Search found 1330 matches

by lawman3966
Thu Oct 10, 2019 10:02 pm
Forum: Personal Finance (Not Investing)
Topic: Need help !!! US or Canadian universities?
Replies: 56
Views: 4949

Re: Need help !!! US or Canadian universities?

Dual Canadian-U.S. citizen here. Convince your son to visit Montreal, Toronto, and Vancouver, and better still take the train across Canada. He won't want to come back.

I used to visit my native Montreal while in college, and there legions of American students at McGill Univ. and other schools. If McGill was good enough for Ernest Rutherford, it's got to be good enough for your son.

And I haven't even mentioned the comedy festival, the Jazz festival, the restaurants, or the nightlife!
by lawman3966
Tue Oct 08, 2019 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on Inheritance by U.S. Citizen from Canadian Resident - Section 2801
Replies: 27
Views: 2656

Re: Tax on Inheritance by U.S. Citizen from Canadian Resident - Section 2801

T. Swippet: Thank you for your reply. My siblings and I will have to review as many relevant files as we can access, whether they're in my later mother's files, at an acountant's or lawyer's office, or at the INS or IRS. I recall your mentioning the desirability of getting her file at the INS. She fell ill not long after that discussion, and I suppose her consent would be needed to access her INS file. If you happen to know what is needed to access her INS file, a reminder would be great. I will of course check into this on my own as well. I will expect to file form 3520 when the time comes, likely in about three years or so. Regarding Section 2801, I guess I'll just keep an eye out for any developments on that front, since there doesn't se...
by lawman3966
Mon Oct 07, 2019 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on Inheritance by U.S. Citizen from Canadian Resident - Section 2801
Replies: 27
Views: 2656

Tax on Inheritance by U.S. Citizen from Canadian Resident - Section 2801

I originally posted about this issue in June of 2018. Circumstances now warrant an update of that older post. The relative (my mother) of whom I wrote then has passed away at the age of 98. The purpose of this post is to determine the best approach at this point to respond to the possibility of the 40% "expat tax" being imposed on my share of the estate under 26 Section 2801 of the U.S. code. Below, I have tried to include as much relevant information as possible to help respondents answer my questions. The estate is worth a total of about One million $ U.S., to be split equally between her three children. The value of this estate is overwhelmingly invested in real property (condo), with perhaps 10% or so in financial accounts. I ...
by lawman3966
Mon Aug 19, 2019 1:04 am
Forum: Personal Consumer Issues
Topic: RV purchase ?
Replies: 86
Views: 8352

Re: RV purchase ?

I don't know enough to answer your questions myself, but will refer you to source that might. You may want to check out the youtube channel of Steve Lehto (with the sub-heading Lehto's Law).

He is an attorney living in Michigan who has various topics relating to the automotive industry, including several videos on RV purchases, repairs, etc.
by lawman3966
Fri Aug 16, 2019 2:03 am
Forum: Personal Investments
Topic: Vanguard Energy ETF (VDE) - Good Time to Jump In?
Replies: 49
Views: 10321

Re: Vanguard Energy ETF (VDE) - Good Time to Jump In?

Cornflakey wrote: Thu Aug 15, 2019 7:47 pm
Any great reasons not to jump in? Thanks for your insights!

https://investor.vanguard.com/etf/profile/VDE
How about this for starters: market timing fails for most people most of the time.

Second possible reason: there is no reason to believe that I, you, or anyone else on this board would know better than the sum total of market forces that placed VDE's price at its current level what the price should be instead.
by lawman3966
Tue Aug 13, 2019 11:21 pm
Forum: Personal Investments
Topic: Laid off - 59yo - advice please
Replies: 44
Views: 8081

Re: Laid off - 59yo - advice please

One additional thought on the odd job front: some people now teach English over the internet, usually for Chinese students. The ads promise some promising income levels, which I can't vouch for. However, it's worth checking out.
My brother does this work in Canada, likes it, and appears to significantly contribute to his monthly expenses with it.
by lawman3966
Tue Aug 13, 2019 2:03 pm
Forum: Personal Consumer Issues
Topic: Do burglars steal and use paperwork?
Replies: 39
Views: 6853

Re: Do burglars steal and use paperwork?

