Search found 141 matches

by Chicago60
Wed May 25, 2016 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Professional Liability Insurance
Replies: 9
Views: 712

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: 336

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: 3621

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: 3621

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: 3621

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: 3621

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: 3621

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: 3621

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: 816

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: 1114

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: 2503

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: 2503

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: 242

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: 2547

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: 1196

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: 1978

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: 4812

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: 331

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: 599

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?
by Chicago60
Mon Mar 28, 2016 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues
Replies: 8
Views: 599

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

niceguy7376: I am concerned about adding to my tax advantaged accounts, whether IRA or 401K and the like, considering its current value and likely increase in the next 15 years. I think it likely makes sense only if sole proprietor income pushes me into the top tax bracket.
by Chicago60
Mon Mar 28, 2016 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues
Replies: 8
Views: 599

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

livesoft: Thanks for the "too much" Roth reference. That should help me nail the correct amount. Quite helpful. I am a sole proprietorship, so no other employees. retiredjg: I had not even considered the Roth-IRA, but that might work nicely depending on the employment income circumstances....
by Chicago60
Sun Mar 27, 2016 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues
Replies: 8
Views: 599

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

Bogleheads, thank you very much in advance for those of you who take the time to read the lengthy post and answer some of the questions. With the idea to minimize taxes for the next 15 years and beyond, I am looking for help with the timing of, and amounts to, convert my tIRA to Roth versus tax gain...
by Chicago60
Thu Mar 03, 2016 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Divorce - Splitting Finances
Replies: 25
Views: 2821

Re: Divorce - Splitting Finances

I do not know what a certified divorce financial planner is, but it might make sense for you to jointly hire one or someone similar, particularly since you seem to have issues to work through: you want to divide $1 million (approximate) of joint assets evenly, but they are located in different tax f...
by Chicago60
Wed Feb 24, 2016 5:55 pm
Forum: Investing - Theory, News & General
Topic: Reporter Seeking Retirees Who File Their Own Tax Returns
Replies: 5
Views: 904

Re: Reporter Seeking Retirees Who File Their Own Tax Returns

The OP likely is Tara Siegel Bernard ("TSB") who is one of the writers for the Your Money section of The New York Times.
by Chicago60
Wed Jul 22, 2015 4:14 pm
Forum: Investing - Help with Personal Investments
Topic: What type of Professional do I Need, or do I just need Bogleheads?
Replies: 17
Views: 2176

Re: What type of Professional do I Need, or do I just need Bogleheads?

Thanks, AWH....what source would I use to find such a person? You are correct: I am not seeking financial advice at all. I am looking to minimize tax consequences, determine how much of my IRA I should be converting to Roth, and how I should be selling assets and which ones to fund our budget and ma...
by Chicago60
Wed Jul 22, 2015 1:54 pm
Forum: Investing - Help with Personal Investments
Topic: What type of Professional do I Need, or do I just need Bogleheads?
Replies: 17
Views: 2176

Re: What type of Professional do I Need, or do I just need Bogleheads?

Good questions, thanks. I do plan on undertaking my own analysis of those very questions, and yes, a substantial amount of the I-bonds were bought with the fixed rates portion at 3.4, 3.6, 3.0, 2.0, and 1.6%. My real question is what credentials of a paid professional do I likely need?
by Chicago60
Wed Jul 22, 2015 1:32 pm
Forum: Investing - Help with Personal Investments
Topic: What type of Professional do I Need, or do I just need Bogleheads?
Replies: 17
Views: 2176

What type of Professional do I Need, or do I just need Bogleheads?

I am contemplating early retirement, or semiretirement, but either way my wages income will drop dramatically in 2016. I am 55, spouse is 54, and I expect to wait until 70 to collect SS. All of our equity investments are in low cost index funds. All of our income investments are in US I-bonds or EE ...
by Chicago60
Fri Feb 20, 2015 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Excluding oneself from a class action lawsuit?
Replies: 8
Views: 973

Re: Excluding oneself from a class action lawsuit?

THAT link contains the proper information. You should read the Notice and other documents, and decide for yourself whether to submit a claim. You may conclude, knowing that your maximum recovery is $50 per class member, that it is not worth your time. You may not. But either way, you are at least ma...
by Chicago60
Fri Feb 20, 2015 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Excluding oneself from a class action lawsuit?
Replies: 8
Views: 973

Re: Excluding oneself from a class action lawsuit?

From the article (NOT the Class Notice) you posted, it appears your question is likely moot: the District Judge was scheduled to consider the Final Settlement in January. If accurate, the Notice must have been sent months earlier, and the deadline whether to submit a claim form (where, according to ...
by Chicago60
Fri Feb 20, 2015 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Excluding oneself from a class action lawsuit?
Replies: 8
Views: 973

Re: Excluding oneself from a class action lawsuit?

