Search found 3200 matches

by Gill
Fri Jun 23, 2017 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Trusts for minors? Responsible life insurance spending
Replies: 4
Views: 177

Re: Trusts for minors? Responsible life insurance spending

You really need to leave the insurance in trust, separate from control by the guardian. Are the guardians experienced in managing funds of this magnitude? The trust can have broad provisions fbo the children without running the risk of the funds being squandered.
Gill
by Gill
Thu Jun 22, 2017 8:54 pm
Forum: Personal Consumer Issues
Topic: Does geico provide a decent homeowners insurance?
Replies: 14
Views: 1049

Re: Does geico provide a decent homeowners insurance?

Uh, this had nothing to do with grammar. The actual meaning of your statement was wrong. They do sell it, which is the same as brokering. However, they are not a carrier nor do they underwrite (other than pre-underwriting/screening activities). They don't sell it. They broker it for other insurers ...
by Gill
Thu Jun 22, 2017 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: What is tax basis for property via Quitclaim Deed
Replies: 7
Views: 647

Re: What is tax basis for property via Quitclaim Deed

Had similar situation a couple of years ago. i was advised that not only did the basis step up but also that if the property was sold within 6 months that the selling price would be the assessed value -- so no tax. Aren't you saying that the basis would be equal to the selling price and therefore n...
by Gill
Thu Jun 22, 2017 11:16 am
Forum: Personal Finance (Not Investing)
Topic: What is tax basis for property via Quitclaim Deed
Replies: 7
Views: 647

Re: What is tax basis for property via Quitclaim Deed

I don't quite follow your question, but the basic principle is that the basis of an asset for income tax purposes resets to fair market value at the date of death if owned by a decedent. That basis doesn't change until it is owned by another decedent.
Gill
by Gill
Wed Jun 21, 2017 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: What is tax basis for property via Quitclaim Deed
Replies: 7
Views: 647

Re: What is tax basis for property via Quitclaim Deed

The assessed value for property taxes is determined by the assessor in your county based on local and state laws. Your basis for income tax purposes would normally be the same basis as in the hands of the trustee.
Gill
by Gill
Tue Jun 20, 2017 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Tracking towards a million and retiring at 55.
Replies: 38
Views: 5208

Re: Tracking towards a million and retiring at 55.

BigLaw Survivor wrote:What will your monthly pension be at 55 and is it taxable?

Are there pensions that are not taxable?
Gill
by Gill
Mon Jun 19, 2017 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Question about a Will
Replies: 9
Views: 913

Re: Question about a Will

Did your father create a trust for the benefit of his wife with distribution to you children upon her death? That is really the only way he could control disposition on her subsequent death.
Gill
by Gill
Mon Jun 19, 2017 6:50 am
Forum: Personal Finance (Not Investing)
Topic: Change Auto & Umbrella Insurance after 52 years?
Replies: 21
Views: 1749

Re: Change Auto & Umbrella Insurance after 52 years?

Thanks all for the responses. The consensus seems to be that I should say goodbye to Amica. Should have mentioned, the only claim they ever paid was about $250 when my wife slipped off an icy road and damaged someone's lawn many years ago. I have used Geico in the past for motorcycle insurance and h...
by Gill
Sun Jun 18, 2017 8:22 pm
Forum: Investing - Help with Personal Investments
Topic: Asset Allocation - Inherited Assets, newly Semi-Retired
Replies: 12
Views: 968

Re: Asset Allocation - Inherited Assets, newly Semi-Retired

Are you sure of your basis in JNJ? Didn't it receive a new basis? I would not hold any stock that is 41% of my portfolio.
Gill
by Gill
Sun Jun 18, 2017 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Pass-Through Giving
Replies: 4
Views: 436

Re: Pass-Through Giving

Yes, this has been discussed frequently and at length in numerous threads. It violates what is known as the Step Transaction Doctrine. Quite sinply, the IRS will ignore the intermediate steps and treat the transaction for its real intent.
Gill
by Gill
Sun Jun 18, 2017 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Change Auto & Umbrella Insurance after 52 years?
Replies: 21
Views: 1749

Change Auto & Umbrella Insurance after 52 years?

