Search found 88 matches

by Mlm
Thu Jun 22, 2017 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 16314

Re: Siblings in disagreement over mom's house.

I went through a similar situation in my family several years ago. There were no sentimental feelings, just the keeper wanting to assert control over family members. Long standing mental health issues compounded the situation. It took the threat of a partition sale to get the keeper to even speak ab...
by Mlm
Tue Jun 13, 2017 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Bill received after Estate is closed
Replies: 57
Views: 5774

Re: Bill received after Estate is closed

OP Here. As a follow up...I spoke to the Firms owner and he agreed that his Associate screwed up bigly. I agreed to pay my 1/4 of the bill and he accepted that as payment in full. I want to thank everyone for their suggestions.

Mary
by Mlm
Mon Jun 12, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement or permanent limbo around 50?
Replies: 19
Views: 2302

Re: Retirement or permanent limbo around 50?

I worked for a 750 employee, one owner health company. The owner died suddenly and his estate sold the company to an out of state corporation.
Chop,chop,chop. All upper management were out. I had 30 years invested. It happens
by Mlm
Fri Jun 09, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: (Very) Early Retirement vs Parenthood
Replies: 74
Views: 4216

Re: (Very) Early Retirement vs Parenthood

Are you trying to talk yourself into something that you are ambivalent about? I am sure that most people don't regret having children or regret an early retirement if they are prepared for the changes that those decisions bring. If you don't currently have a burning desire for either I would let the...
by Mlm
Thu Jun 08, 2017 8:59 pm
Forum: Local Chapters and Bogleheads Community
Topic: Roll Call for the Retirement Class of 2017!
Replies: 161
Views: 18618

Re: Roll Call for the Retirement Class of 2017!

After a year of unemployment I decided to hang up my dancing shoes. I never would have chose to retire at 62 but this is truly the best thing that could have happened and I'm loving it :happy Welcome to the class - glad it worked out to be the best thing that could have happened :happy I'm sure a y...
by Mlm
Mon Jun 05, 2017 9:04 pm
Forum: Local Chapters and Bogleheads Community
Topic: Roll Call for the Retirement Class of 2017!
Replies: 161
Views: 18618

Re: Roll Call for the Retirement Class of 2017!

After a year of unemployment I decided to hang up my dancing shoes. I never would have chose to retire at 62 but this is truly the best thing that could have happened and I'm loving it :happy
by Mlm
Sat Jun 03, 2017 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Lump Sum or Annuity
Replies: 8
Views: 730

Re: Lump Sum or Annuity

Chances are pretty good that your company is offloading the pension liability to a insurance company. I would want to know the company, their financial strength and what possible state guarantees would be in place.
by Mlm
Thu Jun 01, 2017 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Drowning in debt
Replies: 52
Views: 4624

Re: Drowning in debt

Note that miamivice originally called this a "large purchase" not an "investment" so I'm guessing it was purchased primarily for some other non-monetary value to the OP and his family (might be a vacation home; a very expensive art-work he is enjoying; etc.) - thus the reason wh...
by Mlm
Wed May 31, 2017 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Do you have a bucket to pay your mortgage or pay from core?
Replies: 36
Views: 2393

Re: Do you have a bucket to pay your mortgage or pay from core?

I have an account for irregular payments (property taxes, home & car insurance) which I fund monthly from my primary checking account.
For regular monthly payments such as mortgage and car payments I use my primary checking account.
by Mlm
Sun May 28, 2017 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: Play Money for Spouse....
Replies: 138
Views: 9398

Re: Play Money for Spouse....

Ask her how much she thinks she will need and what things it will cover so that you can revise the family budget accordingly. Then hand over the cash with a smile. Done :D
by Mlm
Fri May 26, 2017 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: When to start talking to older parents regarding their finances (and how to do it?)
Replies: 37
Views: 3859

Re: When to start talking to older parents regarding their finances (and how to do it?)