I'm pretty sure that they can and do. I don't have a cite for the partucular case I'm thinking of, but I recall a tv news story from years ago in which a dumpster diver accessed a man's credit card statements, hacked his identity, and made his life a living hell for years as he tried to correct the matter.
I've linked to a general article on dumpster diving driven ID theft. It seems to me that the records in your home are similar to the ones that "divers" find in dumpsters.

https://www.nextadvisor.com/what-to-kno ... ity-theft/
by lawman3966
Tue Aug 13, 2019 11:12 am
Forum: Personal Investments
Topic: Expat Investment Account / Health Insurance Planning
Replies: 3
Views: 280

Re: Expat Investment Account / Health Insurance Planning

typical.investor wrote: Tue Aug 13, 2019 9:40 am I don’t think there is a Schwab International bank account.

I have check writing on my Schwab International Brokerage account, but it’s not a bank with bill pay and such.

About Medicare, don’t you have to pay part B premiums when you reach eligibility or face a penalty should you try to resume it later. Is that what you meant by Original?
Thanks for the information about Schwab banking. Do you have another resource for bill pay and other common banking services?

I menat to include both Parts A and B in the term Original Medicare. Additions to Original Medicare would refer to Medicare Advantage or Medigap plans.
by lawman3966
Tue Aug 13, 2019 9:35 am
Forum: Personal Investments
Topic: Expat Investment Account / Health Insurance Planning
Replies: 3
Views: 280

Expat Investment Account / Health Insurance Planning

I am preparing a plan for positioning my assets for an overseas retirement. I understand that some U.S. citizens work to maintain the appearance of U.S. residency even while physically residing overseas for the purposes of having their relations with financial institutions, health insurance companies, among other entities undisturbed by an overseas move. However, for the purpose of the following, I am assuming that I will be legally considered to be residing outside the U.S. I expect to transfer my my 401K, solo 401K, and TIRA accounts to my Thrift Savings Plan (TSP) account (I don't have a TSP Roth account). For Non-retirement assets, and my Roth IRA, I expect to transfer both my securities (mutual funds, ETFs, stocks, etc) to Schwab, for ...
by lawman3966
Fri Aug 09, 2019 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Received a $17,000 medical bill! Can we negotiate?
Replies: 91
Views: 12427

Re: Received a $17,000 medical bill! Can we negotiate?

Another poster addressed the situation in which you have health insurance is directly through your employer. I'm writing to address a related situation - that in which your employer uses an external health insurance company. I faced a similar situation upon getting a biopsy in 2001. The hospital was in network, but the lab that the sample was sent to (while I was unconscious in a recovery room) wasn't. I got a bill from the lab, and was initially unable to resolve things with the ins co. I set up a three-way call including myself, the ins co, and my law firm's insurance rep. With our firm's rep on the phone, the ins co caved in two minutes and agreed to cover the bill. I was left with the impression that the ins co initially resisted paying...
by lawman3966
Fri Jul 19, 2019 2:01 am
Forum: Personal Investments
Topic: Are retirement accounts exposed to liability claims?
Replies: 31
Views: 6740

Re: Are retirement accounts exposed to liability claims?

The first linked page below addresses the topic of creditor protection for TSP accounts.
http://money.federaltimes.com/2015/05/1 ... creditors/

One of the forms linked to in the above linked page implies that lawsuits that are capable of enabling garnishing a TSP account are limited to cases involving child support and alimony. See link.
https://www.tsp.gov/PDF/formspubs/oc01-8.pdf

From what I see in the Garnishment form, I see no reason to believe that TSP accounts are any less protected from creditors than 401K accounts are.
by lawman3966
Sat Jul 13, 2019 5:20 pm
Forum: Personal Investments
Topic: Are retirement accounts exposed to liability claims?
Replies: 31
Views: 6740

Re:

Sammy_M wrote: Fri Nov 13, 2009 4:08 pm Does anyone know if self employed / solo 401Ks qualify as ERISA protected?
I researched this issue a few years ago, and what I found then was that Solo 401K plans did NOT offer creditor protection as a benefit. You should of course re-research this question to be sure.
by lawman3966
Sat Jul 13, 2019 4:19 pm
Forum: Personal Investments
Topic: Are retirement accounts exposed to liability claims?
Replies: 31
Views: 6740

Re: Are retirement accounts exposed to liability claims?

