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

You are much too nice. I don't want to spend time figuring out taxes, so I have an accountant. We have a lawyer do wills, and a lawyer will set up trusts when the time comes. My portfolio is roughly the size of the trusts you have, and it would NEVER dawn on me to put any of it into funds with thos...
by lhl12
Fri Oct 31, 2014 1:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: Strategy of 6M trusts meeting tonight. Few Q's
Replies: 21
Views: 1477

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

You need to get rid of that financial advisor. Anyone who would suggest those John Hancock funds to you is a disaster waiting to happen.
by lhl12
Fri Oct 31, 2014 10:12 am
 
Forum: Investing - Help with Personal Investments
Topic: Strategy of 6M trusts meeting tonight. Few Q's
Replies: 21
Views: 1477

Re: Gifting from g-parents to minors

I should have clarified while five years worth of $14,000 contributions can be accelerated into the current year solely through the use of one's annual gift exclusion (and, as runner9 rightly points out, without any further contributions made in the subsequent five years), it is possible to contribu...
by lhl12
Mon Oct 20, 2014 9:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gifting from g-parents to minors
Replies: 6
Views: 912

Re: Gifting from g-parents to minors

She could also start another 529 for each child and contribute to it, with herself being the owner/controller of the account. This is the way to go. As I understand it, if it is in the grandparent's name, it will not adversely affect applications for aid, that is, until the money is withdrawn and u...
by lhl12
Sun Oct 19, 2014 9:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gifting from g-parents to minors
Replies: 6
Views: 912

Re: inherited 500k, still a college student, how to invest??

2stepsbehind wrote:solid advice from blueleaf. I'd take his/her comments to heart.

+1. Especially #1 and #6.
by lhl12
Sun Oct 12, 2014 10:01 am
 
Forum: Investing - Help with Personal Investments
Topic: inherited 500k, still a college student, how to invest???
Replies: 55
Views: 5576

Re: old universal life insurance policy as fixed income

I help my mother and my father-in-law with their portfolios, following BH principles. They both have whole life policies which have been in force for many years and which, like yours, make sense to keep rather than eliminate. In each case, we treat the whole life policy as part of their fixed income...
by lhl12
Sat Oct 11, 2014 2:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: old universal life insurance policy as fixed income
Replies: 24
Views: 1616

Re: Cash-Back Credit Cards

Does the Citi card automatically deposit the 2% to your account each month, or does it require manual monthly intervention to get the rebate? The Fidelity Visa and Amex both credit my account automatically, which in the case of the Visa is easily worth $75/year to me. If the Citi card requires no ma...
by lhl12
Wed Oct 08, 2014 3:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cash-Back Credit Cards
Replies: 20
Views: 1728

Re: Cash-Back Credit Cards

Fidelity has a 2% cash back Visa as well, if you would rather have a Visa than an Amex. The only difference is that Fidelity only gives 1.5% back on the first $15,000 of purchases on the Visa (vs. 2.0% back on the first $15,000 of purchases on the Amex). Both cards give 2.0% cash back on amounts abo...
by lhl12
Wed Oct 08, 2014 2:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cash-Back Credit Cards
Replies: 20
Views: 1728

Re: 2% Cash back credit card with QuickBooks download?

I believe the fix you mentioned works only with Quicken, not with QuickBooks. Do you (or does someone else) know of a fix for QuickBooks?
by lhl12
Fri Oct 03, 2014 4:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2% Cash back credit card with QuickBooks download?
Replies: 2
Views: 306

Re: Is my husband a spendthrift? Or I a tightwad?

I guess it depends on what you mean by "dire". Are you at risk of ending up homeless and getting your meals from a Food Bank? No, probably not. Are you at risk of reaching a point 20 years down the road when you do not have enough to maintain your current lifestyle and need to make major a...
by lhl12
Fri Oct 03, 2014 7:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

2% Cash back credit card with QuickBooks download?

