Search found 9128 matches

by bsteiner
Mon Mar 18, 2024 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Buying a Home: Am I Required to retain Escrow Services?
Replies: 14
Views: 801

Re: Buying a Home: Am I Required to retain Escrow Services?

It may be negotiable with the bank. The first few times I didn't ask. The next time after that, I was able to get the bank to waive the escrow. The most recent time, if I recall correctly, the bank said they would waive the escrow for a one-time payment of 0.25% of the amount of the loan, and I was able to negotiate it down to a one-time payment of 0.125% of the amount of the loan.

In some states, banks have to pay interest on the escrow account, but in my state I don't think they do.
by bsteiner
Mon Mar 18, 2024 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Sending Copy of Driver License and SS Card by Email Question
Replies: 16
Views: 1658

Re: Sending Copy of Driver License and SS Card by Email Question

The concern is that someone could get into your e-mail account or their e-mail account by phishing if you or they click on a malicious link.
by bsteiner
Sun Mar 17, 2024 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Annual limit to the number of IRA to IRA transfers?
Replies: 10
Views: 835

Re: Annual limit to the number of IRA to IRA transfers?

It is not odd that indirect and direct rollovers are treated differently. The rule about indirect rollovers was changed in 2015 to prohibit the unlimited loan of IRA funds by doing sequential 60 day rollovers. Before the rule change you could have gotten the benefit of the tax deferral of the IRA contribution, while not really saving at all. The law hadn't changed for many years (at one time it was once in 3 years). Section 403(d)(3)(B) says, and has said for many years: "This paragraph [the exception for a rollover within 60-days] does not apply to any amount described in subparagraph (A)(i) [a distribution] received by an individual from an individual retirement account or individual retirement annuity if at any time during the 1-ye...
by bsteiner
Sun Mar 17, 2024 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Over 80, take more than minimum RMD? Advice?
Replies: 18
Views: 1883

Re: Over 80, take more than minimum RMD? Advice?

No one can predict what Congress may do in the future. However, we know that the individual tax changes in the 2017 Act are scheduled to revert to 2017 law in 2026, except that the change in the formula for indexing and the repeal of the alimony deduction are permanent. There's nothing you can do about not having waited to 70 to begin taking Social Security, or not having done Roth conversions in prior years. Ed and I and several others were speaking and writing on Roth conversions since they became available in the late 1990s. However, I don't think that many people were speaking and writing about Social Security until about a dozen years ago. If you're considering taking more than required, you might instead do Roth conversions. That way,...
by bsteiner
Sun Mar 17, 2024 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: tax brackets etc assuming TCJA sunset no new laws
Replies: 24
Views: 2418

Re: tax brackets etc assuming TCJA sunset no new laws

All of the individual tax changes in the 2017 Act are scheduled to revert to 2017 law in 2026, except that the change in the inflation formula is permanent and the repeal of the alimony deduction is permanent.

While the SALT cap is scheduled to end, the much lower AMT exemption is scheduled to return, so many if not most upper middle class taxpayers and some high income taxpayers will get very little benefit from the deduction for state and local taxes.

Note that the 2017 Act doubled the width of some more of the joint return brackets. That lets more IRA owners do more Roth conversions in the middle brackets. For example, in 2024, the 24% bracket goes up to $383,900 of taxable income on a joint return.
by bsteiner
Sun Mar 17, 2024 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Condo Mortgage in Jersey City, NJ - best rate?
Replies: 2
Views: 379

Re: Condo Mortgage in Jersey City, NJ - best rate?

Check Kearny Bank, Columbia Bank, Spencer Savings Bank and Lusitania Bank online.
by bsteiner
Fri Mar 15, 2024 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Which debt should I tackle first?
Replies: 6
Views: 530

Re: Which debt should I tackle first?

Might the interest on the pool loan be deductible? Is a pool a substantial improvement?

Can you get a home equity line of credit at a lower rate than 10.24%?
by bsteiner
Fri Mar 15, 2024 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Plan in Colorado - Will v Trust?
Replies: 13
Views: 1138

Re: Estate Plan in Colorado - Will v Trust?

