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Re: Should I get an Estate Planner?

With a wife and kids, you most certainly need an estate plan. Since you say you are financially naive, I don't think this is an area where you want to try to do something yourself, so yes, you need an estate planner. Find a good estate planning attorney and pay them to create the appropriate wills/t...
by plannerman
Mon Sep 15, 2014 12:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I get an Estate Planner?
Replies: 9
Views: 762

Re: Retiree Poll: Do you own your primary residence?

We currently own our home. However, our next step in retirement is to relocate to a cottage in a Continuing Care Retirement Community. The cottage is owned by the nonprofit corporation that runs the community, but we will get lifetime use of it. All maintenance will be provided for the cottage by th...
by plannerman
Sun Sep 14, 2014 8:52 am
 
Forum: Personal Consumer Issues
Topic: Retiree Poll: Do you own your primary residence?
Replies: 18
Views: 1571

Re: contingent beneficiary for life insurance

Have you considered establishing an Irrevocable Life Insurance Trust to get any proceeds from the insurance out of your estate? The trust could be drafted so that if your spouse predeceases you, the trustee could use the insurance proceeds for the benefit of your minor children. This is a pretty sta...
by plannerman
Tue Sep 09, 2014 8:16 am
 
Forum: Personal Finance (Not Investing)
Topic: contingent beneficiary for life insurance
Replies: 8
Views: 564

Re: POLL: Has a financial firm made a mistake with your mone

40 or so years ago, I had a new car loan from a local bank. Toward the end of the loan, they sent me a notice the the loan was satisfied. I checked my records, and I had only made 35 of the required 36 payments. I notified the bank manager who said something to the effect that they didn't make mista...
by plannerman
Mon Sep 08, 2014 10:39 am
 
Forum: Personal Finance (Not Investing)
Topic: POLL: Has a financial firm made a mistake with your money?
Replies: 52
Views: 2632

Re: Which generator do you have?

Just replaced a 5.5 KW gasoline portable with a Generac 11 KW natural gas standby generator. First unit cost about $500 15 years ago. Generac was $6000 installed with a transfer switch. The portable unit did the job of providing our essential power needs, but required someone to be home to pull it ...
by plannerman
Mon Sep 01, 2014 9:09 am
 
Forum: Personal Consumer Issues
Topic: Which generator do you have?
Replies: 127
Views: 7177

Re: Which generator do you have?

Just replaced a 5.5 KW gasoline portable with a Generac 11 KW natural gas standby generator. First unit cost about $500 15 years ago. Generac was $6000 installed with a transfer switch. The portable unit did the job of providing our essential power needs, but required someone to be home to pull it o...
by plannerman
Mon Sep 01, 2014 8:26 am
 
Forum: Personal Consumer Issues
Topic: Which generator do you have?
Replies: 127
Views: 7177

Re: Deck - Best Method of Treatment

Do you get snow & full sun on your deck? There were some aweful youtube reviews where this product peeled off after a year. Glad to hear you had a good experience. I like the look of this product. We are in Western NC and the deck faces north. Some, but not much, snow and about half of the deck...
by plannerman
Mon Aug 18, 2014 12:42 pm
 
Forum: Personal Consumer Issues
Topic: Deck - Best Method of Treatment
Replies: 15
Views: 1013

Re: Deck - Best Method of Treatment

I can't speak to the durability yet, but I applied Behr's DeckOver (Home Depot) to a 17-year old, very weathered, pressure-treated, southern yellow pine deck last year. The result was an astounding improvement. And a year later it still looks great. I have a two level deck. I removed a spa from the ...
by plannerman
Mon Aug 18, 2014 10:13 am
 
Forum: Personal Consumer Issues
Topic: Deck - Best Method of Treatment
Replies: 15
Views: 1013

Re: change from trustee/successor trustee to CO-trustees

I have been through this twice in the last few months. The first case involved a testamentary trust. The trustee wanted to resign and there were no provisions in the trust for a successor trustee. An estate planning attorney suggested that the trust be amended. He prepared an amendment that added pr...
by plannerman
Mon Aug 18, 2014 9:52 am
 
Forum: Personal Finance (Not Investing)
Topic: change from trustee/successor trustee to CO-trustees
Replies: 9
Views: 800

Re: How important is my insurance agent?

