Search found 2235 matches

by bayview
Mon Sep 27, 2021 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: Having “The Talk” [with an elderly parent about Inheritance]
Replies: 101
Views: 33688

Re: Having “The Talk” [with an elderly parent about Inheritance]

It’s not a pop quiz. If she asks you to do something, and you don’t easily know how to do it, ask her if she will (later) show you how, and if she can’t, ask her to tell you who to talk to.

You can figure it out.
by bayview
Sun Mar 21, 2021 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: Should bank accounts be in a trust?
Replies: 27
Views: 3218

Re: Should bank accounts be in a trust?

You may want to also have a joint account with her (to pay end of life expenses). That way you will have immediate access to the funds for her end of life expenses prior to obtaining a death certificate. Are you her representative payee for Social Security? +1,000! Keep one checking account out of the trust to pay the expenses that inevitably crop up in the first 6 months - year after death. Otherwise you will have to go to each beneficiary, asking them to return some money for this purpose. In many cases, beneficiaries drag their feet on these requests. If they aren’t sensible, you might have to pay out of pocket for this stuff and beg for reimbursement. Edit to add: when a trustee is in fact trustworthy, the simplest way to do this is by...
by bayview
Sun Mar 21, 2021 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Need advice about shopping for life insurance after father's sudden passing
Replies: 27
Views: 2729

Re: Need advice about shopping for life insurance after father's sudden passing

I’m sorry for your family’s loss.

If you somehow have to report your FIL’s death, be careful with the term “heart attack.” Many people automatically conflate the terribly vague and imprecise term “heart attack” with CAD (coronary artery disease.) Only medical records, and very possibly not even them, will clearly indicate why your FIL’s heart stopped one week post-op. It’s very possible that it had nothing to do with the underlying health of his coronary arteries. It might very well have been completely unrelated.

This is not meant as medical advice. Just be aware that insurance companies can misinterpret health data.
by bayview
Tue Mar 16, 2021 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 510
Views: 79097

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

Make sure that your finances are in order and that each and every account has a POD or beneficiary designation . Insurance should have up to date beneficiaries. Etc. Make sure that your home has a transfer on death . Some states have TOD's and some states have Lady Bird deeds. Check with your home state for statutes regarding real property transfers in event of death of the owner. What does the executor use to pay bills and legal costs? Ideally, there should be no executor at all. There should be no probate court oversight. Now... About the bills. Yes, a decedent would have outstanding bills at death. Generally speaking, the beneficiaries and heirs are not obligated to pay for these bills. The estate, or whatever remains, is still obligate...
by bayview
Sun Mar 14, 2021 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Is 7K mortgage a month too much for 13K (combined) post tax monthly income?
Replies: 98
Views: 11502

Re: Is 7K mortgage a month too much for 13K (combined) post tax monthly income?

SoftServeAddict wrote: Sat Mar 13, 2021 9:13 am
drumboy256 wrote: Sat Mar 13, 2021 9:08 am Rule of thumb is no more than 40%. I'm curious, what is rent in the area? Same price as having a mortgage?
Yea that's what I read as well. It's 40'% Post tax and pre-tax right? Rent in the area is cheaper. 4-5K a month. Wife does not want to rent and would like to be a home owner. This is very important to her. For myself being a home owner is not as important of a goal as building wealth and being able to retire earlier.
Is it possible that she has grown a bit tired of this admirable savings program that you’re on? Is she equally involved in the setting of savings goals, or just go along with your proposals?Maybe she would be willing to defer a purchase for 3-5 (?) years in order to increase the down payment.
by bayview
Sun Mar 14, 2021 1:30 pm
Forum: Personal Consumer Issues
Topic: How neccesary are good schools
Replies: 19
Views: 2004

Re: How neccesary are good schools

I don’t put a lot of faith in GreatSchools.

“Good” schools become self-fulfilling prophecies. Parents who are involved in their children’s educations tend to migrate to “good” schools. I had my kids initially at a magnet school (this one was a school in a low-income area with an enhanced program and better teacher-student ratios), and while I loved the quality of instruction, the ongoing discipline problems were stressful on the kids.