... Do you have a theory on why so many seemingly well respected estate attorneys in non-community property states recommend joint revocable trusts? Are they all incompetent? The vast majority of E&P attorneys are not actual experts in this field. You can be pretty sure about it if they don't offer to modify a trust, do estate tax planning, know what a gift tax return is, etc. The vast majority of Wealth Counsel users are likewise also not experts, they've just taken their bootcamp courses and can concoct a simple strategy with no issues. The vast majority of Americans will not face the estate tax so the joint trust issue isn't an issue for them. There's nothing to bite anyone in the butt. I agree with Lee except in his first paragraph...
by bsteiner
Fri Mar 15, 2024 2:58 pm
Forum: Investing - Theory, News & General
Topic: Great news! No more [fixed real estate] agent commission
Replies: 163
Views: 15076

Re: Great news! No more agent commission

If I hire a broker, I want her to be able to share the information with the other brokers in the area. If another broker brings in a buyer, I would expect my broker to pay something to the other broker, though the amount should be between my broker and the other broker.
by bsteiner
Thu Mar 14, 2024 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited Stretch Annuity?
Replies: 14
Views: 1112

Re: Inherited Stretch Annuity?

You get the benefit of deferral at the cost of turning the income and gains into ordinary income aand giving up the basis step-up at death and incurring the expenses.

It could make sense for tax-inefficient assets if you get one with low expenses and you keep it for a long time.
by bsteiner
Thu Mar 14, 2024 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Plan in Colorado - Will v Trust?
Replies: 13
Views: 1138

Re: Estate Plan in Colorado - Will v Trust?

There are many more important issues to consider in your estate planning. You should be spending more time considering them. Thanks for the reply! Are there any specific issues to discuss with the EP attorney? I know they were planning on doing a joint revocable trust, not individual trusts. I do need to ask why that's the case. In terms of ownership, could two revocable trusts own a brokerage account? Two revocable trusts may own a brokerage account (or anything else). Is there any reason for revocable trusts in your case? More important issues include the degree of control you want the surviving spouse to have, the age at which you want each child to control his/her trust, executors, trustees, guardians, beneficiary designations for your...
by bsteiner
Thu Mar 14, 2024 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Individual Trusts (step up at death)
Replies: 3
Views: 372

Re: Individual Trusts (step up at death)

Revocable trusts make sense in some cases and in some states. If there's a reason for revocable trusts in their case or in their state, then since they're not in a community property state, they would have separate revocable trusts unless they have community property from when they lived in a community property jurisdiction. What state are they in? Is there a reason for revocable trusts in their case, or in their state? About 30 years ago, Paul Fletcher, an attorney in Oregon, wrote a few articles suggesting a joint revocable trust in a common law state to be able to use the same assets to fund the credit shelter trust regardless of which spouse died. He also suggested you might get a basis step-up at the first spouse's death. A couple of ...
by bsteiner
Thu Mar 14, 2024 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Language about Will
Replies: 10
Views: 798

Re: Question about Language about Will

Buffetologist wrote: Thu Mar 14, 2024 1:48 pm ...
We're still mulling over whether to modify our own trust to provide for our kids in trust. Our lawyer recommended that but we initially decided against it back in 2016 when the purpose was simply to protect against divorce. After the upcoming sunset of the the estate tax law, and our subsequent good fortune, keeping it out of their estates will be necessary too but we'll visit this sometime in 2025.
...
The lawyer should have recommended it sufficiently strongly that you would have accepted his/her recommendation. Pointing out that the child can effectively control his/her trust is usually sufficient.
by bsteiner
Thu Mar 14, 2024 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Individual Trusts (step up at death)
Replies: 3
Views: 372

Re: Individual Trusts (step up at death)

Revocable trusts make sense in some cases and in some states. If there's a reason for revocable trusts in their case or in their state, then since they're not in a community property state, they would have separate revocable trusts unless they have community property from when they lived in a community property jurisdiction. What state are they in? Is there a reason for revocable trusts in their case, or in their state? About 30 years ago, Paul Fletcher, an attorney in Oregon, wrote a few articles suggesting a joint revocable trust in a common law state to be able to use the same assets to fund the credit shelter trust regardless of which spouse died. He also suggested you might get a basis step-up at the first spouse's death. A couple of p...
by bsteiner
Thu Mar 14, 2024 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Language about Will
Replies: 10
Views: 798

