Search found 2470 matches

by bsteiner
Sat Apr 29, 2017 10:33 pm
Forum: Personal Consumer Issues
Topic: Need a car for 9-12 months
Replies: 13
Views: 644

Re: Need a car for 9-12 months

aqan wrote:you could pickup the remaining lease from someone..

try ...


or http://www.leasetrader.com/
by bsteiner
Sat Apr 29, 2017 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: Recent windfall... Insurance questions (Whole, Term, Disability)
Replies: 25
Views: 1022

Re: Recent windfall... Insurance questions (Whole, Term, Disability)

... We live in Florida. I am a working professional in my early 40’s, married with a son (13) .... Annual Income: $450k-$500k (with potential upside) Checking / Savings Accounts: $910,000 Home Value: $1,300,000 (no mortgage) 401k (me): $375,000 ... ... Taxable Investments: $2,210,000 .... We have t...
by bsteiner
Sat Apr 29, 2017 8:25 pm
Forum: Personal Consumer Issues
Topic: bought a maintenance plan w/car (vw golf alltrack) - good deal or not?
Replies: 30
Views: 2081

Re: bought a maintenance plan w/car (vw golf alltrack) - good deal or not?

I bought a Toyota Corolla 18 months ago, and I just took it for the 18-month service yesterday. The first four services are free ("ToyotaCare"). Just to compare, yesterday for $329 I was offered to extend that for four more services (plus an additional two if I have it serviced where I bo...
by bsteiner
Sat Apr 29, 2017 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: If you pay a high AMT, would you take out $1M mortgage?
Replies: 41
Views: 3128

Re: If you pay a high AMT, would you take out $1M mortgage?

I think AMT applies to us on account of our deductions (high taxes, 4 children). We pay a large AMT in addition to our 33% tax bracket because of our itemized deductions. This year our gross income is around 400K. At that level, you're probably in the AMT exemption phaseout, which means you're in t...
by bsteiner
Sat Apr 29, 2017 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts taxes distributions
Replies: 9
Views: 974

Re: Trusts taxes distributions

... In writing the trust it would seem a much better idea to have it continue for a longer time, or forever. That would keep the advantages of a trust for asset protection. Depending on the circumstances the beneficiary could be a trustee or cotrustee when old enough. By investing in a combination ...
by bsteiner
Sat Apr 29, 2017 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Questtions
Replies: 4
Views: 380

Re: Life Insurance Questtions

I have two Whole Life insurance policies with The Guardian that I purchased in 1991. One policy is for $1M and the other for $0.5M - both were in an Irrevocable Life Insurance Trust (ILIT) with my wife and 2 daughters as beneficiaries. ... Questions: 1. It seems to me that I don't need to purchase ...
by bsteiner
Fri Apr 28, 2017 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Law Changes
Replies: 13
Views: 846

Re: Tax Law Changes

It's hard to predict future changes in the tax law. We usually don't try to predict them. It's hard enough to know what the law now is, and how to best plan based on current law, than to try to predict future changes and how to plan under them. We also don't have a Parliamentary system like the UK o...
by bsteiner
Thu Apr 27, 2017 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Can a reluctant executor simply reassign the role?
Replies: 31
Views: 2223

Re: Can a reluctant executor simply reassign the role?

Has the Will been probated? Has she been appointed as personal representative (the Florida term for an executor) by the court? Or has she not done anything yet?
by bsteiner
Wed Apr 26, 2017 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Revocable trust worth paying attorney for?
Replies: 21
Views: 1390

Re: Revocable trust worth paying attorney for?

Trusts can be beneficial in incapacity context as well. Banks like dealing with successor trustees much more than agents under a power of attorney. This is true regardless of the size of bank account. I agree that rev trusts are not for everyone. But anyone with any significant amount of $ should a...
by bsteiner
Tue Apr 25, 2017 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable trust worth paying attorney for?
Replies: 21
Views: 1390

Re: Revocable trust worth paying attorney for?

