Search found 968 matches

by NotWhoYouThink
Tue Jun 27, 2017 7:33 pm
Forum: Personal Consumer Issues
Topic: Compelling Beneficiaries to Respond - Trust
Replies: 13
Views: 754

Re: Compelling Beneficiaries to Respond - Trust

My BIL threw away a letter from the life insurance company asking him to verify his identity so the claim for his father's policy could be paid. People do stuff like that. But if you knew enough to send them letters, you know who they are, right? Can you try to contact them in other ways?
by NotWhoYouThink
Tue Jun 27, 2017 1:59 pm
Forum: Investing - Help with Personal Investments
Topic: 3% income
Replies: 9
Views: 1071

Re: Elder needs at least 3% income from taxable investments

As others have said, this spending level is very doable. That's the good news. Implementing the plan may be tricky from a family relationship and communication standpoint, but not from a financial standpoint. How is she invested now? Is she actively involved with investment decisions? Who does she t...
by NotWhoYouThink
Mon Jun 26, 2017 7:17 pm
Forum: Personal Consumer Issues
Topic: Help, realtors disagree. Take out bookshelves, hidden bed combo before listing?
Replies: 34
Views: 1812

Re: Help, realtors disagree. Take out bookshelves, hidden bed combo before listing?

Since it is impossible to know the right answer until a serious buyer walks in the door, don't agonize over it. Leave it if that is easier, remove it if it worries you to leave it there.
by NotWhoYouThink
Mon Jun 26, 2017 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Won an ATV in a raffle...now what?
Replies: 37
Views: 2529

Re: Won an ATV in a raffle...now what?

Any chance you are in IL? DH is aboard member our local little league (registered 501c3), and they are shopping for a new ATV. I'm sure they'd gladly accept your charitable contribution. :beer I love this idea! If you are not in IL, maybe you can find a local organization that would accept the dona...
by NotWhoYouThink
Mon Jun 26, 2017 6:48 pm
Forum: Personal Consumer Issues
Topic: Two days in Vancouver - Suggestion...
Replies: 20
Views: 993

Re: Two days in Vancouver - Suggestion...

We went to Vancouver as empty nesters, and so planned our days differently from how we did things with kids. When we visited Stanley Park, we started our walk at the sea wall near Canada Place and the Olympic Cauldron. Even if you don't take a ride, the kids might enjoy seeing the sea planes take of...
by NotWhoYouThink
Mon Jun 26, 2017 12:07 pm
Forum: Personal Consumer Issues
Topic: Things to do in Iowa/Nebraska
Replies: 63
Views: 2628

Re: Things to do in Iowa/Nebraska

The worlds largest train yard is in North Platte, Nebraska, and they give tours. Amazing place.
https://www.tripadvisor.com/ShowUserRev ... raska.html
by NotWhoYouThink
Mon Jun 26, 2017 7:49 am
Forum: Personal Finance (Not Investing)
Topic: irrevocable trust for children receiving an inheritance
Replies: 50
Views: 2766

Re: irrevocable trust for children receiving an inheritance

If my kids sue me in 20 years because they don't like the terms of the new trust, it will have confirmed that my decision to decant and place the assets in a new trust was a wise one. A price I'm willing to pay. Hmmm. :shock: Do you honestly believe that you have the only informed insight into what...
by NotWhoYouThink
Sun Jun 25, 2017 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: irrevocable trust for children receiving an inheritance
Replies: 50
Views: 2766

Re: irrevocable trust for children receiving an inheritance

I think that what bsteiner is suggesting may not be exactly what the OP desires. It seems like the OP wants their to be a corporate co-trustee for the new trust that will receive the assets after decanting. I agree that OP and bsteiner appear to be proposing different things. I'm ok with bsteiner's...
by NotWhoYouThink
Sun Jun 25, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: irrevocable trust for children receiving an inheritance
Replies: 50
Views: 2766

Re: irrevocable trust for children receiving an inheritance

If the new trust gives them control (the right to become a trustee, the power to remove and replace their co-trustee (with someone not a close relative or subordinate employee) and the power to appoint (give or leave the trust assets to anyone they want (except themselves or their estates or credit...
by NotWhoYouThink
Sun Jun 25, 2017 8:26 pm
Forum: Personal Consumer Issues
Topic: Two days in Vancouver - Suggestion...
Replies: 20
Views: 993

Re: Two days in Vancouver - Suggestion...