I have never had an insurance agent and don't know why I would want one. If I need insurance, I pick up the phone or go online and get it. To me, it's like having a broker manage my investments--I don't need that.

plannerman
by plannerman
Mon Aug 11, 2014 8:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: How important is my insurance agent?
Replies: 37
Views: 2118

Re: Telephone Calls! Help!

FYI--nomorerobo does not work on an AT&T land line or on Verizon wireless. That leaves us out.

plannerman
by plannerman
Fri Aug 08, 2014 11:34 am
 
Forum: Personal Consumer Issues
Topic: Telephone Calls! Help! [Stopping telemarketing calls]
Replies: 105
Views: 7148

Re: your eye doctor; your eyes....

I see a retinal specialist (ophthalmologist) on a regular basis. While he has one of his technicians refract my eyes, he will not write a prescription for correction. To get a correction prescription, I have to go to an optometrist and get refracted again. The optometrist’s refraction is more comple...
by plannerman
Fri Aug 08, 2014 8:59 am
 
Forum: Personal Consumer Issues
Topic: your eye doctor; your eyes....
Replies: 41
Views: 3335

Re: Visiting Japan

by plannerman
Sat Jul 19, 2014 1:02 pm
 
Forum: Personal Consumer Issues
Topic: Visiting Japan
Replies: 16
Views: 1374

Re: It is time to retire when you .......

In my case...

When I was having chest pains from the job stress, I had made my number and mega corp made me an offer I couldn't refuse.

Retirement has been the best period of my life.

plannerman
by plannerman
Thu Jul 17, 2014 5:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: It is time to retire when you .......
Replies: 104
Views: 9857

Re: Any Experts on Corporate Law? (Was "LPs")

Not all partnerships have general partners and limited partners. Are you asking about acive and passive participation?

I'm confused.

plannerman
by plannerman
Thu Jul 17, 2014 5:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any Experts on Corporate Law? (Was "LPs")
Replies: 10
Views: 1043

Re: How much do you spend on your hobby annually?

Golf including Country Club dues, lessons, equipment, guest fees, tournament fees, etc.--about $10k/yr
Shotgun sports including gun club dues, targets, ammo, guns, etc.--about $6k/yr
Beekeeping--net about $500/yr

plannerman
by plannerman
Sun Jul 13, 2014 12:49 pm
 
Forum: Personal Consumer Issues
Topic: How much do you spend on your hobby annually?
Replies: 77
Views: 7372

Re: In retirement you expect your standard of living to?

Before I retired, I expected and planned for our standard of living to be about the same. 15 years into retirement, it is much higher--gated retirement community, country club, expensive hobbies, grand kid's tuition help, nicer cars, etc. I have even stopped changing my own oil. Retirement life is g...
by plannerman
Fri Jul 04, 2014 9:53 am
 
Forum: Personal Finance (Not Investing)
Topic: In retirement you expect your standard of living to?
Replies: 55
Views: 4627

Re: accountant fees

The first thing i would do is explore an online payroll provider like Surepayroll. In my experience, they will be much cheaper than paying an accountant to run your payroll.

plannerman
by plannerman
Fri Jul 04, 2014 8:25 am
 
Forum: Personal Finance (Not Investing)
Topic: accountant fees
Replies: 5
Views: 702

Re: Longevity Insurance now allowed in IRA/401k/etc.

I don't have time to run any numbers right now, but it occurs to me this could be interesting strategy for those folks whose RMD will make. or makes. their Social Security either taxable or taxed at a higher rate. For example, If the RMD bumps one from zero tax on SS to 50% and buying a qualified lo...
by plannerman
Wed Jul 02, 2014 9:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Longevity Insurance now allowed in IRA/401k/etc.
Replies: 97
Views: 5521

Re: Another when to start Social Security question.