I love my Fidelity Visa, which gives 2% cash back on all purchases (with only 1.5% cash back on the first $15,000 of spending). However I do not like the fact that this card's website (FIA Services) for some reason does not allow automatic transaction level downloading to QuickBooks. Does anyone kno...
by lhl12
Fri Oct 03, 2014 6:45 am
 
Forum: Personal Finance (Not Investing)
Topic: 2% Cash back credit card with QuickBooks download?
Replies: 2
Views: 306

Re: Is my husband a spendthrift? Or I a tightwad?

BTW, I'm very conscious of sounding like a spoiled brat, I don't want to do this, I can't compromise on that. It's because I am not convinced that our situation is that dire. You don't sound like a spoiled brat. You do sound uninformed and naive. Your situation is dire. It is very, very bad. You ar...
by lhl12
Thu Oct 02, 2014 10:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Is my husband a spendthrift? Or I a tightwad?

This is very concerning. $700k to most people would be a LOT. To some it would be enough to retire for the rest of their lives. To people with spending habits like yours, it's a drop in the bucket. It's less than 3 years of your income, and you already spend like you have twice the income that you ...
by lhl12
Thu Oct 02, 2014 5:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Is my husband a spendthrift? Or I a tightwad?

On "our own plans for retirement" front: I am thinking we stay at our current contributions for now, but in 2 years when we will have cashed out equity in the house, done away with the mortgage payment, and have very reduced childcare expenses (if any at all, depends on whether I work mor...
by lhl12
Thu Oct 02, 2014 4:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Is my husband a spendthrift? Or I a tightwad?

Are you an only child?
by lhl12
Thu Oct 02, 2014 4:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Is my husband a spendthrift? Or I a tightwad?

It's not making sense to me why we have "too much house". I understand from a net worth perspective that our entire net worth is tied up in an illiquid asset. But setting that aside and looking at ONLY the budget situation - are you guys saying $2k towards housing (whether in the form of ...
by lhl12
Thu Oct 02, 2014 12:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Is my husband a spendthrift? Or I a tightwad?

We should have a general rule of thumb that would get everyone on the same page when it comes to real estate. Just take the value of the house(s) you own and multiply by some percentage, call it 6%. This is how much you are consuming. It doesn't matter the size of the mortgage payment or whatever. ...
by lhl12
Thu Oct 02, 2014 10:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Is my husband a spendthrift? Or I a tightwad?

Alex's suggestion is a good one too - a different way of coming at the same problem. The main point is that you are "house poor". You may have a lot of net worth but you also have a large mortgage (that is too big for your income since you are stretched so thin budget-wise.) If you can eli...
by lhl12
Thu Oct 02, 2014 6:04 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Is my husband a spendthrift? Or I a tightwad?

If college and retirement are both covered by family money or expected inheritance, then the problem is simpler. In that case you are just living in far too expensive a house for your income. Sell the house and use the $1.2 million of equity to buy a $800,000 house, paying cash. Buy the ski condo fo...
by lhl12
Thu Oct 02, 2014 5:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Is my husband a spendthrift? Or I a tightwad?

You (plural) are living beyond your means - not by a little - by a lot. You need to plan on your retirement first and your kids college second. Only after those expenses are fully funded can you think about any major discretionary purchases (like a ski condo). Minor discretionary purchases (like gar...
by lhl12
Wed Oct 01, 2014 6:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 15851

Re: Should I pay off my sisters student loans?

It's funny to read people lecturing the OP about the horrors of giving away money to the sister when he's a recipient of a massive windfall that from all appearances has fallen into his lap with no effort on his part. There are likely life lessons that should be learned by the sister about managing...
by lhl12
Tue Sep 30, 2014 8:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I pay off my sisters student loans?
Replies: 49
Views: 3592

Re: Trying to understand Uber and similar "ride sharing" ser

Your municipality may be an exception, but in most big cities the taxicab experience is a nightmare. The cars are terribly run down, with bad shocks, seats that have no support, non-working air conditioning, and often a fetid odor. The drivers usually drive like madmen because they are trying to min...
by lhl12
Thu Sep 25, 2014 9:22 pm
 
Forum: Personal Consumer Issues
Topic: Trying to understand Uber and similar "ride sharing" service
Replies: 54
Views: 3739

Re: inherited 500k, still a college student, how to invest??

