OP here - I am in the state of MI so I will have to look into this and see if we have anything like the small estates statutes you mentioned. I was hoping somehow the transfer could be done quickly and easily as the shares would be going from a deceased husband to his wife. Not so fast I guess:(123 wrote: ↑Mon Nov 13, 2023 11:33 pmMany states have a "small estates" statutes that allow transfer of assets by affidavit without formal court probate proceedings. These small estate statutes can sometimes be used to transfer leftover assets when other assets have been resolved by beneficiary designations or joint ownership.listedguru wrote: ↑Mon Nov 13, 2023 10:33 pm ...everything I'm seeing online mentions having to go through probate for stock ownership that has no beneficiary?..
Search found 160 matches
- Tue Nov 14, 2023 8:58 am
- Forum: Personal Investments
- Topic: Prudential demutualization share transfer after death?
- Replies: 7
- Views: 1038
Re: Prudential demutualization share transfer after death?
- Tue Nov 14, 2023 8:55 am
- Forum: Personal Investments
- Topic: Prudential demutualization share transfer after death?
- Replies: 7
- Views: 1038
Re: Prudential demutualization share transfer after death?
I appreciate the reply. I was hoping this would be simple as my MIL was the named beneficiary on the PRU life insurance policy (which she cashed in no issue) but like I mentioned no one was named as beneficiary on these PRU shares unfortunately. I'll have to look into this further and see what the actual laws are these sort of issue here in the great state of Michigan:)privateer79 wrote: ↑Mon Nov 13, 2023 11:07 pm I inherited some demutualized Pru shares from my father about 10 years ago...
I was doing an intestate estate (i.e. no will) and had gone through the process of becoming executor/personal rep of the estate and got letters of administration so I could do the transfer.. I think that is what you're MIL will need to do.
- Mon Nov 13, 2023 10:33 pm
- Forum: Personal Investments
- Topic: Prudential demutualization share transfer after death?
- Replies: 7
- Views: 1038
Prudential demutualization share transfer after death?
So my father in law passed away in August of 2022. We just recently found out that my he had a small # of shares in PRU stock from the demutualization (under 100 shares). He is survived by his wife and according to Prudential there was no designated beneficiary for the Prudential shares. Honestly I'm pretty sure my father in law didn't even know he owned the shares and he probably thought it was just his Prudential life insurance policy (which my MIL cashed in a month or so after his passing). The reason being that my FIL was very good about naming beneficiaries on his accounts, etc so this one somehow slipped through the cracks. Anyway my question is how do I get these shares into my MIL's name? When we called Prudential they told pointed ...
- Tue Mar 14, 2023 1:28 pm
- Forum: Personal Investments
- Topic: Brokered CD's in Inherited IRA at Fidelity questions
- Replies: 7
- Views: 925
Re: Brokered CD's in Inherited IRA at Fidelity questions
^ Usually, the longer the term (of the CD), the more volatile the price will be. You won't lose any money with the volatility unless you have to sell them before maturity. However, the value that Fidelity places on them (they price that will be seen on your account) will only become important on the last business day of the year when that price is used to calculate the next year's RMD. Given your age (young), the RMD variability shouldn't be all that great. I'm looking at doing some 5 years cd's in this inherited IRA at Fidelity. You mentioned the volatility of the cd will be greater the longer the term but you also mention the RMD variability shouldn't be all that great. Is there anyway I could kind of guess or anticipate what this volati...
- Mon Mar 13, 2023 2:55 pm
- Forum: Personal Investments
- Topic: Brokered CD's in Inherited IRA at Fidelity questions
- Replies: 7
- Views: 925
Re: Brokered CD's in Inherited IRA at Fidelity questions
The above posts are great and will help you a lot. From a bookkeeping perspective, this is how brokered CDs work: Your inherited IRA account should allow you to choose from a variety of brokered CDs offered at Fidelity. You can buy them on their original date of issue or you can buy them on the secondary market. Unlike the bank-offered CDs you can buy at a brick-and-mortar bank, the brokered CDs you'll buy at Fidelity function just like bonds: you'll buy the CD and you'll receive interest payments at whatever is described in the description of the CD (perhaps monthly, every 6 months, etc.) When you hold the CD to maturity, you'll get the CD at par value (so if you buy a $50,000 CD at the original price, you'll get $50,000 back at maturity)...
