Search found 2807 matches

by bsteiner
Sat Oct 21, 2017 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refi, How To, Should I?
Replies: 11
Views: 869

Re: Mortgage Refi, How To, Should I?

If you are in New York, your ability to refinance with a lender other than your current lender could be costly due to mortgage recording tax. If the existing lender assigns the mortgage to the new lender, you'll only pay the mortgage recording tax on the increase (if any) in the amount of the loan.
by bsteiner
Fri Oct 20, 2017 10:20 am
Forum: Investing - Help with Personal Investments
Topic: Investing for a Trust- need family and investing advice
Replies: 6
Views: 253

Re: Investing for a Trust- need family and investing advice

Trustees have to consider all of the facts and circumstances, including the current and expected future needs of the beneficiaries.
by bsteiner
Fri Oct 20, 2017 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Trust Fund advice, complicated family situation
Replies: 7
Views: 922

Re: Trust Fund advice, complicated family situation

Four of the beneficiaries are 41 or older. The remaining two are still somewhat young, at 20 and 21, but are likely to be older when you die. Why bother with a trust at all? Why not divide and directly bequeath the shares of at least the older 4, if not all 6? It depends, among other things, on the...
by bsteiner
Fri Oct 20, 2017 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Trust Fund advice, complicated family situation
Replies: 7
Views: 922

Re: Trust Fund advice, complicated family situation

You should first consult with competent counsel.
by bsteiner
Mon Oct 16, 2017 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: DIY Estate Planning
Replies: 3
Views: 369

Re: DIY Estate Planning

Has anyone used NOLO, LegalZoom or FORE software to do your own estate planning documents? Did you find it user friendly with templates that require you to just answer questions in order to create the documents. My estate planning needs are not complicated: no business, no federal or state estate t...
by bsteiner
Mon Oct 16, 2017 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Wills/Trust/Estate Planning - How best to review legal documents
Replies: 21
Views: 1599

Re: Wills/Trust/Estate Planning - How best to review legal documents

I am in the process of estate planning. I met with a TA attorney a few times and we are now in the drafting stages of wills/trusts. At this point, I am forwarded documentation. This includes about 100 pages each for myself and spouse of legalese along with a one/two page summary. How do I best go a...
by bsteiner
Sun Oct 15, 2017 7:14 pm
Forum: Personal Consumer Issues
Topic: Tips on Preparing will
Replies: 13
Views: 1163

Re: Tips on Preparing will

... My attorney did provide me with soft copy for review the night before document signing, but implied that it was not her routine procedure to do so. ... Was there some emergency that required you to come in to sign your Will the next day? I would hope that her routine procedure would be to send ...
by bsteiner
Sun Oct 15, 2017 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Titling accounts in Irrevocable sub trusts
Replies: 1
Views: 193

Re: Titling accounts in Irrevocable sub trusts

We usually give the marital and the credit shelter trusts names in the Will (or in your case since they were in California the revocable trust), and we then use those names. If the Will or revocable trust gives them names, it would be much less confusing to use those names. But just as a person can ...
by bsteiner
Tue Oct 10, 2017 10:10 am
Forum: Investing - Help with Personal Investments
Topic: Charitable trust aggressive asset allocation and impact on personal investments
Replies: 14
Views: 780

Re: Charitable trust aggressive asset allocation and impact on personal investments

The two are very different. With the charitable remainder trust bogivan is only giving away the remainder interest (worth about 15% of the initial value). ... ... how did you calculate the 15%? Based upon current interest rates, at age 35, the remainder interest in a 5% unitrust with quarterly paym...
by bsteiner
Tue Oct 10, 2017 9:34 am
Forum: Investing - Help with Personal Investments
Topic: Charitable trust aggressive asset allocation and impact on personal investments
Replies: 14
Views: 780

Re: Charitable trust aggressive asset allocation and impact on personal investments

