Search found 43 matches

by gensuki
Sun Jul 16, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Your house can bypass probate in Virginia--true?
Replies: 20
Views: 1194

Re: Your house can bypass probate in Virginia--true?

"Pros and Cons of Revocable Transfer-on-Death Deeds in Virginia," https://insightlaw.net/news/bobbys-blog/pros-and-cons-of-revocable-transfer-on-death-deeds-in-virginia Everything else being equal if you want to avoid probate TOD is a no brainer. I'm surprised the link doesn't mention the...
by gensuki
Sat Jul 15, 2017 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Your house can bypass probate in Virginia--true?
Replies: 20
Views: 1194

Re: Your house can bypass probate in Virginia--true?

Gee, I feel so much better about my estate lawyer now. He did mention the phrase Drop Like a Rock. I was beginning to doubt him. You have restored my confidence in him. Aside from creditor issues, the reason I like the transfer on death approach or now the Drop Like a Rock approach is because if I s...
by gensuki
Sat Jul 15, 2017 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Your house can bypass probate in Virginia--true?
Replies: 20
Views: 1194

Re: Your house can bypass probate in Virginia--true?

Yes, he knows the deed is only in my husband's name because I was discussing doing a transfer on death deed so that I would be the beneficiary. At that point, he mentioned that the house bypasses probate. It sounded too good to be true and I will clarify it with him next week. Thank you. :annoyed
by gensuki
Sat Jul 15, 2017 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Your house can bypass probate in Virginia--true?
Replies: 20
Views: 1194

Your house can bypass probate in Virginia--true?

We met with the estate lawyer to discuss our estate planning. I told him I wanted to do a transfer on death deed for the house with me as the beneficiary (house is only in my husband's name). He said that in Virginia the house bypasses probate anyway. However, when I Google this I don't see it menti...
by gensuki
Mon Jul 10, 2017 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust - what should a trustee not do?
Replies: 20
Views: 1383

Re: Special Needs Trust - what should a trustee not do?

There are plenty of resources and support organizations in New York and especially in NYC, depending on your niece's disability. Your sister should take advantage of them. It looks like the Elder Law Section of the New York State Bar Association has good information about this sort of trust: http:/...
by gensuki
Mon Jul 10, 2017 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust - what should a trustee not do?
Replies: 20
Views: 1383

Re: Special Needs Trust - what should a trustee not do?

I saw an article about this lately, it might be worth it to see if your state participates: http://www.ablenrc.org/about/what-are-able-accounts The sounds great. However my niece is not capable of opening or controlling her own account. Would her parents be able to create one on her behalf and run ...
by gensuki
Mon Jul 10, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust - what should a trustee not do?
Replies: 20
Views: 1383

Re: Special Needs Trust - what should a trustee not do?

I urge you to encourage your sister and husband to get legal assistance. Yes they are working with a lawyer to set up the Special Needs Trust. I was just picking the brains of the BHs to supplement my sister’s knowledge and to make sure she asks the right questions. It's what sisters do. :wink: . I...
by gensuki
Mon Jul 10, 2017 7:22 am
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust - what should a trustee not do?
Replies: 20
Views: 1383

Re: Special Needs Trust - what should a trustee not do?

1. Most trusts with living contributors are grantor trusts for income tax purposes. In other words, the contributor is taxable on the trust's income and gains, as if he/she owned the trust assets. All the contributions made by the siblings will be bequests, after our death. Does this make it less c...
by gensuki
Sun Jul 09, 2017 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust - what should a trustee not do?
Replies: 20
Views: 1383

Re: Special Needs Trust - what should a trustee not do?

The trust can provide most anything other than giving the beneficiary cash or things that can be turned into cash. Some things may cause a small reduction in SSI benefits, but the original poster said that the beneficiary is getting Social Security disability, which is not means tested (and which g...
by gensuki
Sun Jul 09, 2017 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust - what should a trustee not do?
Replies: 20
Views: 1383

Special Needs Trust - what should a trustee not do?

