Search found 1989 matches

by bsteiner
Sun Aug 28, 2016 8:28 pm
Forum: Investing - Help with Personal Investments
Topic: $50M+ - Need a sounding board/advice
Replies: 84
Views: 6295

Re: $50M+ - Need a sounding board/advice

I would be interested to know what Vanguard would charge. $50,000,000 x 0.30% = $150,000. If they charged the 0.30% that they charge on their advisory service, that would be the $150K above. For accounts above $25 million the Vanguard advisory service rate is 0.05%. That's $25,000 on a $50 million ...
by bsteiner
Sun Aug 28, 2016 7:46 pm
Forum: Investing - Help with Personal Investments
Topic: $50M+ - Need a sounding board/advice
Replies: 84
Views: 6295

Re: $50M+ - Need a sounding board/advice

I don't know anything about BBH and don't care to. It does not matter if they walk on water or not. They do not seem to be what the original poster is interested in. As to whether a very wealthy person should invest in a wider range of stuff than a simple portfolio, yeah, sure, maybe….if they want ...
by bsteiner
Sun Aug 28, 2016 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about POA for my mother
Replies: 28
Views: 1552

Re: Questions about POA for my mother

... In the state where my relative lived, one needed a separate POA for that specific transaction to do real estate. .... That doesn't make sense since the agent might acquire a new property subsequent to the grant of the power of attorney, which couldn't possibly be included in the power of attorn...
by bsteiner
Sun Aug 28, 2016 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Questions about POA for my mother
Replies: 28
Views: 1552

Re: Questions about POA for my mother

... In some jurisdictions a general durable power of attorney will not work for a real estate transaction. Is that not the case in NJ? .... Powers of attorney work just fine for real estate in New Jersey. If it's intended just for that one matter (for example, a party who can't come to the closing)...
by bsteiner
Sun Aug 28, 2016 10:52 am
Forum: Investing - Help with Personal Investments
Topic: $50M+ - Need a sounding board/advice
Replies: 84
Views: 6295

Re: $50M+ - Need a sounding board/advice

In some ways it's easier to plan for $50 million than for $5 million. You'll be OK with any reasonable asset allocation. You can invest $50 million the same as $5 million simply by buying 10 times as much of each investment. Others have already suggested asset allocations and some funds. You can set...
by bsteiner
Sun Aug 28, 2016 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Real Estate agents who operate on an hourly rate
Replies: 64
Views: 4419

Re: Real Estate agents who operate on an hourly rate

... "buying or selling a home isn't the same as representing yourself in contentious litigation or facing criminal consequences. If you want a third party representing you, hire a real estate lawyer that has a duty of loyalty to you and isn't incentivized to make a deal go through." Well ...
by bsteiner
Sun Aug 28, 2016 7:46 am
Forum: Personal Finance (Not Investing)
Topic: Questions about POA for my mother
Replies: 28
Views: 1552

Re: Questions about POA for my mother

I'm not sure. I've always heard to avoid probate if at all possible. So when he explained it that way I thought it made sense. It rarely makes sense to "avoid probate" in New Jersey. You'll spend more money avoiding it than it costs, and it may distract you from the more important issues....
by bsteiner
Sat Aug 27, 2016 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about POA for my mother
Replies: 28
Views: 1552

Re: Questions about POA for my mother

... Would you consider New York to be comparably as easy as New Jersey? No, probating a Will in New York isn't as easy as in New Jersey. However, it's not sufficiently difficult to warrant creating a revocable trust in New York absent a particular reason for doing so in a given case. In New York, o...
by bsteiner
Sat Aug 27, 2016 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about POA for my mother
Replies: 28
Views: 1552

Re: Questions about POA for my mother

I'm not sure. I've always heard to avoid probate if at all possible. So when he explained it that way I thought it made sense. It rarely makes sense to "avoid probate" in New Jersey. You'll spend more money avoiding it than it costs, and it may distract you from the more important issues....
by bsteiner
Sat Aug 27, 2016 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about POA for my mother
Replies: 28
Views: 1552

Re: Questions about POA for my mother

... We went and spoke to the lawyer today and he gave us the option of either a will based or trust based plan. The trust option was more expensive but he said basically your either pay less now for the will based plan and then it's more difficult and costly later after she passes or pay more upfro...
by bsteiner
Sat Aug 27, 2016 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Optimal timing after death to liquidate estate?
Replies: 15
Views: 910

Re: Optimal timing after death to liquidate estate?

