Search found 170 matches

by Chicago60
Wed Jul 27, 2016 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Should I worry about FDIC limits if only a short time period is involved?
Replies: 17
Views: 902

Re: Should I worry about FDIC limits if only a short time period is involved?

Nobody lost any money even during the financial crisis. Even the customers at the few banks that went under who had more than deposits than the FDIC insures didn't lose any money. I am not sure this is accurate. To be sure, when a financial institution goes under and the FDIC finds another to take ...
by Chicago60
Wed Jul 27, 2016 11:44 am
Forum: Personal Finance (Not Investing)
Topic: Question on Lender practice financing guaranty
Replies: 4
Views: 208

Re: Question on Lender practice financing guaranty

HUEY's suggestion above is sound. Hiring a local lawyer to review the docs and give you advice with experience in this specific field may also reveal, if you have the time, whether competitive financial institutions would likely loan the Company the money given the collateral without a personal guar...
by Chicago60
Wed Jul 27, 2016 9:56 am
Forum: Investing - Help with Personal Investments
Topic: New retiree seeking ideas for keeping portfolio proportions while minding taxes
Replies: 10
Views: 846

Re: New retiree seeking ideas for keeping portfolio proportions while minding taxes

I would consider if this strategy made sense for you: (1) in year one, harvest capital gains in the brokerage account up to the very top of the 15% tax bracket which will effectively provide these gains tax free; (2) maintain your AA to your comfort level by using the excess of these gains over your...
by Chicago60
Wed Jul 27, 2016 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Should I worry about FDIC limits if only a short time period is involved?
Replies: 17
Views: 902

Re: Should I worry about FDIC limits if only a short time period is involved?

"Short time period" for this issue in my mind is a day, or two. If I had to make a deposit in excess of FDIC limits, and the funds were going to sit in the financial institution for a day or two, I would probably not go through the hassle of depositing in 2 (or more) financial institutions...
by Chicago60
Sat Jul 23, 2016 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Binding Arbitration and Class Action Waiver
Replies: 4
Views: 438

Re: Binding Arbitration and Class Action Waiver

In my opinion, these provisions on a macro basis are terrible for consumers. On an individual basis, they seem to me reasonably irrelevant.
by Chicago60
Sat Jul 23, 2016 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Maximizing retirement spending power - Basic case study.
Replies: 23
Views: 3635

Re: Maximizing retirement spending power - Basic case study.

You are correct that the TIRA will have compounded tax free. WRONG. The tIRA will compound tax-DEFERRED. "Gil", I think you need to consider what appears to be the "standard scenario" in this forum. I've responded to your posts before and don't have time to crunch the numbers. B...
by Chicago60
Thu Jul 21, 2016 8:37 am
Forum: Personal Consumer Issues
Topic: Hyatt 2 free nights credit card
Replies: 27
Views: 1222

Re: Hyatt 2 free nights credit card

If we are going to suggest specific hotels: my favorite Hyatt property is the Grand Hyatt Kauai - it's a spectacular hotel in a spectacular setting. If you're into going to Caribbean resorts, the all-inclusives seem like a tempting option, but I haven't been to Hyatt's and can't recommend them pers...
by Chicago60
Thu Jul 21, 2016 8:34 am
Forum: Personal Finance (Not Investing)
Topic: TDBank promo just started easy $600
Replies: 78
Views: 8755

Re: TDBank promo just started easy $600

Appears you need to use direct deposit. Aside from paychecks and SS checks, can anyone comment on what could potentially be used for direct deposit? If you have an online savings account at Capital One 360 and, I would assume, most online banks, you can schedule monthly ACH transfers at no cost fro...
by Chicago60
Thu Jul 21, 2016 7:31 am
Forum: Personal Consumer Issues
Topic: Hyatt 2 free nights credit card
Replies: 27
Views: 1222

Re: Hyatt 2 free nights credit card

Yes, and yes. To really take advantage of this, you should consider researching on the Hyatt website and some travel blogs for Hyatt 7 or 6 star properties. We thought we received amazing value for the Zilara Cancun; so much so that we have now booked the Zilara Montego Bay with LW's 2 free nights, ...
by Chicago60
Wed Jul 20, 2016 9:59 am
Forum: Personal Consumer Issues
Topic: Anyone Skilled at Redeeming Credit Card Travel Points?
Replies: 25
Views: 1942

Re: Anyone Skilled at Redeeming Credit Card Travel Points?