My sister and her husband are setting up a Special Needs Trust for their daughter who is 18 years old. She is on SSI and Medicaid, I believe. I was reading that the trustees (who will be the parents initially) have to be careful not to act in a way with the trust that would jeopardize her government...
by gensuki
Mon Jul 03, 2017 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Re: Childless couple - want siblings to inherit after we both go

A lawyer will also point out possible situations that have not been mentioned above. And if one of you wants a trust and the other doesn't, at least one person's estate/wishes will be documented. Re-titling assets is not a big deal. Just sit down for one hour and type up the letters you need and se...
by gensuki
Mon Jul 03, 2017 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Re: Childless couple - want siblings to inherit after we both go

But you have already been told several times the only way to guarantee results is with a trust why do you keep question that? I guess I have some sort of block/phobia about trusts so I keep asking if a non-trust option is viable. Maybe it's all the retitling involved and legal structure that intimi...
by gensuki
Mon Jul 03, 2017 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Re: Childless couple - want siblings to inherit after we both go

#2 makes perfect sense to me. Assuming you and your spouse trust each other, why not just make each other the successor trustees (with yourselves as the initial trustees)? When Spouse1 dies, Spouse2 will just spend from his/her trust and if he/she runs that down he/she will spend from Spouse1's tru...
by gensuki
Mon Jul 03, 2017 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Re: Childless couple - want siblings to inherit after we both go

I am not a lawyer, but I would think a neater way to do it would be to calculate your spouse's anticipated needs and give spouse that amount, splitting the rest among the sibs. Not perfect, but the solution you are proposing seems like more of a win for the lawyers than anybody else as it would be ...
by gensuki
Mon Jul 03, 2017 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Re: Childless couple - want siblings to inherit after we both go

Are you both wealthy enough not to run out of money if either or both end up in a nursing home? And what do you want to happen if one of your siblings predeceasing you or your spouse? Things could get really complicated by ill health, dementia, etc True, we may not have any money left for the sibli...
by gensuki
Mon Jul 03, 2017 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Re: Childless couple - want siblings to inherit after we both go

Your Will could say that if you die first, your estate is held in trust for your husband so that it's available for him if he needs it, but that he should use his own money first. Upon his death, the balance of the trust goes to (or, preferably, in further trust for) your siblings (or the issue of ...
by gensuki
Sun Jul 02, 2017 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Re: Childless couple - want siblings to inherit after we both go

Sorry for your headache. I am very appreciative of BHs sharing their expertise with the rest of us. Regarding the simultaneous death, that would work out okay (I think) for my original goal because my old will was written with DH and primary beneficiary and my siblings as secondary. His was written ...
by gensuki
Sun Jul 02, 2017 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Re: Childless couple - want siblings to inherit after we both go

Yes, I am eagerly awaiting bsteiner's replies as he (as well as y'all) has been so helpful to me in the past. Good point about it being too complicated. I will raise that with DH. It's not like everything has to be so precise. But if I do just make it 50/50, do you think trusts are needed? Could we ...
by gensuki
Sat Jul 01, 2017 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Childless couple - want siblings to inherit after we both go
Replies: 36
Views: 3404

Childless couple - want siblings to inherit after we both go

We are childless. I am 62, DH is 69. When one spouse goes, the other should inherit everything. However, when the remaining spouse goes, we want both sets of siblings to inherit based on each spouse's contribution to the marriage. Same goal if we go simultaneously. I can think of several ways to go ...
by gensuki
Wed Jun 21, 2017 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: What does it mean to be a board-certified elder law attorney?
Replies: 10
Views: 1077

What does it mean to be a board-certified elder law attorney?

I am looking for an estate attorney to help me with estate planning and I would prefer someone board-certified in elder law as recommended by BHs. However, what board or boards are we talking about? One that was recommended to me says on his website that he is a: National Academy of Elder Law Attorn...
by gensuki
Tue Jun 20, 2017 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: My LLCs: how to protect against corporate veil piercing
Replies: 4
Views: 993

My LLCs: how to protect against corporate veil piercing

Well, they aren’t my LLCs, but DH’s. He inherited them from his father and they are shared with his 3 sisters. One is a parcel of land, one is a rental house, and one is the family home, now occupied by one sister. DH is not interested in managing this stuff, doesn’t have the mindset for it, and I w...
by gensuki
Thu Jun 15, 2017 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Please throw darts at my estate plan (probate avoidance)
Replies: 11
Views: 1202

Re: Please throw darts at my estate plan (probate avoidance)

Globalviewer58 wrote:You could contact Capital One 360 to add a POD designation on your checking account.

