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Re: (Living) Irrevocable Trusts 101 - Answers and Questions

Could somebody explain to me why they are so common among the farming folks (specifically SE SD and SW MN where I used to live)? It seems to me to be a very expensive and inflexible way to structure your assets (in this example land). I know several people IRL that have them that will never have an ...
by mnnice
Mon Apr 27, 2015 10:29 am
 
Forum: Personal Finance (Not Investing)
Topic: (Living) Irrevocable Trusts 101 - Answers and Questions
Replies: 16
Views: 967

Re: Advise For Buying A House From A Big-Box Builder

Take lots of pictures during construction, of everything, even things that do not seem important or that you know nothing about. Insist on "home runs" for cable and phone wiring to EVERY room. I would want 12 gauge wiring through out the home, with 20 amp circuit breakers for every circui...
by mnnice
Fri Apr 24, 2015 8:36 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice For Buying A House From A Big-Box Builder
Replies: 11
Views: 1713

Re: Friend's house burnt, Helping him start new financial li

Unread postby Flashes1 » Tue Apr 21, 2015 4:08 pm Smells fishy. I'd tell him to go fly a kite no offence but When you will get burned in your own home, let me know how you smell..fishy or or something else..[/qu Flashes1 is correct. If you want to help fine. If you are being asked to help from some...
by mnnice
Wed Apr 22, 2015 11:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Friend's house burnt, Helping him start new financial life?
Replies: 20
Views: 2193

Re: Valentine’s day dinner I could cook?

This isn't a direct answer, but it may help. The past few years I have just gone shopping with my SO to whole foods (a treat for a BH!) or some other fancy specialty market. We walk around and take our time and decide what we want or what sounds good as we shop. We buy all those expensive delicious...
by mnnice
Thu Feb 12, 2015 4:30 pm
 
Forum: Personal Consumer Issues
Topic: Valentine’s day dinner I could cook?
Replies: 40
Views: 2512

Re: Medicaid and Roth Conversion / Gain Harvesting?

I am in a similar situation to the OP. After our employee sponsored insurance ended last summer I consulted the healthcare.gov sight and we ended up with Medicaid for the kids and an unsubsidized ACA plan for the adults. This year we will all be on Medicaid. I was working under the assertion that we...
by mnnice
Fri Jan 09, 2015 1:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 22
Views: 2020

Re: Deciding When to Retire

You are ready. Plus you make room for someone else to move up to a job that they do need.

46 and retired. It just comes down to cash flow and mentally getting over that fact that your savings are going to go down, not up. That is what you saved money for.
by mnnice
Mon Nov 17, 2014 5:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Deciding When to Retire
Replies: 47
Views: 6321

Re: Retirement regrets: too much in 401k

I'm a little confused. I presume you qualified for medicaid based on low income and assets? or did you just qualify now under the new3 law? Many states don't have any asset tests. My state doesn't. When my employee sponsored health insurance ended this fall I looked at ACA plans. My application tol...
by mnnice
Thu Nov 13, 2014 11:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Retirement regrets: too much in 401k
Replies: 19
Views: 3986

Re: Revocable to Irrevocable Living Trust

My DH's parents have placed their ag land in an irrevocable trust. Currently FIL and MIL are the beneficiaries of the trust. DH and his two siblings will be when they both pass. DH personally hates it. In his case the dynamics of this situation is that it is an attempt to control from beyond the gra...
by mnnice
Thu Nov 13, 2014 8:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Revocable to Irrevocable Living Trust
Replies: 7
Views: 1150

Re: Tough spot, decided to lease a car

You fear about car repairs I think is traceable to the lack of an emergency fund. Without an emergency fund, any irregular expense adds to your debt, and you correctly want to get out of debt. That's one reason you need a big-picture solution, not a car-lease solution. With an emergency fund, you c...
by mnnice
Wed Nov 05, 2014 11:35 am
 
Forum: Personal Finance (Not Investing)
Topic: Tough spot, decided to lease a car
Replies: 209
Views: 15511

Re: Smart people, please help us (agriculture exemption)

This is a very local issue and will vary according to your state, county, township, etc. I doubt anyone can be of much help without pretty detailed info about your location. I know my uncle in Colorado does something similar to lower his taxes. I am sure it has saved their household six figures by n...
by mnnice
Wed Oct 22, 2014 10:01 am
 
Forum: Personal Finance (Not Investing)
Topic: Smart people, please help us (agriculture exemption)
Replies: 21
Views: 1839