Just got back today from a trip to Vancouver/Whistler/Victoria.

Loved Stanley Park. It's pricey, but whale watching tours around Vancouver could be fun in good weather.
by NotWhoYouThink
Sun Jun 25, 2017 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: irrevocable trust for children receiving an inheritance
Replies: 50
Views: 2766

Re: irrevocable trust for children receiving an inheritance

You can put whatever restrictions you want on money you leave them. But putting extra restrictions in place that the grantors of the trust did not intend, or at least did not direct, is a different thing. If my parents had done that to me, I would resent it. If my parents put in place a corporate tr...
by NotWhoYouThink
Sun Jun 25, 2017 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: irrevocable trust for children receiving an inheritance
Replies: 50
Views: 2766

Re: irrevocable trust for children receiving an inheritance

Ummm...wait a minute. Decanting so that the money can be kept out of their estates and protected from lawsuits is one thing. Keeping it out of their control so they can't make decisions you don't approve of is something else. Why do you think you need to control their financial decisions after age 3...
by NotWhoYouThink
Sun Jun 25, 2017 7:26 pm
Forum: Investing - Help with Personal Investments
Topic: Need Help With Annuities Sold to Parents
Replies: 6
Views: 814

Re: Need Help With Annuities Sold to Parents

More information is needed about your parents' circumstances before anyone can advise you. Your mother's age and health, their other income and assets, their current and projected expenses... While few on this board would have advised them to purchase annuities inside an IRA, if they have some they ...
by NotWhoYouThink
Sun Jun 25, 2017 7:12 pm
Forum: Investing - Theory, News & General
Topic: The "angle" at Schwab
Replies: 21
Views: 2329

Re: The "angle" at Schwab

We have had self-managed accounts at Schwab for 25 years or so. Most of the money has since been moved to Vanguard, but one account is still at Schwab. We have always had a consultant assigned to our accounts, and the first one lasted about 10 years and the second one is still in place. Expect them ...
by NotWhoYouThink
Fri Jun 23, 2017 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Thinking about the death thing for taking SS
Replies: 17
Views: 1436

Re: Thinking about the death thing for taking SS

We optimized as if one of us lives to 100. It is better to plan for the "worst cast" and not need it than the other way around. Exactly! Dying before getting the max from SS might be a personal tragedy, but it is no financial problem at all. Being dead is low cost. Being alive with low in...
by NotWhoYouThink
Fri Jun 23, 2017 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Child's Investments' impact on Financial Aid
Replies: 5
Views: 338

Re: Child's Investments' impact on Financial Aid

If we were to set the account up as a trust for her benefit, would this avoid the potential problem of her having personal assets? No. Money in a trust of which she is the beneficiary is still considered her money. We feel that this is a way to introduce our granddaughter to one aspect of financial...
by NotWhoYouThink
Wed Jun 21, 2017 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Co-workers advising to buy house RIGHT NOW
Replies: 62
Views: 5448

Re: Co-workers advising to buy house RIGHT NOW

Your co-workers want you to act in a way that validates their decision. If you don't buy, maybe they made a mistake and bought when they should have waited. If you do buy, and prices have gone up since they bought, they made a great decision to buy when they did. See how that works? They are not adv...
by NotWhoYouThink
Mon Jun 19, 2017 7:42 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.

1) A final get-together at the house, for everyone. Perhaps with a party-ish theme of the sort that your parents enjoyed (cookout, campout, booze, or whatever else your parents may have enjoyed). There is no way I would add booze to this mix. :twisted: There is no way I would participate without bo...
by NotWhoYouThink
Sun Jun 18, 2017 10:45 am
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.

but no one seems to pay attention to the obvious short term solution, which is to change the current legal ownership -- I recommended placing the property in an LLC, and to work out operating management of the property within that framework. Even if the siblings transferred their ownership interest...
by NotWhoYouThink
Sat Jun 17, 2017 7:18 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.