Re: Question about Language about Will

Hopefully simple question. We're trying to determine if my MIL's will provides the ability for my wife and I to disclaim so that our part goes to our kids. The will reads" A. I give the rest, residue and remainder of my property of every kind and nature and wherever situated, whether real of personal, to in equal shares to my daughter Alice and my daughter Beth if they all survive me. B. If my daughter Alice, fails to survive me, then I give her equal share of my residuary estate to Alice's husband, my son-in-law, Carl, if he survives me. If both Alice and Dennis fail to survive me, then I give this equal share of my residuary estate to their surviving issue, per stirpes. C. If my daughter Beth, fails to survive me, then I give her eq...
by bsteiner
Thu Mar 14, 2024 1:02 pm
Forum: Personal Investments
Topic: "Rich Man's Roth" / 7702
Replies: 37
Views: 5439

Re: "Rich Man's Roth" / 7702

illumination wrote: Thu Mar 14, 2024 11:43 am ...
I'm not sure if there was a law change or it was just the life insurance "propaganda" machine, but at one time when the estate tax threshold was relatively low ($1 million) weren't giant life insurance policies being sold as a way to get large amounts of money outside the estate?
Yes, though you could achieve the same result by giving away each year an amount equal to what you would have paid in premiums (assuming you live close to, to, or beyond life expectancy).
by bsteiner
Thu Mar 14, 2024 1:01 pm
Forum: Personal Investments
Topic: "Rich Man's Roth" / 7702
Replies: 37
Views: 5439

Re: "Rich Man's Roth" / 7702

protagonist wrote: Thu Mar 14, 2024 11:10 am
bsteiner wrote: Thu Mar 14, 2024 10:26 am With other assets, you have to choose between keeping them for the basis step-up at the cost of estate inclusion, or giving them away and giving up the basis step-up.
Can you explain this, please?
My investments are all included in a revocable trust.

I am under the assumption (hopefully not false) that the cost basis will be adjusted at the time of my death.
If you give away a life insurance policy, the donee will get a basis step-up for it at your death in the form of the proceeds being exempt from income tax. But if you give away other assets during your lifetime, the donee won't get a new basis for them at your death.
by bsteiner
Thu Mar 14, 2024 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Family Trust vs. Individual Trust Following Death of a Spouse
Replies: 4
Views: 467

Re: Family Trust vs. Individual Trust Following Death of a Spouse

There shouldn't be any cost to setting up the family (credit shelter) trust. It should already be in the wife's revocable trust. Is Option 2 available? Does the family (credit shelter) trust under the wife's revocable trust give the trustees complete discretion to distribute the trust assets to the husband? If so, the lawyer should be able to explain the advantages and disadvantages of each option, though you seem to have provided a good summary of them. The family (credit shelter) trust would provide asset protection (which in this case is unlikely to be needed). In addition to protecting against creditors and spouses, and estate taxes, it would protect him against predators, though if the family is close, that's unlikely to be a problem. ...
by bsteiner
Thu Mar 14, 2024 10:26 am
Forum: Personal Investments
Topic: "Rich Man's Roth" / 7702
Replies: 37
Views: 5439

Re: "Rich Man's Roth" / 7702

... the death benefit passes to your heirs tax free. This is no different from investments with the step up in basis of course. ... WIth life insurance, you can give it away (or have your children or a trust buy it), and it will still get a basis step-up at death. With other assets, you have to choose between keeping them for the basis step-up at the cost of estate inclusion, or giving them away and giving up the basis step-up. I'm not sure that this benefit of life insurance is sufficient to overcome the transaction costs. If you give away other assets in trust rather than outright, assuming it's a grantor trust, you can swap assets, putting in high basis assets and taking out low basis assets. Marty Shenkman and I wrote an article on tha...
by bsteiner
Thu Mar 14, 2024 9:20 am
Forum: Personal Finance (Not Investing)
Topic: When is the right time to set up a trust?
Replies: 31
Views: 3137

Re: When is the right time to set up a trust?

The assets of a funded trust are not public record when probating the will. If I leave a small amount of assets outside the trust they will be listed for the court, but not those assets inside the trust. May be binary in terms of cost and time to complete the probate process, but as I said specifically, the cost or probate was NOT my concern at all. And the time involved is not scaled to assets, but again I don’t want my heirs to have to wait even a week to have access to their inheritance. Should be as simple as sending a death cert to a broker and new trustee is titled, period. By the time probate is started 90% or more of my assets will already be under control of my trustee. Whether I want my privacy is my business, I don’t care how ma...
by bsteiner
Thu Mar 14, 2024 8:12 am
Forum: Personal Finance (Not Investing)
Topic: Estate Plan in Colorado - Will v Trust?
Replies: 13
Views: 1138

Re: Estate Plan in Colorado - Will v Trust?