A Boglegead: The very text you quote in your last post appears to me to say that TSP assets are protected in both lawsuits and bankruptcy proceedings. If the board feels differently, I hope someone will let us both know. Regarding Umbrella insurance: I have umbrella insurance through GEICO. My policy increases my coverage for my renter's insurance and auto insurance to $ 1 million, provided I obtain coverage for $300K in damages in the underlying policies. But my umbrella insurance doesn't cover anything else. I'd urge you to check carefully with your insurance co. about what your policy covers and to get that information in writing. Don't just assume that your policy covers all sources of loss up to $ one million, or other relevant amount.
by lawman3966
Sat Jul 13, 2019 2:18 pm
Forum: Personal Investments
Topic: Are retirement accounts exposed to liability claims?
Replies: 31
Views: 6740

Re: Are retirement accounts exposed to liability claims?

A Boglehead wrote: Sat Jul 13, 2019 11:54 am Thank you!

When I asked TSP, they said TSP accounts are not protected from lawsuits, but are from creditors in case of bankruptcy.

It sounds like you think it's safe to move the money from an ERISA protected account to TSP, despite the lack of ERISA protection.
TSP accounts aren't protected by ERISA, but are protected by FERSA. It's worth clearing up what the TSP people told you over the phone. However, it seems that whoever spoke to you gave you bad information regarding TSP creditor protection.
by lawman3966
Sat Jun 08, 2019 12:59 am
Forum: Investing - Theory, News & General
Topic: Thank you, Taylor Larimore!
Replies: 49
Views: 8597

Re: Thank you, Taylor Larimore!

Thank you Taylor. Since words alone can't convey what the world owes you and your comrades, I won't try to come up with anything more clever than what I've read above.
by lawman3966
Sun May 26, 2019 9:02 am
Forum: Personal Consumer Issues
Topic: Three days In Montreal
Replies: 21
Views: 2094

Re: Three days In Montreal

There's a lot to see. But try to get to the Notre Dame Basilica and St Joseph's Oratory.
by lawman3966
Fri May 17, 2019 12:41 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Disability: Fibromyalgia
Replies: 31
Views: 4622

Re: Social Security Disability: Fibromyalgia

If possible, try to get an attorney from the very start of the process. I can tell you that a lawyer I know at a non-profit thinks that some attorneys are very unethically charging too much for the small amount of work they are doing at the start of this process for the most vulnerable members of the population. Essentially talking a chunk of the disability award money for them-self for the fee of filling out an application. The attorney fee is fixed by Federal law at 25% of past-due benefits, up to a maximum of $6,000. If an applicant is fortunate enough to get an award early in the process, the attorney fee won't be very big. I suppose that the firms sometimes luck out by spending a small amount of time and getting a decent fee. Other ti...
by lawman3966
Thu May 09, 2019 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Disability: Fibromyalgia
Replies: 31
Views: 4622

Re: Social Security Disability: Fibromyalgia

I applied for and was approved for SSDI benefits for chronic fatigue syndrome (CFS). CFS was widely considered to be difficult to get ssdi benefits for, but recognition of the condition by the social security administration (SSA) improved over the years. The usual guidance from applicants and attorneys alike is that the applicant should file the initial application pro se, and that attorneys would get involved only at the appeal stage. However, advice from an online forum led me to seek legal guidance from the very start of the process. It worked well for me. I was turned down at the first stage, but got my award after Reconsideration (which is a fairly brief process). As a result, no Appeal was needed in my case. All told, I got my award a...
by lawman3966
Tue May 07, 2019 9:09 pm
Forum: Investing - Theory, News & General
Topic: Climate Change Investment Strategy
Replies: 21
Views: 4006

Re: Climate Change Investment Strategy

This topic occurred to me, so I decided to reply to an existing thread rather than start a new one. I've have to disagree with those saying this is in the "nobody knows nothing" category. There are now many articles online warning investors about the impact on their portfolios of climate change. I tend to agree that picking company stocks on this basis may not make sense. My logic is that the individual companies are likely to continually make adjustments as needed based on their respective business models. However, real estate is another matter. I would hope that a consensus could be reached that buying real estate in Miami Beach is riskier than buying in Aspen (though less obvious climate impacts could be felt anywhere). I had a...
by lawman3966
Fri Apr 12, 2019 12:29 pm
Forum: Personal Investments
Topic: Are my 401k fees ridiculously high?
Replies: 32
Views: 3321

Re: Are my 401k fees ridiculously high?

