Search found 13 matches

by JHart
Sat Jul 15, 2017 12:58 am
Forum: Personal Finance (Not Investing)
Topic: Cheap source for basic will
Replies: 34
Views: 2336

Re: Cheap source for basic will

I hear what you guys are saying regarding going with a professional, but so often it's hard to find good people. I could see paying ten or a hundred times as much for an estate attorney only to get essentially the same product, or a different product but with just as many inadequacies. If you want s...
by JHart
Fri Jul 14, 2017 3:44 pm
Forum: Investing - Help with Personal Investments
Topic: Getting step-up in cost basis on grandma's trust?
Replies: 9
Views: 742

Re: Getting step-up in cost basis on grandma's trust?

In another thread you talk about establishing a will and transferring (I assume you mean bequeathing) assets to your children. If you don't sell the funds you inherit from your father your children can inherit them from you and I believe the basis would step up for them. I'm assuming the assets are...
by JHart
Fri Jul 14, 2017 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: Cheap source for basic will
Replies: 34
Views: 2336

Re: Cheap source for basic will

We need a document that records our wishes as far as who the guardians should be.
by JHart
Fri Jul 14, 2017 3:13 pm
Forum: Investing - Help with Personal Investments
Topic: Getting step-up in cost basis on grandma's trust?
Replies: 9
Views: 742

Re: Getting step-up in cost basis on grandma's trust?

No, my father did not have absolute power. He was allowed to harvest the earnings of the account but could not withdrawal principal except in the case of a medical emergency. I guess we are out of luck!
by JHart
Fri Jul 14, 2017 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Cheap source for basic will
Replies: 34
Views: 2336

Cheap source for basic will

My husband and I need basic wills to establish guardians for our minor children and transfer our assets to them. We have no unusual family situations and were hoping to buy something standard online, a fill-in-the-blank type will. Does anyone have experience with the web sites selling wills? Are the...
by JHart
Fri Jul 14, 2017 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Transferring assets to UK...
Replies: 8
Views: 650

Transferring assets to UK...

My sister has lived in the UK her entire adult life and does not file US taxes. She is due to inherit shares of US Vanguard mutual funds from our father, who lived in the US. I told her to open a Vanguard account to accept the shares of mutual funds but she does not want to have to file a US tax ret...
by JHart
Fri Jul 14, 2017 2:23 pm
Forum: Investing - Help with Personal Investments
Topic: Getting step-up in cost basis on grandma's trust?
Replies: 9
Views: 742

Getting step-up in cost basis on grandma's trust?

My grandmother died in 1972. Her will set up a trust for her four grandchildren, to be paid out in four equal shares upon the death of my father. My father died earlier this year. The trust is invested in the 500 Index Fund and has, as you would expect, significant unrealized gains. I'm wondering, w...
by JHart
Tue Dec 20, 2016 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question my CPA answered wrong last year
Replies: 17
Views: 2595

Re: Tax question my CPA answered wrong last year

Thanks for all the great responses. I tried doing Turbotax but don't have a lot of confidence in my predictions of the W-2 and 1099 numbers, so I think I'll go with a conservative 30-35K and see how it goes in February. Thanks again!
by JHart
Sun Dec 18, 2016 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question my CPA answered wrong last year
Replies: 17
Views: 2595

Re: Tax question my CPA answered wrong last year

Alan, I haven't been reinvesting into the 500 Index for some time since I'm trying to migrate away from it, but thanks for bringing it up. I use SpecID for cost basis so I can see the reinvestment lots in the funds where they are happening. Celia and livesoft, yes, it's employer-sponsored health ins...
by JHart
Sun Dec 18, 2016 12:39 am
Forum: Personal Finance (Not Investing)
Topic: Tax question my CPA answered wrong last year
Replies: 17
Views: 2595

Re: Tax question my CPA answered wrong last year

More great responses here - thank you. OfcKrupke, all your assumptions are correct. 50K is a lot of room to work with. I think I will not include the TIRA and instead plan on a Roth IRA, but will do TIRA instead if my calculations are off and I need more deductions. Alan, thanks for this tip! I actu...
by JHart
Sat Dec 17, 2016 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question my CPA answered wrong last year
Replies: 17
Views: 2595

Re: Tax question my CPA answered wrong last year

I hadn't thought of just running the 2015 TurboTax/HRBlock etc. Good suggestion. I will give it a try if I have time. DSInvestor, We take the standard deduction. 403b and 457 contributions are traditional. The 401a is called a "before-tax" deduction on the pay stub, which is why I lumped i...
by JHart
Sat Dec 17, 2016 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question my CPA answered wrong last year
Replies: 17
Views: 2595

Re: Tax question my CPA answered wrong last year

The gains are long-term. But I thought our income was low enough to get us to 0%...
by JHart
Sat Dec 17, 2016 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question my CPA answered wrong last year
Replies: 17
Views: 2595

Tax question my CPA answered wrong last year

So once again it's December and I am struggling with the same tax question I do every year. Last year I took everything to an accountant, paid for an answer and then it ended up being wrong! Maybe Bogleheads will be better than my CPA... We are married filing jointly with two dependent kids. My husb...