... Have you considered a Donor Advised Fund? That would allow immediate diversification, as well as a tax deduction. You could donate over a period of years to accrue the largest benefit. You could donate 80-90% and just pay tax on the rest in order to have some value for yourself. This is a much ...
by bsteiner
Mon Oct 09, 2017 10:05 pm
Forum: Personal Consumer Issues
Topic: When to buy new tires? - penny or quarter test
Replies: 35
Views: 2194

Re: When to buy new tires? - penny or quarter test

When new tires were 16/32, if you replaced them at 4/32 instead of 2/32, you were only going up 2/14 (about 14%). But if they start at 10/32, you're giving up 2/8 (25%). And some tires start at less than 10/32.
by bsteiner
Sun Oct 08, 2017 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: Does IRS life expectancy table change?
Replies: 10
Views: 1219

Re: Does IRS life expectancy table change?

If I recall correctly, the tables were updated in 2002, I think pursuant to the 2001 Act.

We expected that the IRS would have updated them again after 10 years, but they didn't.

Even if the IRS updates them, the changes will probably be modest.
by bsteiner
Sun Oct 08, 2017 2:07 pm
Forum: Investing - Help with Personal Investments
Topic: Charitable trust aggressive asset allocation and impact on personal investments
Replies: 14
Views: 780

Re: Charitable trust aggressive asset allocation and impact on personal investments

Your analysis is correct. The principal benefit of the charitable remainder trust is the ability to diversify without current capital gains tax. Note that it defers rather than avoids the capital gains tax.
by bsteiner
Sun Oct 08, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9221

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

tc101 wrote:
Sun Oct 08, 2017 9:08 am
I think I'm going to see an elder law attorney. I found several by doing a google on "elder law attorney georgia".
Or perhaps, depending on your situation, a trusts and estates lawyer.
by bsteiner
Wed Oct 04, 2017 9:08 am
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9221

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

I haven't read the article or some of the posts, but I do want to state my experience which was that my family could not get a mentally ill relative declared incompetent. We got the state involved, doctors, attorneys, but it was to no avail. This was for someone who refused medical treatment for a ...
by bsteiner
Tue Oct 03, 2017 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9221

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

Another reason to have a strong power of attorney in place. I have the same question as the last poster. Does power of attorney override legal guardianship? How exactly would this work? A guardianship overrides a power of attorney. However, if there's a power of attorney in place, there's no need f...
by bsteiner
Tue Oct 03, 2017 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9221

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

That's terrifying. I wish the New York Times would pick this up. ... There have been stories in the Times on this. For example, this one: http://www.nytimes.com/2004/03/03/nyregion/grand-jury-urges-overhaul-of-legal-guardianship-system.html?_r=0. There are two things that will reduce the risk of th...
by bsteiner
Tue Oct 03, 2017 8:12 am
Forum: Personal Finance (Not Investing)
Topic: What's the purpose of having a child's name on a deed?
Replies: 41
Views: 3279

Re: What's the purpose of having a child's name on a deed?

If the goal is to bypass probate, I know in the state of Ohio, a homeowner can have a Transfer on Death form, where they can easily pass the property on to the child upon death, and bypass the probate process. I know state laws vary, so that may not be applicable where OP is at. Probate in Pennsylv...
by bsteiner
Mon Oct 02, 2017 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: What's the purpose of having a child's name on a deed?
Replies: 41
Views: 3279

Re: What's the purpose of having a child's name on a deed?

If the goal is to bypass probate, I know in the state of Ohio, a homeowner can have a Transfer on Death form, where they can easily pass the property on to the child upon death, and bypass the probate process. I know state laws vary, so that may not be applicable where OP is at. Probate in Pennsylv...
by bsteiner
Mon Oct 02, 2017 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Balancing liquidation of company stock (post-NUA) with Roth conversions
Replies: 6
Views: 383

Re: Balancing liquidation of company stock (post-NUA) with Roth conversions

In comparing rollover to NUA treatment, rollover now offers the possibility of a Roth conversion, which will usually add substantial value. So rollover is preferable to NUA treatment more often than it was before Roth conversions were available.
by bsteiner
Mon Oct 02, 2017 8:48 am
Forum: Personal Finance (Not Investing)
Topic: trust issues vs. will
Replies: 2
Views: 297

Re: trust issues vs. will

What does the power of attorney say?