From a tax standpoint, it makes sense to wait six months. If the assets go up, the estate or beneficiaries pay capital gains tax on the post-death gain. If the assets go down, the executors elect alternate valuation, which saves estate tax at the estate tax rate. In other words, the government gets ...
by bsteiner
Sat Aug 27, 2016 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about POA for my mother
Replies: 28
Views: 1552

Re: Questions about POA for my mother

... having the house in a living revocable trust will allow you to take title (and then sell, whatever) without going through probate .... That may be the case in California, which I assume from your username is where you are. However, the original poster's mother is in New Jersey. It would cost fa...
by bsteiner
Thu Aug 25, 2016 12:32 pm
Forum: Investing - Help with Personal Investments
Topic: Variable Universal Life?
Replies: 11
Views: 551

Re: Variable Universal Life?

... 1. Regarding taking out a UL policy - if you do not have a specific need for a PERMANENT DEATH BENEFIT (say a disabled child or an estate that is bigger than available tax exemptions) then you should not purchase a whole or universal life policy .... A child with a disability doesn't mean a nee...
by bsteiner
Tue Aug 23, 2016 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Children inheriting money
Replies: 5
Views: 1124

Re: Children inheriting money

Trust as the contingent beneficiary with the children as beneficiaries of the trust and an appropriate trustee? That would cost more for the drafting of the will, but it would avoid the need for a court appointed guardian for the property. Would an attorney include nominating a property guardian an...
by bsteiner
Tue Aug 23, 2016 9:11 am
Forum: Investing - Help with Personal Investments
Topic: Too much in investments subject to RMD, should I invest some in taxable instead?
Replies: 10
Views: 850

Re: Too much in investments subject to RMD, should I invest some in taxable instead?

It almost always makes sense to maximize your qualified plan and IRA contributions if you can. Assume a constant 30% tax bracket. If you have an extra $10,000, you can either put it into your 401(k) or pay $3,000 tax and invest $7,000 in your taxable account. Suppose you put the $10,000 into your 40...
by bsteiner
Tue Aug 23, 2016 8:03 am
Forum: Investing - Help with Personal Investments
Topic: Annuity for 28 Year Old Hippie
Replies: 41
Views: 4459

Re: Annuity for 28 Year Old Hippie

There's a cost to the annuity -- the amount by which the purchase price exceeds the expected value of the payments. Annuities are also inflexible. He might want to consider a trust that he can revoke with the consent of the trustees (and perhaps can revoke without the consent of the trustees after a...
by bsteiner
Mon Aug 22, 2016 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Recommend CPA in the NYC/NJ Area
Replies: 9
Views: 677

Re: Recommend CPA in the NYC/NJ Area

I know at least a few hundred of them...They're unlikely to help you save money. Bruce, I'm a bit surprised that you would make this comment. An experienced, competent, tax-oriented CPA can help save money for a high-income professional in many ways, including but not limited to: 1. Making sure all...
by bsteiner
Sun Aug 21, 2016 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house without a realtor, what's involved?
Replies: 26
Views: 2344

Re: Buying a house without a realtor, what's involved?

The procedures vary from state to state and sometimes within a state. It might help if you would tell us in what state the property is located in case someone is familiar with the procedures in that state. I don't think it matters whether the seller hired a broker to find a buyer. The seller appears...
by bsteiner
Sun Aug 21, 2016 7:34 am
Forum: Personal Consumer Issues
Topic: NYC area bogleheads? temp housing question
Replies: 9
Views: 672

Re: NYC area bogleheads? temp housing question

Queens, Washington Heights, Jersey City, Yonkers, the suburbs.
by bsteiner
Fri Aug 19, 2016 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: How to manage mom's life insurance payout
Replies: 12
Views: 1333

Re: How to manage mom's life insurance payout

He could name the credit shelter trust under his Will as the beneficiary if she survives him.
by bsteiner
Fri Aug 19, 2016 7:43 am
Forum: Personal Finance (Not Investing)
Topic: Recommend CPA in the NYC/NJ Area
Replies: 9
Views: 677

Re: Recommend CPA in the NYC/NJ Area

I know at least a few hundred of them so more details would be helpful.