The money I inherited is in my name and it's basically both my brother's and mine, but by law it's mine. He trusts me with the money and trusts me to do the right thing with it (my brother and I are very close). This quote causes me a great deal of concern. What does "basically" mean in t...
by lhl12
Thu Sep 25, 2014 8:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: inherited 500k, still a college student, how to invest???
Replies: 55
Views: 5576

Re: Biggest discretionary expense in retirement?

Zecht wrote:
dolphinsaremammals wrote:I buy bags of wild bird seed and other food for wild animals each week. Probably $30 to $50 a week. I'd probably give up buying books before I'd give that up, though.

I buy bags of wild birds and feed them to wild animals. It's far more entertaining.


ROFL
by lhl12
Mon Sep 22, 2014 7:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Biggest discretionary expense in retirement?
Replies: 29
Views: 3004

Re: Need urgent help for 85 y.o. parents just moved to Vangu

One point of clarification that may help ease a bit of the confusion. I understand that your parents had paid off their home mortgage debt in full and owned their house free and clear. They then took out a mortgage to help your brother. You refer to this as a "second" mortgage, but if I am...
by lhl12
Sun Sep 21, 2014 9:09 am
 
Forum: Investing - Help with Personal Investments
Topic: Need urgent help for 85 y.o. parents just moved to Vanguard
Replies: 65
Views: 4043

Re: Help with a large business decision

Based on what you've laid out, it seems like a good decision to purchase the equipment. Yes, it's one year of profits and it's possible the economy could tank the day after you spend the money, but it seems like the payback on the purchase is so significant and so quick that within a year or two you...
by lhl12
Tue Sep 16, 2014 6:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Help with a large business decision [capital expenditure]
Replies: 36
Views: 1419

Re: Rather macabre but necessary question

I don't know if your Will and estate plan are done, but if not they need to be. With luck you will bounce the check to the undertaker many years later than you might now think, but you should get all your affairs in order as quickly and efficiently as possible, so you don't need to think about that ...
by lhl12
Tue Sep 09, 2014 1:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rather macabre but necessary question
Replies: 74
Views: 6394

Re: Injury on MBTA: Financially worth it to hire an attorney

In my opinion, our society is filled with countless frivolous lawsuits that burden taxpayers with expense that is unnecessary and not rightly theirs. There is a big difference between a boiler explosion on a ship (ripping people limb from limb and presumably killing everyone aboard due to the ship s...
by lhl12
Sun Sep 07, 2014 9:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Injury on MBTA: Financially worth it to hire an attorney?
Replies: 27
Views: 2062

Re: Texas - Recommendation Where To Live

livesoft wrote:I would not consider Austin and San Antonio to have major airports as many of their flights simply go through DFW and IAH.

Agreed - I think only DFW and Houston pass the airport test.
by lhl12
Sun Sep 07, 2014 5:45 pm
 
Forum: Personal Consumer Issues
Topic: Texas - Recommendation Where To Live
Replies: 56
Views: 3020

Re: Injury on MBTA: Financially worth it to hire an attorney

As a periodic MBTA rider (and financial supporter through my taxes) I find it despicable that someone would even consider something like this. This was just bad luck, may not be anything but fleeting, was not negligence, and certainly doesn't merit a lawsuit which, if successful, would just increase...
by lhl12
Sun Sep 07, 2014 11:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Injury on MBTA: Financially worth it to hire an attorney?
Replies: 27
Views: 2062

Re: Texas - Recommendation Where To Live

I'd focus on the Dallas Ft. worth area, particularly the northern suburbs of Dallas and the "mid-cities"' (the area between Dallas and Ft. worth). This would include cities like: Frisco, Plano, Allen, McKinney, Grapevine, Southlake, Colleyville and their surrounding towns. All of these pla...
by lhl12
Sun Sep 07, 2014 11:22 am
 
Forum: Personal Consumer Issues
Topic: Texas - Recommendation Where To Live
Replies: 56
Views: 3020