The only persons who can contest a Will are the persons who would have taken absent a Will, and the persons otherwise adversely affected by the Will.

If there's a contest, creating a revocable trust won't keep matters from becoming public.
by bsteiner
Sun Oct 01, 2017 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Federal Employee looking to move to Private sector..!
Replies: 34
Views: 2293

Re: Federal Employee looking to move to Private sector..!

As much as I enjoy my work, if I could have done similar work for the Federal government for 80% of what I earn I would have considered it. Of course, at that time, Federal employees were under the old CSRS pension system. CSRS employees can contribute to the TSP (at first not to the same extent but...
by bsteiner
Sun Oct 01, 2017 7:59 pm
Forum: Investing - Theory, News & General
Topic: Is a Roth conversion a good idea if you are in the 15% tax bracket?
Replies: 39
Views: 3740

Re: Is a Roth conversion a good idea if you are in the 15% tax bracket?

... Speculating on future changes in the tax code is not an allowed topic on this board. ... I heard Cathy Hughes from the Treasury Department speak on Friday. She's been the estate and gift tax attorney advisor in the Office of Tax Policy since 2002. Before that, she was at a major law firm and wa...
by bsteiner
Sun Oct 01, 2017 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: Trust or ?
Replies: 13
Views: 1216

Re: Trust or ?

Leaving your nonretirement assets in a flexible trust for your spouse and issue, and then in trust for your children at the surviving spouse's death, is a routine matter. You can do this in your Will. You'll have to decide on the trustees. If you leave your IRA benefits to your wife in trust, she wo...
by bsteiner
Sun Oct 01, 2017 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 842

Re: Life insurance policy

Would she accept his obligation to leave her $200,000?

If not, would she accept it if $200,000 worth of assets were pledged to secure it?
by bsteiner
Sun Oct 01, 2017 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Initial co-trustee instead of successor trustee
Replies: 25
Views: 1274

Re: Initial co-trustee instead of successor trustee

Like trusts under a Will, trusts under a revocable trust (e.g., the marital trust, credit shelter (bypass) trust and trusts for children) are taxable as trusts. However, the revocable trust itself, for a limited period after death, can be treated as part of the estate if the executors and trustees (...
by bsteiner
Sun Oct 01, 2017 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Initial co-trustee instead of successor trustee
Replies: 25
Views: 1274

Re: Initial co-trustee instead of successor trustee

bsteiner, aren't we talking about a trust that can only have a calendar year? Under Section 645 the executors of the estate and the trustees of a revocable trust can elect to treat the trust as part of the estate. If they make the Section 645 election, the estate's taxable year controls. This elect...
by bsteiner
Sun Oct 01, 2017 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Initial co-trustee instead of successor trustee
Replies: 25
Views: 1274

Re: Initial co-trustee instead of successor trustee

... Example, parent passes on 9/1/17. I file for a calendar year EIN by mistake online. I don't wrap up the trust until 2/1/18 and a dividend is paid on 1/15/18. Technically, you will need to file 2 1041s here. ... You're not bound by the taxable year shown on the application for a taxpayer identif...
by bsteiner
Sun Oct 01, 2017 9:42 am
Forum: Investing - Help with Personal Investments
Topic: Whole Life question - when to stop making annual payments?
Replies: 16
Views: 1692

Re: Whole Life question - when to stop making annual payments?

Does he need life insurance?

Will the trust be out of his wife's estate and his children's estates?

Did he elect GST exemption or no allocation?
by bsteiner
Thu Sep 28, 2017 7:56 am
Forum: Personal Finance (Not Investing)
Topic: I inherited a life insurance policy that is upside down?
Replies: 21
Views: 2067

Re: I inherited a life insurance policy that is upside down?