Do you have kids now? Even if you don’t, the resale value of homes in different school areas is affected, as you are seeing now.
by bayview
Wed Mar 10, 2021 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Work College
Replies: 2
Views: 486

Re: Work College

I know someone who is a student at a 'work college,' where the student works a few hours a week and pays very little to no tuition. There are about 8 of them in the US, here is their website: https://workcolleges.org/. This has worked very well for this student and he probably wouldn't be in college if it wasn't for this. And, there is also Cottey College (girls only private school). They evidently provide full scholarships for some students with a financial need and are funded by an alumni association. Web site is: https://cottey.edu/ Please pass this along to students who might be able to take advantage of these schools. I can vouch for Warren Wilson College (NC), from the graduates I’ve met and worked with. For a student interested in a...
by bayview
Tue Mar 09, 2021 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Medallion signature guarantee
Replies: 121
Views: 18408

Re: Medallion signature guarantee

stan1 wrote: Wed Mar 03, 2021 12:25 pm
chemocean wrote: Wed Mar 03, 2021 12:14 pm TSP requires transfers out of TSP to be signed by the spouse with a medallion signature. I might have trouble with a TSP transfer to my IRA.
Are you sure TSP is asking for medallion signature guarantee not notarized spousal consent? Believe the general requirement is notarized spousal consent but maybe you have a special situation.
Yep, notarized spousal consent when I moved part of my TSP to a Vanguard IRA. In March 2020, this was unpleasantly exciting (early Covid shutdowns.)
by bayview
Tue Mar 09, 2021 10:22 am
Forum: Personal Finance (Not Investing)
Topic: *WHEN* did long-term care insurance prices spike?
Replies: 67
Views: 6732

Re: *WHEN* did long-term care insurance prices spike?

And, as posted in similar threads, the product that is TRULY needed is LTCI with a two-year deferral period. Many people with adequate savings can self-pay for the a few years’ worth of LTC. The scary stuff is extended LTC, as in dementia care, neuromuscular diseases, etc.
by bayview
Sun Mar 07, 2021 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning - Living revocable trust
Replies: 42
Views: 3789

Re: Estate planning - Living revocable trust

There are plenty of reports of the difficulties many have had with getting a DPOA accepted. Often, institutions refuse to accept them, even when they are perfectly valid, even when they are required to do so. Some impose an arbitrary time limit on DURABLE POA. If it is not presented within a few months of being created, they will not accept it. One is left with hiring attorneys to force the issue or find a way to get the assets into the trust. In principle, they should be the solution. In practice they often do not work. The answer is to deal with the financial institutions now, well before there is a problem. If they accept the DPOA, great, if not fill out their paperwork. I wonder if it's difficult selling a house by DPOA. It wasn’t for ...
by bayview
Sun Mar 07, 2021 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Moved to Florida from Tennessee and my bank isnt near me. Should i switch?
Replies: 30
Views: 2619

Re: Moved to Florida from Tennessee and my bank isnt near me. Should i switch?

If Tennessee clings to their former residents like California does, you may want to use a local bank, just to help establish residency in Florida. Will you have to file a Tennessee tax return as a partial year resident? Regards, Well I have been living in Florida the last 6 months or so, got my license a few months ago. But I have had no income or anything so I think thats hard to determine. I was just going to start an account here and transfer my money over. Just have a bit of anxiety about it because I have never done this before. I have never moved and switched banks this is, atleast not while being over 21. Tennessee does not tax earned (job) income, and it has almost phased out the tax on dividends and interest, etc. I doubt that you...
by bayview
Thu Feb 11, 2021 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Laid off!!
Replies: 96
Views: 18275

Re: Laid off!!

Just a note for all:

This thread was started in April 2020 and was bumped (a good bump, in that it continued the topic.)
by bayview
Tue Feb 09, 2021 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need to cancel this credit card?
Replies: 30
Views: 2981

Re: Do I need to cancel this credit card?

Does Citi have a lock function on its cards? I know that some do.
by bayview
Tue Feb 09, 2021 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Plan for car
Replies: 33
Views: 2811

Re: Plan for car

Do nothing now.

Save $400/week (did you mean month?) for a year. Now you have $20k+.

