Search found 152 matches

by Goodman60
Thu Feb 16, 2017 4:58 pm
Forum: Personal Consumer Issues
Topic: Good Restaurant Near Clearwater Airport (PIE)
Replies: 4
Views: 298

Re: Good Restaurant Near Clearwater Airport (PIE)

David Jay wrote:Eating PIE? :happy


For dessert!
by Goodman60
Thu Feb 16, 2017 4:01 pm
Forum: Personal Consumer Issues
Topic: Good Restaurant Near Clearwater Airport (PIE)
Replies: 4
Views: 298

Re: Good Restaurant Near Clearwater Airport (PIE)

hammockman wrote:The Chophouse on Ulmerton Drive is very good. Right before 19 North road to the airport, right by the hotels.


Looks good! Thank you!
by Goodman60
Thu Feb 16, 2017 2:46 pm
Forum: Personal Consumer Issues
Topic: Good Restaurant Near Clearwater Airport (PIE)
Replies: 4
Views: 298

Good Restaurant Near Clearwater Airport (PIE)

I'll be staying near the Clearwater Airport ("PIE) soon for an evening, and looking for a nice place to meet and old friend for dinner. Say $40-60 per person, total. Nothing elaborate but a cut above Chili's or Applebees type place.
by Goodman60
Thu Feb 16, 2017 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Filing Childs Form 8615 W Parents Income Estimated
Replies: 4
Views: 178

Re: Filing Childs Form 8615 W Parents Income Estimated

Thank you. It's not clear why there is the choice to use Estimated or not, then. In either case, you only have to file an amended return if the child's tax changes. And really, only if the child's tax goes up.
by Goodman60
Thu Feb 16, 2017 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Filing Childs Form 8615 W Parents Income Estimated
Replies: 4
Views: 178

Filing Childs Form 8615 W Parents Income Estimated

I'm wondering if there are any consequences of filing my 22 year old son's tax return, using Form 8615, with the parents income (myself and my wife, filing jointly) as "Estimated". The situation is that we will probably have to put our own tax return on extension, perhaps even beyond Octob...
by Goodman60
Thu Feb 09, 2017 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited IRA: transfer titled as Distribution
Replies: 21
Views: 1304

Re: Inherited IRA: transfer titled as Distribution

My wife died recently. My tIRA is at Vanguard and she had a small IRA at Schwab. What I did, to avoid problems, was open my own IRA at Schwab and rolled hers into that as my "Inherited IRA". Then, after the dust settled, I had Vanguard "pull" that IRA into my IRA with them, title...
by Goodman60
Mon Feb 06, 2017 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

I am the original poster. Here's what I decided, at least for now: I made my existing Donor Advised Charitable Fund the SECONDARY beneficiary of my Vanguard tIRA. I explained to my adult kids, and wrote them a letter with my final instructions, that if death and income taxes are similar to today, th...
by Goodman60
Mon Feb 06, 2017 10:00 am
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

If you feel confident you have enough for retirement without this IRA, why not start giving it away now? See what charities your local United Way supports. Find a few whose mission appeals to you, and check out their websites. Many will make their Form 990 available online so you can see where thei...
by Goodman60
Mon Feb 06, 2017 9:32 am
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

... according to James Langue, an IRA Guru often referenced here, there is a huge likelihood that IRAs will have to be withdrawn and taxed over only 5 years by non-spousal heirs. If you leave your IRA to charity, this won't be relevant. I know Jim Lange, and have been a guest on his radio show seve...
by Goodman60
Sun Feb 05, 2017 10:33 pm
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

You do realize that, unless you have an estate larger than 5.45 million, your estate will go to your heirs tax free? Your heirs will have to take the money out of the IRA over a number of years and pay their personal tax rates on that money. Are your heirs all in the 35% bracket? It's over that. Al...
by Goodman60
Sun Feb 05, 2017 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

Peter Foley wrote:Sorry to hear of your loss. If by late last year your mean late 2016, I would look into the possibility of disclaiming the IRA. Let it pass directly to your children and avoid the double taxation.


The big IRA is mine. My wife had a very small IRA.
by Goodman60
Sun Feb 05, 2017 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

You might want to consider leaving your IRA to a foundation or a donor advised fund. With $700,000 you could reasonably do either one. The foundation takes more effort to set up but gives the family more control and will probably have lower ongoing costs. If your wife died recently, there may be so...
by Goodman60
Sun Feb 05, 2017 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

Alan S. wrote:Re federal estate tax, did you factor in the portability of the unused portion of your wife's exemption?



Yes
by Goodman60
Sun Feb 05, 2017 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

My goal is to prevent $700,000 from becoming $400,000 due to estate taxes and then having that become $200,000 after income taxation.