There are many more important issues to consider in your estate planning. If you're considering revocable trusts, since (as you pointed out) Colorado is not a commuity property state, unless your assets are community property (for example, if you moved to Colorado from a community property state), you would have separate revocable trusts. Will the lawyer give you two revocable trusts for the same fee as no revocable trusts? If not, since Colorado is a Uniform Probate Code state (which means simplified procedures), is there some particular reason for revocable trusts in your case? About 30 years ago, the late Paul Fletcher, a lawyer in Oregon, wrote a few articles suggesting that a joint revocable trust in a common law state would allow you ...
by bsteiner
Thu Mar 14, 2024 7:36 am
Forum: Personal Finance (Not Investing)
Topic: College degree worthwhile for marketing?
Replies: 112
Views: 7116

Re: College degree worthwhile for marketing?

No one knows what the future will bring. She should finish college. While there are people who finished college who haven’t done well and people who haven’t finished college who have done well, finishing college will substantially increase her chances. It may also provide non-monetary benefits.
by bsteiner
Wed Mar 13, 2024 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Assemblying our team
Replies: 1
Views: 501

Re: Assemblying our team

The lawyer ought to know the tax issues involved in your estate planning.
by bsteiner
Wed Mar 13, 2024 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: When is the right time to set up a trust?
Replies: 31
Views: 3137

Re: When is the right time to set up a trust?

... another reason for avoiding probate is privacy and speed of access to your funds. Your successor trustee can access your funds without any public scrutiny if held in a revocable or other trust at time of death, instead of a trust created in your will. Many people don't care about privacy and maybe a good attorney could get your heirs fast enough access in probate, but I do care about those things. I don't mind paying an attorney for probating my will, but I want to make sure the majority of my estate is not involved in that process. ... Most people's Wills are of no interest to their neighbors or the media. They usually provide for their spouse and children, and have many pages of administrative provisions. In many years, I've only had...
by bsteiner
Wed Mar 13, 2024 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Beneficiary Issue on Inherited IRA and Roth IRA
Replies: 8
Views: 1058

Re: Beneficiary Issue on Inherited IRA and Roth IRA

With enough disclaimers you can probably get most of the IRAs to your mother so she can roll it over. However, to the extent minor grandchildren are primary beneficiaries, they probably can't disclaim. A court may approve a secondary disclaimer on behalf of a minor grandchild (in other words, when the minor grandchild only takes as a result of a disclaimer by someone else, such as a child), but not where a minor grandchild is a primary beneficiary. So you may only be able to get the portion payable to adult beneficiaries to your mother. It wouldn't have made sense for your father to have left his IRAs to a trust that pays out to your mother when he could have left the IRAs directly to your mother. But if he had done that, you probably could...
by bsteiner
Wed Mar 13, 2024 4:19 pm
Forum: Personal Consumer Issues
Topic: Cost of dental visit
Replies: 20
Views: 1363

Re: Cost of dental visit

It depends on the level of the dentist and the city. I pay more than that at a high level dentist in midtown Manhattan.
by bsteiner
Wed Mar 13, 2024 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Validity of Wills and Trusts when you move states
Replies: 4
Views: 525

Re: Validity of Wills and Trusts when you move states

If it was signed in the presence of two disinterested witnesses and a notary who did the self proving affidavit, I your will should the criteria for all fifty, but I haven’t checked the state survey requirements to be 100% certain, Louisiana is the one I’m not sure on. ... If any three of the other 49 are to each other as French, Spanish and Italian are to each other, Louisiana is like a language that uses characters rather than an alphabet. One time I prepared a Will for someone who owned a piece of real estate in Louisiana and sent a draft to Louisiana counsel for review as to Louisiana law. He sent it back with about 20 pages added at the end that began with something like "Notwithstanding anything set forth above, as to any Louisi...
by bsteiner
Wed Mar 13, 2024 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Validity of Wills and Trusts when you move states
Replies: 4
Views: 525

Re: Validity of Wills and Trusts when you move states

Many states have a statute saying that a Will executed elsewhere is valid if it was valid in the state where it was executed.