My best advice is to click on one of the links below of the blogging experts I follow, and then do a search for ultimate rewards within the blog and get great information you can tailor for your specific circumstances: http://onemileatatime.boardingarea.com/ http://viewfromthewing.boardingarea.com/ ...
by Chicago60
Wed Jul 20, 2016 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Citibank checking account
Replies: 32
Views: 3013

Re: Citibank checking account

My limited experience: Last year I opened a Citigold account for two reasons: (1) I was awarded 40,000 or 50,000 (I do not remember) Thank You points for opening the account and maintaining some minimum balance for 3 months which I have used with my Citi Premier and Citi Prestige credit cards (50,00...
by Chicago60
Wed Jul 20, 2016 9:45 am
Forum: Personal Consumer Issues
Topic: Why did the car salesman stop replying to my emails
Replies: 78
Views: 7394

Re: Why did the car salesman stop replying to my emails

livesoft wrote:They went on vacation or quit their job or got fired.

This......and

wander wrote:Or call to ask them.


This.
by Chicago60
Mon Jul 18, 2016 7:19 am
Forum: Investing - Help with Personal Investments
Topic: New Job. Employer Offers 8% Dividend Fund. Catch?
Replies: 10
Views: 1267

Re: New Job. Employer Offers 8% Dividend Fund. Catch?

I wouldn't ask for any information or documents; based on the circumstances, I would simply tell your Mom not to invest.
by Chicago60
Fri Jul 15, 2016 7:47 am
Forum: Investing - Theory, News & General
Topic: 5-year CD rate
Replies: 9
Views: 1326

Re: 5-year CD rate

The best website I have found to list CD rates and reviews of financial institutions is: https://www.depositaccounts.com/blog/
by Chicago60
Thu Jul 14, 2016 4:26 pm
Forum: Investing - Theory, News & General
Topic: CD Rates Falling, But Yield Premiums Still Attractive
Replies: 7
Views: 1460

Re: CD Rates Falling, But Yield Premiums Still Attractive

Thanks immensely for the detailed thoughtful response. This helps me greatly. I am convinced, based on my calculations, that I need to transfer assets generating taxable income into other assets--first step is maturing CDs to the right muni bonds, and the second step is to analyze which ETFs should ...
by Chicago60
Thu Jul 14, 2016 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: When to file for bankruptcy, if at all?
Replies: 22
Views: 1466

Re: When to file for bankruptcy, if at all?

They have little choice other than to seek a Bankruptcy lawyer who can address answers to each of these important questions and can advise on feasible options. By definition, anyone filing for bankruptcy "cannot afford" a lawyer, but so long as there are some assets, it is money very well ...
by Chicago60
Thu Jul 14, 2016 8:06 am
Forum: Investing - Theory, News & General
Topic: CD Rates Falling, But Yield Premiums Still Attractive
Replies: 7
Views: 1460

Re: CD Rates Falling, But Yield Premiums Still Attractive

Kevin, excellent and helpful post as usual. I really think of you as the fixed income guru on this site. My fixed income portion of my asset allocation is, and has for 15 years been, almost exclusively in I-Bonds and 5 year CD ladders, using Ken Tumin's site as my primary resource to purchase new CD...
by Chicago60
Tue Jul 12, 2016 2:04 pm
Forum: Investing - Help with Personal Investments
Topic: Strategy for conversion of $1.8 million IRA
Replies: 63
Views: 5892