Okay, I've got the answer. Who is paying the property taxes? I'm guessing one (or all) of the "sellers." Stop that!! The county will eventually place a lien on the property. If the "keepers" still won't budge, let the county sell it at auction. The OP should get one fifth of the...
by NotWhoYouThink
Sat Jun 17, 2017 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Unable to Access POA in Revocable Trust
Replies: 30
Views: 1759

Re: Unable to Access POA in Revocable Trust

Your relative probably thought he had planned for everything, but evidently this set of events was not foreseen. I'm sorry the family is having to deal with this. I'm not clear on whether the POA language in the trust would have done for you, but it doesn't matter now. If your relative did not see f...
by NotWhoYouThink
Tue Jun 13, 2017 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Fund Hell
Replies: 66
Views: 7720

Re: Trust Fund Hell

This may not be trust fund heaven, but it's not that bad. We are kind of 5%-ers here on BH, but this would probably be in the top quintile of trust funds. I hope she thanks him for his work and planning over the years, then listens to you for the way forward.
by NotWhoYouThink
Mon Jun 12, 2017 5:41 pm
Forum: Personal Consumer Issues
Topic: Got a parking ticket - what to do?
Replies: 44
Views: 3010

Re: Got a parking ticket - what to do?

I returned to pick up my car and noticed a parking ticket. The time of the parking ticket was for the end of the first two hours, on the dot. The ticket displayed the wrong car type, the wrong license plate, and the wrong color. I do not live in NY. I live about 4 hours away. Looks like you did not...
by NotWhoYouThink
Mon Jun 12, 2017 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Attorneys: Can family be held liable if moving elder into independent living apartment?
Replies: 17
Views: 1883

Re: Attorneys: Can family be held liable if moving elder into independent living apartment?

Leaving aside liability, think about what a long term plan looks like. Dementia is usually progressive. It will get worse. Moving now to a situation with less structure sounds like the wrong way to go. She is unlikely to be happy or cooperative with her caregivers. It's a hard situation, I'm sorry y...
by NotWhoYouThink
Mon Jun 12, 2017 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Flexibility in trust distributions
Replies: 9
Views: 694

Re: Flexibility in trust distributions

Come to think of it, the government may have an interest in this. If funds that are supposed to go to the kids get diverted, even if with good intentions, the children could end up getting benefits that they otherwise would not be entitled to. If I were the trustee, I'd make sure to stay within the ...
by NotWhoYouThink
Mon Jun 12, 2017 8:02 am
Forum: Personal Finance (Not Investing)
Topic: Flexibility in trust distributions
Replies: 9
Views: 694

Re: Flexibility in trust distributions

You bring up a good topic with trusts. If you have a professional trustee, your costs will be higher because the trustee has to be paid, but you get the assurance that the trust will be managed per your direction. Even if your direction leads to some unfortunate results. If you allow family members ...
by NotWhoYouThink
Sun Jun 11, 2017 1:40 pm
Forum: Investing - Help with Personal Investments
Topic: Seeking Financial Advice for a Widow
Replies: 21
Views: 2333

Re: Seeking Financial Advice for a Widow

I would have a slight preference for not paying off the house, since having more cash on hand may make buying the new house easier - maybe avoid a bridge loan, or at least have a smaller one. But either way, it doesn't really matter much. Whatever makes her feel better. One consideration might be th...
by NotWhoYouThink
Sat Jun 10, 2017 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Car buying math
Replies: 11
Views: 1156

Re: Help with Car buying math

Decide before you walk in the dealership whether you want to pay extra for an extended warranty. (My recommendation is no.) Don't let the business manager who closes the deal talk you into anything you don't want or need. They know you have researched the price of the car. They expect you have not r...
by NotWhoYouThink
Sat Jun 10, 2017 5:07 pm
Forum: Investing - Help with Personal Investments
Topic: Move taxable to 529 for FAFSA benefits?
Replies: 14
Views: 664

Re: Move taxable to 529 for FAFSA benefits?

Why don't you use the money in your taxable account to pay for college? Isn't that what it's for? Without more info, I have no clue whether you will be eligible for financial aid, but most are not eligible for enough to fund a degree program. And you don't want to take out loans if you can help it. ...
by NotWhoYouThink
Sat Jun 10, 2017 4:39 pm
Forum: Personal Consumer Issues
Topic: Should I drink or sell my Pappy 12 year?
Replies: 65
Views: 6992

Re: Should I drink or sell my Pappy 12 year?

Our local outlets of the big box wine store (The store is a big box, not the wines) had a lottery today for a few available bottles of Pappy Van Winkle and other Buffalo Trace bourbons. It was fun - show up at 7 am for a line ticket, and if your number gets drawn you get to go in the store and pick ...
by NotWhoYouThink
Fri Jun 09, 2017 2:54 pm
Forum: Personal Consumer Issues
Topic: Dave Ramsey Financial Peace University ??? worth it?
Replies: 120
Views: 6981

Re: Dave Ramsey Financial Peace University ??? worth it?

