Search found 2057 matches

by bsteiner
Sun Sep 25, 2016 10:22 pm
Forum: Investing - Help with Personal Investments
Topic: How much is free lifetime healthcare worth? [Start business in US or Canada?]
Replies: 22
Views: 1867

Re: How much is free lifetime healthcare worth? [Start business in US or Canada?]

... I have so far declined to move back to Canada. If I ever do move back, I was told that the only way to so without incurring intolerable financial losses would be renounce U.S. citizenship. ... The tax consequences of giving up U.S. citizenship or residence are also complicated. It's might be wo...
by bsteiner
Sun Sep 25, 2016 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to manage irrevocable trust?
Replies: 50
Views: 2079

Re: Best way to manage irrevocable trust?

... I wish Bruce was licensed in California. Thanks for the kind words. It's not a matter of licensing. A lawyer in one state can do work for people anywhere, so long as he/she does it from a location where he/she is licensed. It's that the planning for married California residents is different fro...
by bsteiner
Sun Sep 25, 2016 9:54 pm
Forum: Investing - Help with Personal Investments
Topic: How much is free lifetime healthcare worth? [Start business in US or Canada?]
Replies: 22
Views: 1867

Re: How much is free lifetime healthcare worth? [Start business in US or Canada?]

lawman3966 wrote:... I have so far declined to move back to Canada. If I ever do move back, I was told that the only way to so without incurring intolerable financial losses would be renounce U.S. citizenship. ...


The tax consequences of giving up U.S. citizenship or residence are also complicated.
by bsteiner
Sun Sep 25, 2016 9:39 pm
Forum: Personal Consumer Issues
Topic: Rental Cars
Replies: 22
Views: 1677

Re: Rental Cars

I check several different rent a car companies each time, using a couple of different discount codes (BJs or Costco, AARP, and some associations of which I'm a member) and (if available) coupons. Sometimes Hertz is the least expensive, sometimes Avis, sometimes Dollar, sometimes Alamo, sometimes Bud...
by bsteiner
Sun Sep 25, 2016 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: Can Living Trust persist after one's death?
Replies: 7
Views: 588

Re: Can Living Trust persist after one's death?

I read the NOLO book on living trusts and it made a persuasive case that probate took a year, was expensive and an unnecessary burden (of course, they had a horse in the race) How much do you think it might cost to probate a $200,000 condo in Philadlephia, Pa? (should it be closer to $500, $5k, or ...
by bsteiner
Sun Sep 25, 2016 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Marital Trusts - what goes in them?
Replies: 19
Views: 1050

Re: Revocable Marital Trusts - what goes in them?

Hi folks, My DW and I were using a benefit of my company legal insurance group policy to update our wills and various directives. When speaking with the lawyer, he recommended that we were good candidates for revocable marital trusts for each of us, with the other being the beneficiary (and kids as...
by bsteiner
Sun Sep 25, 2016 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: Can Living Trust persist after one's death?
Replies: 7
Views: 588

Re: Can Living Trust persist after one's death?

I'm married. I'd like to avoid probate and ultimately leave the condo I inherited from my mom to my niece. The condo is presently in my name alone. Could I construct an individual living trust such that upon my death, my spouse could live in the condo or rent it out, and upon spouse's death, then i...
by bsteiner
Sun Sep 25, 2016 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Estate tax, joint account questions
Replies: 11
Views: 422

Re: Estate tax, joint account questions

Bsteiner, you sound much smarter than the estate attorney that we worked with locally. Thank you for your comments. I do not believe that she provided for us in trust. The living trust was established by her attorney in 2015. She was listed as a "top ranked" attorney in what seemed to be ...
by bsteiner
Sun Sep 25, 2016 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Estate tax, joint account questions
Replies: 11
Views: 422

Re: Estate tax, joint account questions

For estate tax purposes it will be an asset of her estate like any other asset. When the IRS audits an estate tax return, they ask for the decedent's last three years' income tax returns. That gives them a roadmap as to the assets. We once had a case in the opposite direction. The decedent had an in...
by bsteiner
Sun Sep 25, 2016 7:09 am
Forum: Personal Finance (Not Investing)
Topic: Listing minors as contingent beneficiary
Replies: 25
Views: 1806