- Mon Mar 13, 2023 9:02 am
- Forum: Personal Investments
- Topic: Brokered CD's in Inherited IRA at Fidelity questions
- Replies: 7
- Views: 925
Brokered CD's in Inherited IRA at Fidelity questions
I am curious how brokered cd's work in an inherited IRA (at Fidelity). This is a non spousal inherited IRA from my father. I guess my main question is how the RMD's are figured when I invest money from the inherited IRA in brokered cd's? Let's say there's $100K in the inherited IRA and I buy $50K worth of brokered cd's. I guess that $50K would leave my Fidelity acct and go to the FI I buy the cd's from correct? The FI would then pay interest earned from the cd back into my Fidelity account correct? So how would my inherited IRA RMD be figured going forward while I'm invested in brokered cd's? Does Fidelity still figure my RMD based on the 100K value of the inherited IRA + the earned interest or on the $50K value? Any clarification would be ...
- Thu Oct 28, 2021 3:28 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inherited house taxation question
- Replies: 25
- Views: 2375
Re: Inherited house taxation question
Well I know the house was passed onto my dad and his (3) siblings around 19 years ago when my grandmother passed. For reference my father passed away in 2015. The house itself was never listed in my dad's will so I was actually surprised to receive the 1/4 share. I was under the assumption that when my dad passed his share would just be shared amongst the (3) surviving siblings. It was actually a friend of one of the owners (my uncle) who was renting the house the entire time. It then became a land contract and he just decided to buy it outright (cash) earlier this year. Upon closing I was handled a check for 1/4 of the sale that would've gone to my dad had he still been alive. The sale was orchestrated by a local realtor who is also a frie...
- Thu Oct 28, 2021 1:17 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inherited house taxation question
- Replies: 25
- Views: 2375
Inherited house taxation question
My father passed away and his 1/4 share of his mom's house (my grandmother) was given to me when her house was sold earlier this year. The house had been rented for the last 15 years or so and it was sold earlier this year. I was given a check for my father's 1/4 share in the house from a title company (he passed away in 2015). It was a very inexpensive house around 50K if that makes any difference.
My question is whether this is a taxable event to me? And if so, where and how would I report it on my taxes?
Thanks,
-Guru
My question is whether this is a taxable event to me? And if so, where and how would I report it on my taxes?
Thanks,
-Guru
- Tue Mar 23, 2021 10:09 am
- Forum: Personal Investments
- Topic: Form 8606 for Inherited Roth IRA
- Replies: 1
- Views: 226
Form 8606 for Inherited Roth IRA
Do I need to file form 8606 for an Inherited Roth IRA from my father? I've been taking RMD's out of it since his passing in 2015. I know it's considered qualified so I'm pretty sure I don't have to file form 8606 but just want to make sure.
Thanks,
-Guru
Thanks,
-Guru
- Mon Sep 14, 2020 4:04 pm
- Forum: Personal Investments
- Topic: New 529 Plan
- Replies: 10
- Views: 1046
Re: New 529 Plan
Does anyone here have any experience with a 529 plan with a stable value fund? I'm looking into the Colorado 529 plan's stable value option but it will be interesting to see what the rate is going to be for 2021 (get's announced the beginning of December). The rate for 2019 and 2020 was 2.49% net of all fees.
Are these SV funds safe? Any insight would be great.
Here's a link to a thread I started on BH:
viewtopic.php?f=1&t=325434&p=5495242#p5495242
Thanks,
-Guru
Are these SV funds safe? Any insight would be great.
Here's a link to a thread I started on BH:
viewtopic.php?f=1&t=325434&p=5495242#p5495242
Thanks,
-Guru
- Mon Sep 14, 2020 4:00 pm
- Forum: Personal Investments
- Topic: 529 Plan with Stable Value Option
- Replies: 9
- Views: 1371
Re: 529 Plan with Stable Value Option
It looks like Colorado will announce their rate for 2021 on December 1st (I though I had read Nov previously). It says the rate of 2.49% net of all fees is for calendar year 2019 and 2020.
Is there much (if any) risk with a stable value fund? As I previously mentioned I really am looking for preservation of my capital in the 529 plan. I guess I can always wait and see what the rate is going to be for 2021 before making my decision.
https://www.collegeinvest.org/529-savin ... alue-plus/
Thanks,
-Guru
Is there much (if any) risk with a stable value fund? As I previously mentioned I really am looking for preservation of my capital in the 529 plan. I guess I can always wait and see what the rate is going to be for 2021 before making my decision.
https://www.collegeinvest.org/529-savin ... alue-plus/
Thanks,
-Guru
- Sun Sep 13, 2020 4:00 pm
- Forum: Personal Investments
- Topic: 529 Plan with Stable Value Option
- Replies: 9
- Views: 1371
529 Plan with Stable Value Option
I have a very well funded 529 plan that is currently in a (5) year cd that is going to mature later this month. Unfortunately the cd options available now are really bad interest rate wise. I notice for instance that the 529 plan out of Colorado offers 2.49% net of fees for it's SV option. It does say it's good for this calendar year and the new rate will be announced in November. Not sure what that rate will be for 2021 with this ultra low rate environment we're in. Just wondering if anyone is using SV options in their 529 and if so are you happy? Looks like Utah, Virginia and Michigan also offer SV options. I'm just just looking to preserve capital in the 529 at this point so SV seems like a decent option? I am located in Michigan but the...