... I had a recent situation where the decedent had moved to FLA shortly before death. Had about $200k of stock outside of his trust. Two different FLA attorneys quoted about $6k to clear title. That's not chump change in my book. It's a lot more than a $2,500 trust. This illustrates the difficulty...
by bsteiner
Tue Apr 25, 2017 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable trust worth paying attorney for?
Replies: 21
Views: 1390

Re: Revocable trust worth paying attorney for?

He is a widower. His wife passed away last year so he is the only one on the title. I think a trust is the only way to go without going through probate. ... Probate isn't the end of the world, never ending trust issues and fights could be. Revocable trusts are appropriate in some cases, and in some...
by bsteiner
Tue Apr 25, 2017 8:25 pm
Forum: Personal Consumer Issues
Topic: Cost of Estate Planning
Replies: 18
Views: 1873

Re: Cost of Estate Planning

I am curious, for those who used an attorney for estate planning, how much did it cost and how was the fee structured? For example, was it an hourly rate or a flat rate? Did you receive an estimate for a will separate from powers of attorney or trusts, etc., or just one lump sum estimate for the wh...
by bsteiner
Mon Apr 24, 2017 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Tax deferred options for S Corp owner
Replies: 2
Views: 174

Re: Tax deferred options for S Corp owner

... I own a LLC and will be filing as a S-Corp this year. Part of my income will be W-2 and the rest K-1. My wife is not currently an owner but will be in a couple weeks so for now she is just a W-2 employee. I have 1 other employee who will be with the company through the end of the year but I don...
by bsteiner
Sun Apr 23, 2017 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Code 453 Trust
Replies: 7
Views: 704

Re: IRS Code 453 Trust

I just got a solicitation in the mail from a RE Broker hawking a IRS Code 453 Trust as a way to avoid both capital gains as the depreciation recapture tax. Does anyone know about these? Are they legitimate? It looks like it gets taxed like an installment sale but I have to wonder about the costs to...
by bsteiner
Sun Apr 23, 2017 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Why are pensions revered, but annuities reviled?
Replies: 113
Views: 9215

Re: Why are pensions revered, but annuities reviled?

... As others have said, there is probably some cost savings by getting institutional pricing of the pension -- but I've never seen it quantified and I'm doubtful that it is very large. All the research I've seen on Money's Worth Ratios and annuity pricing adjustments suggests that the annuity mark...
by bsteiner
Sun Apr 23, 2017 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust
Replies: 24
Views: 1121

Re: Irrevocable Trust

... once you create a irrevocable trust can you sell the assets? In this case the farm. .... What does the trust say? Usually the trustees can sell the assets, though sometimes trustees can't sell an asset (such as a home or an interest in a family business) without the consent of a beneficiary or ...
by bsteiner
Sun Apr 23, 2017 8:29 am
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust
Replies: 24
Views: 1121

Re: Irrevocable Trust

afan wrote:bsteiner,

That looks like a list of asset protection states. Is there a connection between asset protection goals and a quiet trust?


Not that I know of. But they're among the states that have changed their trust laws in various ways to attract trust business from out-of-state.
by bsteiner
Sat Apr 22, 2017 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Should some professions tell people how much they make?
Replies: 39
Views: 4802

Re: Should some professions tell people how much they make?

Derivative wrote:I currently work as a private tutor and college/personal statement/test prep advising consultant and charge $60+/hr. ...


When I was in high school I used to do math tutoring for free through the school, and for $3 a hour for people hiring me directly.
by bsteiner
Sat Apr 22, 2017 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust
Replies: 24
Views: 1121

Re: Irrevocable Trust

... doesn't irrevocable mean you can't change the trust. ... Most irrevocable trusts can be changed -- by decanting (transferring the assets to a new trust), amending (with the consent of the beneficiaries adversely affected by the change), or by a beneficiary exercising a power of appointment. I d...
by bsteiner
Sat Apr 22, 2017 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Why are pensions revered, but annuities reviled?
Replies: 113
Views: 9215

Re: Why are pensions revered, but annuities reviled?