It may be hard to believe, but I've had my auto and umbrella insurance with Amica since 1965 - 52 years. I had also had my homeowner's coverage with them most of those years until we moved within Florida, and they no longer were insuring Florida houses and refused to cover the new place in spite of ...
by Gill
Sat Jun 17, 2017 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Unable to Access POA in Revocable Trust
Replies: 30
Views: 1707

Re: Unable to Access POA in Revocable Trust

You need to be sure you file a timely claim against the estate for these debts of the decedent you paid. I don't see where you should have a problem unless the estate is insolvent.
Gill
by Gill
Sat Jun 17, 2017 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: How best to Donate?
Replies: 20
Views: 1193

Re: How best to Donate?

A Donor Advised Fund may be an option for you, but a single charity or an attorney might not recommend it to you. The reason is because many charities can benefit from a Donor Advised Fund and because you don't need to hire an attorney to start a Donor Advised Fund. There are conflicts of interest ...
by Gill
Sat Jun 17, 2017 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: Family Death in MD
Replies: 19
Views: 1521

Re: Family Death in MD

The title of the document is "General power of attorney and Designation of guardian of the property." The brother mentioned is named the "attorney in fact." This is NOT a will and is of no effect now that he is deceased. The brother has no authority whatsoever under this documen...
by Gill
Sat Jun 17, 2017 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Family Death in MD
Replies: 19
Views: 1521

Re: Family Death in MD

As others have indicated, I think you found a power of attorney document, not a will. You need to find a will or otherwise Maryland laws of intestacy will apply.
Gill
by Gill
Sat Jun 17, 2017 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: How best to Donate?
Replies: 20
Views: 1193

Re: How best to Donate?

Your question is,indeed, a comprehensive one, and you have listed four different ways of benefitting charity. You seem to have a good understanding of each, and a detailed discussion is beyond my stamina on this forum. Much has been written on these techniques and each has its advantages and disadva...
by Gill
Thu Jun 15, 2017 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Beneficiary designations for trust
Replies: 15
Views: 958

Re: Beneficiary designations for trust

bsteiner wrote:
verbose wrote:... I am supposed to provide the following contingent beneficiary:

"Co-trustees of the QUALIFIED JOINT SPOUSAL TRUST ....


What is a "qualified joint spousal trust"?

Yes, what is it? Never heard of this animal.
Gill
by Gill
Wed Jun 14, 2017 8:34 pm
Forum: Investing - Help with Personal Investments
Topic: Just married - start a joint taxable account?
Replies: 18
Views: 1141

Re: Just married - start a joint taxable account?

Your money is her money now, anyway. Oh, really? In what way? Legally, morally or otherwise? Gill Legally - If you get divorced, you each get half of the marital estate. You may be liable for each other's debts. Morally - You are married, after all. Financially - Any money she spends ultimately com...
by Gill
Wed Jun 14, 2017 8:22 pm
Forum: Investing - Help with Personal Investments
Topic: Just married - start a joint taxable account?
Replies: 18
Views: 1141

Re: Just married - start a joint taxable account?

aristotelian wrote: Your money is her money now, anyway.

Oh, really? In what way? Legally, morally or otherwise?
Gill
by Gill
Wed Jun 14, 2017 8:19 pm
Forum: Investing - Help with Personal Investments
Topic: Just married - start a joint taxable account?
Replies: 18
Views: 1141

Re: Just married - start a joint taxable account?

Why do you feel you need a joint account? Once you have property in joint name you can no longer dispose of it by will. You also put yourself in the position where either of you can access the property. Much cleaner to have individual accounts. Preparing for the firestorm...
Gill
by Gill
Wed Jun 14, 2017 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: valuing real estate for probate
Replies: 4
Views: 439

Re: valuing real estate for probate

I would use the purchase price for both probate and estate tax value to establish basis.
Gill
by Gill
Wed Jun 14, 2017 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: retitling property
Replies: 5
Views: 415

Re: retitling property

SGM wrote:A family member wants out of an LLC that owns a house and will receive cash. Can one retitle a house without the assistance of an attorney?