There is a special rule that applies to earnings in the first year of retirement. See this: http://www.ssa.gov/retire2/rule.htm

plannerman
by plannerman
Tue Jul 01, 2014 6:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Another when to start Social Security question.
Replies: 13
Views: 970

Re: beneficiary form trumps will

I had to get spousal consent to change my defined benefit pension's beneficiary benefit from 50% to 100%. Go figure.

plannerman
by plannerman
Tue Jul 01, 2014 10:32 am
 
Forum: Personal Finance (Not Investing)
Topic: beneficiary form trumps will
Replies: 54
Views: 4195

Re: Jacksonville fl, to Villanova pa over 4th

Re-considering trip after reviewing early post. We did not think about the 4th holiday traffic so think a longer route avoiding Richmond- DC- Baltimore may be our best. Any suggestion on picking up I-83 taking it north to around Harrisburg then east to Vilinova pa. Thanks I-95 --> I-26 --> I-77 -->...
by plannerman
Sat Jun 28, 2014 2:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Jacksonville fl, to Villanova pa over 4th
Replies: 4
Views: 279

Re: "Having the wealth transfer conversation"

We have told our two kids that 1) we have enough resources that they don't have to worry about supporting us in our old age, and 2) if there is anything left over after latter of us dies, the two of them will split the remainder 50/50 per stirpes. I'm not sure they need to know anymore than that. pl...
by plannerman
Sat Jun 21, 2014 4:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: "Having the wealth transfer conversation"
Replies: 21
Views: 3053

Re: when the rubber hits the road

If you haven't already done so, and if it's not too late, you should consider seeking admission to a Continuing Care Retirement Community with facilities for long-term dementia care.
Otherwise, the burden on your care providers will be overwhelming.

plannerman
by plannerman
Thu Jun 19, 2014 9:12 am
 
Forum: Personal Finance (Not Investing)
Topic: when the rubber hits the road
Replies: 19
Views: 1918

Re: Medicare provider payments

Sheepdog, You reply jogged my memory. My wife and I both went to the same new dermatologist last year. We were both charged $120 for a "New Doctor Office Visit". I don't know what the code was. My wife's Traditional Medicare paid $70.52. My Medicare Advantage plan paid $71.09. Edit--Since ...
by plannerman
Mon Jun 16, 2014 9:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Medicare provider payments
Replies: 7
Views: 531

Medicare provider payments

Does anyone know if Medicare Advantage Plans pay in-network doctors and hospitals the same amounts for the same procedures as Traditional Medicare pays? If not is it generally more or less (I'm guessing it's less)

plannerman
by plannerman
Mon Jun 16, 2014 9:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Medicare provider payments
Replies: 7
Views: 531

Re: TOD/POD and estate planning

I don't have time to look this up right now, but I don't think Vanguard will accept a per stirpes designation on non retirement accounts.

plannerman
by plannerman
Wed Jun 11, 2014 8:20 am
 
Forum: Personal Finance (Not Investing)
Topic: TOD/POD and estate planning
Replies: 15
Views: 1211

Re: having trouble getting homeowners insurance

You might want to verify you are in PC 9. I live in western NC and when we bought our house several years ago I requested online quotes from several companies. I was turned down by one company who said we were in a high number fire protection code area--which wasn't the case. Just saying, don't take...
by plannerman
Tue Jun 10, 2014 10:25 am
 
Forum: Personal Finance (Not Investing)
Topic: having trouble getting homeowners insurance
Replies: 17
Views: 1128

Re: Medicare Advantage to Medigap

Thanks for everyone's responses. I find it interesting that no one so far has apparently actually tried to switch. One conclusion could be that folks with MA plans are generally happy and are not clamoring in droves to switch back to TM (I realize that's not the only possible conclusion). Anyway, I ...
by plannerman
Tue Jun 10, 2014 10:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage to Medigap
Replies: 14
Views: 1455

Medicare Advantage to Medigap

DW loses her company sponsored secondary Medicare insurance at the end of the year, and she (we) has to decide between Traditional Medicare plus a Medigap Plan or a Medicare Advantage Plan. The biggest issue in my mind if she selects a Medicare Advantage Plan is what happens down the road (after the...
by plannerman
Fri Jun 06, 2014 7:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage to Medigap
Replies: 14
Views: 1455

Re: Estate planing

Sounds to me like you are really interested in Asset Protection rather than Estate Planning.