Your fees are not high compared to what I've experienced.
One former employer's 401K plan was with an insurance company. The plan had a wrap fee of about 1% and offered quasi-mutual-fund products with expense ratios of between 1% and 1.5%, providing a total AUM cost burden between 2% and 2.5%.
As bad as that was, there are (or at least there were) 401K plans with still higher fees. Ultimately, we moved to another firm, and I successfully argued to have our new firm establish a 401K plan with Employee Fiduciary.
Compared to the above, your plan is ok.
by lawman3966
Wed Mar 20, 2019 12:42 am
Forum: Personal Finance (Not Investing)
Topic: Patent an idea and find investors.
Replies: 31
Views: 5555

Re: Patent an idea and find investors.

Retired patent attorney here. This is a big and complex topic and difficult to fully address in this context. I will address some of the statements above, refer you to some resources, and add a few observations. I agree with avoiding the invention promotion firms. They lead people on with misleading and unrealistic expectations, and likely charge much more than their services are worth. I disagree with statement that filing an application will cost $30-50K. The cost of getting an application will depend heavily on the complexity of your invention, and which firm you select. I have gotten applications on file for $4K and others for closer to $15K. I can't recall one costing more than that. Prosecuting the application (i.e. arguing with the p...
by lawman3966
Tue Feb 05, 2019 11:51 am
Forum: Personal Investments
Topic: Why my FA is rushing me to get out of Matson, whom he suggested in 2014.
Replies: 22
Views: 6770

Re: Why my FA is rushing me to get out of Matson, whom he suggested in 2014.

I quickly reviewed Matson Money's fee structure online, and I'd say that the advice to move money away from them is solid.
I'd follow that up by doing what others have said above, namely to move the money to Vanguard.
by lawman3966
Mon Feb 04, 2019 10:40 pm
Forum: Investing - Theory, News & General
Topic: Firecalc - Date of Portfolio Change
Replies: 2
Views: 367

Firecalc - Date of Portfolio Change

I was entering data into the Portfolio changes section of Firecalc (FC) and varied the year in which the change would take place, to measure the impact of an expected inheritance. In varying the year of receipt between 2023 and 2030, the results were inconsistent and surprising. The impact on permissible spending for a fixed confidence level of 95% did not consistently rise or fall with a progressively more delayed date of receipt of inheritance. Instead, the permissible spending level oscillated between about $106K and $108K as the inheritance receipt date changed from 2023 to 2030, without there being a clear or consistent relationship between the two values. I'm posting to ask whether anyone knows why this would be the case. My intuition...
by lawman3966
Mon Feb 04, 2019 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Please critique my plan for early retirement
Replies: 42
Views: 6091

Re: Please critique my plan for early retirement

I entered your wealth data, and an estimate for your social security data ($18K/year starting at age 65) into Firecalc. I searched for the permissible spending level using a 95% confidence level, using the "investigate" tab. I entered a retirement period of 45 years, on the view that at age 85, spending tends to decline, and you should have the ability to live on Social security and what remains of your nest egg. Obviously, these assumptions are subject to critique if you want absolute certainty of a constant spending ability between now and the year you turn 120, but I used the same numbers for retirement-period-ending age and confidence level that I use for myself. I got a result of $49.2K per year. In view of this number, you s...
by lawman3966
Sat Feb 02, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Can I Retire in July 2019?
Replies: 30
Views: 6148

Re: Can I Retire in July 2019?

I think you can retire, with perhaps some minor adjustments and assumptions. I plugged your numbers into Firecalc. Run (a), inputs: portolio = 1.2 million; SS income = $39K starting in 2030; portfolio 70% in stocks; retirement period = 30 years. Success rate of 95%. Result: spendable income of about $68K/ year. Run (b), inputs; same as above except for retirement period of 26 years. Result: spendable income of $69.7K a year. The retirement period length does not mean that after the stated period, you'd be broke. It just means that there is a 95% chance that your portfolio will last that long. Your SS will continue no matter what. I'm the same age as you, and I use this approach when calculating my own permissible spending rate. I usually us...
by lawman3966
Thu Jan 17, 2019 4:03 pm
Forum: Personal Investments
Topic: 57 yr old w/$14K
Replies: 24
Views: 4118

Re: 57 yr old w/$14K

He should look into applying for Supplemental Security Income (SSI). It's specifically designed for people who have health issues but who don't have enough social security credits to qualify for Social Security Disability Insurance (SSDI).
I have met people who are on SSI who are in shoes similar to his.

