Search found 3127 matches

by Gill
Tue May 23, 2017 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Heir died before receiving full share due
Replies: 9
Views: 1899

Re: Heir died before receiving full share due

There is a procedure in most states permitting a bequest, when an heir can't be determined or located, to be paid into the court so the estate may be closed. You might consider resorting to this.
Gill
by Gill
Tue May 23, 2017 8:04 am
Forum: Personal Finance (Not Investing)
Topic: Heir died before receiving full share due
Replies: 9
Views: 1899

Re: Heir died before receiving full share due

The safest way is to get an order of the probate court authorizing you to make the distribution. Don't take the responsibility upon yourself.
Gill
by Gill
Mon May 22, 2017 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Heir died before receiving full share due
Replies: 9
Views: 1899

Re: Heir died before receiving full share due

If he died after the decedent, his interest would be vested and payable to his estate unless the will said something to the effect the beneficiary had to survive the decedent by a certain number of days. You will need some evidence of his will or the disposition of his estate if he had no will.
Gill
by Gill
Mon May 22, 2017 2:58 pm
Forum: Investing - Help with Personal Investments
Topic: How to Invest Church Money
Replies: 46
Views: 2791

Re: How to Invest Church Money

Start by looking into your state statutes which may regulate the investments of nonprofit and charitable organizations. I would think you should invest in nothing but high quality corporate or government bonds or CD's. The congregation won't be happy if you turn their $500,000 into $400,000!
Gill
by Gill
Sun May 21, 2017 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Galapagos Trip, Suggestions
Replies: 17
Views: 1485

Re: Galapagos Trip, Suggestions

If you want to go first class, I'd highly recommend the Celebrity Xpedition which is a week visiting the islands on a ship with guided tours, coupled with flights to and from Quito, Ecuador. You can't tour the Galapagos without a guide.
Gill
by Gill
Sun May 21, 2017 5:25 pm
Forum: Personal Consumer Issues
Topic: What happens to a 1 person business if the owner dies?
Replies: 12
Views: 1385

Re: What happens to a 1 person business if the owner dies?

smitcat wrote:" I mean it's small fry in the grand scheme of things but if 30 billable hours got missed that's $10,500 in uncollected receivables."

I assume that is a typo ...

Are you surprised at $350 an hour?
Gill
by Gill
Sun May 21, 2017 8:15 am
Forum: Investing - Help with Personal Investments
Topic: Taxes on Series EE bonds issued in 1987
Replies: 13
Views: 912

Re: Taxes on Series EE bonds issued in 1987

minesweep wrote:My late sister’s husband purchased a number of EE bonds ($500 & $1,000 denominations) back in the 1980's. The yield (according to Savings Bonds Wizard) was 5.16%. When they matured in 2015 & 2016 she paid taxes on $96,600 of interest.

Would have been a good year to fund a DAF

Gill
by Gill
Sat May 20, 2017 2:45 pm
Forum: Investing - Help with Personal Investments
Topic: Taxes on Series EE bonds issued in 1987
Replies: 13
Views: 912

Re: Taxes on Series EE bonds issued in 1987

It's quite a common practice to report accrued savings bond interest on a decedent's final income tax return resulting in none of that income having to be reported by the beneficiaries of the estate.
Gill
by Gill
Sat May 20, 2017 10:13 am
Forum: Investing - Help with Personal Investments
Topic: Taxes on Series EE bonds issued in 1987
Replies: 13
Views: 912

Re: Taxes on Series EE bonds issued in 1987

Nothing you can do unless there is the possibility you or your mother elected to accrue and report the interest on previous tax returns. Also, there is a possible credit if there was any estate tax paid in your mother's estate. Other than that, try to keep your 2017 income to a minimum and maximize ...
by Gill
Sat May 20, 2017 10:02 am
Forum: Investing - Help with Personal Investments
Topic: Inheriting brokerage account- questions
Replies: 20
Views: 978

