Search found 1230 matches

by NotWhoYouThink
Tue Oct 17, 2017 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Grandparents want to give to grandkids
Replies: 11
Views: 280

Re: Grandparents want to give to grandkids

The concern about your kids getting control of the money at 21 is overblown. My kids knew that there was money set aside for their college costs. They did not know that some was in UTMA accounts that they could access themselves. There was no need to volunteer that information, and they never asked...
by NotWhoYouThink
Tue Oct 17, 2017 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Grandparents want to give to grandkids
Replies: 11
Views: 280

Re: Grandparents want to give to grandkids

You have come to the right place. There is total and universal agreement on this forum about the best way for grandparents to give money to grandkids, and keep everyone happy. Also overwhelming consensus on 529s and UTMAs. Oh, wait. Ok, enter "grandparents" in the search bar and see the old debates....
by NotWhoYouThink
Tue Oct 17, 2017 8:52 am
Forum: Investing - Help with Personal Investments
Topic: Help w/ parents investments
Replies: 22
Views: 718

Re: Help w/ parents investments

He is not 100% stocks. He has $300K in money market, out of $2.3M invested. That's maybe 87/13. Maybe he's 90/10 if you count his rental real estate. What part of this is he unhappy with? You said he wanted to be 100% stocks for maximum growth. No, the CPA probably can't help him with investment adv...
by NotWhoYouThink
Sun Oct 15, 2017 12:20 pm
Forum: Investing - Help with Personal Investments
Topic: Little as possible for govt
Replies: 9
Views: 1297

Re: Little as possible for govt

Your CPA should talk to you about setting up a Donor Advised Fund (DAF) so that you can make a large tax-deductible gift from the one-time payment. Use the search term DAF to see how posters here have handled that.
by NotWhoYouThink
Sat Oct 14, 2017 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Annuities - how does insurance company know you died?
Replies: 49
Views: 2527

Re: Annuities - how does insurance company know you died?

As mentioned above, Insurance companies check the SS master death file regularly. They got in trouble a few years ago, because although they were scrupulous about stopping annuity payments for deceased customers, they were pretty relaxed about tracking down beneficiaries of life insurance policies.
by NotWhoYouThink
Fri Oct 13, 2017 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Intentionally Defective Grantor Trust to avoid estate tax limit?
Replies: 20
Views: 1634

Re: Trust to avoid estate tax limit?

You can enter "IDGT" or "defective trust" in the search bar on this forum to get a start on what the experts here have to say about that. edited to add: Here's one from Gill from 2015. Sounds like taking the money out of the estate can have some interesting tax consequences. Whether that is a good t...
by NotWhoYouThink
Fri Oct 13, 2017 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Intentionally Defective Grantor Trust to avoid estate tax limit?
Replies: 20
Views: 1634

Re: Trust to avoid estate tax limit?

Whose estate? Giving a large ($1M?) gift to you won't take the money out of your mother's estate. It might take future earnings on that money out of her estate. It might keep the $1M out of your estate. Maybe it's a good idea, maybe not. If she likes control, and not sure whether she trusts the peop...
by NotWhoYouThink
Thu Oct 12, 2017 4:08 pm
Forum: Personal Consumer Issues
Topic: Going First Class
Replies: 42
Views: 2305

Re: Going First Class

"People say" that no one pays full price for college, either, but some people do. Others get need based aid or merit aid, but many more pay full price than is commonly assumed. Don't let it worry you. You can shop for bargains if you like, but if your priority is going at a certain time and date to ...
by NotWhoYouThink
Thu Oct 12, 2017 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: What is the process for liquidating inherited individual stocks?
Replies: 17
Views: 1090

Re: What is the process for liquidating inherited individual stocks?

The WF account scandal was in the banking side, not the Advisors side. Still, I'd avoid dealing with the advisors, they have their own issue. I had a similar situation and I do not understand what there is to research. Each of the beneficiaries has inherited a certain number of a number of stocks. N...
by NotWhoYouThink
Fri Oct 06, 2017 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 184
Views: 19632

Re: Retirement Account Stolen by Identity theft

In Missouri I've never had a notary ask for more than a Driver's license. No thumbprint.
by NotWhoYouThink
Fri Oct 06, 2017 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 184
Views: 19632

Re: Retirement Account Stolen by Identity theft

...these account hijackings makes one think that there is real value in working with a local outfit. Yes instead of an unknown criminal stealing your money from your retirement account, the local "financial adviser" legally steals your money with high ERs funds, frequent trading, and various insura...
by NotWhoYouThink
Fri Oct 06, 2017 3:50 pm
Forum: Personal Consumer Issues
Topic: Sent to collections by a hospital we've never been to?
Replies: 40
Views: 3299

Re: Sent to collections by a hospital we've never been to?