Revisit the idea of replacing the Subaru with something you can pay cash for, which has good safety features for the young’uns.

And something that doesn’t need a live-in mechanic in your garage.
by bayview
Mon Feb 08, 2021 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab vs Fidelity - For Brokerage/Banking/Debit & Credit Card Use
Replies: 50
Views: 11123

Re: Schwab vs Fidelity - For Brokerage/Banking/Debit & Credit Card Use

Hi All! Maybe you can help and point me in the right direction. For the sake of simplicity, I'm looking for an all-in-one service where I can do stocks, mutual funds, ETFs, personal 401ks, and Roth IRAs. In addition, I'm also looking to do some form of banking with them and also use their service for debit and credit cards. So in my search, I'm torn between Fidelity and Schwab. I'm mostly curious to hear what's better in terms of their banking and credit/debit card services. I know Schwab has both Checking and Savings and Fidelity has its Cash Management Account which serves as checking. On the debit card side I know both have checking accounts. On their credit cards, I know Fidelity has 2% back Visa card while Schwab has a no annual fee 1...
by bayview
Sun Feb 07, 2021 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for tax advice to mitigate huge short term capital gains
Replies: 35
Views: 3714

Re: Looking for tax advice to mitigate huge short term capitol gains

mikejuss wrote: Sun Feb 07, 2021 10:32 pm
bayview wrote: Sun Feb 07, 2021 10:30 pm Also, you wrote that you quit your job. If it was a hellish job, that’s understandable, but do realize that unless you live a very frugal lifestyle, this money won’t allow you to retire yet, not at age 40.

But it’s a great start. Congratulations!
"Not at age 40"? The OP is 24.
Oh yikes, you’re right. I thought I had read that, but I misread when I went back to confirm.
by bayview
Sun Feb 07, 2021 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for tax advice to mitigate huge short term capital gains
Replies: 35
Views: 3714

Re: Looking for tax advice to mitigate huge short term capitol gains

Also, you wrote that you quit your job. If it was a hellish job, that’s understandable, but do realize that unless you live a very frugal lifestyle, this money won’t allow you to retire yet, not at age 40 24.

But it’s a great start. Congratulations!
by bayview
Fri Feb 05, 2021 12:24 pm
Forum: Non-US Investing
Topic: Need Help - Real Estate
Replies: 23
Views: 2293

Re: Need Help - Real Estate

Wow, some great responses! It's my first time posting a thread like this and I guess I should have included more information. I also just realized this is a US thread and I live Canada, is there a way to tell the mods to move to this to the Non-US section? I'll update my original post but here are some of the answers to the questions above: Wife and I: 40 years old Grandparents: Retired and collecting pension. They still have a house abroad which they haven't been able to go back and sell because of the pandemic (although selling that house will be used to help pay their own house) Location: Toronto Average detached home runs $1.2 million here currently, and we wanted an average kind of house but unfortunately the real estate market in the...
by bayview
Thu Feb 04, 2021 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Splitting an Inheritance (logistics question)
Replies: 60
Views: 4483

Re: Splitting an Inheritance (logistics question)

Bonds don't have shares within them that can be divided? the company's name is FMS Bonds "Tax Free Municipal Bonds" -- not sure if that means anything They are a municipal bond dealer that sells municipal bonds. They are not mutual funds. It is impossible to split a bond three ways. Please take my advice based on administering estates for over 35 years and liquidate the entire portfolio. There is no way you can split this portfolio. Gill Gill, for the sister who wants the bonds, would it be possible to follow your advice, sell them all, and she could simply buy the ones she wants back? I realize that she would lose some money due to the dealer's charges, but that would be her decision. Seems like she could set this up ahead of ti...
by bayview
Mon Feb 01, 2021 12:19 am
Forum: Personal Investments
Topic: Best Stock Exchange/Broker To Invest For Beginner?
Replies: 37
Views: 5487

Re: Best Stock Exchange/Broker To Invest For Beginner?