I think regular fixed annuities make a lot of sense (spia). But there are still a bunch of issues: 1) you have to buy it yourself and may get ripped off on price. Pensions are much nicer as they are institutional vs retail pricing. ... 3) it's really hard to buy any spia with inflation protection. ...
by bsteiner
Wed Apr 19, 2017 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from Chicago NW suburbs to NJ/NY area
Replies: 31
Views: 2335

Re: Moving from Chicago NW suburbs to NJ/NY area

The Princeton area and Westchester are both very nice. There are excellent schools in both areas.
by bsteiner
Wed Apr 19, 2017 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: Should I cancel my whole life policy?
Replies: 43
Views: 4028

Re: Need help with whole life

... I am relatively new to this board but spent some time doing the research and organizing my investments. Prior to this I met with a "financial advisor" who sold me 1.4 million of whole life insurance and 1.6 million of yearly renewable term (with their intention of converting it to who...
by bsteiner
Wed Apr 19, 2017 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Bill received after Estate is closed
Replies: 55
Views: 5018

Re: Bill received after Estate is closed

Cruise wrote:... Attorneys have a professional responsibility (ethics requirement that is delineated by the bar) to have a written contract. ...


There's an exception in New York if the fee is expected to be less than $3,000: https://www.nycourts.gov/attorneys/lett ... ules.shtml.
by bsteiner
Sun Apr 16, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Will - what is complicated?
Replies: 72
Views: 3933

Re: Will - what is complicated?

We use Microsoft Word. It's available to anyone. But don't many attorneys use something like what is commonly called "document assembly software" or "document automation software" to create documents? I guess the point is there is a process, whether automated or in your head, wh...
by bsteiner
Sun Apr 16, 2017 11:30 am
Forum: Investing - Help with Personal Investments
Topic: How to invest my children's inheritance
Replies: 33
Views: 2772

Re: How to invest my children's inheritance

I am still trying to sort out the trust paperwork and tax angles, but I am narrowing down to a trust invested 100% in worldwide stocks (e.g. VT or IWDA+EIMI). Cash out 5% of portfolio once a year and distribute to my 4 kids, current ages 19 to 44. For the two kids still in college hold back their m...
by bsteiner
Sun Apr 16, 2017 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Will - what is complicated?
Replies: 72
Views: 3933

Re: Will - what is complicated?

... 40, wife is 38. 3 kids under 10. We own our home and have the usual retirement accounts and a taxable account. Does the value of our assets matter in this decision, knowing they are currently well below our state and the federal tax limits? ... Your age (an older person is more likely to use th...
by bsteiner
Fri Apr 14, 2017 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Planning for family's future without me
Replies: 12
Views: 1897

Re: Planning for family's future without me

... all my retirement plans list my spouse as the primary beneficiary - so I think they're all set up properly, but I'd like to make sure my spouse knows the best set of steps to take for efficient use/rollover/whatever of these accounts. (Particularly in a tax-efficient manner; the pre-tax account...
by bsteiner
Thu Apr 13, 2017 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: best resources for executor
Replies: 6
Views: 413

Re: best resources for executor

How to Settle an Estate by Plotnick and Leimberg, http://www.leimberg.com/products/books/howToSettleEstate.html, https://www.amazon.com/How-Settle-Estate-Executors-Trustees/dp/0452283426/ref=sr_1_1?ie=UTF8&qid=1492108751&sr=8-1&keywords=leimberg+plotnick+settle+an+estate. Full disclosure...
by bsteiner
Wed Apr 12, 2017 10:43 pm
Forum: Investing - Help with Personal Investments
Topic: Help with moms annuity account (>$1M)
Replies: 30
Views: 2530

Re: Help with moms annuity account (>$1M)

In addition to the costs (probably 2% to 3% a year) the annuity converts all of the qualified dividends and long-term capital gains into ordinary income. Since it's new, the tax cost of getting out of it wouldn't be very much. What her asset allocation might then be would depend upon her other asset...
by bsteiner
Wed Apr 12, 2017 10:16 pm
Forum: Personal Consumer Issues
Topic: See advice for traveling to NYC on a regular basis
Replies: 14
Views: 1125

Re: See advice for traveling to NYC on a regular basis

I've traveled between the NYC area and Buffalo many times. I prefer to fly, though I've done it by car a few times.
by bsteiner
Wed Apr 12, 2017 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable living trust via online software
Replies: 13
Views: 837