Re: Annuity advice

Agreed - defer taking SS before buying an annuity.
by lhl12
Fri Sep 05, 2014 1:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Annuity advice
Replies: 13
Views: 832

Re: Questions about rebalancing portfolio--retirement in 6 y

Would it make sense for her to split the "mixed" IRA's into separate accounts (i.e. to unmix them)? I don't know if this is even possible, but if it were it seems like it might simplify the treatment of the various accounts and the way they get rolled up on her asset allocation.
by lhl12
Fri Sep 05, 2014 11:31 am
 
Forum: Investing - Help with Personal Investments
Topic: Questions about rebalancing portfolio--retirement in 6 yrs
Replies: 34
Views: 1718

Re: Vanguard National Trust Company?

Summary: Vanguard National Trust Company cannot be defined in a testamentary trust as the desired trust. Details: My spouse and I are in the process of setting up a last will and testament with LegalZoom, and we are including directions to have a testamentary trust for our minor children. In a cons...
by lhl12
Fri Sep 05, 2014 10:02 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard National Trust Company?
Replies: 91
Views: 19156

Re: Help with Tax Advantaged Estate Plan

Also, is there any possibility that more grandchildren might appear in the future? If so, you will probably want to be sure that you have the ability to treat each grandchild equally.
by lhl12
Thu Sep 04, 2014 9:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Advantaged Estate Plan
Replies: 11
Views: 698

Re: Help with Tax Advantaged Estate Plan

It seems unlikely, given the size of the estate and the size of the $10.68mm+ total exemption (which will increase annually with inflation), that the estate will owe any Federal taxes, even if no annual $14K gifts are made, but especially if they are. You didn't mention what state will govern here. ...
by lhl12
Thu Sep 04, 2014 9:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Advantaged Estate Plan
Replies: 11
Views: 698

Re: Assest allocations with a pension, help

As of the most recently published annual report, for the period ending June 30, 2009, the fund was only 87.5% “funded”, with some $96.5 billion. According to the MyFRS website, as of December 31, 2010, the FRS pension assets were up to almost $124 billion. That is putting the fund assets back on pa...
by lhl12
Tue Sep 02, 2014 8:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: Assest allocations with a pension, help
Replies: 16
Views: 979

Re: Assest allocations with a pension, help

An important question is whether your pension is an obligation with the full faith and credit of the State of Florida behind it or whether it is an obligation of a municipality, county or other lesser entity. (I know you said that the Florida Retirement System is managing the pension, but that isn't...
by lhl12
Tue Sep 02, 2014 5:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Assest allocations with a pension, help
Replies: 16
Views: 979

Re: New 2% cash back Mastercard from Citi

This may be a good card to have, a better alternative to the FIDO 1.5% VISA for those occasions when AMEX won't be accepted. Normally it takes me more than a year to get to the minimum reimbursement amount on the Visa and Fido sure makes it convenient with auto-pay, auto-cash back to my Fido accoun...
by lhl12
Tue Sep 02, 2014 2:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: New 2% cash back Mastercard from Citi
Replies: 237
Views: 28533

Re: Brokerage account for kids. Fidelity or TDAmeritrade

lhl12 - I've heard mixed reviews on the Fidelity cards, I take you have not had any issue? I have also heard they are moving to Bank of America, have you heard anything about that? I'm not sure what mixed reviews you've heard, but I have nothing but good things to say about the fidelity cards. I ha...
by lhl12
Mon Sep 01, 2014 7:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Brokerage account for kids. Fidelity or TDAmeritrade
Replies: 19
Views: 1316

Re: New 2% cash back Mastercard from Citi

What is the mechanism to redeem the cash back rewards for this new Citi 2% card? The Fido AmEx 2% card has auto-redemption into any Fidelity account - I love the way it works every month like clockwork. Does Fido Amex actually allow you to redeem every month no matter how many rewards points you ha...
by lhl12
Mon Sep 01, 2014 5:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: New 2% cash back Mastercard from Citi
Replies: 237
Views: 28533