I didn't see such a statute in Georgia, but here are the Georgia requirements for a Will: https://law.justia.com/codes/georgia/20 ... n-53-4-20/. It would be unlikely that a Will signed elsewhere wouldn't meet the Georgia requirements.
by bsteiner
Wed Mar 13, 2024 11:31 am
Forum: Personal Finance (Not Investing)
Topic: When is the right time to set up a trust?
Replies: 31
Views: 3137

Re: When is the right time to set up a trust?

A net worth in the high 7 figures puts you around the bottom of the 1%, but it's not large in the estate planning context. As you pointed out, probating a Will in Florida is generally not difficult, expensive or burdensome. Why is that an issue here? Thank you. As you point out, a high 7 figure net worth is not necessarily large in this context, and therefore not a must-have when it comes to trusts. Similarly, the burden of probating in FL does not make it a must-have. My initial understanding of the driving forces to set up trusts was (a) size of estate, especially taxable estates and (b) burden of probating. Is that a fair characterization? (a) you may be conflating creating trusts now (which you might do if you expect to have a taxable ...
by bsteiner
Wed Mar 13, 2024 10:39 am
Forum: Personal Finance (Not Investing)
Topic: When is the right time to set up a trust?
Replies: 31
Views: 3137

Re: When is the right time to set up a trust?

... With that amount of net worth, I'd be very cautious telling any estate attorney my net worth. They will be inclined to overcharge you. I know from experience. Dress down and don't look flashy. When you start looking for one, don't tell them your net worth right away. Ask questions to test their judgement and character. Look for a fiduciary and someone who charges by the hour or a flat fee. ... If you don't give us correct information, you may end up with a plan that would be good for someone with the facts you provided but that wouldn't be good for you. It would be like going to the doctor and giving the doctor incorrect information. Most lawyers work on a time basis. A net worth in the high 7 figures puts you around the bottom of the ...
by bsteiner
Wed Mar 13, 2024 10:10 am
Forum: Personal Finance (Not Investing)
Topic: When is the right time to set up a trust?
Replies: 31
Views: 3137

Re: When is the right time to set up a trust?

You would provide for your children in trust rather than outright in your Wills. The trusts would take effect at the surviving spouse's death. However, in order for that to happen, you have to sign Wills during your lifetime to so provide. If your estate is in the 7 figures, you and your spouse can't afford to give away $27 million now to take advantage of the current level of the estate tax exclusion amount. But if you expect to have a taxable estate, you might want to consider giving away a couple of million dollars now to a trust for your issue, or for your spouse and issue, to get the future growth on it out of your estate. However, if you don't expect to have a taxable estate, you wouldn't want to make gifts now, since the assets you r...
by bsteiner
Tue Mar 12, 2024 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Locums life and South Dakota residency?
Replies: 15
Views: 1249

Re: Locums life and South Dakota residency?

... Be careful with the use of domicile. Domicile and residence are not the same thing. In my state, you can reside at a different location for years but so long as your intent is to return to the earlier residence location, your domicile never changes. Correct, I think that is the point I am trying to make, as well a bsteiner, but don’t want to speak for him. To me the old trap (east coast) was the person who left NY and moved to FL, but never effectively abandoned NY domicile, and also never established FL domicile, and never spent 183 days anywhere. So they flunk a residency test in any state and you revert to a facts and circumstanced domicile test. Your domicile continues until you establish a new one. See the Jones case I mentioned a...
by bsteiner
Tue Mar 12, 2024 10:41 am
Forum: Personal Finance (Not Investing)
Topic: What to name a Testamentary Trust for Ally Bank 40 character limit beneficiary?
Replies: 4
Views: 456

Re: What to name a Testamentary Trust for Ally Bank 40 character limit beneficiary?

gator1 wrote: Tue Mar 12, 2024 9:38 am
bsteiner wrote: Tue Mar 12, 2024 7:59 am It's usually better not to earmark assets. Why not let the executor distribute the assets?
I'm not following. All I want to do is name my estate the beneficiary of my account at Ally. I have an estate setup because I have a minor child.
You don't have to "name your estate as beneficiary." That would happen unless you named someone other than your estate as beneficiary (which is generally not a good idea except for life insurance and retirement benefits).
by bsteiner
Tue Mar 12, 2024 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Locums life and South Dakota residency?
Replies: 15
Views: 1249

Re: Locums life and South Dakota residency?