Doctor Rhythm wrote: Sun Jan 31, 2021 11:55 pm No offense, but based on your posts above, I would strongly recommend that you do not buy individual stocks. That recommendation goes for most people, but your posts suggest some fundamental knowledge gaps or misconceptions about the equity market. If you aren’t already investing (or even if you are), consider reading Getting Started.
+1 Sounds like you (the OP) are being seduced by financial porn.
by bayview
Sun Jan 31, 2021 11:45 pm
Forum: Personal Investments
Topic: Would you rebalance? Time to update IPS?
Replies: 12
Views: 1469

Re: Would you rebalance? Time to update IPS?

To address OP’s question (I think):

Should international equity be treated as its own category, and therefore addressed by the 5% “rule”?

Or is it a sub-category of equities, and thus addressed by a different rule of thumb?

For slicers and dicers, if they have to take action whenever some 3.72% of their portfolio changes more than 5%, they’re going to stay awfully busy.
by bayview
Sun Jan 31, 2021 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Can my parents retire?
Replies: 70
Views: 7113

Re: Can my parents retire?

Why don't they want to work for a few more years? They can hold off getting SS and get a bigger check the rest of their lives as well as build up their savings? They are already collecting SS, you can't put that genie back in the bottle right? I think they are just exhausted from working 6-7 days/week for 20 years. Maybe after they rest a bit they'll get bored and look for work. But right now they seem very determined to make retirement work. That’s really understandable, but I think that they will soon have to recast this view to seeing a job with defined hours, working for someone else, as a decent option. That’s a really different thing from working in your own business, where you’re never really off the clock. Good luck to all of you.
by bayview
Sat Jan 30, 2021 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Does this retired couple need a trust?
Replies: 26
Views: 3281

Re: Does this retired couple need a trust?

Thanks, Big Dog. Next question is why not an irrevocable trust. I get that you can't take the assets out of the trust. But if the trustee, grantor and beneficiaries are all the same people, what difference does it make. They can just pay themselves assets out of the trust as needed. And they get greater asset protection. What am I missing? Because by definition a living trust becomes irrevocable upon death. Your dead, you can't revoke it. What I meant is why not just set up an irrevocable trust while alive. It seems that the revocable option is far more common. But in this case, irrevocable seems to confer additional benefits without much downside. One difference is that, as mentioned above, any income in a revocable trust is taxed as part...
by bayview
Sat Jan 30, 2021 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Does this retired couple need a trust?
Replies: 26
Views: 3281

Re: Does this retired couple need a trust?

Thanks, Big Dog. Next question is why not an irrevocable trust. I get that you can't take the assets out of the trust. But if the trustee, grantor and beneficiaries are all the same people, what difference does it make. They can just pay themselves assets out of the trust as needed. And they get greater asset protection. What am I missing? Because by definition a living trust becomes irrevocable upon death. Your dead, you can't revoke it. What I meant is why not just set up an irrevocable trust while alive. It seems that the revocable option is far more common. But in this case, irrevocable seems to confer additional benefits without much downside. One difference is that, as mentioned above, any income in a revocable trust is taxed as part...
by bayview
Thu Jan 28, 2021 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Check your beneficiaries
Replies: 26
Views: 3226

Re: Check your beneficiaries

bsteiner wrote: Thu Jan 28, 2021 7:54 pm
bayview wrote: Thu Jan 28, 2021 3:54 pm

I KNOW that I had my husband on my TSP, with my kids per stirpes as secondary beneficiaries. But when I looked, there were none.

I don’t know if this happened when I retired or what. But reviewing beneficiary designations is now on the end-of-year to-do list.
The TSP defaults to the spouse or if none then the issue.
Right, and so it would have worked out ok. But it’s spooky than I did fill out the paperwork properly, and it was viewable for some period of time, and then it was gone.
by bayview
Thu Jan 28, 2021 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Advice Needed: Resigning from Fed Gov't (not retiring...)
Replies: 18
Views: 1765

Re: Advice Needed: Resigning from Fed Gov't (not retiring...)

moxie_mm wrote: Thu Jan 28, 2021 4:38 pm Hi,

I will be resigning from Federal Gov't employment very soon. What are some of the things I should do to ensure a smooth termination ?
These are the only things I can think of:

* Print out of all prior SF-50 Personnel Notifications
* Print out of W2 for 2020 (if I can get it)
* LES: Just my final Leave and Earning Statement paystub, or should I print out more ...?