There has to be a better way to utilize that pool of money after my death.
by Goodman60
Sun Feb 05, 2017 11:43 am
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

Re: tIRA to Charity

Thank you for that response. I guess there are two issues here: 1. The most financially efficient way to deploy $700,000, that will, hopefully, be much more when deployed. I prefer to let my children have it but am willing to look at charities and charitable trusts, again with an eye to helping my c...
by Goodman60
Sun Feb 05, 2017 11:03 am
Forum: Personal Finance (Not Investing)
Topic: tIRA to Charity
Replies: 30
Views: 1329

tIRA to Charity

So I've been rethinking my estate plan. I'm only 57, but my wife died fairly suddenly late last year so it's time to rethink my situation. I have a $700,000 tIRA that will be subject to both Federal Estate Tax (under current law) and income tax to my adult children heirs who should be in a fairly hi...
by Goodman60
Fri Feb 03, 2017 9:51 am
Forum: Personal Consumer Issues
Topic: Collision Avoidance Systems
Replies: 19
Views: 1642

Re: Collision Avoidance Systems

5-8 years? I'll be on my 2nd or 3rd new car by then. I'm an every 2-3 year guy.
by Goodman60
Fri Jan 27, 2017 10:57 am
Forum: Personal Consumer Issues
Topic: Speed Queen
Replies: 10
Views: 1408

Re: Speed Queen

Tom, thanks for sharing that info. So I guess that begs the whole new question about agitators. They seem like a throw back...sort of like buying a car with roll down windows. If you want the durability of Speed Queen, why must you sacrifice today's high efficiency standard and have a clothes beatin...
by Goodman60
Fri Jan 27, 2017 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Credit Shelter Trusts in the Era of Portability
Replies: 14
Views: 1249

Re: Credit Shelter Trusts in the Era of Portability

Thank you, bsteiner, for the follow up replies.
by Goodman60
Fri Jan 27, 2017 9:03 am
Forum: Personal Consumer Issues
Topic: Speed Queen
Replies: 10
Views: 1408

Speed Queen

There was a prior thread on washers and some discussion of Speed Queen. I just spent time searching for a HE top-loading Sqeed Queen with no agitator...and I cannot find it. Do they make such a machine? Or is the "thing" about Speed Queen that they don't engage in such "new fangled&qu...
by Goodman60
Fri Jan 27, 2017 6:45 am
Forum: Personal Finance (Not Investing)
Topic: Credit Shelter Trusts in the Era of Portability
Replies: 14
Views: 1249

Re: Credit Shelter Trusts in the Era of Portability

I am reviving this thread...I am the original poster. I am also wondering something else about Credit Shelter Trusts...once established, can the surviving spouse make gifts to the trust? Let's say there's a surviving spouse and two adult children. Can the surviving spouse gift each child $14,000 per...
by Goodman60
Mon Jan 16, 2017 9:04 am
Forum: Personal Consumer Issues
Topic: Collision Avoidance Systems
Replies: 19
Views: 1642

Collision Avoidance Systems

One big trait of being a true Boglehead is to limit risk. Accordingly, I am curious about collision avoidance systems in new cars. Do they really work (most of the time)? Is this a big enough advance that would justify buying a new car? Must they be bought with $10,000 of other non-wanted options (I...
by Goodman60
Sat Jan 14, 2017 4:25 pm
Forum: Personal Consumer Issues
Topic: Washing Machines
Replies: 12
Views: 1069

Washing Machines

Due to circumstances beyond my control, I am now living alone. My vintage 2004 Front Loading Washing Machine is ready for replacement. It was a first generation front loader. The problem with smell from mold around the front door seal has been chronic but manageable. We bought it when we had two tee...
by Goodman60
Sun Jan 01, 2017 9:54 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Shelter Trusts in the Era of Portability
Replies: 14
Views: 1249

Re: Credit Shelter Trusts in the Era of Portability

... 3. Assets transferred to a spouse withing a year of death of the receiving spouse do not get a stepped up basis. They will, however, get a what would have been the second stepped up basis upon the death of the surviving spouse. If those assets go into a credit shelter trust instead of directly ...
by Goodman60
Sun Jan 01, 2017 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Shelter Trusts in the Era of Portability
Replies: 14
Views: 1249

Re: Credit Shelter Trusts in the Era of Portability

It's difficult to predict future changes in the tax law. However, since there doesn't appear to be any opposition to portability, and since the Administration's proposal to reduce the exclusion amount to $3.5 million preserved portability, I think the risk of this is small. It preserved portability...
by Goodman60
Sun Jan 01, 2017 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Shelter Trusts in the Era of Portability
Replies: 14
Views: 1249

