Search found 1238 matches

by Theseus
Sat Mar 16, 2024 5:32 pm
Forum: Personal Consumer Issues
Topic: Is this a termite?
Replies: 19
Views: 2428

Re: Is this a termite?

quattro73 wrote: Sat Mar 16, 2024 5:00 pm I believe that is an ant.

Please see this link for a good comparison (pictures):

https://westernext.com/carpenter-ants-vs-termites/
Thank you. This looks like an ant. If it’s a carpenter ant should I worry ?
by Theseus
Sat Mar 16, 2024 4:36 pm
Forum: Personal Consumer Issues
Topic: Is this a termite?
Replies: 19
Views: 2428

Is this a termite?

I googled the image but can’t figure it out as the match wasn’t good. And it disappeared before I can take a better pictures.

Image
by Theseus
Thu Mar 14, 2024 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

tibbitts wrote: Thu Mar 14, 2024 9:44 am
Honestly it makes no sense to me that someone would "check out" when reading a letter like this, but if you believe someone would do that then that's not the correct person to leave the letter (or probably anything else) to.
100% agree with this.
by Theseus
Thu Mar 14, 2024 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

1moreyr wrote: Thu Mar 14, 2024 8:14 am
if I started a letter like yours, my oldest son would "check out" figuring dad is dead and still trying to tell me what to do. Of course, your relationship may be better than mine but that's my 2 cents.
All excellent points. But specific to the one above, I know for sure my DDs would appreciate this letter. Besides my tone is more of recommendations and suggestions but ask them to make their own decisions.
by Theseus
Thu Mar 14, 2024 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

ROIGuy wrote: Thu Mar 14, 2024 4:25 am Rob Berger has an excellent video regarding this on his YouTube show. I used it as a blue print to create our own "blue book" (that's what he calls it) for my DW and I.
https://www.youtube.com/watch?v=MbJWil43HmU
Thank you. I will definitely check it out.
by Theseus
Thu Mar 14, 2024 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

Chardo wrote: Thu Mar 14, 2024 4:19 am If you don't believe in "controlling from the grave", why have trusts?
Creditor protection. Taking advantage of current estate tax exemption threshold. Also it allows protection from spousal separation if they leave money in the trust (it is optional and up to them to leave money in the trust) and withdraw it as needed.
by Theseus
Thu Mar 14, 2024 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

Two points: 1. I agree with others that settling an estate is not something that requires a sabbatical or an extended leave from work. I've done it without an estate lawyer -- IAAL but W&E is not my area of practice -- and it takes work, but it's not unmanageable with a FT job. With that said, what does take time is the grief process. And for many people, grief is magnified when the last parent dies. So if you're going to leave a letter, maybe the (parental) advice is that it will take time to feel normal again, and that's okay. 2. Give your daughters permission to get rid of the family things, or at least some of them. (Raise your hand if you have your mother's or grandmother's "good" china in your attic. Keep your hand up i...
by Theseus
Thu Mar 14, 2024 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

I would guess if you had ten heirs, on average, one would read and appreciate your instructions. 2 or 3 would glance over them and promptly forget or lose them. The remaining 7-8 would pay little to no heed to any such letters and would just do their own thing. Several would make a big mess. At least one would not even realize they were getting an inheritance or acknowledge it. So write letters if it makes you feel good and include anything you like but keep in mind the main you are writing those letters more for yourself and your own benefit than anyone else. Perhaps your view is informed by some life experiences and thank you for that. Considering how close and loving we are as a family and with our heirs I think they will definitely rea...
by Theseus
Thu Mar 14, 2024 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

I do not even know how to respond to this. It's so far from reality, I don't know what to say. Perhaps you a referring to people who choose their attorney as their executor which is not common in my circle. I don't work for a lawyer. I am a lawyer. I work in a law firm with a large T&E department that administers 7-, 8-, 9-, and 10-figure estates. When they are hired by a fiduciary to administer an estate, they usually pull the laboring oar on all this stuff, with the fiduciary signing off, either literally or figuratively. That's the job of estate administration. “When they are hired by a fiduciary.” That’s where we are not connecting. Sure, my executor can choose to hire an attorney if it makes more sense than taking time off work. W...
by Theseus
Tue Mar 12, 2024 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

Mr. Rumples wrote: Tue Mar 12, 2024 2:46 pm Include don't sign anything you don't understand.
Thank you. This is so important!
by Theseus
Tue Mar 12, 2024 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