There are at least 2 things adult children should know from their parents: - If you live a long life, will you be needing financial support from me? - If you drop dead tomorrow, how have you documented what you want done with your stuff? That doesn't presume that the parents need any help at all, o...
by Mlm
Wed May 24, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Verifying IRS expectations on Inherited IRA
Replies: 20
Views: 1085

Re: Verifying IRS expectations on Inherited IRA

I am not old enough to take any RMDs of my own, but I do have a couple of Inherited IRAs. I have never gotten a Form 5498 on either of them. I am wondering now if the IRS even knows if you are or are not supposed to be taking RMDs from an Inherited IRA. +1. I recently inherited IRA's on behalf of m...
by Mlm
Wed May 24, 2017 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: How to calculate tax benefit of owning a home
Replies: 28
Views: 1604

Re: How to calculate tax benefit of owning a home

Do you pay high State income taxes? High state income and property taxes alone put me at twice the standard allowance even without mortgage interest.
by Mlm
Tue May 23, 2017 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: i am my own "guy," but not sure I should advertise that
Replies: 107
Views: 13632

Re: i am my own "guy," but not sure I should advertise that

When friends or family ask I tell them that I a DIYer. If they ask how I learned I point them to Bogleheads and some books but they really aren't interested. I also like to read IRS Publications but I would never tell anyone.
by Mlm
Thu May 04, 2017 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: How to handle large variable expenses?
Replies: 16
Views: 1015

Re: How to handle large variable expenses?

We have a separate savings account (separate from our emergency fund) that we use as something like an expense escrow account. For all of the expenses that are at least annual, but less frequent than monthly, we deposit money into the account to cover those expenses. For example, the property tax o...
by Mlm
Thu May 04, 2017 6:55 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Witholding
Replies: 9
Views: 770

Re: Social Security Witholding

The form you need from Social Security is here: https://www.ssa.gov/planners/taxwithold.html
by Mlm
Wed May 03, 2017 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: First Milestone of many!
Replies: 11
Views: 1989

Re: First Milestone of many!

Cheers to you :sharebeer Stay the course and don't panic during pull backs and recessions. In 20 years or less you just might be celebrating your entrance to the two comma club. Well done.
by Mlm
Mon May 01, 2017 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Suspending Social Security Benefits- Will be 66 in June
Replies: 12
Views: 1398

Re: Suspending Social Security Benefits- Will be 66 in June

I'm not sure I understand the question. Are you currently collecting ?
by Mlm
Mon May 01, 2017 9:14 pm
Forum: Personal Consumer Issues
Topic: Buying first home with old hvac
Replies: 92
Views: 4201

Re: Buying first home with old hvac

I would look at it differently. If the current HVAC system is 20 years old, a new one that is more energy efficient may very well pay for itself in just a few years. Replacing it proactively would also allow you to schedule it when it is convenient and not under heavy use rather than in the middle ...
by Mlm
Mon May 01, 2017 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Bigger home guilt or bad idea
Replies: 15
Views: 2171

Re: Bigger home guilt or bad idea

It looks to me like your good to go. Why the guilt?
by Mlm
Sun Apr 30, 2017 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Does Retirement Planning impact your job performance?
Replies: 68
Views: 7182

Re: Does Retirement Planning impact your job performance?

I am starting to feel very blessed. I planned to retire at 63.5 when I would have reached my savings goal. I was blindsided two years early due to a company sale and I had absolutely no warning. Yeah, I cried for about five minutes and than realized my current numbers would work. I smiled on my way ...
by Mlm
Sun Apr 30, 2017 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security options for those born after 01/01/1954
Replies: 17
Views: 1501

Re: Social Security options for those born after 01/01/1954

I want to be sure I understand the options for a couple claiming SS when both were born after Jan. 1, 1954. Note that the monthly benefits (which are rounded) below may seem high, but they are for a few years in the future. Spouse1 will have a monthly benefit at FRA (age 66) of $2200 based in own r...
by Mlm
Thu Apr 20, 2017 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Did I make a good decision to retire July 2017 instead of July 2018?
Replies: 56
Views: 5162

Re: Did I make a good decision to retire July 2017 instead of July 2018?

sil2017 wrote: How would I calculate the pension?


If it were me I would use the pension in today's dollars. The 2% should keep up with inflation over time.

Best wishes on your retirement. Enjoy
by Mlm
Thu Apr 20, 2017 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Did I make a good decision to retire July 2017 instead of July 2018?
Replies: 56
Views: 5162

Re: Did I make a good decision to retire July 2017 instead of July 2018?