- Wed Apr 01, 2020 11:12 pm
- Forum: Investing - Theory, News & General
- Topic: Fidelity shuts 3 (Treasury) MM Funds to New Investors
- Replies: 94
- Views: 9687
Re: Fidelity shuts 3 (Treasury) MM Funds to New Investors
I have a lot of money in FZDXX which is the Fidelity MM Fund Premium Class. A few days ago it said the yield was 1.50 now it says 0.66 - Is this fund safe? I would hope it wouldn't (can't) break the buck so to speak?
Where within Fidelity would be the safest place for my money? I see people mention FDLXX the treasury only MMF but that is closed to new investors which I guess would include me?
Is SPAXX safer than FZDXX?
Thanks,
-Guru
Where within Fidelity would be the safest place for my money? I see people mention FDLXX the treasury only MMF but that is closed to new investors which I guess would include me?
Is SPAXX safer than FZDXX?
Thanks,
-Guru
- Wed Aug 07, 2019 3:05 pm
- Forum: Personal Investments
- Topic: Any good add on CD deals?
- Replies: 3
- Views: 1024
Any good add on CD deals?
I was wondering if anyone can point out any good add on CD deals. I have some cd's that come do in April and I'm thinking the rates are going to be horrible at that time. I would like to get into a cheap cd deal with good terms that would allow me to add in deposits later on.
I don't mind going out a few years or more. Looking for an institution that's easy to join and a cheap initial opening deposit.
Thanks,
-Guru
I don't mind going out a few years or more. Looking for an institution that's easy to join and a cheap initial opening deposit.
Thanks,
-Guru
- Wed Feb 06, 2019 2:45 pm
- Forum: Personal Finance (Not Investing)
- Topic: Large CD Question
- Replies: 7
- Views: 1080
Re: Large CD Question
Does anyone know if you can name a beneficiary on a cd? Or if the cd is opened under an individual account that already has a beneficiary does that include the cd?
Also it looks like 12 month treasuries are yielding around .30bp less than I would get on a cd. But I think you don't pay state taxes on treasuries correct?
-Guru
Also it looks like 12 month treasuries are yielding around .30bp less than I would get on a cd. But I think you don't pay state taxes on treasuries correct?
-Guru
- Wed Feb 06, 2019 2:02 pm
- Forum: Personal Finance (Not Investing)
- Topic: Large CD Question
- Replies: 7
- Views: 1080
Large CD Question
What is the best way to go about opening a cd(s) with 400K? If I put 400K into one cd at an institution (say Ally for instance) only 250K of that 400K is fdic insured correct. Can we open (2) cd's at the same institution and put 200K into each one? Maybe one in each spouses name? Would each $250K cd be protected then? Or would I need to open (2) seperate cd's at seperate banks?
Thanks,
-Guru
Thanks,
-Guru
- Thu Jan 10, 2019 2:31 pm
- Forum: Investing - Theory, News & General
- Topic: Ally-14 month Select CD at 2.85%
- Replies: 25
- Views: 8243
Re: Ally-14 month Select CD at 2.85%
Maybe a dumb question but here it goes:
Can you withdraw any of the interest you earn on this ally cd or is the interest reinvested into the cd or looked up somehow?
Thanks,
-Guru
Can you withdraw any of the interest you earn on this ally cd or is the interest reinvested into the cd or looked up somehow?
Thanks,
-Guru
- Fri Oct 19, 2018 12:23 pm
- Forum: Personal Finance (Not Investing)
- Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
- Replies: 621
- Views: 84714
Re: Ally Banking 1% extra back up to $1,000 on new money deposited
Just got my accounts open but I'm wondering how I link my Ally acct to my funding acct? I have to move the funds from a different acct into my funding acct which I'm in the process of doing. Do I need to wait for those funds to be available in my funding acct before I can link it? I thought I read somewhere on here about ally doing micro deposits into the funding acct, etc. When does that activity take place and how long does it take?
My funds won't be available to move over into the Ally acct until sometime next week. I don't want to miss the funding cutoff date. I believe I need to have the funds in the Ally account by October 31st correct? That's what the e-mail says they sent.
Thanks,
-Guru
My funds won't be available to move over into the Ally acct until sometime next week. I don't want to miss the funding cutoff date. I believe I need to have the funds in the Ally account by October 31st correct? That's what the e-mail says they sent.
