Search found 90 matches

by Lastrun
Sun Apr 15, 2018 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Help for small estate w/ debts: Gifting next of kin
Replies: 9
Views: 470

Re: Help for small estate w/ debts: Gifting next of kin

1. How far back can creditors come after gifts to next of kin and seize them? Is there a time limit on this? 2. Would a creditor have a greater likelihood of identifying gifts if my girlfriend's father exceeds the $15K limit and reports the excess in form 709? Or would this not matter one way or th...
by Lastrun
Mon Apr 09, 2018 9:29 am
Forum: Personal Finance (Not Investing)
Topic: Trust company sent information about my inheritance to relatives by mistake...
Replies: 3
Views: 955

Re: Trust company sent information about my inheritance to relatives by mistake...

The golden rule of an inheritance is "DONT TELL ANYONE" This is NOT the golden rule for a trustee. Please see pages 146-150 of the UTC. Your state law may differ. http://www.uniformlaws.org/shared/docs/trust_code/utc_final_rev2010.pdf While the trustee may have "spoon fed" the information the other...
by Lastrun
Sun Apr 08, 2018 12:34 pm
Forum: Investing - Theory, News & General
Topic: Value premium harvestable?
Replies: 39
Views: 2272

Re: Value premium harvestable?

This is a pattern that suggests that Fama/French's real service was to the economy as a whole by revealing that investors had not been accurately valuing broad swaths of assets. Note--that's not saying that investors pre-early 90s were dumb, just inaccurate. With the needed corrective information p...
by Lastrun
Fri Apr 06, 2018 1:47 pm
Forum: Investing - Theory, News & General
Topic: Swedroe: Look Beyond 60/40 Portfolio
Replies: 237
Views: 14735

Re: Swedroe: Look Beyond 60/40 Portfolio

When I say that 85% of the risk of a 60/40 portfolio is in a single factor, I’m saying that 85% of the portfolio’s realized volatility is explained by a single factor, market beta. Dave Sorry for my ignorance, but I am struggling to understand the above statement and the implications. If something ...
by Lastrun
Mon Mar 26, 2018 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition
Replies: 121
Views: 6583

Re: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition

I don't see the step transaction doctrine as it relates to the gift as the issue. In the context of a GIFT, the doctrine would be applied to recast the transaction as one where the OP would be the donor of the gift, not the grandparents. Who cares, as the tuition payments would likely be non-taxable...
by Lastrun
Mon Mar 12, 2018 8:10 pm
Forum: Personal Consumer Issues
Topic: Can’t Login to Ally Bank with Chrome, Firefox works Fine
Replies: 18
Views: 996

Re: Can’t Login to Ally Bank with Chrome, Firefox works Fine

I suspect it is not Ally so I would look first on your end. I access Ally on multiple platforms with Chrome and have had, and currently have, no issues. These include IPad, old MacAir, new MacAir, home desktop windows 10, and work desktop, windows 8. Sorry I can't be of much help other than where to...
by Lastrun
Sat Mar 10, 2018 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: [Can someone not named in a trust see its contents?]
Replies: 26
Views: 1568

Re: are lawyers allowed to look into trusts?

See a lawyer. Don't create liability for yourself as the fiduciary of his trust. Texas Code Sec. 154.005. PAYMENTS OF SUPPORT OBLIGATION BY TRUST. (a) The court may order the trustees of a spendthrift or other trust to make disbursements for the support of a child to the extent the trustees are requ...
by Lastrun
Sat Mar 10, 2018 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Opening a taxable account in Vanguard Joint vs a Trust account
Replies: 23
Views: 1559

Re: Opening a taxable account in Vanguard Joint vs a Trust account

OP, please read this immediately below at pages 226-227: http://www.actec.org/assets/1/6/Journal_V34_N4_Spring09.pdf and this: https://www.actec.org/assets/1/6/Kirkland-Tenancy-by-the-Entirety-States-and-Qualified-Spousal-Trusts.pdf These articles are a few years old, but should help you, and others.
by Lastrun
Tue Mar 06, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Care: Excellent Morningstar article [75 Must-Know Statistics About Long-Term Care]
Replies: 23
Views: 2641

Re: Long Term Care: Excellent Morningstar article [75 Must-Know Statistics About Long-Term Care]

So for most of us, the risk is to pay for LTC insurance and run the tail risk. or not pay for LTC insurance and run the tail risk. Also, looking at Nisi's chart, assuming a 3 month elimination period in a policy, the "decedents" in those first 3 very large columns had no coverage either. The long e...
by Lastrun
Sun Mar 04, 2018 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: conduit vs. accumulation trust?
Replies: 47
Views: 1967

Re: conduit vs. accumulation trust?

