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Re: When to terminate an irrevocable trust?

Sorry. Yes, I am the trustee. I CAN terminate it anytime. My question is SHOULD I. What are the pros and cons of leaving the funds in the trust vice terminating the trust and shifting the funds to a Vanguard account? As trustee, are you not free to manage the trust assets as you see fit? Can you no...
by prudent
Wed Apr 16, 2014 7:09 am
 
Forum: Personal Finance (Not Investing)
Topic: When to terminate an irrevocable trust?
Replies: 11
Views: 730

Re: When to terminate an irrevocable trust?

Who is the trustee? The trustee calls the shots within the boundaries of the trust document.
by prudent
Tue Apr 15, 2014 9:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: When to terminate an irrevocable trust?
Replies: 11
Views: 730

Re: The slackening...

Not that I'm hugely successful, but I do worry about my children having too much. While I don't want my kids to have ti wiggle the coat hanger antenna on the 13 inch B&W TV every 5 minutes like I did growing up, I want them to be able to persevere and withstand some hardship (or inconvenience) ...
by prudent
Sun Apr 13, 2014 5:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: The slackening...
Replies: 55
Views: 5092

Re: Bannability Index

Wouldn't it be possible some posts to vanish because the entire thread was nuked, not simply one post? That shouldn't reflect badly on someone who replied.
by prudent
Sat Apr 12, 2014 9:32 am
 
Forum: Forum Issues and Administration
Topic: Bannability Index
Replies: 10
Views: 710

Re: Online Retirement Calculators

The wiki list is very comprehensive. I think it's important to understand the "how" of what the calculator will report because putting the same data into different calculators will give wildly different outcomes. That's a frustrating thing, and especially so for people who might happen to ...
by prudent
Sat Apr 12, 2014 9:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Online Retirement Calculators
Replies: 17
Views: 1546

Re: Getting over huge mistakes

My goodness, you are being far too hard on yourself. It's not like you took the family nest egg and bet it all on a horse that didn't show. You aren't living paycheck to paycheck. You aren't drowning in debt. I think you're probably in the top 25% of people your age. Yes, some things could have been...
by prudent
Wed Apr 09, 2014 9:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Getting over huge mistakes
Replies: 30
Views: 3178

Re: Losing job-financial advice

If relocation is possible, keep track of all job search expenses in case you reach the threshold (2% of AGI) where you can deduct some of them (and possibly bundle in some other expenses that count towards the 2% of AGI number.
by prudent
Wed Apr 09, 2014 9:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Losing job-financial advice
Replies: 18
Views: 1884

Re: Being a trustee for a friend's estate

I thought when the OP said "estate" it meant he was to act as executor. If the attorney had the OP sign documents to become a trustee of a trust that exists now, without any discussion/explanation about what it entails, then shame on that attorney.
by prudent
Tue Apr 08, 2014 9:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Being a trustee for a friend's estate
Replies: 14
Views: 1122

Re: Being a trustee for a friend's estate

You're of course free to say no, but you should not need to bear any out-of-pocket costs to serve as executor (I assume that's the role you're referring to). You should absolutely get legal help for performing those duties when the time comes. As executor, you pay for that using funds in the estate ...
by prudent
Tue Apr 08, 2014 8:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Being a trustee for a friend's estate
Replies: 14
Views: 1122

Re: Do I take the separation package offer?

52 weeks of work vs. 46 weeks (38 weeks in offer + 2 months sabbatical) paid not-working, and money is not an issue? I couldn't say yes to that offer fast enough.
by prudent
Tue Apr 08, 2014 7:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Do I take the separation package offer?
Replies: 50
Views: 4248

Re: Umbrella Policy, do you have hands on experience

Our umbrella policy excludes: - intentional acts, business pursuits, professional services - pollutants or underground fuel storage tanks - racing - communicable diseases - war, terrorism or nuclear weapons - loss assessment by an HOA - mold, fungus, dry rot, bacteria - sexual molestation, physical/...
by prudent
Sun Apr 06, 2014 3:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy, do you have hands on experience
Replies: 15
Views: 1577