Thanks,
-Guru
- Wed Oct 17, 2018 10:00 pm
- Forum: Personal Finance (Not Investing)
- Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
- Replies: 621
- Views: 84714
Re: Ally Banking 1% extra back up to $1,000 on new money deposited
I emailed Ally yesterday with this question: Says funds must be deposited by 10/31/18 in one place, 11/5/18 in another. Which is it? Answer: 11/5/18. They also said: he promotion is based on an overall increase in funds to your account during the funding period. If you withdraw funds and deposit the same amount back in the two transactions will result in no net increase to your balance. Note the words "overall increase". So they are looking at the balance before 10/8, and any increase over that balance during the period results in a 1% bonus. Edit: My wife separately asked about putting in more money and each getting 1% bonuses. Answer was word for word same as mine, cut and pasted. So I called and asked. She had to put me on hol...
- Wed Oct 17, 2018 3:26 pm
- Forum: Personal Finance (Not Investing)
- Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
- Replies: 621
- Views: 84714
Re: Ally Banking 1% extra back up to $1,000 on new money deposited
I emailed Ally yesterday with this question: Says funds must be deposited by 10/31/18 in one place, 11/5/18 in another. Which is it? Answer: 11/5/18. They also said: he promotion is based on an overall increase in funds to your account during the funding period. If you withdraw funds and deposit the same amount back in the two transactions will result in no net increase to your balance. Note the words "overall increase". So they are looking at the balance before 10/8, and any increase over that balance during the period results in a 1% bonus. Edit: My wife separately asked about putting in more money and each getting 1% bonuses. Answer was word for word same as mine, cut and pasted. So I called and asked. She had to put me on hol...
- Tue Jun 05, 2018 3:00 pm
- Forum: Personal Investments
- Topic: Fidelity MM Fund Q's
- Replies: 19
- Views: 6228
Re: Fidelity MM Fund Q's
It looks like I'm currently sitting in SPAXX which is showing a 7 day yield of 1.33% or so. I assume it would be okay to move to FZDXX which is showing a 7 day yield of 1.80%? Is FZDXX much more risky than SPAXX? Seems like a decent jump up on yield. SHV is a treasury bond fund so it can lose money as it will moves around correct? Or am I mistaken? I like the fact that the MM funds seem real stable. Is that the case with SHV? Is the yield higher on SHV? Sorry for all the questions, -Guru FZDXX isn't substantially riskier than SPAXX. Both are very safe. However, note that there's a $100,000 minimum to invest in FZDXX. So just to confirm the higher yielding MM's at Fido (SPRXX and FZDXX) invest in commerical paper (corporates) whereas SPAXX ...
- Tue May 29, 2018 7:40 pm
- Forum: Personal Investments
- Topic: Fidelity MM Fund Q's
- Replies: 19
- Views: 6228
Re: Fidelity MM Fund Q's
It looks like I'm currently sitting in SPAXX which is showing a 7 day yield of 1.33% or so. I assume it would be okay to move to FZDXX which is showing a 7 day yield of 1.80%? Is FZDXX much more risky than SPAXX? Seems like a decent jump up on yield.
SHV is a treasury bond fund so it can lose money as it will moves around correct? Or am I mistaken? I like the fact that the MM funds seem real stable. Is that the case with SHV? Is the yield higher on SHV?
Sorry for all the questions,
-Guru
SHV is a treasury bond fund so it can lose money as it will moves around correct? Or am I mistaken? I like the fact that the MM funds seem real stable. Is that the case with SHV? Is the yield higher on SHV?
Sorry for all the questions,
-Guru
- Tue May 29, 2018 7:20 pm
- Forum: Personal Investments
- Topic: Fidelity MM Fund Q's
- Replies: 19
- Views: 6228
Re: Fidelity MM Fund Q's
As other posters mentioned, the SP*** funds have a lower investment minimum and higher cost (ER .42%) than the FD*** funds (.3/.32% net ER for $100,000 minimum), and slight edge to government money markets on safety in exchange for slightly lower yield than the prime money markets. Personally, I feel more than safe in prime MM and would rather not give up that little bit of yield - and right now, an FDIC-insured online savings account can return more than Fido's gov't MM - but you've got to feel your own boundaries out. Also, no lack of love for Fidelity, but if you can, consider checking out Vanguard's money market funds - ERs on their two equivalent entry-level funds are .16% and .11%. I may be missing something, but to me, the expense r...
- Tue May 29, 2018 3:35 pm
- Forum: Personal Investments
- Topic: Fidelity MM Fund Q's
- Replies: 19
- Views: 6228
Fidelity MM Fund Q's
It looks like Fidelity has (4) different MM Funds.
There is the SPRXX which is the fido MM fund and the SPAXX which is the fido gov MM fund
There is also the FZCXX which is the fido gov mm fund premium and the FZDXX which is the fido MM prem.