The issue isn't South Dakota. If they had taxes they would happily take your money. The issue is whether Massachusetts will take the position that you're still taxable as a resident. This is the key, Mass. Residency is largely mathematical in terms of presence based on days in the jurisdiction. Admittedly, it has been a while since I looked at this but my recollection is that if one does not have physical presence (183 days) in any jurisdiction, the nightmare of a facts and circumstances test applies. This is where you get into things like family, job, ownership of real estate, voting, driver's license, car registrations, clubs, banking, etc. Abandonment is another concept here and you need to effectively abandon Mass domicile. You have to...
by bsteiner
Tue Mar 12, 2024 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Two accountants disagree about Backdoor Roth and Potentially Screwed up our accounts
Replies: 27
Views: 3589

Re: Two accountants disagree about Backdoor Roth and Potentially Screwed up our accounts

I wouldn't be surprised if many accountants weren't familiar with backdoor Roth IRAs.
by bsteiner
Tue Mar 12, 2024 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Locums life and South Dakota residency?
Replies: 15
Views: 1249

Re: Locums life and South Dakota residency?

The issue isn't South Dakota. If they had taxes they would happily take your money. The issue is whether Massachusetts will take the position that you're still taxable as a resident.
by bsteiner
Tue Mar 12, 2024 7:59 am
Forum: Personal Finance (Not Investing)
Topic: What to name a Testamentary Trust for Ally Bank 40 character limit beneficiary?
Replies: 4
Views: 456

Re: What to name a Testamentary Trust for Ally Bank 40 character limit beneficiary?

It's usually better not to earmark assets. Why not let the executor distribute the assets?
by bsteiner
Tue Mar 12, 2024 7:56 am
Forum: Personal Finance (Not Investing)
Topic: How long after death to transfer assets
Replies: 33
Views: 3082

Re: How long after death to transfer assets

4nursebee wrote: Tue Mar 12, 2024 7:27 am
Geologist wrote: Tue Mar 12, 2024 7:24 am
4nursebee wrote: Tue Mar 12, 2024 7:19 am
Geologist wrote: Tue Mar 12, 2024 7:11 am If you aren't the executor, what authority do you have to "push things along"?
I have no idea hence asking here.
They have said they would email us stuff two different times and not come through.
I had been assuming you were the executor. Only the executor has legal authority over the estate. The asset manager has no legal reason to respond to you. What you need to do is "push the executor along".
Thanks.
We know the executor. In what manner can they push along things?

And, how long can they take?
The executor should take control of the assets quickly.

The executor should consult with counsel as to when to make distributions.
by bsteiner
Mon Mar 11, 2024 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: No contingency offer on land in 12 hours - how do they do it?
Replies: 22
Views: 2568

Re: No contingency offer on land in 12 hours - how do they do it?

We had something similar. When we listed my mother-in-law’s house, the broker had a buyer almost immediately. The broker knew who might be interested in a house like that one.
by bsteiner
Mon Mar 11, 2024 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Removing "managing" from Fidelity account
Replies: 8
Views: 1230

Removing "managing" from Fidelity account

A friend was tricked into letting Fidelity "manage" her account. They invested $400,000 into 70 securities, mutual funds and ETFs. She had moved her account from Chase to Fidelity to get away from a similar situation.

How can she get the "managing" removed from her Fidelity account so she can sell the positions they put her into and invest how she wants (which would be how people here would invest)? Can she do it without calling her "guy" at Fidelity?
by bsteiner
Mon Mar 11, 2024 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: tax / estate planning for Roth IRAs
Replies: 6
Views: 827

Re: tax / estate planning for Roth IRAs

I just remembered another option I’ve heard on financial podcasts. It involves a 2d to die whole life insurance policy to pay the estate taxes. Course won’t work if you are not healthy. ... I guess my next steps are to talk to a T&E lawyer and explore a second to die whole life policy. ... ... As far as using life insurance, I am not an expert, but I have not seen it work out better for anyone other than the salesperson. ... Obviously, a discussion with a trusted estate attorney would be helpful for you. It also probably won't work for you if you live close to, to, or beyond life expectancy. You would probably have more money if you invested the amount you would have paid in premiums in financial assets instead. The lawyer may not real...
by bsteiner
Mon Mar 11, 2024 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Realizing Capital Gains in a Trust
Replies: 22
Views: 1802

