views: 981

Re: Does Roth make sense in my situation?

Hard to determine what exactly you should do with the information you provided but I can give you a few things to think about. A Roth definitely makes sense in a lower bracket but it's a much harder decision being in a top bracket. A lot depends on how much longer you'll be working and what tax brac...
by jimmy
Thu May 02, 2013 11:56 pm
 
Forum: Investing - Theory, News & General
Topic: Does Roth make sense in my situation?
Replies: 20
Views: 1446

Re: Bypass Trust

Thanks for the welcome Eric and helping me better understand this.. One last question on this topic. Once the Bypass is set up and the second grantor passes do the beneficiaries of the Bypass trust get a step up in basis like with the Survivors or A trust?
by jimmy
Thu May 02, 2013 11:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bypass Trust
Replies: 8
Views: 981

Bypass Trust

Can somebody explain to me the general rules of taxation of a Bypass Trust? I know irrevocable trusts have higher tax rates than personal but if capital gains (long or short) are passed to the surviving spouse is it taxed at their rate? If it stays in the Bypass is it taxed at regular LT cap gain ra...
by jimmy
Thu May 02, 2013 12:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Bypass Trust
Replies: 8
Views: 981

Return to advanced search