They're unlikely to help you save money nor is there much that's physician specific.
by bsteiner
Wed Aug 17, 2016 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting whole estate in life
Replies: 77
Views: 4124

Re: Gifting whole estate in life

... My father and I just came back from a meeting at his bank (one that rhymes with embargo) where we met with a financial advisor. We discussed a number of things, including the potential set up of a family trust. The financial advisor wanted to understand the family history, what we're trying to ...
by bsteiner
Wed Aug 17, 2016 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting whole estate in life
Replies: 77
Views: 4124

Re: Gifting whole estate in life

... I meant "someone who is familiar both with estate planning and the issues of particular relevance to older clients, such as long term care, Medicaid, etc" I gather from your comment that better describes estate planning than elder law as a specialty? There's some overlap but for the m...
by bsteiner
Wed Aug 17, 2016 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting whole estate in life
Replies: 77
Views: 4124

Re: Gifting whole estate in life

afan wrote:... Jack should see an elder law attorney and get advice about a plan that accomplishes Jack's goals.


With $2 million a trusts and estates lawyer may be a better fit.
by bsteiner
Wed Aug 17, 2016 9:57 am
Forum: Personal Finance (Not Investing)
Topic: High Net Worth Life Insurance Questions
Replies: 42
Views: 2503

Re: High Net Worth Life Insurance Questions

Another choice is to buy the term policy (most likely in an insurance trust) and create a trust (either the same trust or more likely another trust with similar terms ) out of your estate with other assets that are expected to grow faster in value. The trust could be a grantor trust for income tax p...
by bsteiner
Sat Aug 13, 2016 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion & state income taxes
Replies: 12
Views: 966

Re: Roth conversion & state income taxes

I'm having trouble pulling the trigger on a Roth conversion for this year. I've got about $10K in "space" between my projected taxable income and the top of the 15% federal bracket. ... Oregon has a 9% income tax ... So I'm looking at a combined tax rate of 24%. ... I do expect that once ...
by bsteiner
Fri Aug 12, 2016 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Pre-nup questions
Replies: 35
Views: 4238

Re: Pre-nup questions

who pays for the marriage penalty/bonus?:) That's a standard provision in a prenuptial agreement. ... I have regularly had prenuptial agreements thrown out. This includes those drafted by attorneys. ... They don't get thrown out very often, though we had an estate where the surviving spouse success...
by bsteiner
Fri Aug 12, 2016 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Reasonable cost for a will?
Replies: 16
Views: 1536

Re: Reasonable cost for a will?

Asking how much a Will costs is like asking how much a car or a house or a dress costs. It depends. You have to decide whether you want a good lawyer or a cheap lawyer or something in between. What makes this case difficult is that you may not have much in the way of assets (you didn't say, but that...
by bsteiner
Fri Aug 12, 2016 9:07 am
Forum: Investing - Theory, News & General
Topic: The annuity puzzle, and a suggestion
Replies: 108
Views: 6824

Re: The annuity puzzle, and a suggestion

Prospective annuity buyers have to weigh the protection of the annuity against the economic cost of the annuity (the difference between the present value of the expected benefits and the cost of the annuity), and the inflexibility and lack of marketability of the annuity.
by bsteiner
Thu Aug 11, 2016 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Second Wife
Replies: 41
Views: 2663

Re: Social Security Second Wife

... Obviously this is a very, very high level discussion and with nothing about your specific case. I am sure you have some reasons why you think 62 is the right thing for you. You need to run the math and decide how those assumption balance out leaving your wife less money when you die. You end up...
by bsteiner
Thu Aug 11, 2016 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Pre-nup questions
Replies: 35
Views: 4238