It pays a max of about $700 a month, and would help him out a lot.
by lawman3966
Thu Jan 17, 2019 10:27 am
Forum: Investing - Theory, News & General
Topic: John Bogle has died at age 89
Replies: 856
Views: 82071

Re: John Bogle has died at age 89

Mr. Bogle,
Thank you for a life well lived.
Let's start the petition here to have Saint Jack added to Mount Rushmore.
by lawman3966
Wed Jan 02, 2019 10:43 pm
Forum: Personal Investments
Topic: Roth Conversion 2019 and Beyond (Updated Data)
Replies: 9
Views: 1596

Re: Roth Conversion 2019 and Beyond (Updated Data)

Sawdust60: Thanks again for the updated table. I admit that I'm having trouble determining where various numbers in the table arise from. I will try to identify what I think the numbers represent, and post a question if I don't understand it. Of course, please let me know if my understanding is incorrect. Non-SS income column, from Roth@0% ($5650) row downward: These are non-cumulative Roth conversion amounts, separated out according to different applied marginal taxation levels. Taxable SS: self-explanatory. Column to the right of the "tax" column (effective marginal income tax rates): These appear to marginal income tax rates applicable to Roth conversion amounts for various income ranges. I don't understand where some of the ta...
by lawman3966
Wed Jan 02, 2019 5:10 pm
Forum: Personal Investments
Topic: Roth Conversion 2019 and Beyond (Updated Data)
Replies: 9
Views: 1596

Re: Roth Conversion 2019 and Beyond (Updated Data)

Sawdust60: Thanks for your post. I'm not sure I completely understand what each column in your table represents. I have been wrestling with something. Perhaps someone here can clarify matters. I am trying to figure out what my effective marginal income tax is at at the cusp of the 22% tax bracket (due to Roth conversion). (I am in a zero-state-income-tax state). The below appears to be wrong, since it disagrees with the marginal income tax rate of 40.7% identified the table in the above post. However, I'd like to understand where the below calculation is wrong. Total marginal income tax at about $38K: Ordinary inc tax on conversion $: 22% Making 50% of one more SS $ taxable: 11% Shift $1 of LTCG from 0% to 15%: 15% Shift $1 of Qual Div from...
by lawman3966
Tue Jan 01, 2019 6:48 pm
Forum: Personal Investments
Topic: Roth Conversion 2019 and Beyond (Updated Data)
Replies: 9
Views: 1596

Roth Conversion 2019 and Beyond (Updated Data)

I am looking to start Roth conversions during 2019 and am posting to get suggestions for a Roth conversion strategy and/or a link to a good Roth conversion calculator. Another valuable tool recommendation would be for tax software that would enable me to accurately determine the total effective marginal tax impact of Roth conversions since I have both social security and investment income (i.e. LT cap gains, and qualified dividends) the tax rates for which will be impacted by Roth conversions. I held off doing Roth conversions until now because the conversions would have increased the cost of the ACA plan I was on at the time. I entered a similar post a month ago, but some posters indicated that answering my questions was hindered by a lack...
by lawman3966
Thu Dec 20, 2018 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Capital Gains and Disability Income
Replies: 2
Views: 289

Re: Long Term Capital Gains and Disability Income

It would help if you would specify what type of disability income it is. If you're referring to Social Security Disability Insurance, her right to receive the income should not be affected by the sale of the property. But the tax treatment of her SSDI income can indeed be affected by the capital gain arising from the sale. You may want to speak to a tax advisor before completing the sale.

The IRS has a formula for this issue which can be reviewed at the site below.
https://www.ssa.gov/planners/taxes.html
by lawman3966
Sun Dec 02, 2018 5:42 pm
Forum: Personal Investments
Topic: Roth Conversion for 2019 and Beyond
Replies: 8
Views: 1589

Re: Roth Conversion for 2019 and Beyond

INCOME: Current Social security income: $28.2K /year. (SSDI income). Investment income: approx. $10K/year. Is the SSDI income taxable? Are you single? Is this $38.2k enough to cover your living expenses each year? Will there be other income that starts at a later time, maybe a pension or something like that? The provisions generally applicable to the taxation of Social security benefits apply to the taxation of SSDI income. This means that the SSDI income may be taxable, depending on what other income there is. There is a schedule of taxability based on the sum of one's AGI (not counting SS income) and one half of the SS income. I am single. The $38.2K is very likely enough to cover my expenses in most years, with the possible exception of...
by lawman3966
Sun Dec 02, 2018 5:18 pm
Forum: Personal Consumer Issues
Topic: Please Recommend a New Car for Me
Replies: 53
Views: 5938