As the other posters mentioned, a conduit trust allows more flexibility in beneficiary designations (only the immediate beneficiary has to qualify for "see through" from the IRS as an actual individual, so successor beneficiaries can be charities, non-qualified trusts , etc.). ^^^^^^ This and my em...
by Lastrun
Sun Mar 04, 2018 6:48 pm
Forum: Investing - Help with Personal Investments
Topic: Can a deceased person contribute their post-death bonus to their 401(k)?
Replies: 5
Views: 982

Re: Can a deceased person contribute their post-death bonus to their 401(k)?

I agree. You may also want to peruse the Section 415 regulations, with the understanding that there is a general limitation on post-severance contributions, whether or not on account of death.
by Lastrun
Wed Feb 28, 2018 6:54 pm
Forum: Personal Consumer Issues
Topic: Credit Karma credit score accuracy
Replies: 10
Views: 1422

Re: Credit Karma credit score accuracy

There was an author on Your Money on Wharton Business Radio a few weeks ago discussing credit scores. Anthony Davenport Author of "Your Score: An Insider's Secrets to Understanding, Controlling, and Protecting Your Credit Score" If you have XM see if you can find it. It may also be on the Wharton Bu...
by Lastrun
Tue Feb 27, 2018 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: paying for child's college tuition - does it count towards the limit for gift tax?
Replies: 40
Views: 2916

Re: paying for child's college tuition - does it count towards the limit for gift tax?

Here is the Treasury Regulation is anyone is interested. The examples at the end are helpful. Treasury Regulation § 25.2503-6 Exclusion For Certain Qualified Transfer For Tuition Or Medical Expenses. Treas. Reg. § 25.2503-6(a) In General. — Section 2503(e) provides that any qualified transfer after ...
by Lastrun
Mon Feb 26, 2018 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One is replacing bank branches with coffee shops & ATMs. Wave of the future?
Replies: 39
Views: 1917

Re: Capital One is replacing bank branches with coffee shops & ATMs. Wave of the future?

Actually not a bad idea. Make the branches a "third place"

See this wiki https://en.wikipedia.org/wiki/Third_place

Have to give them credit for trying something innovative.

Whether it works . . . . .
by Lastrun
Wed Feb 14, 2018 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Set up a Bypass Trust or not?
Replies: 4
Views: 619

Re: Set up a Bypass Trust or not?

I echo Bsteiner that these late funding situations are not uncommon and here the main issue (threat) is likely the income taxes during the 10 year period, and what does the IRS think about that. Was income accumulated in the trust at all during the 10 year period? One concern I have is whether the b...
by Lastrun
Tue Feb 13, 2018 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Institutional Trustee?
Replies: 7
Views: 453

Re: Institutional Trustee?

In my experience, traditional banks really don't want to hold real estate any more, even with substantial other non-real estate assets, at least that is my experience in the DC area.

Do you have a mortgage on the property? That may present a wrinkle with the lender.
by Lastrun
Thu Feb 01, 2018 3:11 pm
Forum: Investing - Theory, News & General
Topic: Bill Sharpe's preferred portfolio
Replies: 98
Views: 20259

Re: Bill Sharpe's preferred portfolio

Other than a slight underweighting of the USA, those numbers seem so remarkably like a 60/40 portfolio with equity fully diversified globally? Somewhere, a BH mentioned that perhaps it would just be easier to have an equal percentage portfolio. I thought it was in this thread but I cannot find it. ...
by Lastrun
Mon Jan 29, 2018 4:28 pm
Forum: Investing - Help with Personal Investments
Topic: Returns: Total Bond Market Index vs. Intermediate Term Index
Replies: 8
Views: 1218

