Search found 1410 matches

by FIREchief
Mon Dec 18, 2017 12:01 am
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund if your tax circumstances will change in the future
Replies: 16
Views: 621

Re: Donor Advised Fund if your tax circumstances will change in the future

p.s. forgive me if you read the above elsewhere. I posted it in the WCI forum and my own site in the last 24 hours. Well, maybe you should provide a link to those threads, because by openly discussing the pending tax legislation you just got this thread killed. :oops: This thread was already a dead...
by FIREchief
Fri Dec 15, 2017 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: tax management: taking full advantage of AMT sweet spot
Replies: 15
Views: 1551

Re: tax management: taking full advantage of AMT sweet spot

FIREchief, it was a simplifying assumption indeed. Could you elaborate regarding going from 15% to 20% on capital gains? Are you saying that if we try to book more capital gains in order to increase income in AMT space, those capital gains would start getting taxed at 20%? In that case I am not wor...
by FIREchief
Fri Dec 15, 2017 2:25 am
Forum: Personal Finance (Not Investing)
Topic: tax management: taking full advantage of AMT sweet spot
Replies: 15
Views: 1551

Re: tax management: taking full advantage of ATM sweet spot

Is your assumption of "no capital gains or dividends" real, or just intended to simplify the example? Reason I ask is, that if you do have some meaningful capital gains/qualified dividends you'll also want to watch to see if at some point in the pursuit of the AMT sweet spot you're bumping from 15% ...
by FIREchief
Mon Dec 11, 2017 12:50 am
Forum: Investing - Help with Personal Investments
Topic: Portfolio advice: Total market vs Larry Portfolio
Replies: 44
Views: 3841

Re: Portfolio advice: Total market vs Larry Portfolio

- What's wrong with Larry being an academic? This might be a dumb question, but I would be grateful if someone could tell me concretely why an academic is less good at giving financial advice. I don't think it has anything to do with him (or anybody else) being an "academic." The concern that many ...
by FIREchief
Sun Dec 10, 2017 2:55 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity Tool to Model Cost Basis before you sell?
Replies: 7
Views: 406

Re: Fidelity Tool to Model Cost Basis before you sell?

Log into your Fidelity account.
Select "trade"
Select whatever type of security you have (sounds like stocks/ETFs)
Select "switch to expanded trade ticket"
Make the appropriate entries and look for a box to check that says "specific shares"
The system will walk you through from that point.
by FIREchief
Sun Dec 10, 2017 2:40 pm
Forum: Investing - Help with Personal Investments
Topic: Portfolio advice: Total market vs Larry Portfolio
Replies: 44
Views: 3841

Re: Portfolio advice: Total market vs Larry Portfolio

I would never choose a niche' portfolio based upon a book, author, expert commentary and, especially, past performance. Total US market is all I need/want for equities. It has served me very well for many years and I see no compelling reason to revisit this any time soon (or at all). :sharebeer
by FIREchief
Sun Dec 10, 2017 3:25 am
Forum: Personal Finance (Not Investing)
Topic: Can This be Part of an Estate Planning?
Replies: 7
Views: 924

Re: Can This be Part of an Estate Planning?

Lastly, regarding the RMD's that their daughters would be taking at age 50... I'm a retired CPA, but I never did taxes during my career... I know just enough about taxes to be dangerous. But my vague recollection is that non-spousal IRA's require that RMD's be taken over five years, not over the be...
by FIREchief
Sun Dec 10, 2017 3:18 am
Forum: Personal Finance (Not Investing)
Topic: How can someone who earns 500k/yr in w2 be in 25% tax bracket?
Replies: 17
Views: 2582

Re: How can someone who earns 500k/yr in w2 be in 25% tax bracket?

rocket354 wrote:
Sun Dec 10, 2017 12:46 am
MiddleOfTheRoad wrote:
Sun Dec 10, 2017 12:42 am
He may be quoting his effective tax rate. You would be surprised how a lot of people don’t know the difference.
This is probably the winner.
+2 Bingo. We have a winner.
by FIREchief
Sat Dec 09, 2017 11:44 pm
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