If you know how to prepare and record a deed...
Gill
by Gill
Tue Jun 13, 2017 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Curious to odd estate question
Replies: 88
Views: 4713

Re: Curious to odd estate question

Put everything in an immediate annuity and spend all the payments as received.
Gill
by Gill
Tue Jun 13, 2017 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Fund Hell
Replies: 57
Views: 6219

Re: Trust Fund Hell

At the time of termination I would direct the trustee to see all the funds and distribute cash.
Gill
by Gill
Tue Jun 13, 2017 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Second to Die Policy
Replies: 19
Views: 1435

Re: Help with Second to Die Policy

If there is no need for the insurance, I don't see any benefit in depriving themselves of $3,825 every year. Ignore as a sunk cost the premiums already paid.
Gill
by Gill
Mon Jun 12, 2017 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Gains on Inherited Foreign Property
Replies: 7
Views: 588

Re: Capital Gains on Inherited Foreign Property

Was the property originally your father's and he put it in joint name with you? If so, the relinquishment wouldn't be a gift under US law.
Gill
by Gill
Mon Jun 12, 2017 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Stepped-up Cost Basis
Replies: 9
Views: 641

Re: Stepped-up Cost Basis

Would you provide an example of the latter? An asset of a trust fbo the decedent which bypasses the estate of the decedent. Gill So this is the issue that the concurrent poster is trying to deal with by dissolving the bypass trust? Yes, exactly. Gill Thanks Gill. Now I know that inherited IBonds do...
by Gill
Mon Jun 12, 2017 3:12 pm
Forum: Personal Consumer Issues
Topic: Have you canceled cable?
Replies: 91
Views: 5377

Re: Have you canceled (sic) cable?

Slightly off topic, is the spelling of "Cancelled" and similar words an "age thing"? I was taught to use a double "l" and it just doesn't look right as above. I often see it both ways on TV. Just wondering...
Gill
by Gill
Sun Jun 11, 2017 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question - Non-US citizen parent wants to gift wealth
Replies: 21
Views: 1736

Re: Tax question - Non-US citizen parent wants to gift wealth

Yes, you have to report gifts over $100,000 in a calendar year but there is no tax involved. Also, from the facts you give there would be no gift or estate tax.
Gill
by Gill
Sun Jun 11, 2017 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Trust questions [taxes on funds a corporation paid to an irrevocable trust]
Replies: 3
Views: 263

Re: Trust questions [taxes on funds a corporation paid to an irrevocable trust]

What are the provisions of the trust instrument with respect to payment of income? That will determine your alternatives. I assume the check was a dividend that belongs to the trust. Who is the trustee? No, you can't deduct your son's tuition!
Gill
by Gill
Sun Jun 11, 2017 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Stepped-up Cost Basis
Replies: 9
Views: 641

Re: Stepped-up Cost Basis

OK, when do such assets not get a step up? And when do they get a step up? They don't get a step up when they are an ordinary income asset or a capital asset not included in the estate of a decedent. Gill Would you provide an example of the latter? An asset of a trust fbo the decedent which bypasse...
by Gill
Sun Jun 11, 2017 3:33 pm
Forum: Investing - Help with Personal Investments
Topic: Capital gains in decedent trust after step-up
Replies: 7
Views: 497

Re: Capital gains in decedent trust after step-up

Correct. The beneficiaries receive the K-1 from the trust. It's up to the trustee to report the gain correctly.
Gill
by Gill
Sun Jun 11, 2017 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Stepped-up Cost Basis
Replies: 9
Views: 641

Re: Stepped-up Cost Basis

OK, when do such assets not get a step up? And when do they get a step up? They don't get a step up when they are an ordinary income asset or a capital asset not included in the estate of a decedent. Gill Would you provide an example of the latter? An asset of a trust fbo the decedent which bypasse...
by Gill
Sun Jun 11, 2017 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question - Non-US citizen parent wants to gift wealth
Replies: 21
Views: 1736

Re: Tax question - Non-US citizen parent wants to gift wealth

People are missing the fact that the giver is a NRA with non-US assets. If they give them to the OP while still alive then there is no US gift tax. If they give to the OP after they pass then there is no US estate tax. There might be taxes for the giver depending on the laws of the country in which...
by Gill
Sun Jun 11, 2017 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Stepped-up Cost Basis
Replies: 9
Views: 641

Re: Stepped-up Cost Basis

livesoft wrote:OK, when do such assets not get a step up? And when do they get a step up?