Re: is this a scam green dot card

Here's my take. It's a scam. They hope you'll load some money on the card, and since the scammer already has the card numbers, they can drain it immediately.
by prudent
Sat Apr 05, 2014 4:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Unsolicited Green Dot Card
Replies: 6
Views: 783

Re: Two Apartments, One FiOS Account

For browsing and email, you'll need tethering.
For media consumption, you could use cloud storage.
by prudent
Fri Apr 04, 2014 8:10 am
 
Forum: Personal Consumer Issues
Topic: Two Apartments, One FiOS Account
Replies: 15
Views: 1114

Re: Private elementary school tuition - any tax breaks?

I know what you can't do. :) My "genius" cousin approached the admin of his kid's private school and said he wanted to pay the school tuition as a "contribution" but wanted the admin to treat it as the tuition payment, so my cousin could deduct the tuition from his income tax. Th...
by prudent
Wed Apr 02, 2014 6:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Private elementary school tuition - any tax breaks?
Replies: 11
Views: 833

Re: "Investing" in gift cards

One reason you see people paying over face value for gift cards on ebay is that the buyer is using a stolen credit card, so price isn't really an issue. Once the gift card is delivered, there's not much that can be done, other than to claw back the funds from the innocent ebay seller. We don't "...
by prudent
Wed Apr 02, 2014 3:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: "Investing" in gift cards
Replies: 32
Views: 2632

Re: Advice on cell phone plans:

Do you need it to work nationwide? How many talk minutes a month do you both need? Do you want a smartphone and data plan? Is a prepaid phone OK?
by prudent
Wed Apr 02, 2014 3:06 pm
 
Forum: Personal Consumer Issues
Topic: Advice on cell phone plans:
Replies: 5
Views: 867

Re: Frugal Fatigue

How do Bogleheads handle the times when they feel that they are missing out on life by saving so much? I would have a hard time saving like we do if I felt like I was missing out. We live the lifestyle we enjoy and fortunately for us it is a frugal one. We do splurge sometimes and do not regret it....
by prudent
Sat Mar 29, 2014 12:28 pm
 
Forum: Personal Consumer Issues
Topic: Frugal Fatigue
Replies: 96
Views: 9656

Re: The least productive post ever

1.6 feels right to me as a rule of thumb, but it could easily go in either direction for specific circumstances. It's easy to conjure up scenarios at either extreme. Very high fixed costs (live on a high-maintenance giant estate, big mortgage, high property taxes, high income taxes) but a very fruga...
by prudent
Tue Mar 25, 2014 12:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: The least productive post ever
Replies: 18
Views: 1660

Re: Buying new phone outright vs 2 yr contract + ETF

I'd like to plant you here in our remote rural area surrounded by mountains and let you find me a cheap plan for 1/10 of what I'm paying now. Not an obstacle in any way. You have been captured by Verizon and Apple marketing. There are a number of MNVOs that use Verizon's network, and many perfectly...
by prudent
Fri Mar 21, 2014 12:17 pm
 
Forum: Personal Consumer Issues
Topic: Buying new phone outright vs 2 yr contract + ETF
Replies: 45
Views: 1833

Re: question about gold/silver storage

Some recommend putting them along with a packet of silica gel in a Ziploc bag, then storing in a bank safe deposit box. But you have to get your own insurance on the SDB contents, the bank does not insure anything.
by prudent
Sun Mar 16, 2014 7:37 pm
 
Forum: Personal Consumer Issues
Topic: question about gold/silver storage
Replies: 26
Views: 1423

Re: Money issues - people take me for granted

Sadinvestor, while this approach wouldn't work for you, your story triggered a memory. Years ago, when I gained some national notoriety for some work I was doing, my accountant, who also worked with a lot of actors and rock musicians, asked me to come to his office. "Now that you've made a nam...
by prudent
Mon Mar 10, 2014 9:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Money issues - people take me for granted
Replies: 74
Views: 4909

Managing physical checks after mobile deposit

What are you doing with the physical checks after using mobile deposit? One of our banks which just began offering mobile deposit says keep them for 60 days then destroy. Our credit union says keep for 6 months(!). I checked into what at other banks say - some say 5 days, some say two weeks... it se...
by prudent
Fri Mar 07, 2014 8:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Managing physical checks after mobile deposit
Replies: 7
Views: 616

Re: Will this affect your Tipping?