Strategies for earned income in early retirement

This spring DH and I found ourselves with 30x annual expenses in our IRA's, Roths and taxable combined :D . Then within a week or two of each other we found ourselves laid off :o . We ended up using as an opportunity to move to a new area and starting our initial period of being retired/semi-retired...
by mnnice
Fri Oct 10, 2014 12:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Strategies for earned income in early retirement
Replies: 1
Views: 469

Re: Financial perparation for a Disaster Event

We have lived through a fire. A couple of comments. Fireproof safes do work :D , but in our case many things were scorched and smelled really bad :annoyed . Also plan on having your current insurer drop you like a hot potato :twisted: . Who was your insurer? Safeco. Honestly, I think it is pretty c...
by mnnice
Tue Oct 07, 2014 12:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial preparation for a Disaster Event
Replies: 25
Views: 3037

Re: Financial perparation for a Disaster Event

We have lived through a fire. A couple of comments. Fireproof safes do work :D , but in our case many things were scorched and smelled really bad :annoyed . Also plan on having your current insurer drop you like a hot potato :twisted: We were renting a home owned my an elderly family member. I was g...
by mnnice
Tue Oct 07, 2014 10:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Financial preparation for a Disaster Event
Replies: 25
Views: 3037

Re: Road trip to Chicago with kids- what to do/recommendatio

I don't know where you live, but I would consider buying a science museum pass from you local science museum (if you have one) instead of the city pass. I think it would be cheaper even if you did the Aquarium or the Art Institute ala carte. It can be used lots of other places too. http://astc.org/m...
by mnnice
Tue Oct 07, 2014 9:27 am
 
Forum: Personal Consumer Issues
Topic: Road trip to Chicago with kids- what to do/recommendations?
Replies: 44
Views: 3633

Re: Tiny house movement.

Not a tent but something like this may works http://www.tumbleweedhouses.com/products/whidbey/ Have you added up the dimensions of ground level and loft? This is NOT a 500sqft home. And it's not 1BR, 1BA, as stated at the bottom. Looks to be about 1,000sqft, with 2BR + large loft. Even so, the furn...
by mnnice
Tue Sep 16, 2014 5:36 pm
 
Forum: Personal Consumer Issues
Topic: [can my family live in a] Tiny house
Replies: 60
Views: 4612

Re: Good hobby for a bright/obsessive 9 year old?

I always wished that this had existed when I was a bit younger: http://www.firstlegoleague.org/ The First Lego League is for elementary school, then they have more advanced programs for middle school and high school. At a high school level they use industrial grade control hardware =) +1 that was t...
by mnnice
Tue Sep 16, 2014 5:07 pm
 
Forum: Personal Consumer Issues
Topic: Good hobby for a bright/obsessive 9 year old?
Replies: 73
Views: 3614

Re: Any success stories of ppl who never made >$50,000?

I have been a k12 educator my whole working life. I have had one yearly contract that was more than $50k. DH has made more, but never more than $80k. We have two children, started our careers with school loans, we have had no major windfalls, and zero inheritance. DH and I entered the two comma club...
by mnnice
Tue Sep 16, 2014 5:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any success stories of ppl who never made >$50,000?
Replies: 149
Views: 10605

Re: Liability Insurance without Home or Car Insurance

I am not any sort of insurance expert, but in my searches for renter's insurance I have found that the amount of personal property coverage you have does not move the premium much (i.e. $70,000 of personal property only cost $20 per year [5% more] about more than $50,000) . In other words, most rent...
by mnnice
Thu Aug 28, 2014 12:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Liability Insurance without Home or Car Insurance
Replies: 4
Views: 423

Re: When did you tell your children how much you had amassed

Don't answer this question in isolation. Also ask "When do I want to tell all the students at my children's school, their parents and their teachers how much I have amassed?" (probably never) You probably also want to ask "Do my children know what $1M means?" (I doubt it) and &q...
by mnnice
Mon May 19, 2014 3:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: When did you tell your children how much you had amassed
Replies: 135
Views: 11734

Re: Good Idea to Sell Old Home To Upgrade To Newer Home?