Re: Strategy for conversion of $1.8 million IRA

I think I have it figured out now, after referencing the examples you cited. The key is that ordinary taxable income fills the brackets first and then dividends and capital gains go on top of that. If ordinary income less deductions is below the 15% bracket threshold then capital gains and dividend...
by Chicago60
Mon Jul 11, 2016 6:29 pm
Forum: Investing - Help with Personal Investments
Topic: Strategy for conversion of $1.8 million IRA
Replies: 63
Views: 5892

Re: Strategy for conversion of $1.8 million IRA

Sorry, but my comment was not referring to those taking SS and I hope Bob's not my name's "No, it doesn't" was referring to the SS thing. :) Read example 3 in Kitces (actually read the entire article): https://www.kitces.com/blog/understanding-the-mechanics-of-the-0-long-term-capital-gain...
by Chicago60
Mon Jul 11, 2016 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: Strategy for conversion of $1.8 million IRA
Replies: 63
Views: 5892

Re: Strategy for conversion of $1.8 million IRA

[quote="Watty"] One thing that is interesting about your situation is that you have $90K in qualified dividends. The tax rate on these up to the top of the 15% tax bracket is 0% so if you did not have any other taxable income or Roth contributions for the year then then your total federal ...
by Chicago60
Sat Jul 09, 2016 8:04 am
Forum: Investing - Help with Personal Investments
Topic: Strategy for conversion of $1.8 million IRA
Replies: 63
Views: 5892

Re: Strategy for conversion of $1.8 million IRA

For someone like WildBill who has "won the game" and presumably is placing the fixed income portion of his asset allocation in safe CD's and earning interest, is getting the interest out of taxable by placing them in a muni bond fund worth that additional risk? Are there other better alter...
by Chicago60
Sat Jul 09, 2016 7:55 am
Forum: Investing - Help with Personal Investments
Topic: $400,000 Roth Conversions Between Ages 66-69?
Replies: 109
Views: 10509

Re: $400,000 Roth Conversions Between Ages 66-69?

Thank you, indeed. This requires further study.
by Chicago60
Fri Jul 08, 2016 9:40 am
Forum: Investing - Help with Personal Investments
Topic: Strategy for conversion of $1.8 million IRA
Replies: 63
Views: 5892

Re: Strategy for conversion of $1.8 million IRA

Your circumstance and portfolio is reasonably similar to our own, but let me share what I have done, and likely will be doing. First, I opened a Vanguard individual 401K and funded only the employee portion as a Roth 401K of $24,000 which you (24K) and your wife (18K) might be able to each do from y...
by Chicago60
Fri Jun 17, 2016 1:13 pm
Forum: Investing - Help with Personal Investments
Topic: Law firm capital contribution as part of asset allocation?
Replies: 11
Views: 998

Re: Law firm capital contribution as part of asset allocation?

I (did and) would view it differently than others. I would view the capital contribution simply as a buy in to get the added status at the firm, and the added upside potential in profits per partner. I would view it, particularly with the uncertainty in today's legal profession and the change in the...
by Chicago60
Mon Jun 13, 2016 7:35 am
Forum: Personal Consumer Issues
Topic: Would you pay 6x face value to see Hamilton on Broadway?
Replies: 139
Views: 8473

Re: Would you pay 6x face value to see Hamilton on Broadway?

I certainly would pay above face value, but not 6 times face. I'd probably only pay that price to see the Chicago Cubs in the World Series. I will be buying tickets AT face value for Hamilton in Chicago when the tickets go on sale soon.
by Chicago60
Tue Jun 07, 2016 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting self against frivolous lawsuits?
Replies: 23
Views: 2469

Re: Protecting self against frivolous lawsuits?

The case could not be (properly) removed to federal court because the (true, or even alleged probably) amount in controversy did not meet the jurisdiction threshold. The article is silly, and its sole purpose (and the correct response to such a claim) was rightly pointed out by atlantaguy. It also a...
by Chicago60
Thu Jun 02, 2016 10:23 pm
Forum: Investing - Help with Personal Investments
Topic: Contact state attorney general or attorney regarding financial advisor?
Replies: 10
Views: 1151

Re: Contact state attorney general or attorney regarding financial advisor?