Re: Revocable living trust via online software

... If you are just passing everything to your child, then the main consideration is whether you should pass it to her in trust rather than outright. The reasons, cited often by bsteiner, are to protect the assets from spouses and creditors. Not personally knowing anyone for whom creditors were a p...
by bsteiner
Mon Apr 10, 2017 8:19 am
Forum: Investing - Help with Personal Investments
Topic: living trust vs will books
Replies: 4
Views: 499

Re: living trust vs will books

The size of the estate is generally not a factor, though if your estate is large enough neither the cost of creating a revocable trust nor the cost of probating your Will is significant in relation to the size of your estate. There are some states where probating a Will or dealing with the probate c...
by bsteiner
Sun Apr 09, 2017 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: How to find estate lawyer for wills/trust?
Replies: 10
Views: 992

Re: How to find estate lawyer for wills/trust?

OhioGozaimas wrote:Here is a resource for finding estate/trust attorneys:

The National Academy of Elder Law Attorneys (NAELA)


That would be a resource to find elder law (Medicaid planning) lawyers, not trusts and estates lawyers.
by bsteiner
Sun Apr 09, 2017 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Will vs Living Trust
Replies: 44
Views: 3125

Re: Will vs Living Trust

They're common in California for reasons specific to California. Neither the original poster nor TBillT has provided any information that would indicate whether it would make sense in his/her case. However, there are far more important issues to consider. Thank you bsteiner. We have a fairly simple...
by bsteiner
Sat Apr 08, 2017 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: LLC or other liability protection as landlord
Replies: 17
Views: 1367

Re: LLC or other liability protection as landlord

... Which type of lawyer would help me with this, and in what state? This should be routine. Any law firm that does corporate law, real estate, tax, or trusts and estates should be able to do this. The state doesn't matter. Law firms form LLCs in various states. Our corporate department forms many ...
by bsteiner
Thu Apr 06, 2017 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Transfer on Death question
Replies: 22
Views: 2667

Re: Transfer on Death question

The whole point of using a TOD is to avoid probate and keep a person's money from being used to pay off debt. .... TOD assets are still subject to the decedent's creditors, though it may make it more difficult for the creditors to collect. If the amount involved is sufficient, the creditors may pur...
by bsteiner
Thu Apr 06, 2017 8:38 am
Forum: Personal Consumer Issues
Topic: How to buy a car with a Lightstream loan?
Replies: 10
Views: 552

Re: How to buy a car with a Lightstream loan?

... It has been a long time since I had a car loan but I am 99.999% sure that the lender will not give you a check to put into your account since you could just run off with the money. I don't know if the story is true, but someone told me that before the 2008-09 crash she was able to get a car loa...
by bsteiner
Wed Apr 05, 2017 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Legal Issue: What kind of lawyer (or do I not need one yet)?
Replies: 46
Views: 4366

Re: Legal Issue: What kind of lawyer (or do I not need one yet)?

I don't know if the ratings mean anything at all but Martindale-Hubbell, martindale.com, has reputational ratings of lawyers and firms. I wouldn't use it to find or pick a lawyer in the first place, but I'd certainly use it to check out a lawyer once I'd found them. Like many such things, many lawy...
by bsteiner
Wed Apr 05, 2017 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Transfer on Death question
Replies: 22
Views: 2667

Re: Transfer on Death question

This may be penny wise and pound foolish. If there are any debts, expenses or taxes, the executors may not have easy access to the funds to pay them. If a creditor or taxing authority collects from one beneficiary, he/she may have difficulty recovering pro rata from the others. If there are any cash...
by bsteiner
Wed Apr 05, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: How to get out of whole life policy?
Replies: 13
Views: 919

Re: How to get out of whole life policy?