Thanks for updating to board on the outcome. Glad it worked out. And thanks for pointing out that it doesn't hurt to make a call, as long as you are careful about not giving out information. The reactions I see to posts about calls from debt collectors remind me of the cartoons about the housewife s...
by NotWhoYouThink
Thu Oct 05, 2017 7:32 pm
Forum: Investing - Help with Personal Investments
Topic: Transferring Account from ML to Vanguard
Replies: 12
Views: 695

Re: Transferring Account from ML to Vanguard

You don't even have to contact ML. Just call Vanguard, and they'll tell you the paperwork to fill out. By the way, you may need to get a Medallion signature, so look up some threads on that. Anyway , once Vanguard agrees to make the transfer, they'll contact ML, and direct them to liquidate anything...
by NotWhoYouThink
Thu Oct 05, 2017 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating merit scholarships
Replies: 32
Views: 1967

Re: Negotiating merit scholarships

A National Merit Semifinalist is not necessarily an outstanding student. And he did not make that. Finalists are the cream of the crop and in my high school days were recruited heavily. Huh??? North of 95% of semifinalists become finalists. The only requirements are scoring at a similar level on th...
by NotWhoYouThink
Thu Oct 05, 2017 5:00 pm
Forum: Investing - Help with Personal Investments
Topic: Trying to convince my sister not to use a financial advisor
Replies: 59
Views: 3949

Re: Trying to convince my sister not to use a financial advisor

They feel sorry for you because you don't have an investment guy. They are trying to decide whether to intervene, and which one's guy they are going to suggest that you speak with.
by NotWhoYouThink
Thu Oct 05, 2017 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating merit scholarships
Replies: 32
Views: 1967

Re: Negotiating merit scholarships

Check out collegeconfidential.com for detailed help. In general, you have some negotiating room with private colleges if the student is highly desirable and got a higher aid offer from a school that the one you are negotiating with considers a peer or higher. I'm not sure what your negotiating lever...
by NotWhoYouThink
Thu Oct 05, 2017 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Do you foresee a drop in housing prices in the next 5 years
Replies: 53
Views: 5314

Re: Do you foresee a drop in housing prices in the next 5 years

I don't see the crystal ball answers as sarcastic, I see them as instructive. It's hard to admit that there are things that are unknowable, but important to accept that fact. Many people are able and willing to give you an answer about the forecast for housing prices, in general or in a specific are...
by NotWhoYouThink
Thu Oct 05, 2017 4:29 pm
Forum: Investing - Help with Personal Investments
Topic: Trying to convince my sister not to use a financial advisor
Replies: 59
Views: 3949

Re: Trying to convince my sister not to use a financial advisor

And don't worry about it. She is doing better than most, in that she has set aside money to invest, and she is doing something better than throwing darts to invest it. For decades, the kind of relationship she is about to start with her advisor was pretty much the gold standard. Sure, she can do bet...
by NotWhoYouThink
Thu Oct 05, 2017 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Is a death certificate needed for direct transfer?
Replies: 7
Views: 603

Re: Is a death certificate needed for direct transfer?

Ask. Better yet, if you are ready to transfer, initiate the transfer without asking. Assume you won't need it, and see if they do.