Re: Returns: Total Bond Market Index vs. Intermediate Term Index

There are ton of other threads on this exact question. Looking at it over a longer term than you have, I think the return difference is not that dramatic. https://www.portfoliovisualizer.com/backtest-asset-class-allocation?s=y&mode=2&startYear=1972&endYear=2017&initialAmount=10000&annualOperation=0&...
by Lastrun
Mon Jan 29, 2018 10:48 am
Forum: Personal Consumer Issues
Topic: Paris Hotel Recommendations
Replies: 21
Views: 1628

Re: Paris Hotel Recommendations

We stayed at the Hotel Raphael which is right by the Arc de Triomphe. They had a great rooftop restaurant. It is a decent walk to the Eiffel tower but we would walk down there every night with our 7-year-old and she never complained. I think is was part of the Amex hotel collection, at least at that...
by Lastrun
Sat Jan 27, 2018 4:05 pm
Forum: Local Chapters and Bogleheads Community
Topic: Post your Financial Milestone Announcements Here
Replies: 243
Views: 22312

Re: Can I be a member of the two comma club?

It’s absurd that anyone would suggest that home equity does not count towards net worth. Unless, of course, they are making up their own rules. I think absurd, respectfully, it too strong a word, as is the phrase making up their own rules. There is support for this in the definition of "accredited ...
by Lastrun
Wed Jan 24, 2018 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question
Replies: 7
Views: 716

Re: Tax Question

Also, when you talk to the professional, ask whether it is advantageous to obtain an EIN for the estate and elect to treat the estate and trust as one for purposes of the 1041. The reason to do this is that the estate can have a fiscal year and the trust typically can only have a calendar year. Toge...
by Lastrun
Tue Jan 23, 2018 5:47 pm
Forum: Investing - Theory, News & General
Topic: Backdoor Roth / step-transaction doctrine news: [Congress recognizes process]
Replies: 33
Views: 2844

Re: Backdoor Roth / step-transaction doctrine news: [Congress recognizes process]

The IRS is even more subservient to the congressional intent. In my 5 years with the National Office, technical attorney's at the Service would be more concerned with statements of Congressional intent than they would be with an adverse Circuit Court opinion. See e.g.'s Actions on Decisions by the ...
by Lastrun
Tue Jan 23, 2018 5:42 pm
Forum: Investing - Theory, News & General
Topic: Backdoor Roth / step-transaction doctrine news: [Congress recognizes process]
Replies: 33
Views: 2844

Re: Backdoor Roth / step-transaction doctrine news: [Congress recognizes process]

Everyone needs to be careful in the back and forth. The correct statement of the issue is substantial authority for the tax return position. IMHO the reports COULD POSSIBLY BE substantial authority. Not saying the are, but just saying that statements of 100% certainty that they are not are, with all...
by Lastrun
Mon Jan 22, 2018 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Gift and estate tax questions
Replies: 4
Views: 541

Re: Gift and estate tax questions

There is no “clawback” of money saved from previously more generous rules that later become less generous (to the taxpayer) We'll have to agree to disagree on this one. I think your answer is right, but IMHO the only real limitation on retroactive taxation is the political process. See e.g. US v. C...
by Lastrun
Wed Jan 17, 2018 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable trust for primary residence
Replies: 12
Views: 996

Re: Irrevocable trust for primary residence

Don't know, but what if you got and maintained mortgage loan(s) to the maximum possible on the home (no matter who owns it). Then, use other asset protection techniques for the proceeds. Then, there is little, if any, value to those successfully suing. If you want to specifically protect the house,...
by Lastrun
Wed Jan 17, 2018 4:39 pm
Forum: Investing - Help with Personal Investments
Topic: Ally Bank No penalty CD for parking cash, is there a catch?
Replies: 46
Views: 11950

Re: Ally Bank No penalty CD for parking cash, is there a catch?

I originally had a 11 month CD at a lower rate and a savings account at Ally. Recently, I closed the 11 month lower rate CD and opened up a new 11 month CD at the higher rate. I also purchased a new 12 month CD at the promo rate. I am not sure the whole process took more than 5 minutes. But I did ha...
by Lastrun
Wed Jan 17, 2018 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1831

Re: [Virginia] Transfer on Death Deeds .. New Husband?