Re: Please Recommend a New Car for Me

There are many good suggestions above, including the one to simply keep the vehicle you already have.
However, if you're determined to get a new vehicle, I thought I'd chime in about one I like. I very much like my Hyundai Elantra GT. The Hyundai Accent hatchback has a very similar body style to the Elantra GT and may be a less expensive way to obtain the same benefits.
From the moment I got my Elantra, I was impressed with its ride, ergonomics, and economy. It has a very solid and comfortable feel to it.Other people who ridden in it as passengers or who have driven it say the same thing.
Being a hatchback, it's also very convenient for hauling stuff.
Worth taking a test drive to see if you like it.
by lawman3966
Thu Nov 29, 2018 12:37 pm
Forum: Personal Investments
Topic: Roth Conversion for 2019 and Beyond
Replies: 8
Views: 1589

Re: Roth Conversion for 2019 and Beyond

Thanks. I will check them both out.
by lawman3966
Thu Nov 29, 2018 8:55 am
Forum: Personal Investments
Topic: Roth Conversion for 2019 and Beyond
Replies: 8
Views: 1589

Roth Conversion for 2019 and Beyond

I am looking to start Roth conversions during 2019 and am posting to get suggestions for a Roth conversion strategy and/or a link to a good Roth conversion calculator. I held off doing Roth conversions until now because the conversions would have increased the cost of the ACA plan I was on at the time. My data follows.

Age 58 (turning 59 in Dec 2018 if that matters);

INCOME:
Current Social security income: $28.2K /year. (SSDI income).
Investment income: approx. $10K/year.

ASSETS: ($1.5M)
Taxable: $920K
Tax-Deferred $440K
Roth: $140K

REAL ESTATE:
I rent and don't own property.

Would appreciate any help from the board.
by lawman3966
Fri Aug 03, 2018 10:17 pm
Forum: Personal Consumer Issues
Topic: Travel Laptop Computer Recommendation
Replies: 12
Views: 1228

Re: Travel Laptop Computer Recommendation

I was in the same boat as you last year and bought a Windows laptop with a 32gb hard drive. Unfortunately, I am no longer able to install the latest windows updates onto my laptop because the hard drive is too small. Even with nothing installed on my laptop (no Microsoft Office, no apps, no internet browsers, nothing) I still cannot update my laptop because of the hard dive size In your situation, I recommend getting a Chromebook. Thanks. I will look into it. One concern is whether the Chromebook has some type of basic word processor so that I can type text even when not connected to the internet. From what I hear, internet connectivity is dicey in the PI. I'm just now reading about how to transition to Chromebook use from Windows 10.
by lawman3966
Fri Aug 03, 2018 8:07 pm
Forum: Personal Consumer Issues
Topic: Travel Laptop Computer Recommendation
Replies: 12
Views: 1228

Travel Laptop Computer Recommendation

I am writing to seek recommendations for a travel laptop computer. I would like it to be reasonably small and light, and to not be too costly in view of the increase risk of damage and theft. The more inexpensive computers (mostly from Asus) have limited storage in eMMC drives, and many come with Win 10 as an operating system with as little as 32 GB of storage. This leads me to wonder how much space could possibly be left on the drive, once Win 10 is installed. That said, I won't need much storage, as I expect that my travel-time use of this device will consist mostly of browsing, emailing, and a few travel-related financial transactions. I am hoping that some small word processing program comes with Win 10. My questions summarized: (1) Is ...
by lawman3966
Tue Jul 10, 2018 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Anyone with experience in Social Security/SSA Hearings?
Replies: 15
Views: 2018

Re: Anyone with experience in Social Security/SSA Hearings?

I don't know whether you already know of the below linked site or not. I searched for it because, although I was aware of the rules for lawyer compensation for the application phase for social security disability, I didn't know what rules would apply for overpayment situations.

As I suspected, it's somewhat complicated. Based on what I learned in skimming the info at the linked page, it seems worthwhile for you to hire a lawyer (since the overpayment is much more than the usual retainer amounts).

https://www.disabilitysecrets.com/resou ... lp-you-fig
by lawman3966
Sun Jul 01, 2018 3:06 pm
Forum: Non-US Investing
Topic: Inheritance by U.S. Citizen from Former U.S. Green Card Holder
Replies: 29
Views: 4154

Re: Inheritance by U.S. Citizen from Former U.S. Green Card Holder

Bump with link to related question.