Going back to the original topic of forcing people to actively turn down a tip, this reminds me of all those stores where at checkout they ask you if you would like to donate a dollar to some charity. While the money might be going for a good cause, my view is that it's rather tacky to put your cus...
by prudent
Thu Mar 06, 2014 2:32 pm
 
Forum: Personal Consumer Issues
Topic: Will this affect your Tipping? [Suggested Tip Amounts]
Replies: 123
Views: 7544

Re: Will this affect your Tipping?

I always carry some cash so I can tip in cash (other than the rare high-end meal where I would miss the 2% cash back). So for me this would not change my behavior - I tend to click/tap/write "no tip" as a reflex. Although I find it irritating that places want to force-feed you a suggested ...
by prudent
Wed Mar 05, 2014 4:45 pm
 
Forum: Personal Consumer Issues
Topic: Will this affect your Tipping? [Suggested Tip Amounts]
Replies: 123
Views: 7544

Re: "Gold to tank in 2014: Goldman Sachs"

OK, so Goldman is short gold. They then say it will go down. So lemmings drive the price down. Goldman then goes long. Think about it. These guys are there to make money. The secondary corporate mission is to make money and harm others in the process. The third mission is to avoid jail. Why anybody...
by prudent
Mon Mar 03, 2014 2:17 pm
 
Forum: Investing - Theory, News & General
Topic: "Gold to tank in 2014: Goldman Sachs"
Replies: 94
Views: 6818

Re: How Much of Tax Refund Do You Save/Spend..??

I've never been good at tweaking withholding to end up at a near break-even point, so I do end up with a refund. I don't allocate it to anything in particular, it all goes into savings.
by prudent
Sun Mar 02, 2014 10:16 am
 
Forum: Personal Finance (Not Investing)
Topic: How Much of Tax Refund Do You Save/Spend..??
Replies: 68
Views: 2413

Re: CPA does Trust tax return - can I do the K-1s?

To clarify, this is the first year of the trust, so this is the first year that the 1041 and K-1s will be prepared. The accounting firm told me they would be preparing the 1041. They have all the necessary information now but I have not received anything back yet. I didn't know that doing the 1041 a...
by prudent
Sun Mar 02, 2014 9:52 am
 
Forum: Personal Finance (Not Investing)
Topic: CPA does Trust tax return - can I do the K-1s?
Replies: 15
Views: 617

Re: CPA does Trust tax return - can I do the K-1s?

The K-1 is a form that is part of the trust tax return. You can't separate the two. There is no way the K-1 can be prepared alone. You might be able to prepare the 1041 yourself in future years, but then again you may not have the proper skill to do so. Bruce Thank you. I suppose all I need to do t...
by prudent
Sat Mar 01, 2014 9:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: CPA does Trust tax return - can I do the K-1s?
Replies: 15
Views: 617

CPA does Trust tax return - can I do the K-1s?

Due to family connections, a very high-priced accounting firm is doing the tax return for a trust that I am trustee of. It's the first year of the trust. I've never seen a K-1 and neither have the beneficiaries. What are the chances I can accurately prepare the K-1 forms for the beneficiaries after ...
by prudent
Sat Mar 01, 2014 8:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: CPA does Trust tax return - can I do the K-1s?
Replies: 15
Views: 617

Re: KissTrust--trust accounts for the middle class?

Visiting kisstrust.com using the IE 8 browser, their website will only display a message that I need to upgrade my browser. First website I've ever encountered that does not accomodate IE 8 at all. I've had some not work perfectly, but never a site that essentially blocks content from IE 8. On my iP...
by prudent
Mon Feb 24, 2014 9:12 am
 
Forum: Personal Finance (Not Investing)
Topic: KissTrust--trust accounts for the middle class?
Replies: 30
Views: 9512

Re: How much to replace a watch battery?