They don't get a step up when they are an ordinary income asset or a capital asset not included in the estate of a decedent.
Gill
by Gill
Sun Jun 11, 2017 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question - Non-US citizen parent wants to gift wealth
Replies: 21
Views: 1736

Re: Tax question - Non-US citizen parent wants to gift wealth

Your father's status isn't clear. Does he reside in the US? Is he a citizen or green card holder in the US?
Gill
by Gill
Sun Jun 11, 2017 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Merging bypass & survivor's trust
Replies: 7
Views: 664

Re: Merging bypass & survivor's trust

Bsteiner advocates considering decanting the trust into another trust that will be included in the estate of the beneficiary.
Gill
by Gill
Sun Jun 11, 2017 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Stepped-up Cost Basis
Replies: 9
Views: 641

Re: Stepped-up Cost Basis

Everything described as a capital asset by the IRC. This excludes ordinary income assets such as savings bonds, various insurance products and similar items.
Gill
by Gill
Sun Jun 11, 2017 8:28 am
Forum: Investing - Help with Personal Investments
Topic: Capital gains in decedent trust after step-up
Replies: 7
Views: 497

Re: Capital gains in decedent trust after step-up

It's all long term regardless of when or who sells it.
Gill
by Gill
Fri Jun 09, 2017 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Check made out to me, not S-Corp
Replies: 8
Views: 885

Re: Check made out to me, not S-Corp

Yes, very easy. Just endorse it over to the S-Corp.
Gill
by Gill
Wed Jun 07, 2017 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Only home I dont live in
Replies: 11
Views: 769

Re: Selling Only home I dont live in

It would be pretty tough to claim it as your primary residence when your tax returns have been filed from a different address in a different state.
Gill
by Gill
Wed Jun 07, 2017 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: "Paying" a minor for otherwise uncompensated work
Replies: 37
Views: 2803

Re: "Paying" a minor for otherwise uncompensated work

I have to say you are a particularly sophisticated 17 year old. If you wait one more year until you are 18 you can open a ROTH yourself (this year your father will have to open it for you). I would suggest you take the pay, put it in the bank and open the ROTH when you are 18. Is this correct? Why ...
by Gill
Mon Jun 05, 2017 9:15 pm
Forum: Investing - Help with Personal Investments
Topic: How do I get monthly checks from my investments in retirement?
Replies: 15
Views: 2534

Re: How do I get monthly checks from my investments in retirement?

It's your money. Simply request a check or deposit to your account in any amount at any time and it will be arranged.
Gill
by Gill
Mon Jun 05, 2017 6:15 pm
Forum: Personal Consumer Issues
Topic: How to find best but the cheapest red wine for better health?
Replies: 14
Views: 880

Re: How to find best but the cheapest red wine for better health?

I can't believe it is a wise decision to take up consuming wine on a regular basis. Seems to me there are certainly some risks besides the possible benefits of such a decision.
Gill
by Gill
Sun Jun 04, 2017 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: What's the difference between a Trust and a Will?
Replies: 24
Views: 1793

Re: What's the difference between a Trust and a Will?

Gill wrote:After reviewing your earlier posts on other topics, it would certainly appear you have no need for a revocable living trust. Go with the free will from the military.
Gill

Here is the only advice you need.
Gill
by Gill
Sun Jun 04, 2017 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: What's the difference between a Trust and a Will?
Replies: 24
Views: 1793

Re: What's the difference between a Trust and a Will?

I'm sorry Gill, I see that I have offended an attorney [OT comment removed by moderator triceratop] . Although it should be noted that you did not say that anything I noted was incorrect. The Joker Sorry, Joker, but I'm retired and long past the point of being paid for administering estates. Furthe...
by Gill
Sun Jun 04, 2017 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: What's the difference between a Trust and a Will?
Replies: 24
Views: 1793

Re: What's the difference between a Trust and a Will?

Gill - as I am sure you are aware, many couples have little in assets, own no real estate, and have account designations, beneficiary designations, and a will which allows everything to be passed to the spouse. You post implies that all wills go through probate. That simply isn't true, especially w...
by Gill
Sun Jun 04, 2017 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: What's the difference between a Trust and a Will?
Replies: 24
Views: 1793

Re: What's the difference between a Trust and a Will?

bengal22 wrote:You can avoid probate with a will as well

.

A will must be probated to be valid. How do you avoid this?
Gill
by Gill
Sun Jun 04, 2017 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: What's the difference between a Trust and a Will?
Replies: 24
Views: 1793

Re: What's the difference between a Trust and a Will?

A will may take from 6 months to a year to probate depending what you own (real estate will prolong the probate process). A trust allows your successor trustee to have control of you assets immediately. With a will, the court may appoint a third party to control/manage your home (real estate) and a...
by Gill
Sun Jun 04, 2017 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: What's the difference between a Trust and a Will?
Replies: 24
Views: 1793

Re: What's the difference between a Trust and a Will?

After reviewing your earlier posts on other topics, it would certainly appear you have no need for a revocable living trust. Go with the free will from the military.
Gill

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