I personally can't stand split level floor plans. DH wanted to bid on a house nearby with that floor plan and he ended up a bit upset with me because I just didn't like it. So I definitely see that no amount of remodeling would fix it. I'd rather have a 1920 or 1930's house personally. :wink: I do t...
by mnnice
Tue Feb 18, 2014 2:19 pm
 
Forum: Personal Consumer Issues
Topic: Good Idea to Sell Old Home To Upgrade To Newer Home?
Replies: 33
Views: 2384

Re: School District Not Allowing me To Invest

I totally commiserate and I am in a similar situation. I found that Security Benefits via the Sharebuilder platform was the least lousy of my choices. My districts list and yours have quite a bit of overlap. Right now I am putting my current elections into Pimco Total Bound Fund in my Security Benef...
by mnnice
Mon Jan 13, 2014 3:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: School District Not Allowing me To Invest
Replies: 82
Views: 7718

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

DH didn't buy one. He looked both by himself and with me and always returned empty handed. I thought at 15, 20, 25 years old that I wanted a round solitaire with a Tiffany type setting. IRL I thought emerald cut was prettier on my long skinny fingers. I also found engagement rings uncomfortable. We ...
by mnnice
Sat Sep 07, 2013 8:16 pm
 
Forum: Personal Consumer Issues
Topic: How Much Did You Spend on Your Engagement Ring??
Replies: 289
Views: 23016

Re: Break in Health Insurance Coverage

We did something similar in 2012. Group coverage ended 3-3-2012 new group coverage started 5-1-2012. We stayed healthy and skipped COBRA. We would have bought if we had healthcare that was more than the deductible plus the premiums. It is the only time I know that you can by insurance retroactively....
by mnnice
Wed Sep 04, 2013 7:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Break in Health Insurance Coverage
Replies: 30
Views: 1558

Re: At what price point would you lease my house?

If you don't have plans to move back into it, I would sell it unless you can get at least your monthly expenses ~$1500 + expected maintenance + a premium for your time and effort. $1750 might be enough for some people, others may not consider it worth it unless they get much more. eta: your homeown...
by mnnice
Tue Aug 20, 2013 8:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: At what price point would you lease my house?
Replies: 12
Views: 1127

Re: Sometimes Safer NOT to Carry Homeowners Insurance (!?)

I think the liability is the best reason to have HO or renter's insurance. I also think most people the OP included think that the value of the house is your max exposure or loss of assets if there is a fire. This is so not the case. If you have a fire or tornado you are on the hook for clean up if ...
by mnnice
Tue Aug 20, 2013 8:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Sometimes Safer NOT to Carry Homeowners Insurance (!?)
Replies: 59
Views: 5189

Re: Clark Howard - Used cars vs New cars

I read a similar AP article a couple of weeks ago.

It got me thinking and looking at used cars when previously I had been thinking new. The last two car purchases we made were new.

I did just buy a 2010 Prius. I payed 17k for a very low mileage car.
by mnnice
Sun Aug 11, 2013 5:58 pm
 
Forum: Personal Consumer Issues
Topic: Clark Howard - Used cars vs New cars
Replies: 8
Views: 1978

Re: Roofing materials

Metal roofs have gotten much more common in Northern and Central WI.

A friend who lived in the Shawano area said it was actually cheaper on her house.

If that is the case it would be a no brainer since IMO it is also asthetically superior as well.
by mnnice
Fri Jul 26, 2013 9:01 pm
 
Forum: Personal Consumer Issues
Topic: Roofing materials
Replies: 21
Views: 1659

Re: My wife and I have inherited two variable annuities...

Retread wrote:
Otops wrote:You are correct. Technically my wife inherited them.

Not just technically - your wife inherited them.
Bruce


OP did not give his location. If they are in a community property state and have no prenup it is their asset even if she inherited it.
by mnnice
Fri Jul 26, 2013 8:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: My wife and I have inherited two variable annuities...
Replies: 58
Views: 4835

Re: How to save for the rest of 2013

Thanks everybody.

I think the advice for Roth's for 2013 and keeping our AGI under 100k for 2014 makes sense.

You are right Bob SD has no income tax, we will have to file as non residents in MN. The good news is that I think I can make about 50k before the tax kicks in.
by mnnice
Wed Jul 24, 2013 9:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to save for the rest of 2013
Replies: 4
Views: 1245

How to save for the rest of 2013

Emergency funds: 12+ Debt: none Tax Filing Status: Married Filing Jointly with two dependent kiddos Tax Rate: 15% Federal, ?% State State of Residence:SD Age: both 44 I start a new job in a couple of weeks and wondering what order we should fund our retirement saving/HSA Currently we have available ...
by mnnice
Thu Jul 18, 2013 11:39 am
 
Forum: Personal Finance (Not Investing)
Topic: How to save for the rest of 2013
Replies: 4
Views: 1245

Re: New home build...anything youd want/change/splurge on...