Re: Listing minors as contingent beneficiary

Matter of Rockefeller University , https://scholar.google.com/scholar_case?case=2354371287594447381&q=pulitzer+135+misc.+575&hl=en&as_sdt=4,33, and cases cited therein (but note that Rockefeller University involved the Not-for-Profit Law). This one borders on both the comical and the da...
by bsteiner
Sat Sep 24, 2016 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: Listing minors as contingent beneficiary
Replies: 25
Views: 1806

Re: Listing minors as contingent beneficiary

... I didn't mention the trustee's fees. I mentioned the profit of the trustee's firm. We all understand that some investments charge higher expenses, and that those selling these investments are always rewarded in some manner (either directly or through bonuses, kick-backs, rewards, offsets or wha...
by bsteiner
Sat Sep 24, 2016 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Listing minors as contingent beneficiary
Replies: 25
Views: 1806

Re: Listing minors as contingent beneficiary

First, you require that the money be invested in "a Federally insured certificate of deposit or government backed security or fund account." Does "government backed" modify both "security" and "fund account"? If so, you're severely restricting the investment ...
by bsteiner
Sat Sep 24, 2016 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Wells Fargo 3rd Party Authorization and Indemnity
Replies: 11
Views: 726

Re: Wells Fargo 3rd Party Authorization and Indemnity

... You'll need an attorney who is experienced to practice in your state. The specialty area is called "elder law", you need an elder law attorney. .... If it's more of an estate planning matter than a Medicaid planning matter, then a trusts and estates lawyer would probably be a better f...
by bsteiner
Sat Sep 24, 2016 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: Listing minors as contingent beneficiary
Replies: 25
Views: 1806

Re: Listing minors as contingent beneficiary

... I took a picture of the part I think is relevant. ... http://imgur.com/a/60J0z It provides trusts to age 18. Your estate is about $1.8 million, so if you and your spouse were both to die, each child would receive $900,000 (plus the income and growth until then, less any amounts used for their b...
by bsteiner
Fri Sep 23, 2016 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Listing minors as contingent beneficiary
Replies: 25
Views: 1806

Re: Listing minors as contingent beneficiary

I dont know why I'm stressing over this but I just want to make sure the funds go to my kids if my wife and I pass away while they're minors. I have to check my will again but I thought I read the word "trust" in it. I do recall seeing the words "trustee" and what not. Anything ...
by bsteiner
Fri Sep 23, 2016 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Listing minors as contingent beneficiary
Replies: 25
Views: 1806

Re: Listing minors as contingent beneficiary

So without a trust everything goes through the court systems? So to avoid probate, a trust is necessary? Yeah UTMA won't work because we have multiple kids. According to an article i won't be able to split it between them. We have a house (currently valued at 270k) along with two life insurance pol...
by bsteiner
Fri Sep 23, 2016 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Listing minors as contingent beneficiary
Replies: 25
Views: 1806

Re: Listing minors as contingent beneficiary

I wish the lawyer who crafted my will told me about a trust. How much do they generally charge and is it similar to like a fictitious name? I'm 36 and the wife is 35. Our kids are 3 and 2 weeks old. My SIL gets custody of my kids but her and my brother share financial responsibility. I forget how t...
by bsteiner
Fri Sep 23, 2016 7:52 am
Forum: Personal Finance (Not Investing)
Topic: Resource for dealing with dependent adult children
Replies: 14
Views: 1832

Re: Resource for dealing with dependent adult children

... One possibility is a trust, using a trustee who is empowered to distribute funds from the trust under specified conditions. It would be better (both from the standpoint of flexibility and to provide better protection for possible government benefits) not to specify conditions. No one knows what...
by bsteiner
Thu Sep 22, 2016 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Trust and IRAs
Replies: 7
Views: 621

Re: Revocable Trust and IRAs

If you want your sons to get the IRA outright, you could simply leave your IRA to them.

If you want your sons to get the IRA in trust rather than outright, you could leave your IRA to separate trusts for their benefit.
by bsteiner
Wed Sep 21, 2016 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Inheritance Plan Help
Replies: 19
Views: 1802

Re: Inheritance Plan Help

If you want the flexibility to provide for your daughter during the surviving spouse's lifetime, you could each have Wills in which if the spouse survives, you leave the Federal estate tax exclusion amount (presently $5,450,000) (or your entire estate, if less than that amount) in a trust for the be...
by bsteiner
Sun Sep 18, 2016 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: A car nicer than the boss?
Replies: 257
Views: 24453

Re: A car nicer than the boss?