Re: Credit Shelter Trusts in the Era of Portability

This is still relatively new. Portability wasn't made permanent until 2013. So the thinking on this may change. But for now, the most common approach for high net worth couples is still to create a credit shelter trust for the estate tax exclusion amount. That's because the portability amount (the ...
by Goodman60
Fri Dec 30, 2016 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Shelter Trusts in the Era of Portability
Replies: 14
Views: 1249

Credit Shelter Trusts in the Era of Portability

I know this doesn't apply to many, but I am wondering about the pros and cons of Credit Shelter Trusts ("Bypass Trusts) versus using "portability" for high net worth couples. In particular, I am wondering what happens if a surviving spouse gets remarried who used portability when the ...
by Goodman60
Fri Dec 23, 2016 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Estate Valuation of Assets For Weekend Death
Replies: 3
Views: 523

Estate Valuation of Assets For Weekend Death

How are assets valued, for Federal estate tax purposes, when someone dies during the weekend? For mutual funds and stocks? End of day prices for the prior Friday? Some combination of opening price (for stocks) Monday and closing prices for Friday?
by Goodman60
Thu Dec 15, 2016 1:25 pm
Forum: Personal Consumer Issues
Topic: How Does Hospice Work?
Replies: 38
Views: 3697

Re: How Does Hospice Work?

I am the original poster. You all have really cleared this up for me. I appreciate your input. Thank you.
by Goodman60
Tue Dec 13, 2016 2:03 pm
Forum: Personal Consumer Issues
Topic: How Does Hospice Work?
Replies: 38
Views: 3697

Re: How Does Hospice Work?

I'm still curious who goes TO a hospice (or hospice unit) and who pays for it.
by Goodman60
Tue Dec 13, 2016 1:59 pm
Forum: Personal Consumer Issues
Topic: How Does Hospice Work?
Replies: 38
Views: 3697

Re: How Does Hospice Work?

Medicare covers hospice in the home for any patient where reasonable life expectancy is less than 6 months. Patient is supposed to have a 24 hr caregiver. They provide meds related to hospice diagnosis, nursing visit typically 2-3x per week, a bath aide @ 3 x a week, a chaplin, social worker if nee...
by Goodman60
Tue Dec 13, 2016 1:41 pm
Forum: Personal Consumer Issues
Topic: How Does Hospice Work?
Replies: 38
Views: 3697

Re: How Does Hospice Work?

"People" keep telling us that "you can go TO A hospice" that is covered as an inpatient benefit. As if to say "you're stupid for paying $11,000 for a nursing home, if you have a terminal diagnosis since YOU CAN GO TO A HOSPICE". And they point out places called "HO...
by Goodman60
Tue Dec 13, 2016 1:08 pm
Forum: Personal Consumer Issues
Topic: How Does Hospice Work?
Replies: 38
Views: 3697

Re: How Does Hospice Work?

Ok, but the core question still remains unanswered: Does hospice pay for in-patient hospice care? And for how long? What happens in a situation like this where it's not clear how long the patient will live in that situation? Medicare.gov says this: What is NOT Covered: â–  Room and board. Medicare doe...
by Goodman60
Tue Dec 13, 2016 12:59 pm
Forum: Personal Consumer Issues
Topic: How Does Hospice Work?
Replies: 38
Views: 3697

Re: How Does Hospice Work?

Thank you for the responses so far. But no one answered the question: Did something change? Is the option to go to A HOSPICE PLACE, paid for by hospice coverage, still in existence?
by Goodman60
Tue Dec 13, 2016 12:38 pm
Forum: Personal Consumer Issues
Topic: How Does Hospice Work?
Replies: 38
Views: 3697

How Does Hospice Work?

I have some non-medical questions about how hospice care works. We have a family member who has been on home hospice care since August for an aggressive, inoperable cancer. The patient was moved to a nursing home recently as she could no longer be cared for at home. Cost to the family is about $11,0...
by Goodman60
Fri Sep 30, 2016 5:49 am
Forum: Personal Finance (Not Investing)
Topic: Step Up Basis into Credit Shelter Trust
Replies: 6
Views: 541

Re: Step Up Basis into Credit Shelter Trust

While my original question still remains unanswered, the prior responses have me wondering about this: Does the "no step up basis to spouse if transferred within 1 year of death rule" apply to JWTROS (jointly held assets too? Say Sue has $1M in a her own account. Sue gets a fatal diagnosis...
by Goodman60
Thu Sep 29, 2016 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Step Up Basis into Credit Shelter Trust
Replies: 6
Views: 541

Re: Step Up Basis into Credit Shelter Trust

Excellent point about the joint assets. But I'd still like to know the answer to the original question
by Goodman60
Thu Sep 29, 2016 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Step Up Basis into Credit Shelter Trust
Replies: 6
Views: 541