Respectfully, do not ignore. The Notice will describe what, if anything, you might be entitled to. You may be able to submit a claim and receive something (likely not pennies, but also likely not $10,000--but I have seen everything in between). Should you choose to ignore it, you will be bound by th...
by Chicago60
Mon Jan 05, 2015 11:28 am
Forum: Investing - Theory, News & General
Topic: 2015 BOGLEHEAD CONTEST REGISTRATION
Replies: 557
Views: 28097

Re: 2015 BOGLEHEAD CONTEST REGISTRATION

Sadly, my prediction is: 1709
by Chicago60
Sat Oct 25, 2014 11:11 am
Forum: Personal Consumer Issues
Topic: File in Small Claims Court [against a cable TV provider]?
Replies: 8
Views: 954

Re: Filing Small Claims

You have, in my opinion, no chance of winning $ against them. The best you can hope for is that you do not owe them the amount they say, or some lesser amount. Other than non compensable aggravation, I see no damages for you.
by Chicago60
Sat Jul 05, 2014 10:34 am
Forum: Personal Finance (Not Investing)
Topic: windfall legal settlement - tax treatment?
Replies: 13
Views: 1917

Re: windfall legal settlement - tax treatment?

Kenner is correct. Simply calling something "pain and suffering" is meaningless to the IRS and does not bind it. The IRS will look to the nature of the claims and the facts and circumstances of the jury (or judge's) award. Your attorney MIGHT know how to handle it, but lawyers who handle l...
by Chicago60
Thu Jul 03, 2014 4:36 pm
Forum: Personal Consumer Issues
Topic: Class-action lawsuits
Replies: 16
Views: 1819

Re: Class-action lawsuits

A quick search revealed this MIGHT be your case (from Reuters in 2012): "Wells Fargo Bank NA was accused in a lawsuit of charging inflated premiums when it procures “force- placed” property insurance for homeowners whose coverage has lapsed. The premiums are inflated to cover kickbacks in the f...
by Chicago60
Wed Jun 11, 2014 10:21 am
Forum: Investing - Help with Personal Investments
Topic: What would "you" do?? [in this case]
Replies: 50
Views: 4357

Re: What would "you" do?? [in this case]

I would read sscritic's comments, and follow them. Completely. His writing is almost always concise and clear. (I might quibble with his comment that the last post was "illegal." It might violate this Blog's rules, but I see nothing illegal about the post.
by Chicago60
Thu May 22, 2014 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1059

Re: Help with my Northwestern Mutual Modified Endowment

Thanks for the responses. My initial purchase was for three reasons, in order of importance at the time: (1) shelter 100K from possible creditors (never became an issue), (2) provide a safe haven for the 100K and provide bond like returns for future years, and (3) ancillary life insurance benefits. ...
by Chicago60
Wed May 21, 2014 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1059

Re: Help with my Northwestern Mutual Modified Endowment

Term insurance covers those issues.
by Chicago60
Wed May 21, 2014 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1059

Re: Help with my Northwestern Mutual Modified Endowment

No interest in a 1035 Exchange, but thanks. I either keep the policy in effect and have the death benefit for my heirs (doubt I will do that), or take the cash (seems to make sense in December 2019 or January 2020).
by Chicago60
Wed May 21, 2014 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1059

Re: Help with my Northwestern Mutual Modified Endowment

My math tells me 5.26% as well. Not as high as I received in earlier years, but a high return in this rate environment. Cash value on our life policies (less about 40% for tax) is, in my view and consideration, part of the fixed income of our asset allocation, with the balance in CDs and I-Bonds. I ...
by Chicago60
Wed May 21, 2014 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1059

Help with my Northwestern Mutual Modified Endowment

In January 1997, I purchased for $100,000 a Modified Endowment Contract with NML. (I already know the general views of members of the blog as to the wisdom, or lack thereof, of purchasing whole life, let alone a MEC. The purchase was made so no need to dwell on the merits, or lack thereof, of that d...
by Chicago60
Wed Jan 22, 2014 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: FINRA Investor Complaint
Replies: 7
Views: 822

Re: FINRA Investor Complaint

You likely will have a difficult time finding an experienced securities litigator willing to take the case based simply on the amount at issue. No matter how simple you think the claim might be, they take considerable time and effort, and might require an expert witness. I would not pay a lawyer hou...
by Chicago60
Tue Jan 21, 2014 6:55 pm
Forum: Investing - Theory, News & General
Topic: Educational as the best investment?
Replies: 30
Views: 1671

Re: Educational as the best investment?

I would need more information. I agree with most of the comments here: I place an extremely high value, monetarily and otherwise, on getting a good education from a top school. For me, it is a no brainer. But....an advanced degree? Maybe, but maybe not....Tell me the specific circumstances. For exam...
by Chicago60
Tue Jan 14, 2014 2:39 pm
Forum: Personal Consumer Issues
Topic: college related advice for 11th grader
Replies: 180
Views: 15470

Re: college related advice for 11th grader

One other point worth considering: no matter how convinced he is now that STEM is what will interest him in college, I have seen others decide to change their majors and interests (as a result of burn-out or too competitive in extremely selective Universities) so consider as you narrow your choices ...
by Chicago60
Mon Jan 13, 2014 3:15 pm
Forum: Personal Consumer Issues
Topic: college related advice for 11th grader
Replies: 180
Views: 15470

Re: college related advice for 11th grader

Read and spend a great deal of time with collegeconfidential.com to get a sense of your child's likely acceptance and interest in the schools. Our three (2 graduated and one a college junior) attended selective schools. Their desires to visit schools varied from first visits in the fall junior year ...
by Chicago60
Wed Dec 11, 2013 9:21 pm
Forum: Personal Consumer Issues
Topic: Punitive damages - what car insurance won't cover
Replies: 7
Views: 1543

Re: Punitive damages - what car insurance won't cover

Punitive damages are generally not covered by an insurance policy as to do so would be against public policy. The acts described above likely would not lead to any claim or recovery of punitive damages.

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