Re: Brokerage account for kids. Fidelity or TDAmeritrade

The Fidelity cash back Visa and Amex are the best credit cards out there. If it's a close call, I'd definitely open the accounts at Fidelity, so you can get the card!
by lhl12
Mon Sep 01, 2014 5:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Brokerage account for kids. Fidelity or TDAmeritrade
Replies: 19
Views: 1316

Re: New 2% cash back Mastercard from Citi

What is the mechanism to redeem the cash back rewards for this new Citi 2% card? The Fido AmEx 2% card has auto-redemption into any Fidelity account - I love the way it works every month like clockwork. +1. It's hard for me to overstate how appealing it is to have the redemption occur automatically...
by lhl12
Fri Aug 29, 2014 9:55 am
 
Forum: Personal Finance (Not Investing)
Topic: New 2% cash back Mastercard from Citi
Replies: 237
Views: 28533

Re: What to do with individual stock I received?

I would keep the stock and reinvest the dividends in index funds in your taxable account or Roth IRA. Consider selling when you have a large enough capital loss in your taxable account to offset the LTCG. Disclosure: I have an inherited stock like this. I can't quite bring myself to sell it yet eve...
by lhl12
Wed Aug 27, 2014 10:52 am
 
Forum: Investing - Help with Personal Investments
Topic: What to do with individual stock I received?
Replies: 42
Views: 2004

Re: Fidelity Charitable Fund Questions

Let's say I contribute $10,000 of highly appreciated Apple stock into my DAF account. I understand that I get a tax deduction of $10,000 in that tax year, and that I never pay tax on the appreciation. Do the Apple shares stay in my DAF account, with the potential to increase or decrease in value in ...
by lhl12
Mon Aug 25, 2014 1:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Fidelity Charitable Fund Questions
Replies: 31
Views: 1733

Re: I need "Ultra High Net Worth" investing advice please

I don't think that working with JP Morgan Chase or similar groups is worthwhile even at 0.25% AUM because of the inherent conflicts of interest. Agree strongly - this has been precisely my experience. Their entire model is to sell you money management product. When the sums get very large, it's eas...
by lhl12
Mon Aug 25, 2014 5:42 am
 
Forum: Investing - Help with Personal Investments
Topic: I need "Ultra High Net Worth" investing advice please
Replies: 225
Views: 19459

Re: I need "Ultra High Net Worth" investing advice please

It sounds like you are down to US Trust and Vanguard. Why not try them both for a while and see who is better in terms of knowledge, service, and quality of advice? You could compare the fees also. If US Trust cost more than Vanguard, make the judgment whether or not the extra fees are worth what y...
by lhl12
Mon Aug 25, 2014 5:31 am
 
Forum: Investing - Help with Personal Investments
Topic: I need "Ultra High Net Worth" investing advice please
Replies: 225
Views: 19459

Re: I need "Ultra High Net Worth" investing advice please

The US Trust and JPM PBs of the world can't be all that bad given the high profile clients that use them if accounts are kept to basic investments. I think fees are a concern at any level of wealth, these are just magnified because of the dollar amount. If I make at least $2m for income what's $200...
by lhl12
Sun Aug 24, 2014 3:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: I need "Ultra High Net Worth" investing advice please
Replies: 225
Views: 19459

Re: I need "Ultra High Net Worth" investing advice please

Any thoughts on Blackrock managed products? Does anyone have any experience with? Given the circumstances and potential management, would any one consider a US Trust or JP Morgan Private bank at .25% AUM free which might be close to what assembling a team would run? I would recommend that you steer...
by lhl12
Sun Aug 24, 2014 3:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: I need "Ultra High Net Worth" investing advice please
Replies: 225
Views: 19459

Re: I need "Ultra High Net Worth" investing advice please

Here's a curveball for everyone... The $50m Question. We're located in an income tax state, our kids are extremely young. If we plan to live off this wealth and make it last for generations, does it make sense to move to a No Income Tax state? Where we're at now the cost of living is pretty low and...
by lhl12
Sun Aug 24, 2014 2:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: I need "Ultra High Net Worth" investing advice please
Replies: 225
Views: 19459
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