Thanks all. It really does help to see others agree with my perspective. It is hard to tell her to walk away from $10k without that confirmation. ... That money has already been spent. If she's likely to get divorced soon, she should keep in mind that in some states you can't drop any life insuranc...
by bsteiner
Wed Apr 05, 2017 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax Credit in Virginia
Replies: 6
Views: 493

Re: Foreign Tax Credit in Virginia

New York gives the same credit for taxes paid to Canadian provinces as for taxes paid to other states: https://www.tax.ny.gov/pdf/current_form ... ill_in.pdf.
by bsteiner
Wed Apr 05, 2017 1:06 pm
Forum: Personal Consumer Issues
Topic: Law school-most cost efficient, yet quality, way to get Real Estate law degree?
Replies: 37
Views: 2514

Re: Law school-most cost efficient, yet quality, way to get Real Estate law degree?

... In your case, you have a BA in Psychology and I am unsure of your relevant work experience. These are a dime a dozen, and unless you have a background in a science or technical field, or accounting, or something else that sets you apart from all the other JDs out there - you will have a hard ti...
by bsteiner
Tue Apr 04, 2017 11:15 am
Forum: Investing - Theory, News & General
Topic: Beneficiaries/TOD for Vanguard Joint Account
Replies: 15
Views: 703

Re: Beneficiaries/TOD for Vanguard Joint Account

I tried to add beneficiaries or assign TOD to our Vanguard joint account, but was told that they don't allow beneficiaries with joint accounts, and that the account defaults to the survivor if one of the account owners dies. But my question is what happens if both owners die; I assume that it has t...
by bsteiner
Mon Apr 03, 2017 4:47 pm
Forum: Investing - Help with Personal Investments
Topic: General Investment Strategy as Trustee for Brother
Replies: 9
Views: 507

Re: General Investment Strategy as Trustee for Brother

... Approx $125k is from her estate, which I will likely invest into the trust. $125k from life insurance on her life, he is sole beneficiary, which is worded to have another trust established. .... It could create lots of complexity if he inherits $125,000 and puts it into the trust created by som...
by bsteiner
Mon Apr 03, 2017 4:25 pm
Forum: Investing - Help with Personal Investments
Topic: General Investment Strategy as Trustee for Brother
Replies: 9
Views: 507

Re: General Investment Strategy as Trustee for Brother

From the word "additional" I assumed that his share of your mother's estate is expected to be $250,000, in addition to his $750,000 trust. If so, your mother may want to revise her Will to provide for him (and you) in trust rather than outright? Is the $250,000 instead a mandatory distribu...
by bsteiner
Mon Apr 03, 2017 4:15 pm
Forum: Investing - Help with Personal Investments
Topic: General Investment Strategy as Trustee for Brother
Replies: 9
Views: 507

Re: General Investment Strategy as Trustee for Brother

Your mother may want to provide for him (and you) in trust rather than outright.
by bsteiner
Mon Apr 03, 2017 4:02 pm
Forum: Investing - Theory, News & General
Topic: Theoretical trust question
Replies: 9
Views: 478

Re: Theoretical trust question

The donor advised fund might work, though you'll need a mechanism for selecting future "advisor(s)." If you're willing to sacrifice the charitable deduction for the contribution, you could set it up offshore. If it's an offshore entity it wouldn't need tax-exempt status. It would thus be e...
by bsteiner
Mon Apr 03, 2017 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Will vs Living Trust
Replies: 44
Views: 3125

Re: Will vs Living Trust

We do revocable trusts where there's a reason to do so in a given case, or where someone lives in a state where probating a Will or dealing with the court is difficult, expensive or burdensome. They're common in California for reasons specific to California. Neither the original poster nor TBillT ha...
by bsteiner
Sun Apr 02, 2017 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Universal Life - how long to stay?
Replies: 20
Views: 1758

Re: Variable Universal Life - how long to stay?

... I'm 36 and have been contributing to my VUL for a complete 4 years. I'm a physician who was sold this policy by my financial advisor after finishing residency. .... Was it a financial advisor or an insurance agent? I thought you had to be an insurance agent to sell life insurance. ... a $60,000...
by bsteiner
Sun Apr 02, 2017 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Successor Trustees
Replies: 10
Views: 675

Re: Successor Trustees

... Not sure what you mean by a "new certified extract of trust" ... Me neither. What's an "extract of trust?" Is it like extract of vanilla? Who certifies it? Perhaps you might give the lawyer who handles your estate planning a copy of the Will or trust instrument and he/she ca...

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