There would be no step up in this asset which is an ordinary income asset and not a capital asset. For a different view, see this article by Vince D'Addnna (a Guardian agent in New York whom I know), Michael Geeraerts and Jim Magner (an in-house lawyer at Guardian whom I know) in Steve Leimberg's n...
by bsteiner
Wed Sep 27, 2017 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Why use Testamentary Trust over Estate as beneficiary
Replies: 4
Views: 473

Re: Why use Testamentary Trust over Estate as beneficiary

The reason to leave your life insurance to your children's trusts rather than to your estate is that life insurance payable to a beneficiary is protected against your creditors. In addition, in some states, life insurance payable to a beneficiary is exempt from state inheritance tax. The reason to l...
by bsteiner
Tue Sep 26, 2017 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: When does whole life make sense ?
Replies: 14
Views: 1764

Re: When does whole life make sense ?

Life insurance doesn't reduce your estate tax (except to the extent your estate would have been larger if instead of buying the insurance you invested the money not spent on premiums in other assets).
by bsteiner
Tue Sep 26, 2017 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Is Personal Capital Wrong about 529 Plan Beneficiaries?
Replies: 15
Views: 1647

Re: Is Personal Capital Wrong about 529 Plan Beneficiaries?

... people were doing multiple IRA rollovers for decades until the tax court ruling. ... That was an unusual situation. Section 408(d)(3)(B), the one rollover in 12 month rule, seems clear. It says: This paragraph [regarding tax-free rollovers] does not apply to any amount described in subparagraph...
by bsteiner
Tue Sep 26, 2017 9:21 am
Forum: Personal Finance (Not Investing)
Topic: What's the purpose of having a child's name on a deed?
Replies: 41
Views: 3279

Re: What's the purpose of having a child's name on a deed?

My parents will listen to anyone who will give them advice. Sometimes the advice makes no sense and other times they're legit. Yesterday they called me freaking out because they want to add my brother and I on their deed. The house is paid off. I told them they need a will regardless of this but wh...
by bsteiner
Mon Sep 25, 2017 8:07 am
Forum: Personal Finance (Not Investing)
Topic: What's the purpose of having a child's name on a deed?
Replies: 41
Views: 3279

Re: What's the purpose of having a child's name on a deed?

My parents will listen to anyone who will give them advice. Sometimes the advice makes no sense and other times they're legit. Yesterday they called me freaking out because they want to add my brother and I on their deed. The house is paid off. I told them they need a will regardless of this but wh...
by bsteiner
Tue Sep 19, 2017 7:48 am
Forum: Personal Finance (Not Investing)
Topic: How much to pay for a simple will in Philly area?
Replies: 4
Views: 382

Re: How much to pay for a simple will in Philly area?

If your children are sufficiently responsible that you're considering leaving $3 million to them outright, then (assuming they get along) they could probably handle the job of executors, with the help of lawyers and accountants as needed. You may wish to consider providing for them in separate trust...
by bsteiner
Mon Sep 18, 2017 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning advice for young parents in Massachusetts
Replies: 33
Views: 2701

Re: Estate planning advice for young parents in Massachusetts

... bsteiner wrote There has been a good deal of discussion recently about several cases dealing with the extent to which trusts for children, and the income they produce or could produce, are taken into account in determining the amount of alimony and child support that the child will have to pay,...
by bsteiner
Sun Sep 17, 2017 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning advice for young parents in Massachusetts
Replies: 33
Views: 2701

Re: Estate planning advice for young parents in Massachusetts

... If you value your financial privacy, revocable living trusts are definitely the way to go as you assets will be public knowledge at probate. If you save like a Boglehead, chances are good that you may meet the federal estate tax threshold. In NJ, state estate tax is $2 million, formerly $675,00...
by bsteiner
Sun Sep 17, 2017 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: A bit of estate planning
Replies: 10
Views: 1137

Re: A bit of estate planning

... 4. Trusts: I would like to hear from the lawyers about what type of trusts they would recommend. We are using a defective grantor trust for our children's benefit, but I suspect that the government have multiple means to prevent generation-skipping gifts of assets to grandchildren. A separate t...
by bsteiner
Sun Sep 17, 2017 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning advice for young parents in Massachusetts
Replies: 33
Views: 2701

Re: Estate planning advice for young parents in Massachusetts

We live in MA. ... Our net worth is in the 8-9 million range ... Our thinking is that if the surviving spouse's life expectancy is long (we're in our 50s) and the funds invested moderately to aggressively, then it's probably worth paying the extra Mass Estate tax on the $1 million when the second s...
by bsteiner
Sun Sep 17, 2017 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Fun reads on estate planning??
Replies: 4
Views: 601

Re: Fun reads on estate planning??