My question is if it's okay to just the MM fund above that has the highest yield? Are they all about the same risk? I'm not really sure what the difference is between them.
Thanks,
-Guru
There is the SPRXX which is the fido MM fund and the SPAXX which is the fido gov MM fund
There is also the FZCXX which is the fido gov mm fund premium and the FZDXX which is the fido MM prem.
My question is if it's okay to just the MM fund above that has the highest yield? Are they all about the same risk? I'm not really sure what the difference is between them.
Thanks,
-Guru
- Wed Apr 25, 2018 9:54 pm
- Forum: Personal Investments
- Topic: Any Vanguard Global Min Vol Fans? (VMVFX)?
- Replies: 17
- Views: 4533
Re: Any Vanguard Global Min Vol Fans? (VMVFX)?
I may have overlooked it but I didn't see a yield listed for the fund on the vanguard website. Surely it must have a yield as I would assume many of the holdings pay a pretty good dividend rate.
Some of the comments I've read regarding low vol is that it's getting too crowded and popular and that may hurt performance going forward. I guess we'll see what happens. The more I look into this fund the more it intrigues me though.
-Guru
Some of the comments I've read regarding low vol is that it's getting too crowded and popular and that may hurt performance going forward. I guess we'll see what happens. The more I look into this fund the more it intrigues me though.
-Guru
- Wed Apr 25, 2018 7:40 pm
- Forum: Personal Investments
- Topic: Any Vanguard Global Min Vol Fans? (VMVFX)?
- Replies: 17
- Views: 4533
Re: Any Vanguard Global Min Vol Fans? (VMVFX)?
I do like the diversification of the fund also. I've read that these low vol funds tend to have a higher level of interest rate risk as they tend to hold interest rate sensitive stocks, etc. Can anyone comment on the make up of the Vanguard Global Min Vol fund in terms of interest rate risk? I thought I read an older post here that this fund wasn't prone to much interest rate risk?SquawkIdent wrote: ↑Wed Apr 25, 2018 7:31 pm Yes, I like it...a lot.
So far it has performed very well. Obviously, we don't know what the future holds but I like what this fund is trying to accomplish. And I'm a believer in it.
Market cap is spread nicely along large, medium and small companies. Rock bottom fees for a managed fund. Widely diversified among US and international.
-Guru
- Wed Apr 25, 2018 6:58 pm
- Forum: Personal Investments
- Topic: Any Vanguard Global Min Vol Fans? (VMVFX)?
- Replies: 17
- Views: 4533
Any Vanguard Global Min Vol Fans? (VMVFX)?
Just wondering if anyone here is a fan of the the Vanguard Global Min Vol Fund? I know it's actively managed and hasn't been around all that long but let's just say it interests me. I know the min volatility cuts both ways in that it won't keep up with a roaring bull market but I like the fact that it's a slow and steady type play.
Does anyone here use this as their main fund?
-Guru
Does anyone here use this as their main fund?
-Guru
- Thu Mar 08, 2018 12:14 pm
- Forum: Personal Finance (Not Investing)
- Topic: Real estate sale question
- Replies: 13
- Views: 1073
Re: Real estate sale question
Legally, you now owe income tax on the imputed income you should've received from the loan, and since you didn't collect it, that imputed income is also a deemed gift to the other party. https://www.nationalfamilymortgage.com/afr-rates/ In theory but in practice nobody would file a 709 for that. In particular since the imputed interest is most likely below the annual gifting limits it's a moot point. However, you might do a one page promissory note to document the transaction just in case anybody ever asked. Even if you don't have to file the gift tax form, you still owe tax on the imputed income. Not reporting that is tax fraud. Wow I have never heard of this. So even though you loan someone money at 0% interest you have to pay tax on the...
- Thu Mar 08, 2018 10:58 am
- Forum: Personal Finance (Not Investing)
- Topic: Real estate sale question
- Replies: 13
- Views: 1073
Re: Real estate sale question
Seems as if details are always lurking, but I think I'd lean toward getting the check from the in-laws. Especially if the title company wanted your personal info over/above which bank to send it to. As for whether there is a taxable gain....I think there are about 5 criteria to consider, but I don't recall them all. Sounds like they won't. Most cases that do have gains over $500K, haven't lived there long enough, sold other houses recently & used the exemption, etc. But, even if they don't owe taxes, they would have to report it if a 1099-S were issued. I don't know if that would be triggered by cutting you a check or not. You don't want to be in a situation where the IRS thinks you may have an unreported gain! Also, there might be con...
- Thu Mar 08, 2018 10:43 am
- Forum: Personal Finance (Not Investing)
- Topic: Real estate sale question
- Replies: 13
- Views: 1073
Re: Real estate sale question
There was no "formal" agreement between us and the in laws when we loaned them the money. I think the advice here is wise to just have the title company cut a check to my in laws who can in turn cut us a check.