My understanding is that Capital One 360 checking accounts don't allow PODs. viewtopic.php?t=187719
by gensuki
Thu Jun 15, 2017 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Please throw darts at my estate plan (probate avoidance)
Replies: 11
Views: 1202

Re: Please throw darts at my estate plan (probate avoidance)

Thanks everybody. I’ve learned a lot from your responses. Some clarifications follow. If you husband predeceases you, you can disclaim all or part of any inheritance and let it pass to contingent beneficiaries. What I didn’t explain properly was that I want DH’s siblings to inherit his assets after ...
by gensuki
Tue Jun 13, 2017 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Please throw darts at my estate plan (probate avoidance)
Replies: 11
Views: 1202

Please throw darts at my estate plan (probate avoidance)

After reading Nolo’s Plan Your Estate book, I’ve decided to rely on a will and payable or transfer on death tools. The book advised avoiding probate as much as possible. This is what I plan to do for us. The intent is he gets all my assets and I get all his assets (we are childless). I would appreci...
by gensuki
Sun Jun 11, 2017 11:03 am
Forum: Investing - Help with Personal Investments
Topic: What to do with WGL Holdings stock?
Replies: 5
Views: 379

Re: What to do with WGL Holdings stock?

Thank you, Grt2bOutdoors and Valuethinker, for your advice. I will definitely ponder all you say, but first, can you clarify a newbie question? Do I have the option of keeping the stock or do I have to sell? The announcement just talks about the selling price. Does it assume that I automatically can...
by gensuki
Sat Jun 10, 2017 9:56 am
Forum: Investing - Help with Personal Investments
Topic: What to do with WGL Holdings stock?
Replies: 5
Views: 379

What to do with WGL Holdings stock?

My husband inherited a bunch of WGL Holdings (WGL) a few years ago. AltaGas, a Canadian company, will buy them in mid-2018. From a boglehead perspective, he should sell and buy into the Three-Fund Portfolio, but he has not signed up for that yet. Can you help with his newbie questions: 1. AltaGas wi...
by gensuki
Wed Jun 07, 2017 4:37 pm
Forum: Investing - Help with Personal Investments
Topic: Help me tame my portfolio towards the 3-fund portfolio
Replies: 1
Views: 317

Help me tame my portfolio towards the 3-fund portfolio

My investment strategy has been based on ignorance. Over the years, somebody recommends something and I buy some of it. Then I never sell. The only stuff I sold was a bunch of Index 500 recently because I was worried the market was too high. That is why my sweep account is so high. It does not inclu...
by gensuki
Thu Jun 01, 2017 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Re: Any hope of getting my Social Security earnings corrected?

Epilogue: As a last-ditch effort, suggested by katietsu, I called IRS to make an appointment at the local office (you can't just walk in). The person who answered must be a screener because she was more knowledgeable than a regular appointment-maker would be. She said I could not appeal the decision...
by gensuki
Wed May 31, 2017 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Re: Any hope of getting my Social Security earnings corrected?

My last earnings were in 2011. So would the Average Wage Index for 2015 still affect me? Is this because SS doesn't know I've stopped working so it makes assumptions? Thank you! :confused
by gensuki
Wed May 31, 2017 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Re: Any hope of getting my Social Security earnings corrected?

The discrepancy between my calculate number and the official statement is now down to $1. I goofed because I was comparing my calculated number to a statement from 2015 because that was the last one they mailed me. I just went to the website and saw my latest figure. Showing my ignorance, why does t...
by gensuki
Wed May 31, 2017 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Re: Any hope of getting my Social Security earnings corrected?

I was in CSRS retirement system for 9 years starting in 1976. I took that money out as a lump sum (I think--don't really remember). Do you think my calculations are correct (based on the incomplete info you have)? I did re-check everything. :?
by gensuki
Wed May 31, 2017 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Re: Any hope of getting my Social Security earnings corrected?

Hi delamer: The indexed 1998 value should have been $114,228. Instead I got $0. :annoyed
by gensuki
Wed May 31, 2017 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Re: Any hope of getting my Social Security earnings corrected?