Re: Inheriting brokerage account- questions

I just might mention something to those who are worried about big capital gains in the estate if securities are liquidated. Most of you are aware that there is normally a stepup in basis to FMV at date of death of all estate assets. However, are you aware that estate administration expenses can be t...
by Gill
Fri May 19, 2017 5:30 am
Forum: Personal Consumer Issues
Topic: Death in family a week before cruise
Replies: 30
Views: 3408

Re: Death in family a week before cruise

Five of my sister's family members were scheduled for a cruise, when the grandmother passed away unexpectedly. Another family member took Grandmother's place, with little fanfare, and just what the grandmother would have wanted. Was that before 9/11? It's more difficult to do now than it once was. ...
by Gill
Thu May 18, 2017 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Question on process for trust beneficiaries
Replies: 7
Views: 457

Re: Question on process for trust beneficiaries

Generally speaking, the successor trustees only have to submit proof they are now the current trustees, usually by a death certificate of the former trustee, and a copy of the trust instrument. They are then in a position to sell, dispose of and distribute assets under the terms of the trust. If the...
by Gill
Thu May 18, 2017 2:30 pm
Forum: Investing - Help with Personal Investments
Topic: Inheriting brokerage account- questions
Replies: 20
Views: 978

Re: Inheriting brokerage account- questions

I can't believe the estate has held the original assets of the estate for 2-1/2 years without the consent of the beneficiaries. You wouldn't be very happy if the market had dropped 50% during this period while the executor sat on the original assets. This should have been liquidated in 2014 and cer...
by Gill
Thu May 18, 2017 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Question on process for trust beneficiaries
Replies: 7
Views: 457

Re: Question on process for trust beneficiaries

You also should take a look at pensions, retirement accounts, and life insurance policies and make sure you have the beneficiary designations and successor/contingent beneficiaries set up as desired. Co-executors is probably the way to go if your children get along with each other and neither has a...
by Gill
Thu May 18, 2017 7:26 am
Forum: Personal Finance (Not Investing)
Topic: Matured EE Bond
Replies: 3
Views: 515

Re: Matured EE Bond

There should be no tax or penalty. The income was reportable on her return and because her income was low there was no tax due. If you want to be more confident of the outcome, file a return for her for this year reporting the redemption. There will be no tax or penalty.
Gill
by Gill
Wed May 17, 2017 8:36 pm
Forum: Investing - Help with Personal Investments
Topic: Inheriting brokerage account- questions
Replies: 20
Views: 978

Re: Inheriting brokerage account- questions

I can understand your frustration. I have seen estates take decades to settle when closely held businesses are involved. The poster who suggested you should have completed the estate administration in a year is thinking of an estate with a few bank accounts and an IRA. That being said, why can't the...
by Gill
Wed May 17, 2017 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Challenging a Late Medical Bill
Replies: 22
Views: 1464

Re: Challenging a Late Medical Bill

Unless someone can cite a reference, contrary to common belief, I do not believe there is a statute of limitations on paying or being obligated to pay a legitimate obligation in the past. These kinds of things are very annoying, to say the least. Going back two years and having changed insurance, i...
by Gill
Wed May 17, 2017 7:59 pm
Forum: Investing - Help with Personal Investments
Topic: Inheriting brokerage account- questions
Replies: 20
Views: 978

Re: Inheriting brokerage account- questions

Can't the executor or the beneficiaries instruct the advisor to cease activity on the account and have all dividends and interest go into a money market account? There is no problem selling individual bonds if you inherit them, regardless of where the issuing government unit is located and where yo...
by Gill
Wed May 17, 2017 6:15 pm
Forum: Investing - Help with Personal Investments
Topic: Inheriting brokerage account- questions
Replies: 20
Views: 978

Re: Inheriting brokerage account- questions

FelixTheCat wrote:Why is this taking so long? Probate is usually one year.