Re: Pre-nup questions

They're in Connecticut. The state-specific quirks are the pot for equitable distribution (see this from the Connecticut courts: https://www.jud.ct.gov/lawlib/Notebooks/Pathfinders/EquitableDistribution.pdf), and the elective share (here is the statute: https://www.cga.ct.gov/current/pub/chap_802b.ht...
by bsteiner
Thu Aug 11, 2016 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Pre-nup questions
Replies: 35
Views: 4238

Re: Pre-nup questions

Trusts and estates lawyers and matrimonial lawyers both do prenuptial agreements. I think about half the time the lawyer on the other side has been a trusts and estates lawyer and about half the time the lawyer on the other side has been a matrimonial lawyer (not counting the times where the lawyer ...
by bsteiner
Wed Aug 10, 2016 1:03 pm
Forum: Investing - Theory, News & General
Topic: Take more $$ from IRA and pay taxes now?
Replies: 7
Views: 747

Re: Take more $$ from IRA and pay taxes now?

... It is my understanding that if our children roll our IRA $$ into an Inherited IRA for each of them, then all the $$ have to be distributed within five years which will certainly push them into a much higher bracket than they would have. .... Your understanding is not correct. You might want to ...
by bsteiner
Wed Aug 10, 2016 11:27 am
Forum: Investing - Help with Personal Investments
Topic: Secondary Beneficiary on 401K
Replies: 5
Views: 415

Re: Secondary Beneficiary on 401K

When our child(ren) were younger, our estate planning attorney strongly recommended against minors as such beneficiaries. We chose disclaimer wills that established testamentary trusts. As advised by our attorney, I made my wife primary beneficiary of retirement accounts and "Trust under my wi...
by bsteiner
Wed Aug 10, 2016 11:10 am
Forum: Investing - Theory, News & General
Topic: Update: Emory & Columbia; New Fiduciary cases: 403b's at MIT Yale NYU & Duke Hopkins Penn Vanderbilt
Replies: 59
Views: 4586

Re: New Fiduciary cases, about 403b's at MIT, Yale, & NYU

I met with a leading ERISA lawyer this morning, and we discussed these cases. She said that most of the cases thus far have been settled, so we don't yet have much in the way of case law. Stay tuned.
by bsteiner
Tue Aug 09, 2016 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Amount of Life Insurance: no spouse, just baby
Replies: 17
Views: 1674

Re: Amount of Life Insurance: no spouse, just baby

... I am opening a trust, and the life insurance I get will be put into that trust for my baby's benefit only. I do not want any of my life insurance to go toward her father. ... If your estate, including the life insurance, won't be large enough to pay estate tax, then you don't need to "open...
by bsteiner
Tue Aug 09, 2016 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning: IRA beneficiary/Child
Replies: 1
Views: 233

Re: Estate Planning: IRA beneficiary/Child

You would provide for your child in trust rather than outright. A 4-month-old is too young to control and manage assets. Unless there's some special reason in your case that you didn't mention, the trust would be in your Will. Living trusts are rarely used in New Jersey. Probating a Will in New Jers...
by bsteiner
Mon Aug 08, 2016 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: A lawyer and my will
Replies: 8
Views: 926

Re: A lawyer and my will

I've noticed some posts recently discussing wills, trusts, power of attorney, lawyers ... And since I'm single with no kids, its something that I Just have never thought of. There is a lawyer in my area who is very respected, so I set up a consolation with him. I have no will, but based on savings,...
by bsteiner
Mon Aug 08, 2016 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Hiring an executor for my will
Replies: 43
Views: 3148

Re: Hiring an executor for my will

At least in Nevada one can name the Public Administrator as executor. ... New Jersey doesn't have public administrators. If there's no one available, the court will appoint a local lawyer, who won't necessarily be a trusts and estates lawyer. It would be better for her to select a person or bank or...
by bsteiner
Sun Aug 07, 2016 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Executor of a Pourover Will & Trustee of a Simple Trust
Replies: 2
Views: 209