Using the SS calculation document pointed out by delamer (which was for 1955, coincidentally my birth year), my monthly benefit exceeds what my statement says by about $160 a month, so I can't match my numbers with the official statement. I was trying to match on the full retirement age which for me...
by gensuki
Tue May 30, 2017 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Re: Any hope of getting my Social Security earnings corrected?

Thanks, delamer. I missed seeing your reply the first time. I will check it out.
by gensuki
Tue May 30, 2017 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Re: Any hope of getting my Social Security earnings corrected?

Thank you, Geologist and rennale. Geologist, why is my situation different from rennale? Is it because I myself made the mistake by having my husband's name on the SE form, while for rennale, it was a clerical error on the part of Social Security? So, for me, would it not be worthwhile filling out t...
by gensuki
Tue May 30, 2017 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Any hope of getting my Social Security earnings corrected?
Replies: 25
Views: 2059

Any hope of getting my Social Security earnings corrected?

My own ignorance is to be blamed but is there any chance I can get this fixed? Here is the story. In 2002, I noticed in my Social Security statement that the 1998 earnings were missing. I just assumed it was a clerical error. I tried to fix it with Social Security but gave up after their bureaucrati...
by gensuki
Fri Apr 14, 2017 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax bug or is it me: state tax refund increasing NIIT?
Replies: 15
Views: 1174

Re: Turbotax bug or is it me: state tax refund increasing NIIT?

This is my fault as the OP because I didn't understand my own situation. Describing NIIT as the only thing that changed was wrong. I believe the state tax refund did not affect my NIIT because it was computed based on AGI minus threshhold, not based on investment income. More importantly, I also now...
by gensuki
Fri Apr 14, 2017 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax bug or is it me: state tax refund increasing NIIT?
Replies: 15
Views: 1174

Re: Turbotax bug or is it me: state tax refund increasing NIIT?

Thanks to this forum for helping me along. Much more tax knowledge here than on the Turbotax forum. I felt strongly that TT was wrong but worried I would override one part and it would adversely impact some other part. I tried to follow the money but it is such a shell game and there were so many wo...
by gensuki
Fri Apr 14, 2017 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Turbotax bug or is it me: state tax refund increasing NIIT?
Replies: 15
Views: 1174

Re: Turbotax bug or is it me: state tax refund increasing NIIT?

Did you see my reply above about the state refund worksheet? Does that look okay to you? Thank you, House Blend.
by gensuki
Fri Apr 14, 2017 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Turbotax bug or is it me: state tax refund increasing NIIT?
Replies: 15
Views: 1174

Re: Turbotax bug or is it me: state tax refund increasing NIIT?

I think I may have figured it out but would like your feedback. In TT, there is a state refund worksheet. Part V relates to recovery exclusion due to AMT. It says you have to recompute 2015 taxes and enter the values here. TT leaves those blank so I get no recovery exclusion. Once I add the figures ...
by gensuki
Fri Apr 14, 2017 8:07 am
Forum: Personal Finance (Not Investing)
Topic: Turbotax bug or is it me: state tax refund increasing NIIT?
Replies: 15
Views: 1174

Re: Turbotax bug or is it me: state tax refund increasing NIIT?

I'm not sure I'm asking this correctly, but could TT be trying to correct taxes in 2016 due to the refund rather than clawing back from 2015? TT has slots where you put all that information: Q4 payment (when you paid it), state extension payment. It actually populated that info from last year's file...
by gensuki
Thu Apr 13, 2017 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax bug or is it me: state tax refund increasing NIIT?
Replies: 15
Views: 1174

Re: Turbotax bug or is it me: state tax refund increasing NIIT?

Part of my confusion is that the reason I got such a big refund is because I paid way too much for my state extension. Seems like this would not have been relevant for 2015 taxes because I paid it in April 2016. If I hadn't paid anything out for the extension, I would not have had a refund. So why d...
by gensuki
Thu Apr 13, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax bug or is it me: state tax refund increasing NIIT?
Replies: 15
Views: 1174

Turbotax bug or is it me: state tax refund increasing NIIT?

Out of stupidity, I way overpaid my 2015 state taxes when filing an extension. I had also submitted a Q4 payment in January 2016. I got a 1099-G from the state for $9844. Turbotax took that info (figured out from last year's file) and ended up putting $4790 into 2016 Form 1040, Line 10. TT doesn't e...

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