Also they for sure lived in the house they sold for 2 or more years out of the last 5 and their "profit" would be under $500K so it sounds like no capital gains tax is due.
Thanks for all the speedy replies,
-Guru
Also they for sure lived in the house they sold for 2 or more years out of the last 5 and their "profit" would be under $500K so it sounds like no capital gains tax is due.
Thanks for all the speedy replies,
-Guru
- Thu Mar 08, 2018 9:52 am
- Forum: Personal Finance (Not Investing)
- Topic: Real estate sale question
- Replies: 13
- Views: 1073
Real estate sale question
My wife and I fronted the in laws money to buy a condo about 6 months ago while they listed and sold their house. The sales process took longer than anticipated but finally 6 months later they close on selling their house on Monday. They are going to pay us back the money that we fronted them for the purchase with the proceeds from the sale. My question is should they just cut us a check after they get their funds from closing? Or the realtor mentioned possibly having the title company cut my wife and I a check at closing. That would require the title company cutting two checks - one to us and the balance to my in laws. I just want to make sure we do this right. Correct me if I'm wrong but my in laws won't owe and capital gains taxes on the...
- Mon Feb 06, 2017 7:44 pm
- Forum: Investing - Theory, News & General
- Topic: Vanguard's Wellesley Income fund is incredible
- Replies: 716
- Views: 177684
Re: Vanguard's Wellesley Income fund is incredible
I too have been enamored with Wellesley for quite sometime although I have yet to dip my toe into the water. My situation is somewhat different. I inherited a pile of money upon the untimely passing of my father in the summer of 2015. Since that time I have yet to do anything with this money as it's just sitting in cash in an inherited IRA and a taxable acct. My research has kept pointing to putting this money into Wellesley and calling it a day. I reached out here on bogleheads asking for advice for my situation and many mentioned using a simple (3) fund portfolio, etc. I just keep coming back to Wellesley. I think simplicity has something to do with it as I really don't want to rebalance, etc. I know the Vanguard Conservative Fund is als...
- Mon Feb 06, 2017 6:21 pm
- Forum: Investing - Theory, News & General
- Topic: Vanguard's Wellesley Income fund is incredible
- Replies: 716
- Views: 177684
Re: Vanguard's Wellesley Income fund is incredible
I've recently become somewhat enamored with VWINX, Vanguard's Wellesley Income fund. It's a balanced fund that tries to maintain a 60% bond and 40% stock mix, but despite its decided bond tilt, it's historic and relatively recent returns have been, in my view, astounding. From the fund's inception in 1970 to the end of 2016, it's total return is 9.85%. By comparison, the S&P 500's return over the same period was 10.28%, a difference of just .46% (and its' even lower than that when you account for the expense ratio of an S&P 500 fund). While it's just one period, I find it very interesting that from 1/29/2000 until today, $10,000 invested in VWINX would now be valued at $34,422, while VFIAX, Vanguard's S&P 500 500 index fund, wo...
- Fri Dec 23, 2016 7:29 pm
- Forum: Personal Investments
- Topic: Superfunding 529 Mistake
- Replies: 6
- Views: 2486
Re: Superfunding 529 Mistake
Here's my knowledge, based on superfunding my own kids' 529s... * Each parent can contribute $14K per year per child. * You can elect to allocate a parent's contribution over 5 years. You do this by filing IRS form 709 and adding your own language indicating that the year's gift is to be allocated equally over five years. * As the last poster said, you can't choose your allocation arbitrarily. It either all counts in the current year, or gets allocated equally over five years. You can't say, "$28K counts for this year and $5K for next year". * There's no penalty for filing form 709 late. And form 709 does not get filed with your regular tax return. It gets filed separately, sent to a different address. So you don't need to amend ...
- Fri Dec 23, 2016 3:18 pm
- Forum: Personal Finance (Not Investing)
- Topic: Will or Living Trust?
- Replies: 20
- Views: 1902
Re: Will or Living Trust?
FYI I'm located in Michigan if that helps anyone. I am going to do a will at the very least. As in mentioned earlier I went through this process when my father passed away last year (he was divorced and I was the only beneficiary) and everything went smoothly with just a will. I was already on his bank accounts and he put me on his condo after he got sick.LarryAllen wrote:Depends on your state. In California, for example, the cost of probate is extreme so spending a couple grand on a trust is a bargain for your family.
I guess the part that concerns me is the fact that I have a 10 year old child and I want to make sure she's taken care of if something were to happen to me and this misses.
Thanks,
-Guru
- Fri Dec 23, 2016 11:54 am
- Forum: Personal Finance (Not Investing)
- Topic: Will or Living Trust?