Condon's book is interesting, and popular here. However, it's geared to community property states, in particular California. It illustrates the two end points in providing for children, either outright or in trust in which the child has little or no control. For most people, a middle ground is best,...
by bsteiner
Sun Sep 17, 2017 8:05 am
Forum: Personal Consumer Issues
Topic: Lawyer overbilling for prenup review
Replies: 66
Views: 5474

Re: Lawyer overbilling for prenup review

Paste us your time limit instructions and the attorney's estimate in email or the engagement letter. In hindsight I wish my written language in my email to negotiate further services from him after the initial consult was very exact about a ceiling on hours, but here is what I wrote: "Please let me...
by bsteiner
Fri Sep 15, 2017 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning advice for young parents in Massachusetts
Replies: 33
Views: 2701

Re: Estate planning advice for young parents in Massachusetts

We live in MA. I am not an attorney, but I feel like I gave this a lot of thought. 20 years ago when our children were small, we did a joint living trust ... Joint revocable trusts fit community property states, mainly California since it's the largest of the community property states and the one w...
by bsteiner
Thu Sep 14, 2017 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning advice for young parents in Massachusetts
Replies: 33
Views: 2701

Re: Estate planning advice for young parents in Massachusetts

Bruce, ... I've spoken with 3 lawyers in 2 days and gotten 3 very different approaches. The first lawyer (in original post) met with us for an hour (too long in my view), threw the kitchen sink of options at us and basically told us to "check google or ask our friends what they did" when I asked fo...
by bsteiner
Thu Sep 14, 2017 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning advice for young parents in Massachusetts
Replies: 33
Views: 2701

Re: Estate planning advice for young parents in Massachusetts

For estate planning purposes, you have a $6 million estate, since life insurance becomes cash at your death. This should be a fairly routine matter. The cost shouldn't vary that much based on the plan you select, since the time in the planning and the time in the drafting won't vary that much. Howev...
by bsteiner
Thu Sep 07, 2017 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Married, owning two homes, file as HOH?
Replies: 43
Views: 2243

Re: Married, owning two homes, file as HOH?

... It is fraud to divorce and remarry often? ... See David Boyter, 74 T.C. 989 (1980), https://scholar.google.com/scholar_case?case=2400143439710329199&q=david+boyter&hl=en&as_sdt=3,33, remanded, 668 F.2d 1382 (4th Cir. 1981), https://scholar.google.com/scholar_case?case=15501709086077864954&q=dav...
by bsteiner
Thu Sep 07, 2017 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Married, owning two homes, file as HOH?
Replies: 43
Views: 2243

Re: Married, owning two homes, file as HOH?

... I really dont mind paying taxes in general, not even high taxes. What bothers me is that our taxes are even HIGHER because we are married... Marrying would have reduced your taxes if one earned much more than the other. It's impossible to solve both of these issues. Current law is generally fav...
by bsteiner
Thu Sep 07, 2017 8:26 am
Forum: Investing - Help with Personal Investments
Topic: NJ Teacher Lost with 403bs
Replies: 30
Views: 3727

Re: NJ Teacher Lost with 403bs

... how does that work? If NJ state income tax is paid on traditional IRA and 403b contributions, do those accounts then have basis that is not subject to NJ income tax when distributed? But the gains would be taxable at distribution (as with any state income tax)? ... Would moving to another state...
by bsteiner
Tue Sep 05, 2017 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 8556

Re: Protecting moms assets from nursing home expenses

May I ask what kind of trust this was? It's still susceptible to the 5 year rule? I was also looking into a life estate for the home. But I will discuss with moms lawyer before we make any decisions. The trust would provide that you get the income but you can't get principal. After 5 years (perhaps...