You may want to contact the attorney general or financial regulator in your state, but, based on what you wrote, I suspect your complaint to the regulatory agency will give you little satisfaction. On the other hand, you very well may have a valid claim for damages. You likely signed an agreement at...
by Chicago60
Wed May 25, 2016 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Professional Liability Insurance
Replies: 9
Views: 793

Re: Professional Liability Insurance

This may be a local issue where you live, but I too am puzzled why your employer doesn't provide professional liability insurance for the company and its employees acting within the scope of their employment. A question you may want to ask the appropriate person at your company, as well as a broker.
by Chicago60
Fri May 20, 2016 2:03 pm
Forum: Personal Consumer Issues
Topic: Officer of company - can I invoice company as well from my S-corp?
Replies: 7
Views: 402

Re: Officer of company - can I invoice company as well from my S-corp?

Your friend is an executive employee of a company and that company will be giving him a raise as an employee. Your friend has a completely separate entity and wants that entity to receive the raise (instead of him) though the entity has done nothing for the company. Seems wrong to me as well. And, d...
by Chicago60
Wed May 18, 2016 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Could I be held Liable for giving financial advice to a friend
Replies: 37
Views: 3833

Re: Could I be held Liable for giving financial advice to a friend

My last post on the subject: in an arbitration brought by a customer (customer v. broker), an arbitration panel makes the decision in favor of the claimant or broker, and hence the self regulatory agency (FINRA) has made no such determination, even though FINRA provides the forum. And, as I said bef...
by Chicago60
Wed May 18, 2016 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Could I be held Liable for giving financial advice to a friend
Replies: 37
Views: 3833

Re: Could I be held Liable for giving financial advice to a friend

You are correct that claims against brokers currently are almost uniformly arbitrated, because opening account docs contain arbitration clauses that require the customer file a claim with FINRA. But, you are incorrect that customer awards (or settlements for that matter) in arbitration result in reg...
by Chicago60
Wed May 18, 2016 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Could I be held Liable for giving financial advice to a friend
Replies: 37
Views: 3833

Re: Could I be held Liable for giving financial advice to a friend

Neuro: respectfully, apples and oranges. Your reply focuses on discipline (if any) of the broker. My focus as a lawyer, and in answering your specific question, was awards "clients have won against a broker" or brokerage firm. When a client loses money, my experience is that they want to b...
by Chicago60
Wed May 18, 2016 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Could I be held Liable for giving financial advice to a friend
Replies: 37
Views: 3833

Re: Could I be held Liable for giving financial advice to a friend

Neuro: I did not interpret your reply as being antagonistic in any respect, and appreciate the thoughtful reflections. To answer your specific question, as you no doubt know (based on the substance of your response, it seems clear you are somehow "in the industry"), favorable settlements f...
by Chicago60
Wed May 18, 2016 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Could I be held Liable for giving financial advice to a friend
Replies: 37
Views: 3833

Re: Could I be held Liable for giving financial advice to a friend

Respectfully, Neurosphere, your post is flatly wrong concerning the duties owed by a fiduciary, let alone the duties owed by a broker who may not meet the fiduciary standard. Cases are won all the time before FINRA by customers suing their brokers, even those who do not meet the fiduciary standard, ...
by Chicago60
Tue May 17, 2016 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Could I be held Liable for giving financial advice to a friend
Replies: 37
Views: 3833

Re: Could I be held Liable for giving financial advice to a friend

If the friend is not a client, and you are not a CFP or broker, than you should not be held liable, but the better suggestion is what gips said. If you are a broker, and the friend is a client, you very well may be accountable depending on the circumstances, even absent a fiduciary duty.
by Chicago60
Tue May 17, 2016 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Profesional Practice Partnership Questions
Replies: 15
Views: 925

Re: Profesional Practice Partnership Questions

You believe you were verbally guaranteed a partnership three years ago in the future, before you had worked there at all, without any conditions as to your work quality, the economy, the revenue of the practice, etc, etc? And, you want to make this an issue when the CEO tells you past practice makes...
by Chicago60
Sun May 15, 2016 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Protect Assets by Transferring to "Low-Risk" Spouse?
Replies: 11
Views: 1196

Re: Transfer Assets to Wife to Protect?