I posted a follow up question, about inheritance of IRAs, related to this thread at the link below. I'm bumping this thread to hopefully generate attention for the thread below by some of the great posters who responded to the earlier thread.

viewtopic.php?t=252797
by lawman3966
Fri Jun 29, 2018 4:15 pm
Forum: Personal Investments
Topic: I'm old, sold house and have $800k to invest.
Replies: 9
Views: 2898

Re: I'm old, sold house and have $800k to invest.

Well first, welcome to the forum.

From your post, it appears (though it's not completely clear) that you already own a home.

Assuming the above to be true, you could achieve security by buying a TIPS ladder. Rather than go into extensive detail, you could take this opportunity to start reading up on this subject and learning about them and buying them at your leisure. Link below.

https://www.treasurydirect.gov/indiv/pr ... glance.htm
by lawman3966
Fri Jun 29, 2018 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Retire at 55, what's the magic number
Replies: 205
Views: 41001

Re: Retire at 55, what's the magic number

Just chiming in re: health insurance. Unless you can manage your MAGI for an ACA subsidy, or have another form of health insurance, I would budget at least $25-$35k per year for coverage. The husband and I are late 40s and we budgeted $20k for this year. And it looks like we'll spend a little more than that . Two comments on the above: (1) Do you make any distinction between the periods before and after eligibility for Medicare. Once eligible for Medicare, it should not cost anything close $25-35K for coverage, per person. Once eligible for Medicare, with an Advantage plan, I expect to pay about $5K a year for coverage for the sum of Medicare part B and Medicare Advantage. Prior to Medicare eligibility, even without a subsidy, my impressio...
by lawman3966
Fri Jun 29, 2018 8:17 am
Forum: Non-US Investing
Topic: Distributing U.S. IRAs to U.S. and Canadian Beneficiaries
Replies: 5
Views: 1548

Distributing U.S. IRAs to U.S. and Canadian Beneficiaries

This question is related to a recent thread on cross-border inheritance, but goes in a different direction and thus warrants a separate thread. I have an elderly mother living in Canada who is a Canadian citizen and former U.S. person - a former long-time green card holder. She has an estate worth about $ 1.2 million U.S., most of which is currently invested in Canada in the form of real estate and financial accounts. However, about $100K of her assets are in U.S. IRAs. The purpose of this thread is to determine optimal strategies for distributing the IRAs in light of three factors (1) the existence of beneficiaries in both the U.S. and Canada (one in the U.S. and two in Canada); (2) the general tax treatment of IRAS (by both countries); an...
by lawman3966
Tue Jun 26, 2018 9:57 pm
Forum: Non-US Investing
Topic: Inheritance by U.S. Citizen from Former U.S. Green Card Holder
Replies: 29
Views: 4154

Re: Inheritance by U.S. Citizen from Former U.S. Green Card Holder

Here is my decidedly un-PC take: When my mother, living in Canada (but who had had green card status for 13 years until about 25 years before she passed), passed away, my modest inheritance came directly to me as a paper check, Canadian funds, from her estate attorneys' offices. I deposited it, after the bank exchange rate, into my account. Nothing more was ever said. No filing with any US agency was ever requested, or ever volunteered. Why turn over rocks that don't ask to be turned over? OP's other choice is to leave the funds in an account in Canada, but that's dicey because you have to indicate such accounts on your own tax return. Thanks for your input. If your mother moved back to Canada over 25 years ago (25 years before she passed ...
by lawman3966
Mon Jun 25, 2018 11:03 pm
Forum: Non-US Investing
Topic: Inheritance by U.S. Citizen from Former U.S. Green Card Holder
Replies: 29
Views: 4154

Re: Inheritance by U.S. Citizen from Former U.S. Green Card Holder

In which case, assuming that your mother indeed has a lingering green card status but owns absolutely no US assets -- no home in Florida, no 401k or IRA, no US-based bank or brokerage accounts, etc -- it seems to me that the best option here is to forget entirely that you ever heard of the 'exit tax', let any lingering green card status fester unaddressed, and simply get on with your lives as now. The IRS has forgotten about your mother. When she passes there will be no need for any US estate tax filing, so the IRS (and USCIS) will remain blissfully ignorant about that too. And on receiving your inheritance you can state hand-on-heart that it did not come from a 'covered expat '. In your situation, at least the parts of it that you have re...
by lawman3966
Sun Jun 24, 2018 11:09 am
Forum: Non-US Investing
Topic: Inheritance by U.S. Citizen from Former U.S. Green Card Holder
Replies: 29
Views: 4154