I didn't think of it when I first replied to this thread, but seeing it a second time (second? time? get it? :) ) brought to mind the story of the 7-year-old boy and his mother walking past a kiosk at the mall that had a sign "Watch batteries replaced $5". The boy said to the mom, "Wh...
by prudent
Fri Feb 21, 2014 10:07 pm
 
Forum: Personal Consumer Issues
Topic: How much to replace a watch battery?
Replies: 59
Views: 10918

Re: The Estate lawyer cost us big

I don't know about specifying a fixed low executor fee. What if nobody wants to handle the duties responsibly for that amount? Here's an example. Years ago, a relative had a very large collection of buttons, and passed away. Her executor, her daughter, knew the buttons were collectible and had value...
by prudent
Fri Feb 21, 2014 6:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: The Estate lawyer cost us big
Replies: 109
Views: 8881

Re: FORUM'S UPCOMING 7TH BIRTHDAY

Those are amazing statistics!

A big tip o' the prudent hat to the founders, those who operate the board, the mods, and the tremendous contributions of the membership. There are few opportunities to make a great impact on someone's long-term financial health, and this board achieves that.
by prudent
Wed Feb 12, 2014 10:20 pm
 
Forum: Investing - Theory, News & General
Topic: FORUM'S UPCOMING 7TH BIRTHDAY
Replies: 23
Views: 1335

Re: Layed off and now retiring. Need advice...

How did you get the Social Security estimate? On their site they do have a benefits estimator but I believe it assumes you will earn what you earned the previous year until you reach full retirement age.
by prudent
Sun Feb 09, 2014 8:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Layed off and now retiring. Need advice...
Replies: 65
Views: 7313

Re: Umm....anyone else notice aggressive new online ads?

I don't see them, so I suspect you have some malware on your computer.
by prudent
Sun Feb 09, 2014 8:03 pm
 
Forum: Personal Consumer Issues
Topic: Umm....anyone else notice aggressive new online ads?
Replies: 14
Views: 998

Re: A $1000 lesson on how manipulative salespeople can be?

I kept saying "I can't afford anything right now because Never give reasons, never make excuses, never try to justify your decision . That just gives them something to work with: "Oh, we can fix that, see how clever we are, don't you think you owe us something for doing this for you?"...
by prudent
Sun Feb 09, 2014 4:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: A $1000 lesson on how manipulative salespeople can be?
Replies: 70
Views: 7956

Re: Financial Advisor - This good so far?

Has the advisor asked you what your risk tolerance is? What your goals for the funds are? What did you tell her?
by prudent
Wed Feb 05, 2014 7:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial Advisor - This good so far?
Replies: 46
Views: 2474

Re: Do any of you use a Rewards Checking Account? Emergency

I have considered it from time to time but since I'm rarely in a store, meeting the 10-15 debit card purchase per month requirement is beyond what I know I could pull off. So i have not pursued it. If I was in a position to meet the debit card purchase requirement without any hassle, I'd jump on tha...
by prudent
Tue Feb 04, 2014 4:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do any of you use a Rewards Checking Account? Emergency Fund
Replies: 8
Views: 505

Re: Buying the most expensive house you can afford

We were nearly belittled by our agent when we gave him our price range. "You'll be approved for 30% more than that, and you'll be glad you got a much nicer home. I would feel like I'm not doing the best I can for you if I don't try to get you the nicest home possible, a home you can love and en...
by prudent
Mon Feb 03, 2014 9:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Buying the most expensive house you can afford
Replies: 101
Views: 7533

Re: BOGLE BOBBLEHEAD AUCTION

Congrats jjbiv, masterful snipe. :)
by prudent
Fri Jan 31, 2014 8:28 pm
 
Forum: Investing - Theory, News & General
Topic: BOGLE BOBBLEHEAD AUCTION
Replies: 37
Views: 2813

Re: Living in retirement: 7 things I wish I could tell mysel

1. Staying married: I'm sure people get married with the intention of staying married, but sometimes it doesn't work out. Nice goal, but we all know people who needed to get divorced for one reason or another. It's not always your choice. 2. Having children before age 35: personal choice 3. One care...
by prudent
Fri Jan 31, 2014 12:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Living in retirement: 7 things I wish I could tell myself...
Replies: 47
Views: 8311

Re: Sell my financed luxury car to free up cash?