Washington DC has very specific requirements to open an estate and who gets paid. If there are no assets the executor is on the hook for quite a bit of work. If an estate has no assets, why would anybody agree to serve as executor? Because I would feel an obligation to settle the final affairs of m...
by FIREchief
Sat Dec 09, 2017 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

pondering wrote:
Sat Dec 09, 2017 7:36 am
Washington DC has very specific requirements to open an estate and who gets paid. If there are no assets the executor is on the hook for quite a bit of work.
If an estate has no assets, why would anybody agree to serve as executor?
by FIREchief
Fri Dec 08, 2017 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

... It is just one of my pet peeves that the whole probate/estate thing is "spun" so that everyone thinks that they have to have legal assistance. In my one experience they wanted 5K to fill out about 12 simple forms. Of course, in my case the 3 kids all got along and all it required was some docum...
by FIREchief
Fri Dec 08, 2017 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

It does not sound like there even needs to be an executor. In other words, if there is nothing to probate, there is no need to seek letters of administration. No legal executor is ever sworn in. Somebody, usually the person named executor in the will, takes charge of getting the final tax returns c...
by FIREchief
Fri Dec 08, 2017 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

bengal22 wrote:
Fri Dec 08, 2017 4:15 pm
For us it was 12 forms and that simple.
.
To each their own. 8-)
by FIREchief
Fri Dec 08, 2017 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

It is just one of my pet peeves that the whole probate/estate thing is "spun" so that everyone thinks that they have to have legal assistance. In my one experience they wanted 5K to fill out about 12 simple forms. Of course, in my case the 3 kids all got along and all it required was some documenta...
by FIREchief
Fri Dec 08, 2017 12:36 am
Forum: Personal Finance (Not Investing)
Topic: What do Bogleheads say when they don't want to spend money?
Replies: 103
Views: 5515

Re: What do Bogleheads say when they don't want to spend money?

To somebody I really like: "because I don't want to" To people I don't like: "mind your own business" To everybody else: "because I'll be lucky to keep my house" I want most people to think I'm about to lose my house (and that is really easy, because that is usually what they want to believe). 8-) (...
by FIREchief
Fri Dec 08, 2017 12:29 am
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

ccieemeritus wrote:
Thu Dec 07, 2017 11:50 pm
The will and beneficiary designations are in alignment.
Why would this matter?
by FIREchief
Fri Dec 08, 2017 12:26 am
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

I'm assuming the other sibling is the other co-executor. Sometimes one of the co-executors will resign to stay out of the other's way. I'm not sure how things are coordinated if they decide to work together. I've been told that if they choose to "work together," and require legal assistance; they w...
by FIREchief
Thu Dec 07, 2017 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: Executor responsibilities
Replies: 44
Views: 2957

Re: Executor responsibilities

I'm assuming the other sibling is the other co-executor. Sometimes one of the co-executors will resign to stay out of the other's way. I'm not sure how things are coordinated if they decide to work together. I've been told that if they choose to "work together," and require legal assistance; they w...
by FIREchief
Tue Dec 05, 2017 1:55 pm
Forum: Investing - Help with Personal Investments
Topic: Inheritance question - instructions for the wife if I were to expire unexpectedly
Replies: 5
Views: 790

Re: Inheritance question - instructions for the wife if I were to expire unexpectedly

+1 all the above On the advice of my CPA from years ago, each year after I finish the tax returns, I write/update a letter to DH talking in general terms about what I've done and where to look. I show the sealed envelope to DH each year when we go over our finances, and show him where I put it away...
by FIREchief
Mon Dec 04, 2017 1:58 pm
Forum: Investing - Help with Personal Investments
Topic: A " Bond Tent" During the "Retirement Red Zone?"
Replies: 52
Views: 4683

Re: A " Bond Tent" During the "Retirement Red Zone?"

ResearchMed wrote:
Sat Dec 02, 2017 10:48 pm
How/why does it matter if there have already been one or several years of retirement, or just one day?