Re: Executor of a Pourover Will & Trustee of a Simple Trust

We've had several Pennsylvania estates (with local counsel handing the Pennsylvania aspects), both domiciliary and ancillary. In each case, probating the Will and dealing with the probate court was simple. In one case, our local counsel (selected by the client) was a corporate lawyer, and in another...
by bsteiner
Sun Aug 07, 2016 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Hiring an executor for my will
Replies: 43
Views: 3148

Re: Hiring an executor for my will

If you don't have anyone to serve as agent under a power of attorney, then a bank or trust company could do that as well. A bank or trust company might not want to act as agent under a power of attorney, but you could accomplish the same thing with a revocable trust in which the bank or trust compan...
by bsteiner
Sun Aug 07, 2016 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Contingent beneficiaries: Simultaneous Death- both spouses? (Will v. Trust)
Replies: 5
Views: 565

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

The surviving spouse will probably want the retirement benefits to go to charity (up to 50%), and the other assets to go to the individuals (up to 50). You can name the charities as contingent beneficiaries of the retirement benefits on the beneficiary designation forms. You can deal with your other...
by bsteiner
Sun Aug 07, 2016 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Hiring an executor for my will
Replies: 43
Views: 3148

Re: Hiring an executor for my will

It's not unusual. If you don't have any individuals in mind, you might pick a bank or trust company. While some banks and trust companies won't take an estate of this size, your lawyer should know which ones would. New Jersey (which I'm guessing from your username) has a sliding scale for executor's...
by bsteiner
Sat Aug 06, 2016 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Estate Exemption
Replies: 12
Views: 1168

Re: Question about Estate Exemption

Portability should be elected within 9 months of the first spouse's death or is lost. When one spouse dies the other should go talk to a CPA at once. Estate taxes are mainly handled by lawyers. The survivor should see a lawyer before doing anything. In my office we typically refer the tax work out ...
by bsteiner
Sat Aug 06, 2016 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Living Trust vs Transfer on Death
Replies: 60
Views: 4852

Re: Living Trust vs Transfer on Death

And living trusts do not always avoid probate fees. In Connecticut they are subject to the same statutory Probate fees. As an example: $1 mil Estate $1865 $2 mil Estate $5615 $5 mil Estate $21615 How do they collect a "Probate Fee" if there is no "Probate"? You have to file a co...
by bsteiner
Wed Aug 03, 2016 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Estate Exemption
Replies: 12
Views: 1168

Re: Question about Estate Exemption

LarryAllen wrote:Portability should be elected within 9 months of the first spouse's death or is lost. When one spouse dies the other should go talk to a CPA at once.


Estate taxes are mainly handled by lawyers. The survivor should see a lawyer before doing anything.
by bsteiner
Mon Aug 01, 2016 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Buying out owner of privately held company
Replies: 10
Views: 820

Re: Buying out owner of privately held company

... I going to start contacting CPAs in the next few days and was hoping to get some advice/opinions and food for thought beforehand. Why do you want to get legal advice from a nonlawyer? You've raised both corporate law and tax law issues, so you might want to consult with a lawyer who practices i...
by bsteiner
Mon Aug 01, 2016 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: How bad is CA probate? Living trust needed or not?
Replies: 23
Views: 1776

Re: How bad is CA probate? Living trust needed or not?

... I've read elsewhere that you can "do the probate yourself" as a layperson. If I were the executor and did the probate myself -- am I required to charge the set "personal representative" fee to the estate? Or can I choose to do it for free? Some executors probate the Will the...
by bsteiner
Mon Aug 01, 2016 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: CPA turnaround time and etiquette
Replies: 27
Views: 2271

Re: CPA turnaround time and etiquette

... I actually just gave this guy $3k for practice valuation ...( You might want to use one of the appraisal firms for the valuation. The lawyer who handles your estate planning should be able to recommend some appraisers since he/she works with them regularly in connection with estate and gift tax...
by bsteiner
Mon Aug 01, 2016 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Buying out owner of privately held company
Replies: 10
Views: 820

Re: Buying out owner of privately held company

... I going to start contacting CPAs in the next few days and was hoping to get some advice/opinions and food for thought beforehand. Why do you want to get legal advice from a nonlawyer? You've raised both corporate law and tax law issues, so you might want to consult with a lawyer who practices i...

Go to advanced search