What else should I be thinking of ?

This change in my employment is happening really quickly and my head is still spinning, so any advice would be MUCH appreciated !

Thank you!
m
If you haven’t already, go back and review your initial SF-50’s to make sure that they have the correct start date and retirement status. Let’s just say that mine did not.
by bayview
Thu Jan 28, 2021 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

Re: typical amount to settle low 7-figure estate?

Previous reply vanished. :( I’ll try again. This is not how I have things set up. It’s how SHE has things set up, per her estate documents originally from 1984 and subsequently updated. She wants to leave various charities specific amounts that total $100k. She wants to leave her heirs around $100k each. (This is per our conversations before her cognitive issues worsened.) I will probably disclaim my share. The only asset that she put into her trust was her house, which will not cover this amount. She has a pour-over Will covering anything not specifically named (basically we’re down to the furniture in her assisted living apartment.) The bequests come out of any unpaid balances in her trust account. She has always been highly allergic to p...
by bayview
Thu Jan 28, 2021 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

Re: typical amount to settle low 7-figure estate?

The bequests and inheritances are paid from the trust assets. This part is still confusing. Does the trust actually direct the trustee to pay out trust assets in accordance with the decedent's will? I've never heard of that before. :confused I do understand that a trust may typically instruct the trustee to work with the personal representative to ensure that final bills and other legally enforceable debts are settled. I didn't think that bequests within the will fell into this category. Strange, but true, I guess. She has always been allergic to paying taxes (she kep an 8.5% mortgage for 30 years so that she could claim the deduction), and she was adamant that there would not be a probate estate. The function of the LRT was solely to avoi...
by bayview
Thu Jan 28, 2021 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

Re: typical amount to settle low 7-figure estate?

There shouldn't be any taxes. The estate could fall under the small estate exemption or a limited probate option which would probably be $1k or less. Either way you should speak to an attorney or two. Thanks! My husband and I just “met” over the phone with an estate attorney to deal with our own joint assets, and I like him. I plan to meet with him once our joint stuff is dealt with to get more guidance on my mother’s affairs. Bonus issue: we are both in similar situations involving managing the affairs of our “families of origin”, in addition to our own. We’re in second marriages with our own adult children from our individual firsts. We thought we would just be dealing as the two of us with retiring with a half million in retirement acco...
by bayview
Thu Jan 28, 2021 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

Re: typical amount to settle low 7-figure estate?

To add to the above: her trust allows additional gifts (I don’t think that’s the word; but in essence “additions”) to the amount in the trust. I have done this in order to have the rough amount of what she thought she would be leaving for her grandchildren (and me.) I will most likely disavow my share.
by bayview
Thu Jan 28, 2021 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

Re: typical amount to settle low 7-figure estate?

She has $100,000 in specific requests in her Will, with the remaining balance divided equally among my three adult children and me. We are the only surviving family. It appears that there will be no probate, due to everything being jointly owned, POD/TOD, and beneficiary, although I’m sure something will spring up. I'm confused. If there will be nothing in her probate estate, where will the $100,000 come from to meet the specific requests in her will? I believe that trust assets must be distributed to the beneficiaries named in the trust, under the terms of the trust. I suppose that as the new sole owner of the joint accounts that you could gift up to $15K each year to those recipients. Are you acting as POA or just trustee of the revocabl...
by bayview
Thu Jan 28, 2021 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

Re: typical amount to settle low 7-figure estate?

prd1982 wrote: Thu Jan 28, 2021 4:05 pm You should update your post with your state. Costs and procedure vary a lot by state.
The trust was drawn up in Tennessee. She now lives in North Carolina. OP updated; thank you.
by bayview
Thu Jan 28, 2021 4:20 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

Re: typical amount to settle low 7-figure estate?