I work in Manhattan. I don't know which of my co-workers have cars or what cars they have and they don't know what cars I have.
by bsteiner
Thu Sep 15, 2016 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Who Pays The State Inheritance Tax
Replies: 6
Views: 803

Re: Who Pays The State Inheritance Tax

Because I live in Pennsylvania, I am wondering who pays the state inheritance tax in this situation. Husband and wife each have $5.4Million. Wife dies and leaves her $5.4M to a Bypass Trust for her husband then adult kids. It's my understanding that PA will tax that at 4.5%. Who pays it? The estate...
by bsteiner
Thu Sep 15, 2016 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Insane CPA bill, please advise
Replies: 23
Views: 4382

Re: Insane CPA bill, please advise

spitty wrote:Doubt their hourly is more than $100 so no way they spent 21 hours figuring this our for you. ...


If his/her rate is only $100, then you would expect that it would take him/her considerably more time to figure something out than it would the average or average plus accountant.
by bsteiner
Mon Sep 12, 2016 2:57 pm
Forum: Investing - Help with Personal Investments
Topic: Private Placement Life Insurance/ TIAA-CREF
Replies: 22
Views: 6046

Re: Private Placement Life Insurance/ TIAA-CREF

eazyigz wrote:I have personally spoken to a Tiaa-Cref advisor, myself having holdings in their Real Estate IRA account, and he said there is no such thing as a PPLI. ....


It's not something a TIAA-CREF advisor would likely be familiar with. Since some of our clients have purchased it, I know it exists.
by bsteiner
Mon Sep 12, 2016 8:53 am
Forum: Personal Finance (Not Investing)
Topic: Pension Buyout and LTC
Replies: 20
Views: 1340

Re: Pension Buyout and LTC

... None of the lump sum scenarios would allow us to buy an immediate annuity that would equal the pension amount (they are about 20% lower). .... That makes sense. If you were to buy an annuity from an insurance company, there would be more expenses at the insurance company level and commissions p...
by bsteiner
Sun Sep 11, 2016 8:34 pm
Forum: Personal Consumer Issues
Topic: 3 days in Seattle
Replies: 12
Views: 1404

Re: 3 days in Seattle

I'll be in Seattle in a couple of months for a conference and will have a couple of extra days. Are the suggestions in this thread for places to see still good?
by bsteiner
Sun Sep 11, 2016 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Contingent beneficiaries: Simultaneous Death- both spouses? (Will v. Trust)
Replies: 20
Views: 1593

Re: Contingent beneficiaries: Simultaneous Death- both spouses? (Will v. Trust)

The survivorship provision as between spouses serves a different purpose from the survivorship provision for other beneficiaries. As between spouses, it's mainly a tax issue. To avoid a substantive issue and a contest over which spouse survived, spouses' Wills generally have identical dispositive pr...
by bsteiner
Sun Sep 11, 2016 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Contingent beneficiaries: Simultaneous Death- both spouses? (Will v. Trust)
Replies: 20
Views: 1593

Re: Contingent beneficiaries: Simultaneous Death- both spouses? (Will v. Trust)

BTW, if my estate is divided amound 15 nieces and nephews, if a niece or nephew pre-deceases me and my spouse, I want that person's share to go to any children niece or nephew might have had. Did I say this properly: " In the event I name more than one person, such persons are to receive such ...
by bsteiner
Sun Sep 11, 2016 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Contingent beneficiaries: Simultaneous Death- both spouses? (Will v. Trust)
Replies: 20
Views: 1593

Re: Contingent beneficiaries: Simultaneous Death- both spouses? (Will v. Trust)

You'll want to have contingent beneficiaries for your retirement benefits, but not for your taxable accounts. If you have contingent beneficiaries for your retirement benefits, the individuals will be able to stretch them over their life expectancy. If your retirement benefits go to your estate, if ...
by bsteiner
Sat Sep 10, 2016 10:35 pm
Forum: Personal Finance (Not Investing)
Topic: Selling a business?
Replies: 3
Views: 661

Re: Selling a business?