- Replies: 20
- Views: 1902
Will or Living Trust?
My to do list for the New Year includes having a will drafted or doing a Living Trust (I know it should be done already). Anyway here's a little history about me. I'm 40 years old and married with a soon to be 10 year old child. My father passed away last year (miss you dad) way too early at 65 from cancer. Anyway I was the sole beneficiary to his estate which transferred over nicely. My wife and I own our home outright. I called an local estate planning attorney to inquire about the cost of having a will drafted ($300) and he mentioned that he really doesn't recommend a will anymore and started talking up a Living Trust. What do you guys think? My biggest thing is to know that my wife and child will be covered if something were to happen t...
- Mon Aug 15, 2016 3:48 pm
- Forum: Personal Investments
- Topic: Taxes (FICA) on Inherited IRA RMD's?
- Replies: 2
- Views: 762
Taxes (FICA) on Inherited IRA RMD's?
This year I have to start taking RMD's from an inherited IRA that came from my father. Actually it was his 401K that I transferred into an Inherited IRA (both a traditional and a roth). I was wondering if the RMD's are subject to FICA taxes? Does it make a difference that it's from an Inherited IRA? I know the RMD's are subject to federal and state tax but I'm unclear about FICA.
Thanks,
-Guru
Thanks,
-Guru
- Tue May 24, 2016 9:46 pm
- Forum: Personal Investments
- Topic: What to do with small IRA?
- Replies: 10
- Views: 1372
Re: What to do with small IRA?
Sorry for the confusion, actually I was asking about combining my wife's (2) Roth IRA's after she converts her TIRA to a Roth.livesoft wrote:One cannot combine your Roth IRA with your spouse's Roth IRA until one of you dies.
- Tue May 24, 2016 6:29 pm
- Forum: Personal Investments
- Topic: What to do with small IRA?
- Replies: 10
- Views: 1372
Re: What to do with small IRA?
OP here (again),
So basically it sounds like I could convert this small TIRA to a Roth IRA (and pay the tax). Then I would have (2) Roth IRA's at that point correct. So there's no way to combine these (2) Roth IRA's after I convert the TIRA to a Roth IRA and thus have the (2) Roth IRA's?
Sorry for the confusion,
-Guru
So basically it sounds like I could convert this small TIRA to a Roth IRA (and pay the tax). Then I would have (2) Roth IRA's at that point correct. So there's no way to combine these (2) Roth IRA's after I convert the TIRA to a Roth IRA and thus have the (2) Roth IRA's?
Sorry for the confusion,
-Guru
- Tue May 24, 2016 3:28 pm
- Forum: Personal Investments
- Topic: What to do with small IRA?
- Replies: 10
- Views: 1372
Re: What to do with small IRA?
OP here:
Being that it's a TIRA I would need to convert it to a Roth IRA first and then I could do a transfer and use it to fund part of the Roth for 2016? Is this correct?
-Guru
Being that it's a TIRA I would need to convert it to a Roth IRA first and then I could do a transfer and use it to fund part of the Roth for 2016? Is this correct?
-Guru
- Tue May 24, 2016 3:17 pm
- Forum: Personal Investments
- Topic: What to do with small IRA?
- Replies: 10
- Views: 1372
What to do with small IRA?
My wife has a very small IRA (around $1100) from an old profit sharing plan at one of her employers that was rolled over years ago. She hasn't added to this IRA in years. In fact we both opened Roth IRA's in 2015 and funded the entire $5500 each and plan to fund these Roth ira's as long as possible.
What are the options for this TIRA she has? Chances are we won't ever add to it as we will just continue to fund the Roth IRA's going forward. Maybe we should just cash it out? What are the tax ramifications here?
Thanks,
-Guru
What are the options for this TIRA she has? Chances are we won't ever add to it as we will just continue to fund the Roth IRA's going forward. Maybe we should just cash it out? What are the tax ramifications here?
Thanks,
-Guru
- Wed May 18, 2016 10:43 am
- Forum: Personal Finance (Not Investing)
- Topic: FDIC Insurance Question
- Replies: 3
- Views: 691
FDIC Insurance Question
Just a quick question on FDIC Insurance for online savings. If the wife and I have a joint savings account the FDIC insurance is 500K correct? I just want to make sure this is the case.
Thanks,
-Guru
Thanks,
-Guru
- Fri Apr 29, 2016 2:20 pm
- Forum: Personal Finance (Not Investing)
- Topic: 29 yo and married: Do I need a will and/or trust?
- Replies: 10
- Views: 1429
Re: 29 yo and married: Do I need a will and/or trust?
I've been looking into what I need as well. I am married (both the wife and I are 40) and we have (1) nine year old child. We own our home outright and have several retirement accounts and bank accounts. Will just a will suffice in ouu situation? Also not sure who to name as beneficiary on some of our accounts (ie bank accounts) as our only child is a minor. Can you even name a minor as a beneficiary?