Re: Realizing Capital Gains in a Trust

rkhusky wrote: Mon Mar 11, 2024 8:48 am
MindfulMoneyManager wrote: Sun Mar 10, 2024 1:41 am For some reason I thought income was only stuff like interest, STCG, business profits, and not LTCG.
That’s only true in the state of Washington.
Short-term capital gains are generally principal, except that in many states under the Uniform Principal and Income Act, short-term capital gains from a mutual fund are income. That may be for simplicity since they're ordinary income for income tax purposes.
by bsteiner
Sun Mar 10, 2024 1:27 pm
Forum: Personal Finance (Not Investing)
Topic: Realizing Capital Gains in a Trust
Replies: 22
Views: 1802

Re: Realizing Capital Gains in a Trust

... It's helpful to ask questions before discussing with a tax professional. Sometimes they charge hourly rates, ..... How else should we charge? The time we spend working for one client is time we can't spend working for another client. We don't know in advance how much of our time you'll need. We've occasionally taken on matters for a fixed fee. But that usually doesn't work out well either for us or for the client. So I try to avoid it. For example, if we think that a matter will be between x and 1.25x on a time basis, and we do it for a fixed fee of, say, 1.5x, the client pays more than he/she would have paid on a time basis, and since the client isn't paying on a time basis, will probably use 2x or so of time. We also have to spend ti...
by bsteiner
Sat Mar 09, 2024 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on Charitable Trust (CRUT or Flip CRUTs)
Replies: 1
Views: 220

Re: Advice on Charitable Trust (CRUT or Flip CRUTs)

It lets you sell the appreciated assets and diversify and spread out the capital gains tax and perhaps pay tax on the capital gains tax at lower rates.

The tradeoff is that 10% of the value goes to charity. You give up some flexibility and you’ll have some cost and complexity.

The trust won’t need much managing.

At your age if you optimize it you’ll get around 7% rather than 5%.

You’ll have to decide whether you think you have enough other assets to be comfortable doing this.
by bsteiner
Fri Mar 08, 2024 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Help Elderly Parent with Annuity Decision
Replies: 5
Views: 877

Re: Help Elderly Parent with Annuity Decision

Was he/she an advisor or an insurance/annuity salesperson?
by bsteiner
Fri Mar 08, 2024 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: When/Why would you need Trust over Will
Replies: 97
Views: 6413

Re: When/Why would you need Trust over Will

I still think words like "inevitably" are too strong. If I quote Murphy's Law in the future, I will be sure to properly qualify it. "Anything that can go wrong, will very probably go wrong." ;-) I appreciate all the lawyer input in these threads as I mentioned earlier. I do wonder, however, if there is some "lawyer-client case" bias in this thread. Multiple lawyers are jumping in and saying things like "the majority of the time" and "mistakes are often made" for their clients. Well - maybe there are many more cases whereby folks don't have to use a lawyer or only use them sparingly because everything is done correctly, simple enough, and there are no mistakes. I think that is the point some...
by bsteiner
Thu Mar 07, 2024 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: tax / estate planning for Roth IRAs
Replies: 6
Views: 827

Re: tax / estate planning for Roth IRAs

While gifts are often helpful, unless you die substantially before life expectancy, the trust will probably have more money if the trustees invest in stocks and bonds rather than life insurance.

Do you have other assets that you can give?
by bsteiner
Thu Mar 07, 2024 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: When/Why would you need Trust over Will
Replies: 97
Views: 6413

Re: When/Why would you need Trust over Will

Mandating distributions is not a good idea. It will throw the assets into your children’s estates for estate tax purposes and expose them to your children’s creditors and spouses. You could instead allow each child to gain control of his/her trust at a specified age. Sorry, but I think you lost me on that one, Bruce. Wouldn't the assets be going into their estates either way? Sooner or later they would be taking ownership of them..? We'd just like them to receive periodic lump sums over time. . The assets remain in the trust until they need to spend the money. The same trust can then continue to make distributions to your grandchildren as needed before or after you pass with no gift/estate tax consequences. A nationally prominent trusts an...
by bsteiner
Thu Mar 07, 2024 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: When/Why would you need Trust over Will
Replies: 97
Views: 6413

Re: When/Why would you need Trust over Will

marcopolo wrote: Thu Mar 07, 2024 5:35 pm ...

How can it be trivially simple, but at the same time require an experienced attorney to navigate? I am sure I will be accused of using logic and common sense again.
...
In many states, your executors could probably probate your Will without a lawyer. They can probably also do many of the other tasks in administering your estate without a lawyer. But there are other things in adminstering an estate that they probably can't do without a lawyer.