... How do I find the right lawyer to help her? E.g., to review the offer & see if there's anything crazy, etc. ... Ask people you think might know. Ask the lawyer who handles your estate planning. Ask other business owners. Ask your accountant. When you get some names, check their bios and the...
by bsteiner
Sat Sep 10, 2016 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Funding Special Needs Trust?
Replies: 23
Views: 1556

Re: Funding Special Needs Trust?

Planning for someone with a child with special needs is fairly routine. A significant portion of clients have a child with special needs. Any good trusts and estates lawyer deals with this on a regular basis. The trust for the child with special needs isn't all that much different from the trust for...
by bsteiner
Fri Sep 09, 2016 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Gas station - good business?
Replies: 69
Views: 5369

Re: Gas station - good business?

Valuethinker wrote:... I assume there are Aps out there which direct you to the lowest prices? ....


There is. It's GasBuddy. It's both an app and a website: http://www.gasbuddy.com. You can search by ZIP code, or for gas stations near where you are.
by bsteiner
Thu Sep 08, 2016 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Can we disprove the 3% perpetual withdrawal rate?
Replies: 36
Views: 3273

Re: Can we disprove the 3% perpetual withdrawal rate?

The 4% rule is in the context of retirees. If they take 4% a year, their money will probably not run out during their lifetime. While forever is a long time, at 3% it's likely to last longer than a retiree's lifetime. Economists and corporate trustees think of 3% as being approximately equal to the ...
by bsteiner
Thu Sep 08, 2016 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Funding Special Needs Trust?
Replies: 23
Views: 1556

Re: Funding Special Needs Trust?

If a client provides for his/her children equally, the share for the child with special needs could be substantially more than $10 million.
by bsteiner
Thu Sep 08, 2016 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: LTC Quandary
Replies: 32
Views: 2846

Re: LTC Quandary

... Within the circle of my acquaintances I know a woman who was in her fifties when she suffered a spinal injury from a car accident that put her in the nursing home for twelve years. People with Alzheimer's can easily spend ten years or more in a nursing home. .... The risk that you might want to...
by bsteiner
Thu Sep 08, 2016 8:30 am
Forum: Personal Finance (Not Investing)
Topic: J.P. Morgan minimum relationship
Replies: 2
Views: 320

J.P. Morgan minimum relationship

This article in today's Wall Street Journal says that J.P. Morgan will no longer make exceptions for lawyers to their minimum relationship of $10 million for their J.P. Morgan Private Bank (which offers more customized service and advice about philanthropy) and $2 million for their J.P. Morgan Priva...
by bsteiner
Wed Sep 07, 2016 12:45 pm
Forum: Investing - Help with Personal Investments
Topic: This would be a terrible mistake, right? [Convert all IRAs]
Replies: 20
Views: 1858

Re: This would be a terrible mistake, right? [Convert all IRAs]

... It's not as bad as it sounds, though perhaps he may be able to do better. The Roth conversion generally makes sense to the extent you can convert at a tax rate less than, equal to, or not too much higher than the tax rate that would otherwise apply to the distributions. If the only choices are ...
by bsteiner
Wed Sep 07, 2016 9:00 am
Forum: Investing - Help with Personal Investments
Topic: This would be a terrible mistake, right? [Convert all IRAs]
Replies: 20
Views: 1858

Re: This would be a terrible mistake, right? [Convert all IRAs]

SGM wrote:... 2009 would have been the year to convert more if you were already taking RMDs because congress suspended RMDs for that one year only. (


The elimination of the $100,000 income cap to be able to convert to a Roth didn't take effect until 2010, so most clients couldn't convert until then.
by bsteiner
Wed Sep 07, 2016 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Buying life insurance to support disabled child (SNT), sibling, and wife. Multiple policies needed, term and whole?
Replies: 13
Views: 1344

Re: Buying life insurance to support disabled child (SNT), sibling, and wife. Multiple policies needed, term and whole?

You (in other words, your family) will only end up with more money with life insurance if you die substantially before life expectancy. If you don't die substantially before life expectancy, you (in other words, your family) will be better off if you didn't buy the life insurance, and invested the m...
by bsteiner
Wed Sep 07, 2016 8:16 am
Forum: Investing - Help with Personal Investments
Topic: This would be a terrible mistake, right? [Convert all IRAs]
Replies: 20
Views: 1858

Re: This would be a terrible mistake, right? [Convert all IRAs]

My parents are retired and taking RMDs and are in the 33-35% tax bracket plus state. In addition they will realize about $500,000 of long-term capital gains from the sale of a rental property in 2016 unless they do a 1031 exchange. My dad is starting to give up on that idea due to the complexity an...
by bsteiner
Tue Sep 06, 2016 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Funding Special Needs Trust?
Replies: 23
Views: 1556

Re: Funding Special Needs Trust?