I cannot answer your specific question, but either you or your law firm on your behalf should purchase a malpractice tail to cover you for claims made on or after your retirement date.
by Chicago60
Sun May 15, 2016 3:05 pm
Forum: Personal Consumer Issues
Topic: Should I go to NHL Western Conference Finals game?
Replies: 36
Views: 2705

Re: Should I go to NHL Western Conference Finals game?

Yes, sitting that close, it will be chilly. You will want layers.
by Chicago60
Sun May 15, 2016 1:21 pm
Forum: Personal Consumer Issues
Topic: Should I go to NHL Western Conference Finals game?
Replies: 36
Views: 2705

Re: Should I go to NHL Western Conference Finals game?

As someone who has seen some great hockey in person in Chicago the last 6-7 years, I can say you should definitely go. The ticket price is reasonable, and no sport is more entertaining live than playoff hockey.
by Chicago60
Sun May 15, 2016 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Question on Individual 401K with Roth component and taxes
Replies: 4
Views: 263

Question on Individual 401K with Roth component and taxes

I am opening a 401K for a sole proprietorship and trying to understand the tax implications of opening a 401K and the deductibility of my health insurance premiums. Hypothetical: Revenue of $50,000 and total expenses (excluding $15,000 of health insurance premiums, taxes, and 401K) of $20,000. So, m...
by Chicago60
Thu May 12, 2016 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: Government Law Survivor - having difficulty retiring
Replies: 25
Views: 2713

Re: Government Law Survivor - having difficulty retiring

Miriam, my suggestion: start doing pro bono work. All of the skills you have as a government lawyer, albeit for one client, will translate to any pro bono work that fits your interests, and you will feel fulfilled in ways that likely brought you to law school in the first place.
by Chicago60
Wed Apr 20, 2016 8:46 am
Forum: Personal Finance (Not Investing)
Topic: 529's for each child
Replies: 12
Views: 1268

Re: 529's for each child

Any reason? Maybe you don't want Kid #2 and Kid#3 (and so on) thinking Kid#1 is favored, particularly because I see no downside to multiple 529's?
by Chicago60
Wed Apr 20, 2016 8:26 am
Forum: Investing - Help with Personal Investments
Topic: Voya Fixed Account 4%
Replies: 11
Views: 2082

Re: Voya Fixed Account 4%

Why invest in something you do not fully understand? In fact, it seems you have received conflicting information, which I would also find troubling. I searched "fixed account" and "fixed account 02" on Voya Financial's website, and could not find either. I did see a Fixed Annuity...
by Chicago60
Mon Apr 18, 2016 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: How Did You File Your Income Taxes for 2015?
Replies: 101
Views: 5200

Re: How Did You File Your Income Taxes for 2015?

2015 was the 40th straight year I filed my federal and state tax returns, and I have done so the same way every year: by hand with pen and paper and mailed, usually in mid-February.
by Chicago60
Fri Apr 08, 2016 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Any limitation on self employed health insurance premium deduction?
Replies: 6
Views: 372

Re: Any limitation on self employed health insurance premium deduction?

Here is a limitation, I believe: If you are a sole practitioner, I believe you can deduct the health insurance premiums only to the extent you have profits on Schedule C. So, OP, it is possible you have substantial income (from capital gains, dividends, and interest income) but cannot deduct the pre...
by Chicago60
Wed Mar 30, 2016 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues
Replies: 8
Views: 642

Re: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues

I have researched and will be opening a solo Roth 401(k). Thanks for the suggestion. Any Boglehead comments on the other issues?

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