Honestly, I am not sure how important I think central air is in most places in WI. Last summer maybe the exception to the rule, but I am not sure that the captital expense of AC ductwork for something I have generally used 4-5 days per year is worth it especially since I prefer non-forced air heatin...
by mnnice
Tue Feb 12, 2013 5:39 pm
 
Forum: Personal Consumer Issues
Topic: New home build...anything youd want/change/splurge on...
Replies: 95
Views: 11852

Re: 1st Birthday Present

Not all kids dig into the smash cake. DS1 who in general is messy and leaves a huge wake was not a fan of his first cake. Anyway it didn't make for the most interesting photos (and the ones we had burnt in our house fire anyway :( ) I didn't get my kids anything although I have always got EE bonds f...
by mnnice
Tue Feb 12, 2013 5:23 pm
 
Forum: Personal Consumer Issues
Topic: 1st Birthday Present
Replies: 32
Views: 2416

Re: Walmart to offer unlimited iPhone 5 plan for $45/mo

I've been looking into this. As far as I'm aware, only the Verizon-type unlocked iPhone 5 is available. So the Straight Talk plan for the iPhone 5 will use the Verizon network. I don't believe there's an AT&T-type unlocked iPhone 5 up for grabs yet. Are you sure about this, Englishgirl? If this...
by mnnice
Sat Jan 12, 2013 11:30 am
 
Forum: Personal Consumer Issues
Topic: Walmart to offer unlimited iPhone 5 plan for $45/mo
Replies: 45
Views: 6000

Re: First Car Purchase...$7K-$9K

Searching for the "right" used car is overwhelming. What recommendations do you have for spending $7K-$9K? -- Neither of us drive to work, but we put on lots of miles in the summer and driving 250 miles to her hometown quarterly. -- Car needs to be safe -- We're from Minnesota, so snow dr...
by mnnice
Fri Jan 11, 2013 4:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: First Car Purchase...$7K-$9K
Replies: 45
Views: 3330

Re: Walmart to offer unlimited iPhone 5 plan for $45/mo

I am on the fence about this. I looked at Straight Talk last summer when we moved to "Verizon land" The only true choices here are Verizon and Straight Talk off Verizon towers. I really wanted to go with the $45 plan, but DH balked at the overall non state of the artness of the phones (he ...
by mnnice
Fri Jan 11, 2013 4:09 pm
 
Forum: Personal Consumer Issues
Topic: Walmart to offer unlimited iPhone 5 plan for $45/mo
Replies: 45
Views: 6000

Re: Which Midsize SUV should I buy?

I am curious about the 2014 Forester after reading this thread. We just got our Subaru Forester last year, and its MPG is rated 27 highway and 21 city. The 2014 model improves on it with 32/24 with the CVT which is pretty good for AWD (and cheaper than comparable AWD). Our main complaint for the Fo...
by mnnice
Wed Jan 02, 2013 9:04 pm
 
Forum: Personal Consumer Issues
Topic: Which Midsize SUV should I buy?
Replies: 67
Views: 6911

Re: Which Midsize SUV should I buy?

I am pretty sure DH didnt put premium fuel in a rental.
I wonder how much that would impact things?
by mnnice
Wed Jan 02, 2013 6:39 pm
 
Forum: Personal Consumer Issues
Topic: Which Midsize SUV should I buy?
Replies: 67
Views: 6911

Re: Which Midsize SUV should I buy?

I am curious about the 2014 Forester after reading this thread. DH rented and drove a 2013 Escape (apparently it is available with two different engeines. He had the larger Ecoboost engeine.) for approximately 1000 miles. He really liked everything about it except that the mileage which was IMO was ...
by mnnice
Wed Jan 02, 2013 4:32 pm
 
Forum: Personal Consumer Issues
Topic: Which Midsize SUV should I buy?
Replies: 67
Views: 6911

Re: Buying new car, what is your strategy?

Yes. Too bad that Rick Ferri does not sell cars! I have made it a priority to find a car salesman I can deal with and trust. Had a good one at a Pontiac dealer, now I have a good one at a Chevy dealer. ScotchGaurd, Ziebart, pinstriping, ... never come up. Do you live near an auto plant? If so, find ...
by mnnice
Fri Dec 21, 2012 6:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Buying new car, what is your strategy?
Replies: 42
Views: 4681

Re: Buying new car, what is your strategy?