Usually only the simplest of estates can be wound up in a year. With a Federal estate tax return and subsequent audit or delay waiting for a closing letter, you can count on two years or more.
Gill
by Gill
Wed May 17, 2017 4:30 pm
Forum: Investing - Help with Personal Investments
Topic: Inheriting brokerage account- questions
Replies: 20
Views: 978

Re: Inheriting brokerage account- questions

I can't believe the estate has held the original assets of the estate for 2-1/2 years without the consent of the beneficiaries. You wouldn't be very happy if the market had dropped 50% during this period while the executor sat on the original assets. This should have been liquidated in 2014 and cert...
by Gill
Mon May 15, 2017 9:50 am
Forum: Personal Finance (Not Investing)
Topic: My SS Deposit Keeps Getting Earlier and Earlier Every Month
Replies: 16
Views: 1942

Re: My SS Deposit Keeps Getting Earlier and Earlier Every Month

Social Security deposits are on either the 2d, 3d or 4th Wednesday of the month depending on the day of the month you were born. I suspect you are not remembering correctly about your earlier deposits. Gill Unless you were receiving SS retirement many years ago, SS retirement deposits are on the 2n...
by Gill
Mon May 15, 2017 9:42 am
Forum: Personal Finance (Not Investing)
Topic: My SS Deposit Keeps Getting Earlier and Earlier Every Month
Replies: 16
Views: 1942

Re: My SS Deposit Keeps Getting Earlier and Earlier Every Month

Social Security deposits are on either the 2d, 3d or 4th Wednesday of the month depending on the day of the month you were born. I suspect you are not remembering correctly about your earlier deposits. Those who were receiving benefits before early 1997 still receive them on the 3d of the month. I s...
by Gill
Sat May 13, 2017 11:13 am
Forum: Personal Finance (Not Investing)
Topic: "simultaneous death" of IRA owner and spousal beneficiary
Replies: 13
Views: 1220

Re: "simultaneous death" of IRA owner and spousal beneficiary

Thanks for the endorsements guys, but I may have blown it on this one by not fully reading the original question. If it is clear who survived, then the disposition would be determined by the will of the beneficiary. If the survivor is unclear, most, if not all, states have a simultaneous death statu...
by Gill
Sat May 13, 2017 10:46 am
Forum: Personal Finance (Not Investing)
Topic: "simultaneous death" of IRA owner and spousal beneficiary
Replies: 13
Views: 1220

Re: "simultaneous death" of IRA owner and spousal beneficiary

IANAL but I believe that the will will prevail in this circumstance. Some beneficiary and will designations allow for special contingencies to be setup such that if the beneficiary dies within 30 days following my death then they shall be considered to have pre-deceased me. With no contingent benef...
by Gill
Sat May 13, 2017 10:13 am
Forum: Personal Consumer Issues
Topic: Why are the [Florida] Keys so expensive?
Replies: 29
Views: 8043

Re: Why are the [Florida] Keys so expensive?

As I posted above four years ago, the cruise ships have absolutely ruined Key West and nothing has improved since. It was a wonderful oasis when I first went there in the '70's. Cruise ship passengers don't eat there, don't stay there and drive away the more desirable tourism. 3,000 passengers desce...
by Gill
Fri May 12, 2017 9:26 pm
Forum: Personal Consumer Issues
Topic: Do I have a problem in the backyard in need of a professional?
Replies: 31
Views: 3326

Re: Do I have a problem in the backyard in need of a professional?

What kind of a professional? I'd stomp the hole flat and see if it reappears before doing anything further.
Gill
by Gill
Fri May 12, 2017 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: US Savings bond given to me, don't have serial number
Replies: 9
Views: 542

Re: US Savings bond given to me, don't have serial number

Those receipts meant nothing and were given out by banks so you would have something to give as a gift while the bond was being issued.
Gill
by Gill
Fri May 12, 2017 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Division of Assets A/B trust: am I entitled to see POD proof?
Replies: 21
Views: 1871

Re: Division of Assets A/B trust: am I entitled to see POD proof?