A car is difficult to evaluate on a purely financial basis - after all, when you get right down to it most people would save money by owning the cheapest compact for everyday use, but not very many people do that, no matter how frugal. Financial considerations aside, in your situation I would sell s...
by prudent
Thu Jan 30, 2014 11:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Sell my financed luxury car to free up cash?
Replies: 18
Views: 2014

Re: Is it nuts to log on to your Vanguard account at the pub

Used to be that you had to be a pretty smart person to intercept and capture traffic, use keyloggers or break certain wifi encryption. Now they make "kits" that any fool can use, letting anyone be a "hacker". You don't even have to be smart, you just have to have the desire to do...
by prudent
Mon Jan 27, 2014 1:00 pm
 
Forum: Personal Consumer Issues
Topic: Is it nuts to log on to your Vanguard account at the public
Replies: 33
Views: 3263

Re: I go senile, day trade on margin, wash sale, and...

That's a good one, livesoft. :) I laughed.
by prudent
Mon Jan 27, 2014 11:36 am
 
Forum: Investing - Help with Personal Investments
Topic: I go senile, day trade on margin, wash sale, and...
Replies: 24
Views: 2642

Re: Is it bad to have Many Bank Accounts?

I just closed a credit union account just before the end of the year to help simplify recordkeeping. Felt a little nostalgic about it as it was the first bank account I ever had and it was a little small-town CU (my account number was 4 digits!), and years ago my father served on their board for a l...
by prudent
Fri Jan 24, 2014 9:08 pm
 
Forum: Investing - Theory, News & General
Topic: Is it bad to have Many Bank Accounts?
Replies: 41
Views: 3321

Re: Former Employer Over Payment

donall wrote:My last day I checked my work mailbox and got a memo indicating that the organization was not approving resignations at this time.


I once worked at a incredibly messed-up company and have rarely seen anything that tops the stuff I saw there, but that qualifies. :) Amazing.
by prudent
Thu Jan 23, 2014 10:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Former Employer Over Payment
Replies: 11
Views: 902

Re: Offered a Visa CC credit line increase - take it?

Another benefit is that a higher limit on that card now can help get you a higher limit on a new card sometime if you choose to apply for one. Once I got a $25K credit line on one card, the three cards I applied for in the 3-4 years after that were all at that level or even more.
by prudent
Thu Jan 23, 2014 7:40 pm
 
Forum: Personal Consumer Issues
Topic: Offered a Visa CC credit line increase - take it?
Replies: 12
Views: 1105

Re: Advise on Prepaid Cards

Let me restate your question to see if I'm understanding it correctly. You are allowed to use the company credit card for personal expenses up to a certain amount each month. But you do not want to charge those personal expenses directly to the card because it has too much information. So you want t...
by prudent
Thu Jan 23, 2014 4:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advise on Prepaid Cards
Replies: 11
Views: 441

Re: Is a PO Box as an address ok for Vanguard and Credit Un

My PO won't take payments more than a month in advance of the due date. I tried it once. My renewal was due in February and when at the PO in December I figured I'd just renew while I was there. Told them my box number, the clerk punched some buttons and said the system won't allow him to process a ...
by prudent
Thu Jan 23, 2014 4:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is a PO Box as an address ok for Vanguard and Credit Unions
Replies: 13
Views: 693

Re: Is it bad to have Many Bank Accounts?

Potential downsides include having your credit pulled for each account opening, and possible blacklisting by a bank if they don't like that you churned bonuses.
by prudent
Thu Jan 23, 2014 3:05 pm
 
Forum: Investing - Theory, News & General
Topic: Is it bad to have Many Bank Accounts?
Replies: 41
Views: 3321
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