Do you hold a mortgage on the house? If so, isn;t that a degree of protection? Lets assume the OP does hold the debt. After marriage, Mom revokes the TOD deed and conveys the house into joint name with the spouse, or devises the property in her will to the spouse. Under the specific devise, unless ...
by Lastrun
Wed Jan 17, 2018 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1831

Re: [Virginia] Transfer on Death Deeds .. New Husband?

I am not ready to give up on this, I think the OP needs some good advice and/or a talk with the local Commissioner of Revenue. Each county is a little different and I would be upfront and honest in what I was trying to accomplish. I think many of the responses on here are great----prenup with waiver...
by Lastrun
Wed Jan 17, 2018 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1831

Re: [Virginia] Transfer on Death Deeds .. New Husband?

OP--A prenuptial agreement could address many problems, and could be prepared in conjunction with the new wills that both members of the happy couple should prepare anyway. Note that a prenup must be signed before the wedding, and the wills can be prepared in advance but should be signed after the ...
by Lastrun
Wed Jan 17, 2018 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1831

Re: [Virginia] Transfer on Death Deeds .. New Husband?

You need a lawyer to tell you how solid a TOD deed is in Virginia. TOD is solid, but that is not the issue. The threats are: 1. Manipulation of the TOD deed prior to death; and 2. Claims against the TOD property after death. See my post above, the TOD deed in VA remains subject to the debts of the ...
by Lastrun
Wed Jan 17, 2018 10:24 am
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1831

Re: [Virginia] Transfer on Death Deeds .. New Husband?

In addition, she can have a will (as far as I know) naming you as a beneficiary to the degree whe desires. I have the dim idea that in some states a surviving spouse has a right to some portion of the deceased person's estate. Yes, despite the TOD, now these are not huge in VA, but . . .. Big ones ...
by Lastrun
Wed Jan 17, 2018 10:19 am
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1831

Re: [Virginia] Transfer on Death Deeds .. New Husband?

Do you hold a mortgage on the house? If so, isn;t that a degree of protection? Lets assume the OP does hold the debt. After marriage, Mom revokes the TOD deed and conveys the house into joint name with the spouse, or devises the property in her will to the spouse. Under the specific devise, unless ...
by Lastrun
Wed Jan 17, 2018 9:35 am
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1831

Re: [Virginia] Transfer on Death Deeds .. New Husband?

I deeded the house back to her and then I moved out to take advantage of a tax benefit that is offered to her as long as she is only on the deed, and I do not live on the property. Was this for eligibility for real property tax relief for the elderly? VA has intestate succession laws so I would've ...
by Lastrun
Mon Dec 18, 2017 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate Joint Revocable Trust
Replies: 2
Views: 279

Re: Real Estate Joint Revocable Trust

This is very state dependent, but there are two main advantages-(1) planning for incapacity and (2) probate avoidance at death. Typically, under most state laws, transfer to a revocable trust offers no asset protection from creditors. I can think of many possible disadvantages: Loss of title insuran...
by Lastrun
Sat Dec 09, 2017 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: 1031 Exchange vs Charitable Remainder Trust
Replies: 9
Views: 760

Re: 1031 Exchange vs Charitable Remainder Trust

The choices are (i) keep the property, (ii) sell and pay the tax, (iii) Section 1031 exchange and keep the new property until death, or (iv) charitable remainder trust (CRT). The CRT doesn't avoid the tax. It effectively defers the tax. . . . . . . . The exchange has the risk of how the replacement...
by Lastrun
Sat Dec 09, 2017 6:46 pm
Forum: Investing - Help with Personal Investments
Topic: If you use EE Bonds, what did drive your decision
Replies: 41
Views: 3128

Re: If you use EE Bonds, what did drive your decision

I've been buying them, my thought is to use it as part of a guaranteed nominal ladder to permit me to take Social Security at age 70. . . . I would not advise anyone to tie up all or a significant part of their assets in EE bonds as that would leave one overly exposed to the ravages of inflation. I...
by Lastrun
Mon Nov 27, 2017 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning question (should we add beneficiaries to savings account?)
Replies: 33
Views: 2190

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

bsteiner wrote:
Mon Nov 27, 2017 8:22 pm
In addition to defeating estate plans and making estate administration more complicated, joint accounts and TOD accounts generate lots of work for our litigators.
Probably your best line ever. So true.
by Lastrun
Mon Nov 27, 2017 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Forming an LLC without an attorney
Replies: 24
Views: 2627