I'm with Jack. The assets in the bank accounts & brokerage accounts go to you upon her death. It sounds like the trust has 500K and the house is gone. So if she would die today, the estate would have the 100K ear-marked by the will. The other 400K would be split among you and the 3 kids. But the brokerage and bank accounts would go to you. Assuming the desire was for the bank accounts and brokerage accounts to go 1/4th to you and each of your kids, you have a problem to solve. No idea if you can get the will changed since she has dementia. If you cannot change the will, you should investigate if you can disclaim 3/4s of the brokerage account. This will pass the money to the estate which would then be distributed to you and the kids. At...
by bayview
Thu Jan 28, 2021 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Check your beneficiaries
Replies: 26
Views: 3226

Re: Check your beneficiaries

Free tip of the day: Check all your account beneficiaries. I completed the initial documentation for a meeting with an estate attorney this weekend. Part of the form requested a list of all accounts, approximate balances, and current beneficiary. I easily completed this because I knew the beneficiary information. A couple days later it occurred to me that I should login to each account and confirm the beneficiary information. To my shock and horror, my ex was listed as beneficiary on two accounts. One seven figure investment account and a pension. A few years ago I updated the beneficiaries but somehow managed to foul it up. In the first case I had added the new beneficiary but hadn't adjusted the percent allocations so the ex was still at...
by bayview
Thu Jan 28, 2021 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

Re: typical amount to settle low 7-figure estate?

Well, that’s what I’m figuring. Her LRT was specifically meant to avoid probate. (She probably didn’t have to, but when my dad died, she and my brother had a hellish time probating his Will, so I think that was the motivation.)

But surely there are other costs outside of probate? Other than spending a long time on hold for fourteen different accounts. That’s what I’d like to get on my radar.
by bayview
Thu Jan 28, 2021 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: typical amount to settle low 7-figure estate?
Replies: 15
Views: 1773

typical amount to settle low 7-figure estate?

I understand that there are plenty of variables, but I’m trying to get a SWAG dollar figure for anticipated costs in settling an estate. I am now trustee for my mother’s affairs, due to her dementia. Her investing style is not my own, but I am keeping her accounts and investments basically the same as she had them, within reason. (No, we aren’t going to have $180,000 in a checking account earning 1% of 1%. It’s now in CDs. And so forth.) She has a living revocable trust which she funded solely with her house. All her bank accounts have me as joint owner, brokerage accounts are TOD to me, and I am her beneficiary on her horrible deferred annuities. She has $100,000 in specific requests in her Will, with the remaining balance divided equally ...
by bayview
Thu Jan 28, 2021 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: will being in high credit card debt hurt my credit score or have other negative impact?
Replies: 20
Views: 1618

Re: will being in high credit card debt hurt my credit score or have other negative impact?

Thank you. So as long as I pay the minimum balance there wouldn't be any sort of permanent "bad mark" on my credit score? Any negative impact to my credit score would be small and temporary and once I pay off the full credit card debt my score would be back to normal? Do I have that right? There’s no permanent damage. FICO scores* do not “remember” past credit utilization. There will definitely be an impact while the high percentage of utilization is reported. Even this is not a problem per se. However, if you want to get new credit during this time (finance a car, open a credit card, get a mortgage) or do something else that frequently involves credit scores (insurance), you may feel a sting. If you can’t pay it off immediately,...
by bayview
Thu Jan 28, 2021 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Final Health Care Instructions - no-life-sustaining procedures statement
Replies: 54
Views: 3807

Re: Final Health Care Instructions - no-life-sustaining procedures statement

Lee_WSP wrote: Thu Jan 28, 2021 11:17 am
bayview wrote: Thu Jan 28, 2021 11:03 am
Lee_WSP wrote: Thu Jan 28, 2021 9:38 am First of all, even though it has the word living will, this is a healthcare directive. Sometimes they're called living wills for some reason.

As for what it says, move the words around and it'll make more sense.

You want a feeding tube and hydration, but no other life support.
I hope this doesn’t tilt over to medical advice... Let me try it this way:

If you desire no artificial prolongation of life, but you don’t want to be in pain, ask a physician whether you want both nutrition and hydration, or only hydration.
I'm only trying to help OP understand the document. I take no position on the wisdom or desirability.
I was referring to my post, trying to phrase it properly, rather than to yours. Yours seems fine. :beer
by bayview
Thu Jan 28, 2021 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Final Health Care Instructions - no-life-sustaining procedures statement
Replies: 54
Views: 3807

Re: Final Health Care Instructions - no-life-sustaining procedures statement

Lee_WSP wrote: Thu Jan 28, 2021 9:38 am First of all, even though it has the word living will, this is a healthcare directive. Sometimes they're called living wills for some reason.

