Search found 20 matches

by oldbykur
Sat Aug 26, 2017 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: FYI: Trusts At Ally Bank
Replies: 2
Views: 564

FYI: Trusts At Ally Bank

A few months ago I did an online change of address at Ally Bank where I have a Trust Checking Account and a Trust Savings Account. The changes were accepted and displayed correctly on my profile page. However, monthly statements continued to be delivered to the old address. In response to my recent ...
by oldbykur
Wed Jul 19, 2017 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Bank 1.25% 11 month with no EWP
Replies: 111
Views: 15483

Re: Ally Bank 1.25% 11 month with no EWP

I opened a No Penalty CD online, within a living trust - very easy. The trust had previously opened a checking and savings account. It took about 4 days for Ally to complete the process.
by oldbykur
Wed Mar 22, 2017 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: What criteria warrants a need for Living Revocable Trust?
Replies: 39
Views: 3573

Re: What criteria warrants a need for Living Revocable Trust?

By having two-comma assets titled to a living trust, my mother's Florida probate estate will likely follow a simplified probate process ("summary administration") saving a significant amount of money.
by oldbykur
Wed Mar 22, 2017 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Quicken Problems - Anyone Else?
Replies: 8
Views: 825

Re: Quicken Problems - Anyone Else?

Same problem with flags that would not go away. Had to use a backup and redo the download. Worked fine the 2nd time.
by oldbykur
Wed Mar 22, 2017 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Living Trust - Death of grantor/trustee
Replies: 18
Views: 1640

Re: Living Trust - Death of grantor/trustee

One final comment:

I was just informed by Ally Bank that they do NOT change account numbers for checking or savings accounts titled in the name of a living trust at the death of the grantor/trustee. Therefore changes to recurring debit/credit transactions would not be necessary.
by oldbykur
Tue Mar 21, 2017 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Living Trust - Death of grantor/trustee
Replies: 18
Views: 1640

Re: Living Trust - Death of grantor/trustee

For anyone following this thread: I was just informed by Vanguard that a new account number would be assigned to a living trust's Vanguard Brokerage Account after the passing of the grantor/trustee. That would require that all automatic withdrawals and deposits that used the original account number ...
by oldbykur
Mon Mar 20, 2017 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Living Trust - Death of grantor/trustee
Replies: 18
Views: 1640

Re: Living Trust - Death of grantor/trustee

Thank you Gil. So account numbers would remain the same after the successor assumed responsibility?
by oldbykur
Mon Mar 20, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Living Trust - Death of grantor/trustee
Replies: 18
Views: 1640

Living Trust - Death of grantor/trustee

If accounts are held at financial institutions such as Vanguard and the accounts are registered to a living trust (grantor is the trustee) what happens at the death of the trustee? I understand that the trust becomes irrevocable, an EIN must be obtained and that the successor trustee assumes certain...
by oldbykur
Fri Mar 10, 2017 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate omitted from living trust
Replies: 6
Views: 780

Re: Real estate omitted from living trust

Gill:
Thank you!

Silk McCue:
This property was intentionally omitted from the living trust. It is located in Florida and the owner was concerned that a transfer to the trust might impact their Florida homestead tax exemption.
by oldbykur
Fri Mar 10, 2017 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate omitted from living trust
Replies: 6
Views: 780

Real estate omitted from living trust

At death, if real estate was omitted from a living trust and a pour over will exists, can the Executor of the estate sell the real estate or must title transfer to the living trust and then be sold by the Trustee of the living trust? In this example, the Executor and the Trustee are the same person.
by oldbykur
Wed Jun 29, 2016 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 1041
Replies: 7
Views: 717

Re: IRS Form 1041

Thanks Earl -

I didn't word my last entry very well. Yes, all estate income is being offset by using K-1s.
by oldbykur
Wed Jun 29, 2016 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 1041
Replies: 7
Views: 717

Re: IRS Form 1041

Thank you all for your responses. The estate has $20,000+ in income from an annuity where the estate was named as the beneficiary. I am trying to take advantage of deductions available to the estate early in the settlement process (such as probate fees) to offset some of this income before distribut...
by oldbykur
Wed Jun 29, 2016 8:11 am
Forum: Personal Finance (Not Investing)
Topic: IRS Form 1041
Replies: 7
Views: 717

IRS Form 1041

I would like to submit an estate income tax return (IRS Form 1041) for estate income received between 4/30/2016 (date of death) and 10/31/2016 (end of fiscal year). However, the only forms available are preprinted with a date of “2015.” Can these forms be used by simply crossing out 2015 and writing...
by oldbykur
Tue May 17, 2016 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Estate As Beneficiary Of A Deferred Annuity
Replies: 5
Views: 674

Re: Estate As Beneficiary Of A Deferred Annuity

bsteiner - Thank you, Thank you, Thank you!!
by oldbykur
Mon May 16, 2016 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Estate As Beneficiary Of A Deferred Annuity
Replies: 5
Views: 674

Estate As Beneficiary Of A Deferred Annuity

If an estate inherits the death benefit of a deferred annuity, say $60k, where the original cost was $15k and the remaining $45k is tax deferred interest, I assume that the estate federal income tax return will show taxable income of $45k, taxed at an estate rate of about 39%. Can the tax rate on th...
by oldbykur
Tue Dec 01, 2015 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Strategies for RMDs [Required Minimum Distributions]
Replies: 57
Views: 9181

Re: Strategies for RMDs [Required Minimum Distributions]

There have been several comments in this thread about taking a 2nd RMD in December with 100% withheld for taxes, a strategy I have used for the previous two years. Unfortunately, I just discovered that by converting to Vanguard's new account structure a few months ago that my maximum withholding amo...
by oldbykur
Wed Jan 07, 2015 11:33 am
Forum: Investing - Theory, News & General
Topic: Early (in the year) RMD from inherited IRAs
Replies: 11
Views: 1422

Re: Early (in the year) RMD from inherited IRAs

I divide my RMD into two parts. One part, taken around the end of the year, is used to satisfy my entire estimated federal tax obligation on all income. This is done by having 100% of this part of my RMD withheld for federal taxes. The second part of my RMD is taken early in the year and reinvested ...
by oldbykur
Tue Jul 01, 2014 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: AMT Marginal Tax Rates
Replies: 6
Views: 1195

Re: AMT Marginal Tax Rates

serbeer wrote:Yes, but over AMT tax rates, not ordinary tax rates. See http://thefinancebuff.com/amt-tax-brackets.html for details.


Thanks serbeer!! The link provided exactly what I was looking for.
by oldbykur
Mon Jun 30, 2014 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: AMT Marginal Tax Rates
Replies: 6
Views: 1195

Re: AMT Marginal Tax Rates

TurboTax verified that the marginal rate on ordinary income was about 35% and that the QDI/LTCG rate was about 28% at a 2014 Adjusted Gross Income of just under $300,000. It didn't help in explaining why. Being new to AMT, I was quite surprised - particularly by the fact that my personal exemptions ...
by oldbykur
Mon Jun 30, 2014 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: AMT Marginal Tax Rates
Replies: 6
Views: 1195

AMT Marginal Tax Rates

It appears that when income becomes subject to the Alternative Minimum Tax and the AMT standard deduction phase out, the marginal tax rate becomes 35% (28% + 7% due to the exemption phase out). It also appears that the tax rate on qualified dividends and capital gains becomes 25.8% (15% + 7% due to ...