RM
The difference is that when you are five years into retirement, you will live exactly five less years going forward. That reduces the risk of failure.
by FIREchief
Mon Dec 04, 2017 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

Does the law firm have a durable power of attorney from you as trustee so it can handle the real estate? Or are you simply counting on your being able to function and just hire the law firm to do the legal work? Interesting. Can a trustee give a power-of-attorney to another absent specific language...
by FIREchief
Mon Dec 04, 2017 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1659

Re: Umbrella insurance when assets mainly in trusts

Forgetting all the other (good) reasons to keep the umbrella; it is likely the cheapest form of "prepaid legal" out there. Since any of us can be sued for anything at any time, anybody with any assets to defend whatsoever could easily cover the cost of the umbrella just by having the insurance compa...
by FIREchief
Mon Dec 04, 2017 11:44 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks in freefall
Replies: 4184
Views: 1118712

Re: U.S. stocks in freefall

I just wanted to wish all the buy & hold investors HAPPY QUADRUPLE DAY!

The S&P 500 index hit a great recession low of 666 in 2009. Earlier today, it exceeded 2665. Simple math (and I'm not even including dividends). 8-)
by FIREchief
Sat Dec 02, 2017 9:29 pm
Forum: Investing - Help with Personal Investments
Topic: A " Bond Tent" During the "Retirement Red Zone?"
Replies: 52
Views: 4683

Re: A " Bond Tent" During the "Retirement Red Zone?"

I'm a strong supporter of this approach. Best way to enjoy long term market growth while mitigating sequence of returns risk.
by FIREchief
Sat Dec 02, 2017 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

If the trust was written properly there is a provision that outlines how the trustee can be removed. Spend a few dineros and consult an estate planning attorney. I manage a trust and have the funds invested with Portfolio Solutions (Rick Ferri's old firm). They charge .37% and use Vanguard and DFA ...
by FIREchief
Sat Dec 02, 2017 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

If the trust was written properly there is a provision that outlines how the trustee can be removed. Spend a few dineros and consult an estate planning attorney. I manage a trust and have the funds invested with Portfolio Solutions (Rick Ferri's old firm). They charge .37% and use Vanguard and DFA ...
by FIREchief
Sat Dec 02, 2017 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: PSA: consider pre-paying your property taxes and January mortgage payment
Replies: 21
Views: 2663

Re: PSA: consider pre-paying your property taxes and January mortgage payment

This is also not advantageous for people paying AMT, right? Since property tax is not deductible under AMT. It might be, depending on the situation. Even though the AMT takes away the itemized deduction, the more you can lower your regular taxes due, the longer you can stay in the AMT. In some situ...
by FIREchief
Thu Nov 30, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

I would not go so far as to say there are no true fiduciaries. In this thread at least two people have reported serving as individual trustees on trusts of which they are not beneficiaries, for free. Other than living up to promises made to friends and relatives, it is not clear how these people ar...
by FIREchief
Thu Nov 30, 2017 2:35 am
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

(In the context of corporate trustees) I don't believe a "true fiduciary" really exists. At it's strictest interpretation, this would mean that such a person/institution would place the highest priority on what is best for the customer. This directly conflicts with the business 101 "rule" that a co...
by FIREchief
Wed Nov 29, 2017 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning question (should we add beneficiaries to savings account?)
Replies: 33
Views: 1929

Re: Estate planning question (should we add beneficiaries to savings account?)

Didn't read every word of the answers. These things can get sidetracked... Yes to OP. Add beneficiaries to savings account ASAP. You must be one of Bruce's litigators!! LOL But seriously, you may wish to go back and review the entire thread, as there have been several excellent explanations as to w...
by FIREchief
Tue Nov 28, 2017 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

Are you paying 1% for investments in addition to a fee to manage the trust? Or is the 1% the all in fee? If the latter then you are getting a good deal. Many institutions charge twice that. Market pricing? Yes. Fair price? Maybe. "Good deal," I will tend to disagree. 1% per year for anybody to "man...
by FIREchief
Tue Nov 28, 2017 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

Are you paying 1% for investments in addition to a fee to manage the trust? Or is the 1% the all in fee? If the latter then you are getting a good deal. Many institutions charge twice that. Market pricing? Yes. Fair price? Maybe. "Good deal," I will tend to disagree. 1% per year for anybody to "man...
by FIREchief
Tue Nov 28, 2017 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance question: Inheriting something you aren't supposed to sell
Replies: 22
Views: 2772