This is enough. You certainly think studies like this are representative of everyone and that you know best. I That's not what's being said at all. There's a reason why marketing is a BILLION dollar business, and that's because all people are able to be influenced, even unconsciously...this is what...
by NotWhoYouThink
Fri Jun 09, 2017 2:49 pm
Forum: Investing - Help with Personal Investments
Topic: Son's UTMA account
Replies: 46
Views: 2832

Re: Son's UTMA account

How bad can paying taxes on dividends be? You still have more money after tax than if you had no investments with dividends, right? The funds you mentioned in the first post are pretty tax efficient. It really doesn't matter what the taxes are since if the dividends are high enough and/or if other ...
by NotWhoYouThink
Fri Jun 09, 2017 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with a personal finance cynic
Replies: 109
Views: 5838

Re: How to deal with a personal finance cynic

His immediate reaction was that this site does not represent the ground reality of the vast majority. Here people talk about 400-500K of income and 300K 529 accounts and 80K pensions, but for most this is all almost like a dream. His view is that most People struggle to make ends meet and afford ba...
by NotWhoYouThink
Fri Jun 09, 2017 8:50 am
Forum: Investing - Help with Personal Investments
Topic: Son's UTMA account
Replies: 46
Views: 2832

Re: Son's UTMA account

How bad can paying taxes on dividends be? You still have more money after tax than if you had no investments with dividends, right? The funds you mentioned in the first post are pretty tax efficient. Maybe he'll let it grow for 40 years, or spend it on a house, or a wedding, or a car, or a year abro...
by NotWhoYouThink
Fri Jun 09, 2017 8:22 am
Forum: Investing - Theory, News & General
Topic: Why You Still Can’t Trust Your Financial Adviser
Replies: 54
Views: 5578

Re: Why You Still Can’t Trust Your Financial Adviser

It's easy to equate - or maybe better said - associate, "financial advisor" with "investments" because that's just been the perception for so many years. A good advisor isn't going to sit on his or her laurels waiting for something to happen - a good advisor is proactive and mor...
by NotWhoYouThink
Fri Jun 09, 2017 8:17 am
Forum: Personal Finance (Not Investing)
Topic: Any tips on creating a budget for a SAHM ?
Replies: 24
Views: 1786

Re: Any tips on creating a budget for a SAHM ?

Give a credit card to her to use for her personal shopping (make sure be ready to pay maximum of that limit :) ). You can go over with her over month end before paying bill. Analyze the expenditure with her and pay infront of her. She will know whats been left on savings account after spending Some...
by NotWhoYouThink
Thu Jun 08, 2017 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with a personal finance cynic
Replies: 109
Views: 5838

Re: How to deal with a personal finance cynic

He doesn't want help. If he did, he would have found the posts from young people starting out, and from the many people in the 15% bracket. It's easy to find reasons not to do things you don't want to do.
by NotWhoYouThink
Thu Jun 08, 2017 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Any tips on creating a budget for a SAHM ?
Replies: 24
Views: 1786

Re: Any tips on creating a budget for a SAHM ?

oooh, one more. It is not a budget for a SAHM. It is a budget for a family. Maybe the SAHM has the burden of finding ways to stay within it on a daily basis, but the budget if for the benefit of all.
by NotWhoYouThink
Thu Jun 08, 2017 1:52 pm
Forum: Personal Consumer Issues
Topic: Dave Ramsey Financial Peace University ??? worth it?
Replies: 120
Views: 6981

Re: Dave Ramsey Financial Peace University ??? worth it?

I don't think anyone here is claiming that debt or credit cards are bad for people who find their way to this forum and stay. Dave Ramsey may say that, I don't know, I don't listen to him. But I don't see posters hear saying that. What I do hear is posters saying that for people who cannot or will ...
by NotWhoYouThink
Thu Jun 08, 2017 1:49 pm
Forum: Personal Consumer Issues
Topic: Dave Ramsey Financial Peace University ??? worth it?
Replies: 120
Views: 6981

Re: Dave Ramsey Financial Peace University ??? worth it?