I suggest you google "asset protection" or "asset protection trusts" and start reading.

Plannerman
by plannerman
Thu Jun 05, 2014 6:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Estate planing
Replies: 2
Views: 630

Hospital costs

My DW was recently hospitalized for a couple of days. While I was visiting her there, I noticed the hospital had publically posted their results. One of their measurements was ytd expenses vs budget. YTD expenses were about $60m. This is a small, 36-bed, modern, voluntary surgical hospital--mostly j...
by plannerman
Wed Jun 04, 2014 9:38 am
 
Forum: Personal Consumer Issues
Topic: Hospital costs
Replies: 4
Views: 576

Re: Cost of wills and trusts

We just updated our estate plans including financial and health care POAs, living wills, last wills including a testamentary trust and advice for terminating two Irrevocable Life Insurance Trusts that are no longer needed. Total cost was $2,300 in a small town in NC.

plannerman
by plannerman
Tue Jun 03, 2014 7:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cost of wills and trusts
Replies: 6
Views: 876

Re: Anyone live in The Cliffs in NC?

Cliff's Valley is a Ben Wright designed course that is very golfer friendly. Our country club has an interclub event with three other clubs in the area including Cliff's Valley. It is my favorite course of the three we play. The Club house is spectacular. The only knock is that it's a long drive to ...
by plannerman
Fri May 23, 2014 7:01 pm
 
Forum: Personal Consumer Issues
Topic: Anyone live in The Cliffs in NC?
Replies: 9
Views: 1516

Re: How do you make your money?

When I was growing up, my father used to talk about making his money work for him. I didn't know then what he was talking about--now I do. I play golf while my money works for me.

plannerman
by plannerman
Fri May 23, 2014 6:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do you make your money?
Replies: 97
Views: 13699

Re: Lawyer recommends trust

My wife and I just updated our estate plan and are going through the beneficiary drill with Vanguard. There is nothing particularly special about we want to do. Each spouse is the primary beneficiary of the other spouse's accounts, and our two children are the secondary beneficiaries--daughter outri...
by plannerman
Sat May 17, 2014 8:35 am
 
Forum: Personal Finance (Not Investing)
Topic: Lawyer recommends trust
Replies: 81
Views: 5354

Re: Anyone live in The Cliffs in NC?

No, but i'm playing the Cliff''s Valley course next week. Does that count?

I would guess you would need an income of maybe $200k and a few million in net worth.

I think the new owner did cut the golf membership initiation fee to $50k

plannerman
by plannerman
Fri May 16, 2014 5:14 pm
 
Forum: Personal Consumer Issues
Topic: Anyone live in The Cliffs in NC?
Replies: 9
Views: 1516

Re: Pressure Washer Hose

Check the Northern Tools website here http://www.northerntool.com/shop/tools/ ... sher-hoses to see if you can find a direct replacement. I found one for my 25 yr old pw last year.

plannerman
by plannerman
Thu May 08, 2014 7:20 pm
 
Forum: Personal Consumer Issues
Topic: Pressure Washer Hose
Replies: 17
Views: 1096

Re: Leaving part of my IRA to my estate to pay bills

The executor will pay your debts and expenses out of the non-IRA assets before distributing them to the beneficiaries of the estate. If the taxable accounts are POD the executor may not have any cash to pay the final expenses. It sounds to me like the attorney is trying to avoid that situation plan...
by plannerman
Tue May 06, 2014 5:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Leaving part of my IRA to my estate to pay bills
Replies: 21
Views: 1184

Re: Do Honda Mowers Leave Un-cut Grass Strips? [YES, but...]