Since you are not retitling the account, you are transferring it as it is already titled, I don't expect you would need a death certificate.
by NotWhoYouThink
Thu Oct 05, 2017 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 184
Views: 19632

Re: Retirement Account Stolen by Identity theft

Who has access to his mail? Could someone be intercepting mail coming to his address?
by NotWhoYouThink
Thu Oct 05, 2017 12:21 pm
Forum: Investing - Help with Personal Investments
Topic: Help with In-Laws Request to Review their Portfolio from LPL Advisor
Replies: 8
Views: 776

Re: Help with In-Laws Request to Review their Portfolio from LPL Advisor

They probably want you to tell them that everything is alright. Just fine, no need to worry. Unless they are ready to move everything to Vanguard PAS, for example, on your recommendation, you should probably keep most of your aggravation with the fees to yourself. Is all of this after-tax? Do they h...
by NotWhoYouThink
Thu Oct 05, 2017 8:23 am
Forum: Investing - Theory, News & General
Topic: Throwing Down with a Primerica Advisor
Replies: 45
Views: 3202

Re: Throwing Down with a Primerica Advisor

Piling on here.... If she can't find some Primerica funds, and combinations of funds, that outperformed funds like TSM or a 60/40 or 80/20 mix if stocks and bonds over the last 5, 10, and 20 years, she is incompetent and will soon be fired. There is a back office at all these places that puts togeth...
by NotWhoYouThink
Thu Oct 05, 2017 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity: can no longer use first initial, middle name
Replies: 30
Views: 2507

Re: Fidelity: can no longer use first initial, middle name

I'm with Gill on not calling kids by their middle names. I thought I'd solve the problem when I got married, changing my name from Mary Ann Smith to Ann Smith Jones. Nope. Actually it was ok with the IRS and my employer, but the state would not allow it. Mary Smith Jones would have been OK. Mary Ann...
by NotWhoYouThink
Thu Oct 05, 2017 7:53 am
Forum: Personal Finance (Not Investing)
Topic: That blank stare... ?
Replies: 49
Views: 2845

Re: That blank stare... ?

You don't have to understand it, you just have to accept it and plan accordingly.
by NotWhoYouThink
Wed Oct 04, 2017 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Renting to parent vs. inheriting
Replies: 13
Views: 1046

Re: Renting to parent vs. inheriting

There have been a thousand threads on this forum about paying off the mortgage vs. investing, and there is no clear winner. In your mother's case, is it better for her to spend the money from the sale of her house paying off a new house, or investing the money and paying rent? I don't know. It depen...
by NotWhoYouThink
Wed Oct 04, 2017 9:10 am
Forum: Investing - Theory, News & General
Topic: Shooting for the moon as a young investor
Replies: 19
Views: 1987

Re: Shooting for the moon as a young investor

Wow, a bunch of old curmudgeons are out today. I'm old enough to be a curmudgeon, but don't think everybody needs to be one. If you bet at a casino, the casino is trying to make you lose your money. You might win some, but the odds are against you by design. If you invest in a risky start-up, at lea...
by NotWhoYouThink
Tue Oct 03, 2017 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9116

Re: Senior citizens can lose everything [to professional guardians via court rulings]

It is probably much more common for family members to fleece the elders than for strangers to barge in and do it. Just like child kidnapping. But what a mess to unravel, if it can even be done.
by NotWhoYouThink
Tue Oct 03, 2017 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9116

Re: Senior citizens can lose everything [to professional guardians via court rulings]

Keep a network of friends (and family, if possible). Know people in the community. This abuse will be easier to pull off if the senior is isolated. These people don't want a group of family and friends to band together and take them to court, they want to pick off the mostly forgotten, isolated, wea...
by NotWhoYouThink
Tue Oct 03, 2017 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9116

Re: Senior citizens can lose everything [to professional guardians via court rulings]

One question I have: what are the things that make one look like a good prospect for a victim? What can you do to look like a bad prospect? Look poor. If your parents need in-home caregivers, get the financial paperwork out of the house or securely locked up and hidden. Have the bills sent to you, ...
by NotWhoYouThink
Tue Oct 03, 2017 7:04 am
Forum: Investing - Help with Personal Investments
Topic: FAFSA question; Fidelity 0.5% pension mgmt fee
Replies: 6
Views: 598

Re: FAFSA question; Fidelity 0.5% pension mgmt fee

Retirement contributions do not lower your income for FAFSA purposes. The calculation treats those contributions as income you could have spent on college. Starting the calendar year that starts when the student is a sophomore - so 2018 for this year's sophomores - FAFSA treats all retirement contri...
by NotWhoYouThink
Mon Oct 02, 2017 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Trust or ?
Replies: 13
Views: 1203

Re: Trust or ?