As for what it says, move the words around and it'll make more sense.

You want a feeding tube and hydration, but no other life support.
I hope this my reply doesn’t tilt over to medical advice... Let me try it this way:

If you desire no artificial prolongation of life, but you don’t want to be in pain, ask a physician whether you want both nutrition and hydration, or only hydration.

Edited in attempt to clarify. I was referring only to my reply, attempting to remain within forum guidelines.
by bayview
Tue Jan 12, 2021 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a living revocable trust?
Replies: 24
Views: 1744

Re: Do I need a living revocable trust?

...I just don't know enough to ask the right questions. That is the reason I'm asking here. I assume I'm not the 1st and not the last who is in this situation.... You are absolutely not the only one trying to figure this out! Keep asking; that’s how you develop a mental framework to take to the estate attorney when you’re ready to nail this stuff down. Cheer up: your situation is relatively uncomplicated. You may find that you don’t need a living revocable trust while you’re alive. Maybe you just establish a testamentary trust if you both die, to protect your son. Maybe try to brainstorm some ideal scenarios with your spouse (while maneuvering around that awkward death thing, lol), so that you both have a vision of how you would like thing...
by bayview
Tue Jan 12, 2021 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a living revocable trust?
Replies: 24
Views: 1744

Re: Do I need a living estate trust?

I think you want the phrase “living revocable trust,” not living estate trust.

There are some really good discussions of the pros and cons of these, depending on what state you live in. It’s a good idea to leave assets to your son in trust, at least for now.

Perhaps if you edit the thread title, it will clarify the discussion. If you can’t do that, click the [!] exclamation point Report button, and a moderator can do it for you.
by bayview
Tue Jan 12, 2021 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Using Traditional IRA For Long Term Care
Replies: 23
Views: 2609

Re: Using Traditional IRA For Long Term Care

Hello fellow bogleheads, I plan to retire this year at 62. My wife will be 59. All my numbers are good. We will manage income to get Obamacare at no cost using a Bronze plan. We have no debts and will live very well on our savings. When we start taking SS and pensions we can continue to live the save life without pulling any more from savings. Our LTC plan is our debt free house (400k+) and the remaining funds in our IRAs (300+). My question: I thought I read here that there was a way to pull money from a traditional IRA tax free when used for LTC. I can't seem to find any information regarding that. I see some Google articles about using IRA monies to buy LTC insurance and avoid some taxes, but nothing about tax free IRA monies to directl...
by bayview
Tue Dec 29, 2020 10:27 pm
Forum: Personal Finance (Not Investing)
Topic: Expediting Treatment for Trigeminal Neuralgia
Replies: 3
Views: 812

Re: Expediting Treatment for Trigeminal Neuralgia

Please do realize that your post is asking medical advice, and therefore not within the scope (or rules) of this forum.

Best wishes to you. I’ve had this, and it is Not Fun.
by bayview
Tue Dec 29, 2020 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Gifts from Grandparents to Our Kids (How to Handle)
Replies: 14
Views: 1639

Re: Gifts from Grandparents to Our Kids (How to Handle)

529s will be front loaded to take care of college. This question is for future gifts from grandparents to our kids. Let’s say year 2 of child’s life has gifts totaling $15k. Considering just throwing it in VTSAX in an UTMA and letting it ride. That should be a nice chunk of change to get the kid started in adult life. What would a fellow Boglehead do for gifts years 3-17...assuming $15k going forward. Thinking a trust may make sense so we can put stipulations on when our child gets the money. All ideas are welcome. I love reading differing opinions. By “front loading”, do you mean funding the 529 in year 1 at $75k? If so, wouldn’t any gifts at all (not just 529) in years 2-5 be reportable? (Or taxable, if for some reason you wanted to pay ...
by bayview
Tue Dec 29, 2020 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: What do you say is your yearly income when retired for credit card limit purposes?
Replies: 50
Views: 7940

Re: What do you say is your yearly income when retired for credit card limit purposes?