I have a variable-speed, self-propelled rear bagger model Honda and it exhibits all the major problems listed--leaves unmowen strips, hard to start (I also us starting fluid), etc. I live in the mountains and my yard is very steep. Add to the pro list, that the variable speed drive works flawlessly....
by plannerman
Sun May 04, 2014 10:37 am
 
Forum: Personal Consumer Issues
Topic: Do Honda Mowers Leave Un-cut Grass Strips? [YES, but...]
Replies: 51
Views: 9404

Re: 2014 proforma tax return

Hex,

Are you familiar with the "What if" worksheet in TurboTax--nothing could be easier. I think it is far superior to "Taxcaster. I use the PC version of TurboTax, so I don't know if the online version has this feature

plannerman
by plannerman
Sat May 03, 2014 3:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2014 proforma tax return
Replies: 8
Views: 752

Re: Gifts to children

Every family situation is different. We have chosen to fully fund our son's Roth IRA as a way of moving money from our relatively high tax bracket to a zero tax bracket. The understanding we have with him is that this money is for his retirement, not a new pickup truck, and if he chooses to take a p...
by plannerman
Sat May 03, 2014 7:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Gifts to children
Replies: 18
Views: 1282

Re: less you need social security, earlier you should claim

Yes, I considered it, and decided that as a couple, the probability was we were more likely to be better off if my wife collected at 62 and I delayed until age 70 than if we both collected early.

plannerman.
by plannerman
Sun Apr 13, 2014 12:12 pm
 
Forum: Investing - Theory, News & General
Topic: less you need social security, earlier you should claim
Replies: 39
Views: 3409

Re: Asset depreciation for a small business

Just as an aside, you can write off up to $5k in startup expenses the first year you start a new business. So if you have other startup costs, you can write them off as well.

plannerman
by plannerman
Tue Apr 08, 2014 11:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Asset depreciation for a small business
Replies: 4
Views: 363

Re: Do you have hardwood or tile in your kitchen?

We are currently in the process of replacing hardwood in the kitchen with tile. In fact, the tile installer just finished grouting the tile a few minutes ago. Here's the long story. The kitchen had a sheet vinyl floor when we bought the house. The vinyl had a couple of cracks so we decided to put in...
by plannerman
Sat Mar 29, 2014 7:40 pm
 
Forum: Personal Consumer Issues
Topic: Do you have hardwood or tile in your kitchen?
Replies: 57
Views: 3493

Re: ILIT for term life insurance?

I did it back in 1997 when both the state and federal unified credit were $675,000. Now that Federal the estate tax exemption for a married couple is $10.68 million, I'm paying an estate tax attorney more money to get the policies out of the trust to avoid the baggage of creating an undeeded trust. ...
by plannerman
Sat Mar 29, 2014 7:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: ILIT for term life insurance? [Irrevocable Life Ins. Trust]
Replies: 11
Views: 662

Re: "Spinning Off" my 20 Year Old Son

Good luck. I'm still trying to financially spin off my 44 year old son.

plannerman
by plannerman
Wed Mar 26, 2014 4:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: "Spinning Off" my 20 Year Old Son
Replies: 71
Views: 6368

Re: Solo 401(k)--Reporting contributions help

Thanks,

I had read page 22 but I guess my ADD kicked in before I got to the bottom of the worksheet.

plannerman
by plannerman
Mon Mar 24, 2014 7:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401(k)--Reporting contributions help
Replies: 2
Views: 280

Solo 401(k)--Reporting contributions help

I'm struggling to get my arms around how (where) to report contributions to a solo 401(k) plan. There are two contribution components to a solo 401(k) plan--employer and employee (even for a sole proprietorship, go figure). I have done the math and know what each component is. What I don't know is w...
by plannerman
Mon Mar 24, 2014 5:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401(k)--Reporting contributions help
Replies: 2
Views: 280

Re: Setting up a spendthrift trust for a child

Janet, My wife and I were in a similar situation 17 years ago. Our concern at the time was we didn't want our son to end up living on the street or to become a ward of the state if we were not around to help out. To answer your question, we are glad we did it but there are a lot of considerations as...
by plannerman
Tue Mar 11, 2014 9:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Setting up a spendthrift trust for a child
Replies: 8
Views: 1973
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