Based on my information given in post one, what am I able to spend monthly? If you have $570K and pay off the mortgage and HELOC that leave about $525K to draw from unless you pull equity from the house. At 56 I would assume a 35 to 40 year draw down. Look for a success rate of at least 95% You can...
by Mlm
Wed Apr 19, 2017 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Adult child lack of availability at tax time.
Replies: 24
Views: 2067

Re: Adult child lack of availability at tax time.

Behavior has consequences. That is a major life lesson that parents need to teach their children. Apparently, he has not learned this so far so this is an excellent teaching opportunity. Send him his 1099's with a note that you filed an extension and he has until October 15th to file. Then you are ...
by Mlm
Wed Apr 19, 2017 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Bill received after Estate is closed
Replies: 57
Views: 5774

Re: Bill received after Estate is closed

afan wrote:
SimonJester wrote:Is there any chance the attorney had billed you earlier and you missed it?


No chance and the Associate Attorney called to inform me that a bill had not been previously generated.

Mary
by Mlm
Wed Apr 19, 2017 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Bill received after Estate is closed
Replies: 57
Views: 5774

Re: Bill received after Estate is closed

I would call the attorney and tell him you just receive a bill against your fathers estate after probate was closed. Tell them you would like them to draft a letter to the company explaining probate is closed and their claim is denied. When he asked who the company is provide the lawyers name. The ...
by Mlm
Wed Apr 19, 2017 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Bill received after Estate is closed
Replies: 57
Views: 5774

Re: Bill received after Estate is closed

I found this information on settling small estates in New York: http://nycourts.gov/courthelp//WhenSomeoneDies/smallEstate.shtml Note: “If the Decedent owned real property, like a house or land, in their name alone then it's not a small estate anymore.” If your mother’s estate was truly considered ...
by Mlm
Wed Apr 19, 2017 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Bill received after Estate is closed
Replies: 57
Views: 5774

Re: Bill received after Estate is closed

It is possible the associate messed up and is billing you now without the attorney's knowledge. I think that professionals like doctors and lawyers frequently do not know every little detail of what is going on in the billing office. I'd try to find out if the attorney even knows about the bill bef...
by Mlm
Wed Apr 19, 2017 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Bill received after Estate is closed
Replies: 57
Views: 5774

Re: Bill received after Estate is closed

OP here Thanks for the ideas. I have had a long relationship with the owner of this small law office and in the past he has done some small work for me without charge. I gave him a lot of business (over 100K per year for 25 years) for the company I used to work for. I don't want to stiff him but his...
by Mlm
Wed Apr 19, 2017 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Bill received after Estate is closed
Replies: 57
Views: 5774

Bill received after Estate is closed

I am the Executor of my late mother's Estate. Most of her accounts were POD so there was very little that was the responsibility of the Estate. I hired my Attorney (no contract signed) to help with the court paperwork. It was a small Estate in New York State (under 30K) An Associate in his office ha...
by Mlm
Tue Apr 18, 2017 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Did anything surprise you in your 2016 taxes?
Replies: 83
Views: 7275

Re: Did anything surprise you in your 2016 taxes?

Small but nice surprise. I prepaid my fourth quarter real estate taxes to get the federal deduction. This unexpectedly threw me over the standard decuction on my State taxes which is something I have never been able to take advantage of before. $97 bucks :moneybag
by Mlm
Sun Apr 09, 2017 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: [Tax] software asks driver license number
Replies: 15
Views: 1475

Re: [Tax] software asks driver license number

The part that upset me was having to rely on a magnifying glass to red my license :annoyed
by Mlm
Thu Mar 30, 2017 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Divorcing and handling shared and split assets after divorce
Replies: 55
Views: 3523

Re: Divorcing and handling shared and split assets after divorce

" I will pay her maintenance/alimony to cover her expenses and I will pay all of the joint expenses involving our living spaces and our children until she gains an income of her own. " That is a very open ended statement. How do you legally define an income of her own? :oops: I have been ...
by Mlm
Wed Mar 29, 2017 7:38 am
Forum: Personal Finance (Not Investing)
Topic: Problem e-filing return (deceased primary)
Replies: 24
Views: 2897

Re: Problem e-filing return (deceased primary)

I had the same problem with Tax Act trying to file for my deceased mother. I gave up and sent paper returns.
by Mlm
Mon Mar 27, 2017 11:18 am
Forum: Personal Finance (Not Investing)
Topic: NYS medicaid Pre 65 - no asset test?
Replies: 17
Views: 1135

Re: NYS medicaid Pre 65 - no asset test?