This is not a new credit card. I just called in to increase the credit limit on the card I use all the time (for everything I charge). I don't want to try to "trick" the card company, I just am able to spend what I want thanks to the many years of Bogleheads investments/savings I have accumulated. There was a suggestion I tell the 4% of my net worth but I don't know exactly how to "show" them without giving them free access to my Vanguard and Fidelity account information. birdy They aren’t going to ask you to show your work. You are frugal. I would suggest putting that aside and reporting what you could use as income if you weren’t frugal. If you normally live on $50k a year, but you could pull $120k from your portfolio...
by bayview
Mon Dec 28, 2020 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: No Peeking - 2021 Goal to not look at balances
Replies: 94
Views: 7121

Re: No Peeking - 2021 Goal to not look at balances

Hello! What are the risks of not reviewing my VG account for an entire year? Over the past decade or so I’ve become inherently obsessed with checking my account balances. Daily reviews of progress, gains, losses, and everything in between is commonplace. Most of the time, no action can be taken with this data other than the occasional rebalance or celebration of reaching a new milestone. While drafting my 2021 goals, I recalled an interview with Mr. Bogle where he suggested an investor to never look at their account balance for fear of emotion-based decisions. This sparked a thought for me to not review my Vanguard account for all of 2021. Are there any inherent risks involved with this goal? I have enough emergency funds outside of Vangua...
by bayview
Mon Dec 28, 2020 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Maximizing Treasury Direct I/EE Purchase Limits
Replies: 13
Views: 2051

Re: Maximizing Treasury Direct I/EE Purchase Limits

I have missed something, regarding the bolded below. How did you get from $10k to $20k before all the other actions? thx
langelgjm wrote: Mon Dec 28, 2020 5:35 pm
  • Purchase your annual $20k.
  • Obtain an EIN for a sole proprietorship from the IRS, and use this to open a TD entity account. Purchase another $20k.
That gives a single person $40k. If you want to go the route of funding your parents' purchases, they can gift you the bonds in the future, although doing so will count against your purchase limit in the year they are gifted.

There's a lot of talk on this forum about setting up a trust to gain higher purchase limits with TreasuryDirect, but to me the entity account via an EIN seems far simpler (and doesn't cost anything).
by bayview
Mon Dec 28, 2020 7:18 pm
Forum: Personal Consumer Issues
Topic: Cord cutting 2020 - Youtube TV
Replies: 151
Views: 17614

Re: Cord cutting 2020 - Youtube TV

I could live happily without a landline, except that there are times when it would be handy to have a “family” phone number.

In addition to our individual gmail accounts, DH and I created a joint account for mundane things like utility bills and emails from contractors, etc.

A landline is useful for similar chores. But I’m not paying $30/month, so if BrokenMan and others could provide specifics of how their cheapo accounts works, I’d be deeply appreciative.
by bayview
Mon Dec 28, 2020 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Should I terminate this trust?
Replies: 30
Views: 2393

Re: Should I terminate this trust?

Didn’t I read here on BH that one can also buy iBonds for oneself and a revocable trust, even though the same SSN/EIN is associated with both? The reasoning being that the human and the LRT are each entities, despite having the same number.

Pretty sure that several forum members posted that they were doing this.
by bayview
Sun Dec 27, 2020 8:49 pm
Forum: Personal Investments
Topic: 100k for vtsax and .....? (2 fund portfolio)
Replies: 4
Views: 1114

Re: 100k for vtsax and .....? (2 fund portfolio)

Welcome to Bogleheads! Have you read the BH wiki? Much of this is discussed there. For instance, if you want to invest in total US stock funds, it should be because you understand the concept of owning the entire market (US in this case), and not because it’s done well recently. In other words, you should understand WHY it’s done well, and use that understanding to decide whether or not to invest. Also “experts warning about costs and expenses” and lower returns etc. often fall into the category of what we call clickbait or financial porn. Hi guys, I'm 23 years old and new to investing. I Want to buy and hold (And forget, apart from putting more $$ in semi annually) for 10 yrs (minimum) In last 3yrs i saved 100k which I originally wanted to...