Are you personal representative and trustee or only trustee? If only trustee you would have no interest in assets not in the trust.
Gill
by Gill
Fri May 12, 2017 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my capital gain from a condo I just sold...
Replies: 29
Views: 2225

Re: Help me reduce my capital gain from a condo I just sold...

I'm not sure of the timeframe, but any improvement you made the first 6 months(???) or last 6 months(???) can be added to your basis . It looks like you did that for fixing it up to sell. But did you fix/"upgrade" anything before your sons moved in? Why do you think the title and fees sho...
by Gill
Thu May 11, 2017 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Are bank test deposits taxable?
Replies: 22
Views: 2263

Re: Are bank test deposits taxable?

Amounts on tax forms are rounded to the nearest dollar so these few pennies can be ignored. If you try to enter them into a tax program (I never have) I suspect they will show up as zero. It could also be considered a gift well under the tax-free amount but I don't think even that comes into play. ...
by Gill
Thu May 11, 2017 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Are bank test deposits taxable?
Replies: 22
Views: 2263

Re: Are bank test deposits taxable?

Look on it as a token benefit received from a business in the ordinary course of business. If such items were taxable you'd have to report the annual calendar received from vendors you do business with. How about the bartender who buys you a drink?
Gill
by Gill
Thu May 11, 2017 4:24 pm
Forum: Investing - Help with Personal Investments
Topic: Helping Relatives with Inheritance for Minors
Replies: 11
Views: 1155

Re: Helping Relatives with Inheritance for Minors

OP, just to bump this, are you clear on the fact that there are no minors (known legally as infants) who have inherited anything and the executor is required to distribute to the named beneficiaries? Gill I apologize for the delay in answering, but I do have an update that just happened yesterday. ...
by Gill
Wed May 10, 2017 8:11 pm
Forum: Personal Consumer Issues
Topic: gmail and google
Replies: 9
Views: 1657

Re: gmail and google

mouses wrote:deleted I did an end run.

Could you at least tell us the original question?
Gill
by Gill
Wed May 10, 2017 11:26 am
Forum: Personal Finance (Not Investing)
Topic: House Deed Covenant Enforceability
Replies: 39
Views: 2722

Re: House Deed Covenant Enforceability

Ignoring the question of enforceability, would a lender lend against the property with that covenant in place? I doubt it. Gill I think the question is what would the recourse? Who is going to enforce the covenant? I saw plenty of reversionary deeds while working for the railroad. Some of the boile...
by Gill
Wed May 10, 2017 10:55 am
Forum: Personal Finance (Not Investing)
Topic: House Deed Covenant Enforceability
Replies: 39
Views: 2722

Re: House Deed Covenant Enforceability

Ignoring the question of enforceability, would a lender lend against the property with that covenant in place? I doubt it.
Gill
by Gill
Wed May 10, 2017 9:35 am
Forum: Personal Finance (Not Investing)
Topic: How to be an executor
Replies: 16
Views: 1587

Re: How to be an executor

1) No property ownership---love one was in nursing home 2) The checking/savings accounts ($250,000) are joint accounts with beneficiaries/executor 3) only 2 bills: Insurance and rent (executor has been in charge of paying these things the last 5 years) 4) small amount of personal furniture/clothes ...
by Gill
Tue May 09, 2017 5:28 pm
Forum: Investing - Help with Personal Investments
Topic: Estate Tax Mass and Alternate Valuation
Replies: 4
Views: 238

Re: Estate Tax Mass and Alternate Valuation

Also, alternate valuation doesn't apply unless it reduces the size of the estate and the estate tax due.
Gill
by Gill
Tue May 09, 2017 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Help my friend give away his estate
Replies: 34
Views: 3995

Re: Help my friend give away his estate

aristotelian wrote:Put everything in Donor Advised Fund(s) with kids listed as successors.