Re: Forming an LLC without an attorney

There are really two issues here: Formation and Operation Formation: Most of the advice above is spot on. You don't need LegalZoom or similar service, or an attorney to form an LLC. Also as stated, most state websites have excellent forms and online filing systems. Operation: This is essentially the...
by Lastrun
Mon Nov 27, 2017 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning question (should we add beneficiaries to savings account?)
Replies: 33
Views: 2190

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

I am thinking more in the line of the bank account and not the IRA. In VA probate is only 10 bps on an asset of that size (the bank account), so the probate cost is not than significant when compared to potential control issues with the sisters. The concern is that the OP's wife needs funds to maint...
by Lastrun
Mon Nov 27, 2017 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning question (should we add beneficiaries to savings account?)
Replies: 33
Views: 2190

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

CAsage wrote:
Mon Nov 27, 2017 2:04 pm
DO NOT let your wife pay all the bills and have the siblings take any cash without being sure you have enough..... The three-way split is AFTER expenses!
Respectfully, could you explain how the OP's wife does this, when the two SILs have already shown up at the bank with mom's death certificate?
by Lastrun
Mon Nov 27, 2017 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning question (should we add beneficiaries to savings account?)
Replies: 33
Views: 2190

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

My wife is the most responsible of her three daughters and is intended executrix of her will. The most important line in all of your facts. Probate fees, if any at that level of assets, will be a small price to pay for your wife to have control of the account to pay bills on the house etc. IMHO. Bu...
by Lastrun
Fri Nov 24, 2017 8:43 am
Forum: Investing - Help with Personal Investments
Topic: Help with estate planning
Replies: 21
Views: 2491

Re: Help with estate planning

Why didn't he leave $5,490,000 to a credit shelter trust? While there's portability for the Federal estate tax, there's no portability for the GST tax (and with $11 million and you and your sister both doing fine financially) you're likely to have taxable estates. ^^^^^^^^^ This Also, add to Bstein...
by Lastrun
Mon Oct 23, 2017 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: How to make a Will myself?
Replies: 20
Views: 1434

Re: How to make a Will myself?

Borrow Quicken will maker by Nolo for your state. Estate litigation lawyers full employment software. I have seen many glitches in these software wills including failed bequests and devises, faulty lapses, unclear survivorship requirements, inconsistent fiduciary sucession provisions, etc. There is...
by Lastrun
Mon Oct 16, 2017 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Better to file taxes knowing they are incorrect (IRS owes me) or not file
Replies: 5
Views: 744

Re: Better to file taxes knowing they are incorrect (IRS owes me) or not file

Yes. File today. You do not want failure to file penalties. They are the worst. Yep, file. Penalties are not the worst--failure to file is also possibly a criminal offense under 18 USC Sec. 7203, subject to 5 years. Always best to file, and worry about adjustment or payment later. You have options ...
by Lastrun
Tue Oct 10, 2017 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Asset Protection Strategy Advice
Replies: 21
Views: 2732

Re: Asset Protection Strategy Advice

Setting up a HELOC on owned real estate does not offer protection but at least it shows the property is encumbered which may discourage a frivolous lawsuit since the encumbrance can indicate lack of equity in the property. I like your list but don't agree with this one. First, one person's frivolit...
by Lastrun
Sat Oct 07, 2017 8:36 am
Forum: Investing - Theory, News & General
Topic: Crisis of Confidence - Choosing Bond allocations in portfolio
Replies: 24
Views: 2181

Re: Crisis of Confidence - Choosing Bond allocations in portfolio

I'm going to build out a spreadsheet forecasts target % in each class, factoring the glide path. This might help. https://corporate.morningstar.com/us/documents/Indexes/Morningstar_Lifetime_Allocation_Summary_062017.pdf Not saying it is gospel, just gives you Morningstar's approach to glide paths. ...
by Lastrun
Wed Sep 27, 2017 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Naming a temporary power of attorney
Replies: 9
Views: 645

Re: Naming a temporary power of attorney

I'm not a lawyer, but I don't think you can hand the POA off to another person. My understanding is that you cannot do this. Only if there is a specific provision in the POA document. Gill The old school rule was that the agent could not delegate the authority granted by the principal. So everyone'...