Re: Step Up Basis into Credit Shelter Trust

Of course anyone with that size estate needs legal counsel. Nevertheless, I'm trying to understand how this would work, Seems at conflict that Sue's assets can qualify to use up all or part of her estate tax exemption into the trust, yet not qualify for the step up in basis. And it seems at conflict...
by Goodman60
Thu Sep 29, 2016 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Step Up Basis into Credit Shelter Trust
Replies: 6
Views: 541

Step Up Basis into Credit Shelter Trust

It's my understanding that assets gifted to a spouse within a year of the gift receiver's death do not get the stepped up basis if the gift giving spouse is the heir. In other words, the IRS gets it that some couples might game the stepped up basis if one spouse knows he or she has a terminal illnes...
by Goodman60
Fri Sep 23, 2016 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Family Residence Into Credit Shelter Trust
Replies: 4
Views: 380

Re: Family Residence Into Credit Shelter Trust

I am learning more and more about Credit Shelter Trusts ("Bypass Trusts"). I am wondering about this. Let's say that the wife owns the family residence in her Revocable Living Trust. She dies first and her trust directs the creation of a Credit Shelter Trust for the benefit of her widower...
by Goodman60
Fri Sep 23, 2016 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Family Residence Into Credit Shelter Trust
Replies: 4
Views: 380

Family Residence Into Credit Shelter Trust

I am learning more and more about Credit Shelter Trusts ("Bypass Trusts"). I am wondering about this. Let's say that the wife owns the family residence in her Revocable Living Trust. She dies first and her trust directs the creation of a Credit Shelter Trust for the benefit of her widower....
by Goodman60
Sun Sep 18, 2016 1:37 pm
Forum: Personal Consumer Issues
Topic: Popping Gas Water Heater
Replies: 17
Views: 1831

Re: Popping Gas Water Heater

I called the local Mister Waterheater franchisee and they installed the updated version of the same Bradford White 50 gallon/fast recovery gas unit that they installed for me in 2005. It was fine (until now) the whole time. They were quick, clean and priced competitively.
by Goodman60
Sat Sep 17, 2016 5:28 pm
Forum: Personal Consumer Issues
Topic: Popping Gas Water Heater
Replies: 17
Views: 1831

Re: Popping Gas Water Heater

Flushing the tank didn't work so I had it replaced today. Thank you all for a good discussion that led me to that decision. :D
by Goodman60
Fri Sep 16, 2016 5:46 am
Forum: Personal Consumer Issues
Topic: Popping Gas Water Heater
Replies: 17
Views: 1831

Re: Popping Gas Water Heater

Dee Stroir wrote:Does it pop all the time, or only when the burner is on and exhausted gas is going out of the vent?


Not all the time. Yes when the burner is on and just after while the water is still maximum hot.
by Goodman60
Fri Sep 16, 2016 5:46 am
Forum: Personal Consumer Issues
Topic: Popping Gas Water Heater
Replies: 17
Views: 1831

Re: Popping Gas Water Heater

TimeRunner wrote:Have you drained a bucket or two out of the bottom? Doing that will help.


Should I do this or maybe even should I drain the whole tank?
by Goodman60
Thu Sep 15, 2016 7:28 pm
Forum: Personal Consumer Issues
Topic: Popping Gas Water Heater
Replies: 17
Views: 1831

Popping Gas Water Heater

My gas water heater (11 years old) makes popping sounds. I read on the internet that this is calcium deposits boiling inside and that there isn't much you can do besides replace the heater. Before I do that...and I'm really not too bent out of shape replacing an 11 year old water heater...can anyone...
by Goodman60
Thu Sep 15, 2016 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Who Pays The State Inheritance Tax
Replies: 6
Views: 925

Re: Who Pays The State Inheritance Tax

Got it. Thank you.
by Goodman60
Thu Sep 15, 2016 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Who Pays The State Inheritance Tax
Replies: 6
Views: 925

Re: Who Pays The State Inheritance Tax

delamer wrote:There is no inheritance tax due until the kids inherit.


Bruce Steiner, the post just above, says this is not necessarily the case. Where did you get this information?
by Goodman60
Thu Sep 15, 2016 9:52 am
Forum: Personal Finance (Not Investing)
Topic: What is a Qualifying Widow(er)?
Replies: 2
Views: 276

What is a Qualifying Widow(er)?

What is a "Qualifying Widow(er)" for income tax purposes? Can a widow or widower, with a 23 year old "child" in graduate school, who is still a dependent, qualify?
by Goodman60
Thu Sep 15, 2016 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Who Pays The State Inheritance Tax
Replies: 6
Views: 925

Who Pays The State Inheritance Tax

Because I live in Pennsylvania, I am wondering who pays the state inheritance tax in this situation. Husband and wife each have $5.4Million. Wife dies and leaves her $5.4M to a Bypass Trust for her husband then adult kids. It's my understanding that PA will tax that at 4.5%. Who pays it? The estate ...

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