Re: Inheritance question: Inheriting something you aren't supposed to sell

miamivice wrote:
Tue Nov 28, 2017 3:27 pm
There's an outside chance that either our sets of parents might end up leave her or myself an item (piece of real estate) with the condition it not be sold, as her/my portion of inheritance.
How is this possible in the absence of a trust with an independent trustee?
by FIREchief
Tue Nov 28, 2017 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

Are you paying 1% for investments in addition to a fee to manage the trust? Or is the 1% the all in fee? If the latter then you are getting a good deal. Many institutions charge twice that. Market pricing? Yes. Fair price? Maybe. "Good deal," I will tend to disagree. 1% per year for anybody to "man...
by FIREchief
Tue Nov 28, 2017 1:44 am
Forum: Investing - Theory, News & General
Topic: CNBC says Vanguard says 70% Chance of "Correction"
Replies: 63
Views: 7863

Re: CNBC says Vanguard says 70% Chance of "Correction"

I don't like Vanguard doing this being that they are so anti timing. It can easily generate panic amongst their customer base. People respect Vanguard and might make an irrational decision based on something like this. Calm, cool, passive investors don't bring in the $$$. You need nervous investors...
by FIREchief
Mon Nov 27, 2017 11:29 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning question (should we add beneficiaries to savings account?)
Replies: 33
Views: 1929

Re: Estate planning question (should we add beneficiaries to savings account?)

It was baffling to me that there are so many reports in this thread of people using "creative" approaches to keep monies out of their estates. Then it dawned on me that there is a large percentage of elderly (at least where I hail from) who believe that estate assets having to go through probate is ...
by FIREchief
Mon Nov 27, 2017 11:18 pm
Forum: Investing - Theory, News & General
Topic: CNBC says Vanguard says 70% Chance of "Correction"
Replies: 63
Views: 7863

Re: CNBC says Vanguard says 70% Chance of "Correction"

Sweet!!! Hopefully just in time for my January 2018 Roth conversions! I really like saving 10% on taxes. 8-)
by FIREchief
Mon Nov 27, 2017 11:13 pm
Forum: Personal Finance (Not Investing)
Topic: Independent Trustee Actively Managing Trust Account
Replies: 96
Views: 4375

Re: Independent Trustee Actively Managing Trust Account

OP - I understand your position and fully share your concerns that an independent trustee is likely not maximizing your ultimate trust benefits by investing in 34 active funds and charging a full 1% AUM. Unfortunately, as others have suggested, you're likely up against a brick wall on this. Assuming...
by FIREchief
Mon Nov 27, 2017 9:29 pm
Forum: Investing - Theory, News & General
Topic: How your FA, insurance agent, your community reacts when you show your financial knowledge?
Replies: 39
Views: 4598

Re: How your FA, insurance agent, your community reacts when you show your financial knowledge?

GreatLaker wrote:
Mon Nov 27, 2017 9:58 am
Huh? I did tell him via the message I left. Then he said something insulting like "what are you going to do, spend the money on a vacuum cleaner?"
Next time.....

"How did you know? I just hope it sucks as much as what you were trying to sell me." :twisted:
by FIREchief
Mon Nov 27, 2017 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Prepaying property taxes
Replies: 12
Views: 1327

Re: Prepaying property taxes

It would save me a lot of money to prepay my 2018 property taxes this year and double up my federal deduction for 2017. Based on following this forum, I have almost assumed this was fine to do. But, I stumbled across this in a past post on bogleheads: II. Deductibility of Prepaid Taxes Section 164(...
by FIREchief
Mon Nov 27, 2017 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning question (should we add beneficiaries to savings account?)
Replies: 33
Views: 1929

Re: Estate planning question (should we add beneficiaries to savings account?)