Sounds like you need to sit down with your kids and explain to them that the money you and your wife have saved for retirement is needed to support you and her, and that they are not to expect or accept any large gifts from her after you die. Make sure they understand it is not just about not asking...
by NotWhoYouThink
Mon Oct 02, 2017 8:33 am
Forum: Personal Finance (Not Investing)
Topic: trust issues vs. will
Replies: 2
Views: 288

Re: trust issues vs. will

Is it common for strangers to try to get to estate assets that are revealed through the probate process, or are there some specific individuals you are worried about? I've never heard of it, but maybe it happens. It is necessary for the executor to make sure debts of the estate are paid. Maybe some ...
by NotWhoYouThink
Thu Sep 28, 2017 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: What best to do with 150k cash in medical school?
Replies: 14
Views: 1242

Re: What best to do with 150k cash in medical school?

The loan has strings attached. You are the one who can decide whether to be bound by those strings. Some families use intra-family loans and gifts as a binding agent. It allows the lender to feel the pride of being a provider, giver, sponsor. It obligates the borrower to stay close to the family in ...
by NotWhoYouThink
Thu Sep 28, 2017 8:15 am
Forum: Personal Consumer Issues
Topic: Estate liquidation company in Northern Virginia
Replies: 4
Views: 467

Re: Estate liquidation company in Northern Virginia

You could check out estatesales.net and the zip code of the house you are trying to empty. Look for companies running sales with the kinds of items you are trying to sell. Pictures are good. Then you can call a few and ask about scheduling. Where I am companies charged 25-35% of the proceeds to run ...
by NotWhoYouThink
Wed Sep 27, 2017 12:16 pm
Forum: Investing - Help with Personal Investments
Topic: Best way to build wealth
Replies: 32
Views: 4469

Re: Best way to build wealth

Really, what you save is a function of what you make and spend - while someone with a six figure salary can focus on what they spend someone at 30k really should be focusing on how they can make more if their goal is to build wealth. Amen. This is not to contradict any of the savings and investment...
by NotWhoYouThink
Wed Sep 27, 2017 10:49 am
Forum: Investing - Help with Personal Investments
Topic: I'm shocked! [Mother 100% in bonds and annuities]
Replies: 67
Views: 6346

Re: I'm shocked!

Focus on what you need to know now. I'm inferring from your posts that your parents are still married to each other. Are they living in a house that they own? What does your mother want to do once she can no longer take care of your father? Does she have help at home now? Does she have enough help? ...
by NotWhoYouThink
Wed Sep 27, 2017 9:16 am
Forum: Investing - Help with Personal Investments
Topic: I'm shocked! [Mother 100% in bonds and annuities]
Replies: 67
Views: 6346

Re: I'm shocked!

(She had an RMD check from an annuity, that she wanted to roll over). Not quite clear what it means to roll over an RMD check from an annuity. As mentioned above, it sounds like she wants you to get some insight into her finances, and that sounds like a good idea. What does she have and where? Who ...
by NotWhoYouThink
Mon Sep 25, 2017 5:57 pm
Forum: Personal Consumer Issues
Topic: Asking for no wedding gifts
Replies: 72
Views: 4286

Re: Asking for no wedding gifts

When you work for Megacorp, you meet a lot of people. And as much as I used to dread the business travel, sometimes you have time to sit around and talk to people you wouldn't have met in your neighborhood. Also, I have cousins spread from sea to shining sea, and a few have crossed a sea. Traditions...
by NotWhoYouThink
Mon Sep 25, 2017 5:27 pm
Forum: Personal Consumer Issues
Topic: Asking for no wedding gifts
Replies: 72
Views: 4286

Re: Asking for no wedding gifts

And if it's the kind of wedding where you are expected to cover your plate, your invoice will come to you through well-planned whispers , or just through being in the kind of crowd that knows what such things cost - "if it's at (fill in the venue), then it's $500." "Your invoice will come to you th...
by NotWhoYouThink
Mon Sep 25, 2017 1:39 pm
Forum: Personal Consumer Issues
Topic: Asking for no wedding gifts
Replies: 72
Views: 4286

Re: Asking for no wedding gifts

Personally, I find it more tacky when folks don't cover their plate in a wedding, especially when they have the means. When you invite guests to your home for dinner, do you expect them to pay you for the meal? Do you give them a bill? Do you accept credit cards or cash only? Inviting guests to a w...
by NotWhoYouThink
Sun Sep 24, 2017 10:04 am
Forum: Personal Consumer Issues
Topic: Lifestyle Creep
Replies: 142
Views: 11602