I think telling them a bit about your early life, how hard you worked, how you gave up things and paid taxes on this money and your desires for them to use this money would be nice, like how it can help the next generation, other family or certain causes. It’s really nice if you also did nice things with them in life. So that they don’t feel like, “this money represents all the things they didn’t do and give me when alive. This represents decades of worry and penny pinching.” Or, “they were so strict with me and all this time it wasn’t necessary.” Thank you for your note. You always have an interesting point of view. Telling them early life story in a written form would be good. We talk about it often enough but I think it will definitely ...
by Theseus
Tue Mar 12, 2024 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

A lot of these read like things best told while you are still alive. sure, some of what i included is meant to be a helpful written reminder of things we've already talked about. but some of it i would not want to share prematurely. like the OP, I am relatively young with college-age kids. some points are about facts that will change over time or topics which they don't need to hear about yet. i revise it to keep it fresh and made sure that the kids and my trustee (sibling) know to find it. Exactly. We have been telling them age appropriate things. Get them involved in all kinds of financial decisions. But some aspects are just not of any interest to them and at this age their eyes glaze over when I bring them up. Hopefully I will have lon...
by Theseus
Tue Mar 12, 2024 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

exodusNH wrote: Tue Mar 12, 2024 12:45 pm Be aware that "fee-only" advisors can still work under an AUM model.
I believe those are called Fee-based. Fee-only don't do AUM - that I know. I will write about this in the letter as well.
by Theseus
Tue Mar 12, 2024 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Re: Letter to heir - what would you include?

cchrissyy wrote: Tue Mar 12, 2024 12:38 pm i have a letter like this

it covers "if i am incapacitated" and "if i am dead". i revise it a couple times per year

Thanks for pointing out "incapacitated" part. We have of this in our directives. Among other things I'd want additional instructions to take emotional burden/guilt off (if there is any).
by Theseus
Tue Mar 12, 2024 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Letter to heir - what would you include?
Replies: 90
Views: 7252

Letter to heir - what would you include?

We have all our legal documentation in place including will, trusts, TODs etc. Overall our will and trusts provides significant freedom since we don't believe in "controlling from grave". Our portfolio is simple butwe have substantial amount in our assets. Which I am sure will be overwhelming to them. We have been educating and preparing them to handle finances and money (DDs are 25 and 17), but not likely that they will be ready to handle it in the near future - if something were to happen to us. So I feel I should communicate some instructions/desires/rational to them that are non-binding and more of a guidance. I have a draft letter with following so far and would love any input of addition/changes. 1. Consider taking an extend...
by Theseus
Wed Mar 06, 2024 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tax return - Grantor irrevocable trust
Replies: 21
Views: 2164

Re: Tax return - Grantor irrevocable trust

You mention it is a grantor irrevocable trust. You submit a 1041 to the IRS with an attachment stating the grantor is paying the taxes on their 1040. List the Trust ID # and the grantors SS number along with a recap of the information listed in the 1099 from your financial institution. Send the 1041 to the IRS. You then load the distributions (dividends, interest, Cap gains on your 1040. I download the information directly from Fidelity to turbotax. The 1041 on a grantor irrevocable trust is advising the IRS that the tax is being paid and how to look for it. It is informational. Just state on the front page of the 1041 that the interest is being paid by the grantor and list the SS Number. Thank you. This is VERY helpful. I am going to try ...
by Theseus
Fri Mar 01, 2024 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Real Stories of College Savings: what was your plan, and what happened?
Replies: 98
Views: 7342

Re: Real Stories of College Savings: what was your plan, and what happened?

Hi B-H! For those of you that have put your kids through college, what was your savings plan, and what actually happened? Did you overfund 529s and then have a kid get a scholarship (or not pursue 4-year college)? Were you surprised by an acceptance to your kid's dream school and find yourself underfunded? Did an unexpected inheritance ease the burden? There's such a wealth of experience here (pun intended), and I'm curious to hear your stories. Thanks! P.S. FWIW, I'm 38, have 3 kids (5.5, 3.5, 1.5), NW of about $4.5MM ($3MM liquid), and am currently planning to fund 529s to $250K/each (at about $100K/each at the moment) and then let it ride with the goal of fully funding private school for all 3 kids, and leaving whatever extra for grad s...
by Theseus
Fri Mar 01, 2024 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Heatpump tax credit - qualifying equipment?
Replies: 11
Views: 1737

Re: Heatpump tax credit - qualifying equipment?