I don't think your challenge is that challenging. In Feburary of 2004 I bought a 2004 Pontiac Vibe. My out the door price for the car, tax, title, and registration was $14,500. I still own it and its current private party sale price is about $3500. I have spent about $750 fixing stuff (including th...
by mnnice
Fri Dec 21, 2012 4:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Buying new car, what is your strategy?
Replies: 42
Views: 4681

Re: Buying new car, what is your strategy?

I've never seen the math work out so that leasing is doing anything other than gaining a short-term cash flow advantage at the expense of long-term higher costs. Show me the math that purchasing any car is less than $200 per month, no matter how long you own it. Please include purchase price, tax, ...
by mnnice
Fri Dec 21, 2012 12:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Buying new car, what is your strategy?
Replies: 42
Views: 4681

Re: Can't think of x-mas gift to give wife...

I agree with a pp that said once you have a joint account gifts change. I also suspect you are struggling with this because she has a less gift oriented love language than you do. Most likely there is not a retail shopping experience that will fit the bill. I would way rather be show love by affecti...
by mnnice
Wed Dec 19, 2012 9:28 am
 
Forum: Personal Consumer Issues
Topic: Can't think of x-mas gift to give wife...
Replies: 44
Views: 3255

Re: Remote closing and POA

We sold a house in May 2012 several weeks after we had moved. Neither DH or I was present for the closing and IIRC we did not have a POA signed either. We did have several documents that needs to be signed, notrarized, and sent overnight to the title company the day before the closing and we paid to...
by mnnice
Tue Dec 11, 2012 1:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Remote closing and POA
Replies: 7
Views: 378

Re: Saving to Payoff Mortgage Early-Need Suggestions

Not many folks will get a mortgage interest deduction with a rate 2.65. Even with no mortgage I pay property taxes and state income taxes and give to charity. Don't you? I almost itemized last year when I didn't own a house. The standard deduction was more than itemizing when dh and I were home own...
by mnnice
Mon Dec 10, 2012 1:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Saving to Payoff Mortgage Early-Need Suggestions
Replies: 27
Views: 1812

Re: Saving to Payoff Mortgage Early-Need Suggestions

Not many folks will get a mortgage interest deduction with a rate 2.65.
by mnnice
Mon Dec 10, 2012 11:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Saving to Payoff Mortgage Early-Need Suggestions
Replies: 27
Views: 1812

Re: transmission failure: 2003 honda odysee with 172k miles

Do you park it outside in Minneapolis and wash it once a decade?

Or do you lovingly wash it and live in Charlotte?
by mnnice
Mon Dec 10, 2012 11:12 am
 
Forum: Personal Finance (Not Investing)
Topic: transmission failure: 2003 honda odysee with 172k miles
Replies: 36
Views: 2952

Re: Social Security strategy for self-employment income

I did some more checking we are both solidly in the 32% PIA range. I doubt it really makes all that much differance as I doubt DH has 20 plus years of corporate life in him. I also doubt I'll stay home long term either. Sooner or later we will have a farm and some farm income either earned or unearn...
by mnnice
Sat Nov 17, 2012 5:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security strategy for self-employment income
Replies: 4
Views: 698

Re: What Advice Would You Give Your 30yo Self?

1. Don't buy a house in a subdivision because it is too conformist for you and your spouse. You would like a smaller, cheaper, older house close to the park and the library more. 2. Don't have a hospital birth. A home birth is just as safe and way more pleasant. 3. Don't let the stress and work of t...
by mnnice
Fri Nov 16, 2012 3:50 pm
 
Forum: Personal Consumer Issues
Topic: What Advice Would You Give Your 30yo Self?
Replies: 70
Views: 6769

Re: Social Security strategy for self-employment income

Thanks sscritic

Your response makes sense.

We most defintely would assign the first several thousand to me.
by mnnice
Wed Nov 14, 2012 6:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security strategy for self-employment income
Replies: 4
Views: 698

Social Security strategy for self-employment income

I quickly checked the Wiki's but I didn't find anything relevant. DH and I are comtemplating starting a small business together in 2013. DH would continue to work full-time and we would run the side business together sharing the actual work roughly evenly. I would have none or very little paid emplo...
by mnnice
Wed Nov 14, 2012 2:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security strategy for self-employment income
Replies: 4
Views: 698
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