CAsage wrote:
Mon Nov 27, 2017 3:30 pm
People get strange about money, and if there is any chance of it being an issue, then it is far safer to put the house and the savings through probate.
Very true. Unfortunately, I've never encountered a situation where there is zero chance of people getting strange about money.
by FIREchief
Mon Nov 27, 2017 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning question (should we add beneficiaries to savings account?)
Replies: 33
Views: 1929

Re: Estate planning question (should we add beneficiaries to savings account?)

You wife has agreed to take on a tough, thankless job. Don't make it any harder on her by designating beneficiaries for the after-tax funds. It's fun to think about a world where everybody gets along and lives up to their responsibilities. The fact is, if all liquid cash assets are assigned benefici...
by FIREchief
Mon Nov 27, 2017 1:55 am
Forum: Investing - Theory, News & General
Topic: Have TIPS truly been tested yet?
Replies: 48
Views: 4434

Re: Have TIPS truly been tested yet?

whomever wrote:
Sun Nov 26, 2017 9:52 pm

(Well, they leave you less well off if there is deflation, and the CPI declines faster than actual deflation. That seems like an unlikely combination)
Not true if you buy TIPS at auction and hold them to maturity! 8-)
by FIREchief
Sun Nov 26, 2017 4:20 pm
Forum: Investing - Help with Personal Investments
Topic: Didn't buy Bitcoin at $4600
Replies: 138
Views: 10743

Re: Didn't buy Bitcoin at $4600

I was sitting in a cafe a couple of months ago, I didn't buy Bitcoin when it was $4600 per Bitcoin. I even had my bank info authenticated the few days prior. I think my PC battery died and I went to the gym instead. I don't really need the money, but I'd be lying if I said I don't feel a twinge of ...
by FIREchief
Sat Nov 25, 2017 11:50 pm
Forum: Investing - Help with Personal Investments
Topic: Didn't buy Bitcoin at $4600
Replies: 138
Views: 10743

Re: Didn't buy Bitcoin at $4600

It might help if you gave us some idea of what bitcoin is worth today?
by FIREchief
Sat Nov 25, 2017 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund for 2018 Planned Donations?
Replies: 29
Views: 2421

Re: Donor Advised Fund for 2018 Planned Donations?

I think the IRS would definitely frown on paying State taxes in 2017 for 2018 income. Most states I am familiar with (not that many) that have an online payment system don't allow payments for a future year. From IRS Memorandum 200814022: Section 164(a) provides for the deduction of the following t...
by FIREchief
Sat Nov 25, 2017 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund for 2018 Planned Donations?
Replies: 29
Views: 2421

Re: Donor Advised Fund for 2018 Planned Donations?

He seems to be asking if he can make an estimated payment towards his 2018 state tax liability prior to year end 2017. This would likely involve submitting a payment/voucher for first quarter 2018 state taxes. I doubt any state would be set up for this, but if it worked it could be a very nice thin...
by FIREchief
Fri Nov 24, 2017 11:43 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund for 2018 Planned Donations?
Replies: 29
Views: 2421

Re: Donor Advised Fund for 2018 Planned Donations?

Can I pay my tax year 2018 state taxes in 2017 and get the deduction? I don't know if states are set up to handle that. By the way, if you have appreciated stock, consider using that to fund your donor advised fund. You get the tax deduction for the current value of the stock without having to reco...
by FIREchief
Wed Nov 22, 2017 11:35 pm
Forum: Personal Finance (Not Investing)
Topic: Uber hacked - identities of 57 million exposed
Replies: 11
Views: 2170

Re: Uber hacked - identities of 57 million exposed

Surprised I have an limbs left with all the companies that have been hacking me. All kidding aside this is only going to get worse as the smart guys seem to work for the other team. Just keep changing passwords etc,,but I dont see any near term real protection from this other than protecting what y...
by FIREchief
Tue Nov 21, 2017 3:35 pm
Forum: Investing - Theory, News & General
Topic: Liability Matching Portfolio? Really?
Replies: 104
Views: 16452

Re: Liability Matching Portfolio? Really?

There is no such thing as a more or less "safe" asset in the longer term. Thus, the perception that it is possible to "quit the game" is a dangerous illusion. TIPS? Not for high income/high net worth investors with large taxable accounts. If we ever get the rip-roaring inflation that TIPS are bough...