Re: Inheritance by U.S. Citizen from Former U.S. Green Card Holder

i can't believe I am suggesting this. But desperate times call for desperate measures. You didn't mention any siblings. If you have a sibling who is a Canadian citizen (and not entangled in the US miasma), and he/she is someone who you can trust - I mean really trust -- the inheritance can pass through them. i.e. they can turn around and gift it to you. I have two siblings. One is almost certainly a former long-term permanent resident. The other received a green card, but never lived in the U.S. and once, upon visiting the U.S., had his green card torn up by a border official on the grounds that he didn't live in the U.S. That second sibling is likely not a former U.S. person. I can look into this, but some concerns spring to mind. If disc...
by lawman3966
Sun Jun 24, 2018 10:47 am
Forum: Non-US Investing
Topic: Inheritance by U.S. Citizen from Former U.S. Green Card Holder
Replies: 29
Views: 4154

Re: Inheritance by U.S. Citizen from Former U.S. Green Card Holder

It sounds like my mother will need the advice of a cross-border estate planning firm. ... On this final point, be warned that any such firm will have no real choice but to recommend full compliance, undertaken by them (at, of course, huge cost). The rest of us can be more free with our opinions, though. In which case, assuming that your mother indeed has a lingering green card status but owns absolutely no US assets -- no home in Florida, no 401k or IRA, no US-based bank or brokerage accounts, etc -- it seems to me that the best option here is to forget entirely that you ever heard of the 'exit tax', let any lingering green card status fester unaddressed, and simply get on with your lives as now. The IRS has forgotten about your mother. Wh...
by lawman3966
Sat Jun 23, 2018 4:26 pm
Forum: Non-US Investing
Topic: Inheritance by U.S. Citizen from Former U.S. Green Card Holder
Replies: 29
Views: 4154

Re: Inheritance by U.S. Citizen from Former U.S. Green Card Holder

(1) My mother would not satisfy either of the financial tests. Her tax liability was far below $100K, and her net worth was below $500K in the mid-nineties when she expatriated. Okay. That tells us that she is not a 'covered expat' under the old pre-HEART 877 rules, but only if she filed the required paperwork at the time. Otherwise, if she did nothing then she remains technically still a 'US taxable person', but now with (very probably) a history of US tax non-compliance and as a result the potential for being a 'covered expat' under the 877A 'exit tax' rules. As I dig deeper into this, I find myself asking ever more questions. If she's not a covered expat, then all is fine (right??). If she is a covered expat under the 1996 rules, then s...
by lawman3966
Sat Jun 23, 2018 3:35 pm
Forum: Non-US Investing
Topic: Inheritance by U.S. Citizen from Former U.S. Green Card Holder
Replies: 29
Views: 4154

Re: Inheritance by U.S. Citizen from Former U.S. Green Card Holder

You can actually request the entire file the US immigration has on your mother (she has to do it) under the Freedom of Information Act (FOIA). That way you will know what you are dealing with, and then can plan accordingly. You can get the information at the following link: https://www.uscis.gov/about-us/freedom-information-and-privacy-act-foia/uscis-freedom-information-act-and-privacy-act Look for form G-639 under Forms on the right hand side. It is a straightforward form. It can take a few weeks to a couple of months. You will get the complete electronic document dump of pretty much everything USCIS has on you. You will be amazed at the details -- Right from the moment your mother entered the country. Granted it is not from the IRS and i...
by lawman3966
Fri Jun 22, 2018 10:58 pm
Forum: Non-US Investing
Topic: Inheritance by U.S. Citizen from Former U.S. Green Card Holder
Replies: 29
Views: 4154

Re: Inheritance by U.S. Citizen from Former U.S. Green Card Holder

#1) Even if an I-407 was filed, an 8854 is required too I believe. I don't think I-407 alone gets you free from being a U.S. resident for tax purposes. So it seems your mother could still be under US tax liability. Not sure how to confirm an 8854 was filed. Possible, but timing is important. In 2004 the AJCA raised the exit tax asset test limit from $500k to $2mm and at the same time created a brand new class of person. After AJCA passed, someone who expatriated or surrendered a green card but did not file an 8854 tax form remained a US citizen for tax purposes but not for immigration purposes . That is, they retained all the US tax burdens and responsibilities of a US citizen and/or resident while actually being neither of these, and with...