Also how does one cover who would get custody of our child if something were to happen to both me and my wife?
Thanks,
-Guru
Also how does one cover who would get custody of our child if something were to happen to both me and my wife?
Thanks,
-Guru
- Wed Apr 27, 2016 5:25 pm
- Forum: Personal Investments
- Topic: if you HAD to pick 2 actively managed funds???
- Replies: 45
- Views: 6177
Re: if you HAD to pick 2 actively managed funds???
Looks like there are quite a few fans of Wellesley and Wellington here:)Tommy wrote:second for thisinvestor wrote:Vanguard Wellington
Vanguard Wellesley
doing that now.
investor
- Mon Apr 25, 2016 3:47 pm
- Forum: Personal Finance (Not Investing)
- Topic: Ally or Capital One MM
- Replies: 7
- Views: 1288
Re: Ally or Capital One MM
I will have to look into this Goldman Sachs deal. Didn't they buy GE bank recently?2Birds1Stone wrote:Goldman Sachs just released a 1.05% APR account with $1 minimum balance, worth checking out.
-Guru
- Mon Apr 25, 2016 3:45 pm
- Forum: Personal Finance (Not Investing)
- Topic: RMD Taxation + state of Michigan
- Replies: 4
- Views: 921
Re: RMD Taxation + state of Michigan
Thanks for the info. It's good to know that Vangard will withhold for the state of Michigan (I assume Fidelity will also) .Rich in Michigan wrote:Can't speak specifically for RMD and how our state views it, but when I take money out of my IRA I have Vanguard withhold both Federal and Michigan state tax.
Am a few years away from RMD age so not sure if there are any other peculiarities in withholding that are different from what I currently do.
- Mon Apr 25, 2016 3:18 pm
- Forum: Personal Finance (Not Investing)
- Topic: RMD Taxation + state of Michigan
- Replies: 4
- Views: 921
RMD Taxation + state of Michigan
Beginning this year I have to start taking RMD's from a couple of IRA's that I inherited upon the untimely passing of my father. From reading online it sounds like I can have the custodian of these IRA's withhold taxes at the end of the year and that will satisfy the withholding in the eyes of the irs. But what about the great state of Michigan? Can I have the custodian (currently Fidelity) withhold taxes for the state of MI also? And will that satisfy the state of MI as well? I really want to avoid paying any penalties. I plan to take these RMD's at the end of the year FYI.
Thanks,
-Guru
Thanks,
-Guru
- Mon Apr 25, 2016 1:46 pm
- Forum: Personal Finance (Not Investing)
- Topic: Ally or Capital One MM
- Replies: 7
- Views: 1288
Re: Ally or Capital One MM
Is there really any difference between a mm acct and a savings acct?N1CKV wrote:Ally has the same rate for a SAVINGS account as the CO360 MM. The CO360 MM only pays that rate on deposits over $10K.
- Mon Apr 25, 2016 12:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: Ally or Capital One MM
- Replies: 7
- Views: 1288
Ally or Capital One MM
I am looking for a place to stash some cash for the time being. I had a Capital One 360 savings account previously which I closed last year. Now I see that COF has a money market acct paying 1% (same as Ally). Being that my Capital One 360 acct is closed I think I would need to reapply at Capital One to open their new MM acct.
Does anyone know if ally or capital one does a hard credit pull when you apply to open an account? I can't remember is capital one did when I previously opened their 360 savings account.
Any pluses or minuses to either Capital One or Ally?
Thanks,
-Guru
Does anyone know if ally or capital one does a hard credit pull when you apply to open an account? I can't remember is capital one did when I previously opened their 360 savings account.
Any pluses or minuses to either Capital One or Ally?
Thanks,
-Guru
- Thu Apr 14, 2016 6:48 pm
- Forum: Personal Finance (Not Investing)
- Topic: Thoughts on HSA?
- Replies: 13
- Views: 1419
Re: Thoughts on HSA?
Op here:
This sounds like it warrants further investigation on my part. I did notice that my insurance company uses Health Equity for their HSA but am I required to use them? I know nothing about Health Equity. I'll have to see what kind of investments plans are offered and what the cost is of those plans. A person earlier in the thread mentioned getting a guaranteed 3% on their HSA through a credit union - I might be okay with that.
-Guru
This sounds like it warrants further investigation on my part. I did notice that my insurance company uses Health Equity for their HSA but am I required to use them? I know nothing about Health Equity. I'll have to see what kind of investments plans are offered and what the cost is of those plans. A person earlier in the thread mentioned getting a guaranteed 3% on their HSA through a credit union - I might be okay with that.
-Guru