I'd suggest that unless you have been a subject in a controlled study on your behavior with cash, debit and credit cards you don't really know if using it is the same to you or not. Not necessarily. The studies don't show that every single individual, even one who splits screen time daily between B...
by NotWhoYouThink
Thu Jun 08, 2017 12:41 pm
Forum: Personal Consumer Issues
Topic: Dave Ramsey Financial Peace University ??? worth it?
Replies: 120
Views: 6981

Re: Dave Ramsey Financial Peace University ??? worth it?

I don't think anyone here is claiming that debt or credit cards are bad for people who find their way to this forum and stay. Dave Ramsey may say that, I don't know, I don't listen to him. But I don't see posters here saying that. What I do hear is posters saying that for people who cannot or will n...
by NotWhoYouThink
Thu Jun 08, 2017 10:56 am
Forum: Investing - Help with Personal Investments
Topic: Is this strategy for UTMAs sound/legal?
Replies: 14
Views: 660

Re: Is this strategy for UTMAs sound/legal?

NotWhoYouThink--you hit on one reason why I thought this might not be allowed: the money would go from an account where my kid is the owner (and I am the custodian) to one where I am the owner and my kid is the beneficiary. That said, the reason I thought it would be allowed is because the money is...
by NotWhoYouThink
Thu Jun 08, 2017 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Any tips on creating a budget for a SAHM ?
Replies: 24
Views: 1786

Re: Any tips on creating a budget for a SAHM ?

You can't do it "for her", because it would feel like something you were doing "to her." So this is a case where to solve the problem you have to make it bigger. It's not about a household budget, it's about enjoying life now while saving for some future needs. It sounds like you...
by NotWhoYouThink
Thu Jun 08, 2017 7:48 am
Forum: Personal Finance (Not Investing)
Topic: Tripped on this this morning - pros and cons? [HELOC as emergency fund]
Replies: 22
Views: 3347

Re: Tripped on this this morning - pros and cons?

How about if you give a brief description of what the article is about, both in your title and in your post?
by NotWhoYouThink
Thu Jun 08, 2017 6:43 am
Forum: Investing - Help with Personal Investments
Topic: Is this strategy for UTMAs sound/legal?
Replies: 14
Views: 660

Re: Is this strategy for UTMAs sound/legal?

A 529 can be owned by the child.

Colleges treat the UTMA as student owned money, and expect about 20% is available for each year of college. Colleges treat 529 as parent owned money, and expect about 5.6% of it per year is available for college.
by NotWhoYouThink
Thu Jun 08, 2017 6:34 am
Forum: Investing - Help with Personal Investments
Topic: Is this strategy for UTMAs sound/legal?
Replies: 14
Views: 660

Re: Is this strategy for UTMAs sound/legal?

sell the remaining funds and roll the cash into one of the 529s we have in their name , so as to decrease the impact of the UTMA accounts on financial aid and get the state tax deduction for ourselves . The parts in red are the problem. The money in the UTMA belongs to the child, it is a completed ...
by NotWhoYouThink
Wed Jun 07, 2017 4:22 pm
Forum: Personal Consumer Issues
Topic: Dave Ramsey Financial Peace University ??? worth it?
Replies: 120
Views: 6981

Re: Dave Ramsey Financial Peace University ??? worth it?

I would pay for Ramsey's course for some relatives, once they decide they want to go. I'll pick them up and drive them there.

But they don't want to go, so offering them the chance would be like handing out Weight Watchers coupons at the Golden Corral.
by NotWhoYouThink
Wed Jun 07, 2017 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance Strategy Review - Soup to Nuts
Replies: 13
Views: 1308

Re: Insurance Strategy Review - Soup to Nuts

You have finished your (formal) education, paid your college loans, and started saving and planning for the future, which is great. Since you are near the start of your careers and as mentioned above your biggest asset is your personal capital, I think that you are way underinsured, and I am a retir...
by NotWhoYouThink
Wed Jun 07, 2017 12:09 pm
Forum: Personal Consumer Issues
Topic: Dave Ramsey Financial Peace University ??? worth it?
Replies: 120
Views: 6981

Re: Dave Ramsey Financial Peace University ??? worth it?

It depends on your friend's situation. FPU would give people a decent foundation for spending, budgeting, and saving. Most people disagree with his investment strategy as well as his use of ELPs. However for someone who doesn't have a clue about budgeting and getting out of debt it would be $93 wel...

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