Re: Lifestyle Creep

There is nothing wrong with improving your lifestyle as your income and savings increase. Nothing at all. This isn't the MMM board. This isn't the Dave Ramsey board. No one is going to throw anyone a parade for depriving themselves of affordable comforts. We've always had a healthy savings rates, bu...
by NotWhoYouThink
Sat Sep 23, 2017 9:23 pm
Forum: Personal Consumer Issues
Topic: Lifestyle Creep
Replies: 142
Views: 11602

Re: Lifestyle Creep

Lifestyle creep isn't all bad, if your income and assets can support it. Premium economy on long domestic flights. Automatic check-in ($15/person) on Southwest flights. I have crossed an ocean in economy for the last time. Comfortable hotels. We didn't want our kids to expect anything fancier than H...
by NotWhoYouThink
Sat Sep 23, 2017 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone own a home and drop insurance coverage after mortgage paid off?
Replies: 36
Views: 2386

Re: Anyone own a home and drop insurance coverage after mortgage paid off?

It's a low likelihood, high consequence scenario - exactly what insurance is for.

+100
by NotWhoYouThink
Sat Sep 23, 2017 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: Initial co-trustee instead of successor trustee
Replies: 25
Views: 1240

Re: Initial co-trustee instead of successor trustee

The trust will have to file a tax return for this year. Previously trust income was probably included on your mother's return and the trust did not have a separate tax return. For this year, any income the trust has will have to be reported on the trust tax return. Won't trust income prior to date ...
by NotWhoYouThink
Sat Sep 23, 2017 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard college calculator and some questions
Replies: 16
Views: 888

Re: Vanguard college calculator and some questions

Planning is hard. As mentioned above, the private schools are hitting $70K and on their way up. On the other hand, the military service academies are still "free". Stanford is probably free if you can run a 4 minute mile in high school. Since you can't know exactly what your kids are going to want t...
by NotWhoYouThink
Sat Sep 23, 2017 4:18 pm
Forum: Investing - Help with Personal Investments
Topic: Large inheritance -questions to ask potential advisors
Replies: 27
Views: 2642

Re: Large inheritance -questions to ask potential advisors

OP, let's take a step back. What kind of help are you looking for? Taxes if/when you sell the stock? Tax planning for the future? Investment planning (advisor gives you a roadmap, you drive)? Investment management? Estate planning? Long term care planning? Lots of sharks out there want to help you w...
by NotWhoYouThink
Sat Sep 23, 2017 1:53 pm
Forum: Investing - Help with Personal Investments
Topic: Large inheritance -questions to ask potential advisors
Replies: 27
Views: 2642

Re: Large inheritance -questions to ask potential advisors

Also check the wiki here on managing a windfall.

Step one: tell no one (this includes people calling themselves financial advisors).
Step two: do nothing about it for a few months while you think things through.

OK, the wiki is a lot more helpful than that, but those are important steps.
by NotWhoYouThink
Sat Sep 23, 2017 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Initial co-trustee instead of successor trustee
Replies: 25
Views: 1240

Re: Initial co-trustee instead of successor trustee

I am sorry for your loss. The trust is not now yours. You are the trustee, responsible for carrying out the terms of the trust. You and your siblings are beneficiaries. The trust will have to file a tax return for this year. Previously trust income was probably included on your mother's return and t...
by NotWhoYouThink
Fri Sep 22, 2017 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Division of trust assets after death
Replies: 10
Views: 757

Re: Division of trust assets after death

Is Child B the only trustee, no corporate or independent trustee? A trustee's job is to carry out the terms of the trust, not to try to reverse engineer a desired solution. If the trustee wants to do that in this case, ChildB can make a gift to Child A to even things out, and report the gift (at lea...
by NotWhoYouThink
Fri Sep 22, 2017 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Policy to "shelter" money from Financial Aid calculations
Replies: 23
Views: 1269

Re: Life Insurance Policy to "shelter" money from Financial Aid calculations

College financial aid offices don't hire people off the back of turnip trucks. The job market has been tough lately, they can hire good people. And those people have seen and heard every trick in the book already from people trying to hide assets to qualify for more aid. What are the odds that the g...