Life insurance in this context is like life insurance in any other personal or family context. It only works if you die substantially before life expectancy. If you don't die substantially before life expectancy, you'd have more money available to fund the special needs trust (or for anything else) ...
by bsteiner
Mon Sep 05, 2016 7:51 pm
Forum: Investing - Help with Personal Investments
Topic: Does a trust need to have a financial advisor involved?
Replies: 12
Views: 650

Re: Does a trust need to have a financial advisor involved?

... There are two trusts (these are irrevocable and complex), one FBO myself, and one FBO my sister. I am the trustee of both of them. This trust has the typical provision to distribute monies for the health, support, maintenance, or education of the beneficiary. ... The testator got the main thing...
by bsteiner
Mon Sep 05, 2016 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance?
Replies: 26
Views: 2517

Re: Umbrella insurance?

... I saw that Ed Slott show on PBS yesterday, too. I watched about 15 minutes, and while doing so, google searched his name and looked for threads here on the forums about him. Didn't find much, but I couldn't stand the shill-feel his tv show gave me, so I turned it off. ... WRT Slott...he does kn...
by bsteiner
Mon Sep 05, 2016 11:43 am
Forum: Personal Finance (Not Investing)
Topic: My Mother's Long Term Care Insurance
Replies: 12
Views: 1124

Re: My Mother's Long Term Care Insurance

Most policies only cover the first few years. Since many people will need care for up to a few years, it's more like prepaying for the first few years of care than it is for insurance. That may be sufficient for those who can give away their assets when they need care and then go on Medicaid after a...
by bsteiner
Mon Sep 05, 2016 10:04 am
Forum: Investing - Theory, News & General
Topic: If Fed goes Negative, do Treasuries lose their Initial cost of investment??
Replies: 16
Views: 1860

Re: If Fed goes Negative, do Treasuries lose their Initial cost of investment??

People in Germany are buying safes and putting cash in them: http://www.wsj.com/articles/german-save ... 1472485225. An insurance company is keeping €20 million in a safe.
by bsteiner
Sun Sep 04, 2016 8:47 am
Forum: Personal Finance (Not Investing)
Topic: IRA beneficiaries, primary and contingent, in-laws
Replies: 7
Views: 523

Re: IRA beneficiaries, primary and contingent, in-laws

Would it be possible to re-allocate all the money in each of the accounts / funds within each account so that it is divided 50/50 at the account/individual fund level? Then, set up the A/A1 and B/B1 beneficiary chain for half of the accounts/funds separately? It's possible, but you'd have to be car...
by bsteiner
Sun Sep 04, 2016 7:36 am
Forum: Personal Finance (Not Investing)
Topic: IRA beneficiaries, primary and contingent, in-laws
Replies: 7
Views: 523

Re: IRA beneficiaries, primary and contingent, in-laws

Unless the amount involved is too small to warrant administering trusts, our clients usually provide for their children (as well as their children's spouses, where applicable, and their grandchildren) in separate trusts for their benefit rather than outright. In this way, their inheritances won't be...
by bsteiner
Sun Sep 04, 2016 7:15 am
Forum: Investing - Help with Personal Investments
Topic: Getting mortgage to avoid depleting Roth
Replies: 13
Views: 1129

Re: Getting mortgage to avoid depleting Roth

Your analysis is correct. The mortgage gives you a tax arbitrage. The interest on the mortgage will be deductible, whereas your income and gains on your Roth IRA and on "your share" of your traditional IRA will be tax-free. "Your share" of the traditional IRA is 1 minus your tax ...
by bsteiner
Sat Sep 03, 2016 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning options for tricky family situation
Replies: 28
Views: 3101

Re: Estate planning options for tricky family situation

I had looked at US Trust and their fees were staggering, particularly for smaller trusts. I think bsteiner has said places like that become competitive for much larger assets, but for something the size of the OP's situation I came away thinking it would have been much more than 1%, maybe over 2%. ...

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