Yes, what you are being told is correct. There is no asset test in NY.
by Mlm
Fri Mar 17, 2017 7:29 pm
Forum: Personal Consumer Issues
Topic: Looking for a snazzy car
Replies: 79
Views: 4920

Re: Looking for a snazzy car

I have a Mazda 3 5 door touring and I love it. If it were not for the large amounts of snow I get I would drive the Mazda Miata in a heart beat.
Zoom Zoom
by Mlm
Fri Mar 17, 2017 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: help deciphering Social Security code annotations
Replies: 13
Views: 861

Re: help deciphering Social Security code annotations

I checked my mothers bank records. She started collecting at 65 on her own account and began collecting an additional survivors benefit when my father passed away. Her bank records are indeed coded with an "A". So it appears that SS does not change the code when the additional benefit is a...
by Mlm
Wed Mar 15, 2017 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: Early Retirement - what to do about healthcare?
Replies: 167
Views: 18767

Re: Early Retirement - what to do about healthcare?

Everyone I know who retired early either worked for a government entity or a mega corp that offered retiree health coverage.
The rest live off of after tax savings and qualify for ACA subsidies.
by Mlm
Wed Mar 08, 2017 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Are we ready to buy a house? What should our price range be?
Replies: 56
Views: 4455

Re: Are we ready to buy a house? What should our price range be?

How about a trial run? Set aside the cash for the projected extra expenses and see how life treats you. Would your wife agree to that?
by Mlm
Tue Mar 07, 2017 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Final expenses, such as cremation, etc.
Replies: 7
Views: 740

Re: Final expenses, such as cremation, etc.

My mother set up a prepaid burial account and changed her checking account to a joint account with me. She also had beneficiaries on her investment and IRA accounts. There was very little that had to pass through her estate.
by Mlm
Fri Feb 24, 2017 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card Points After Death
Replies: 15
Views: 1252

Re: Credit Card Points After Death

When my mother passed away I informed her credit card company (Chase). Four months later her Estate received a check for her credit card reward points.
by Mlm
Tue Feb 21, 2017 11:36 am
Forum: Personal Consumer Issues
Topic: Do you replace your electrical switches/outlets or use an electrician?
Replies: 93
Views: 6078

Re: Do you replace your electrical switches/outlets or use an electrician?

I replaced most of the switches and outlets in my house myself after I turned off the main power. I did run into a problem when I replaced a two-way switch with a one way switch, there is a difference :oops: I had to call en electrician to fix that mistake. I have also replaced the thermostat and ga...
by Mlm
Sat Feb 18, 2017 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: How to Split $10K Fed Tax Bill Between Husband and Wife
Replies: 38
Views: 2404

Re: How to Split $10K Fed Tax Bill Between Husband and Wife

How have you calculated your individual tax liability for the past 25 years? Has something changed?
by Mlm
Sat Feb 11, 2017 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Late father appears not to have taken RMDs
Replies: 34
Views: 4116

Re: Late father appears not to have taken RMDs

This happened to someone I knew and it was caught by her financial adviser when she was 80. No RMD's had been taken for 10 years :shock: The adviser calculated the amount of the missing RMD's and took them all in the current year to bring her up to date. No amended tax returns or penalties were file...
by Mlm
Wed Feb 08, 2017 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Life estate at death
Replies: 20
Views: 2064

Re: Life estate at death

I researched this for someone about 3 years ago. The answer was unclear. Spoke to half a dozen enrolled agents and CPA's. They all said that since ownership of the property was gifted, the stepped up basis was forfeited. The way it worked for my family was that the children received the parents bas...
by Mlm
Thu Feb 02, 2017 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Contesting a will or trust
Replies: 31
Views: 1742

Re: Contesting a will or trust

What would be the reason for contesting?
by Mlm
Mon Jan 30, 2017 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct Donation Assistant
Replies: 13
Views: 2368

Re: TaxAct Donation Assistant

Here is what I did. I opened a new account "plus" and started a return for 2015. When I went to the donation assistant it made me upgrade to "premium" :annoyed I entered all of my donations and printed them out for backup. Then I went to my real account and entered the total for ...

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