Do you mean successor advisors? The children can't acquire any personal benefit from a DAF.
Gill
by Gill
Tue May 09, 2017 2:45 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA - liquidate before or after transfer?
Replies: 24
Views: 1429

Re: Inherited IRA - liquidate before or after transfer?

Buy all means, liquidate and distribute. It should have been done much earlier than this.
Gill
by Gill
Tue May 09, 2017 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Help my friend give away his estate
Replies: 34
Views: 3995

Re: Help my friend give away his estate

tpn wrote:...charitable bequeathals

Bequests or devises. :happy :happy :happy
Gill
by Gill
Tue May 09, 2017 9:58 am
Forum: Investing - Help with Personal Investments
Topic: Inherited trust/personal asset allocations
Replies: 15
Views: 1125

Re: Inherited trust/personal asset allocations

Just one comment. After a stepped up basis any gain is long term.
Gill
by Gill
Sat May 06, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Do I need a deed?
Replies: 13
Views: 661

Re: Do I need a deed?

tim1999 wrote:I'll never figure out why some people treat their deeds like some kind of sacred document.

Very true. If there is a recorded deed to you, that's all you'll ever need. You won't even need it when you sell.
Gill
by Gill
Sat May 06, 2017 10:41 am
Forum: Personal Finance (Not Investing)
Topic: How much to self fund LTC
Replies: 19
Views: 1347

Re: How much to self fund LTC

I don't have any specific amount set aside, just the feeling I have sufficient assets and income to handle the expense should it work out that way.
Gill
by Gill
Sat May 06, 2017 10:39 am
Forum: Personal Finance (Not Investing)
Topic: How to get out of a apartment renter lease? They want $3,600
Replies: 40
Views: 3051

Re: How to get out of a apartment renter lease? They want $3,600

Regarding the security deposit, I would check applicable laws/regs, but my understanding is that a security deposit is for damage to the rental unit - not for breaking the lease. I would also check all the wording in the lease. Does it really matter where it comes from? The landlord could call it t...
by Gill
Sat May 06, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: How to get out of a apartment renter lease? They want $3,600
Replies: 40
Views: 3051

Re: How to get out of a apartment renter lease? They want $3,600

I see by your other thread you're the one who bought the new house, thus the need to break your lease. If you can't sublet you'll just have to absorb it as part of the cost of acquiring the house. Actually, I think you got off easy.
Gill
by Gill
Sat May 06, 2017 10:28 am
Forum: Personal Finance (Not Investing)
Topic: How to get out of a apartment renter lease? They want $3,600
Replies: 40
Views: 3051

Re: How to get out of a apartment renter lease? They want $3,600

Do you have the right under the lease to sublet the apartment?
Gill
by Gill
Fri May 05, 2017 8:40 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA, kids, taxes, and Roth conversion
Replies: 20
Views: 1144

Re: Inherited IRA, kids, taxes, and Roth conversion

asdfgf wrote:I'm in the US, are you?

How am I supposed to get a 3 year old to sign a tax return?

You sign his name or else file electronically.

Gill
by Gill
Fri May 05, 2017 7:50 pm
Forum: Investing - Help with Personal Investments
Topic: Helping Relatives with Inheritance for Minors
Replies: 11
Views: 1155

Re: Helping Relatives with Inheritance for Minors

OP, just to bump this, are you clear on the fact that there are no minors (known legally as infants) who have inherited anything and the executor is required to distribute to the named beneficiaries?
Gill
by Gill
Thu May 04, 2017 7:57 pm
Forum: Investing - Help with Personal Investments
Topic: Helping Relatives with Inheritance for Minors
Replies: 11
Views: 1155

Re: Helping Relatives with Inheritance for Minors

It appears he never disclaimed his interest in the estate. The executor must distribute the share to this sibling, although he could direct the executor as to how to do this. Any transfer to others would be a taxable gift. He can direct it any way he wishes but it is his inheritance. The executor ca...

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