I am looking at York YZT48 4 ton 17.45 SEER 2 stage heat pump and York AE60C air handler. While expense it comes with 10 years of part AND labor warranty and lifetime on the compressor (and is more quiet which is critical for us due to its location). How expensive is it? Almost $16000 installed with thermostat. That sounds high to me. Approx a year ago I had a Lennox 5 ton 16 SEER heat pump installed along with a new thermostat that is basically a small iPad on my wall (Lennox iComfort E30). I got quotes from 5 different HVAC companies and told each one that I was getting multiple quotes. Quotes ranged from $9K to $13K installed. Then one of the companies called me and said they were slow at the time and that they'd do it for $7K all in. I...
by Theseus
Fri Mar 01, 2024 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Heatpump tax credit - qualifying equipment?
Replies: 11
Views: 1737

Re: Heatpump tax credit - qualifying equipment?

talzara wrote: Thu Feb 29, 2024 4:08 pm
Theseus wrote: Wed Feb 28, 2024 2:18 pm I am looking at York YZT48 4 ton 17.45 SEER 2 stage heat pump and York AE60C air handler. While expense it comes with 10 years of part AND labor warranty and lifetime on the compressor (and is more quiet which is critical for us due to its location).
How expensive is it?
Almost $16000 installed with thermostat.
by Theseus
Thu Feb 29, 2024 11:52 am
Forum: Personal Consumer Issues
Topic: When do electric cars stop making sense?
Replies: 210
Views: 16110

Re: When do electric cars stop making sense?

And for obvious non-bogleheads forum friendly reasons, I would never purchase a Tesla product, even though they are also the leaders in EV tech at the moment and are likely more efficient. Thanks for the laugh :wink: . As someone who has owned Tesla model X for 7 years I can see how these "reasons" can influence buying decisions :). I am just waiting for an automaker to get a reliable ~50 mile PHEV SUV/Crossover that also has auto steer functionality (for local roads not only highways) to change over. BMW X5 has a PHEV version that gets 50 miles on the charge - which his perfect for my need. But I heard that auto steer/drive support is only on the highway. But as soon as it comes to local roads, I will be in the market for that. ...
by Theseus
Thu Feb 29, 2024 7:02 am
Forum: Personal Finance (Not Investing)
Topic: Heatpump tax credit - qualifying equipment?
Replies: 11
Views: 1737

Re: Heatpump tax credit - qualifying equipment?

Does anyone know how do I find out the units I am interested in will be eligible for tax credits in 2024? I am looking at York YZT48 4 ton 17.45 SEER 2 stage heat pump and York AE60C air handler. While expense it comes with 10 years of part AND labor warranty and lifetime on the compressor (and is more quiet which is critical for us due to its location). Does this HVAC contractor only install Yorks? York is a new construction brand. It is uncommon to install a York as a replacement unit. Yes. He exclusively works with York for over 20 years. He started out doing new construction but got fed up with that and has been doing this now for years. Very honest and reliable. From what I have read it is the installer that makes a difference more th...
by Theseus
Wed Feb 28, 2024 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Heatpump tax credit - qualifying equipment?
Replies: 11
Views: 1737

Heatpump tax credit - qualifying equipment?

We are shopping for a 4 ton heat pump (and along with an air-handler). My very trusted HVAC company gave proposal for the replacement. But when I asked if any of the options in proposal qualifies for tax credit, he said check with my CPA as companies (or EPA?) continuously changing what equipment qualifies for a tax credit.

Does anyone know how do I find out the units I am interested in will be eligible for tax credits in 2024? I am looking at York YZT48 4 ton 17.45 SEER 2 stage heat pump and York AE60C air handler. While expense it comes with 10 years of part AND labor warranty and lifetime on the compressor (and is more quiet which is critical for us due to its location).

Thank you for any input.
by Theseus
Tue Feb 27, 2024 3:44 pm
Forum: Personal Investments
Topic: Where to find franchise opportunities?
Replies: 17
Views: 1879

Re: Where to find franchise opportunities?

Find a good mentor at www.score.org. You should be able to search for mentor with specific expertise. But at this point you should be able to get help from any assigned mentor. If you think the mentor is not a good fit or did not provide value in your specific case the. feel free to keep requesting another one until you find a good fit. I have been a score mentor for 7 years and it is one of the most valuable free resource for entrepreneurs.
by Theseus
Tue Feb 27, 2024 3:44 pm
Forum: Personal Investments
Topic: Where to find franchise opportunities?
Replies: 17
Views: 1879

Re: Where to find franchise opportunities?

Find a good mentor at www.score.org. You should be able to search for mentor with specific expertise. But at this point you should be able to get help from any assigned mentor. If you think the mentor is not a good fit or did not provide value in your specific case the. feel free to keep requesting another one until you find a good fit. I have been a score mentor for 7 years and it is one of the most valuable free resource for entrepreneurs.
by Theseus
Tue Feb 27, 2024 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Tax return - Grantor irrevocable trust
Replies: 21
Views: 2164

Re: Tax return - Grantor irrevocable trust

I thought grantor trusts were reported on the grantor's return. At one time, the trustee would get an EIN, and file a blank return with a separate sheet of paper setting forth the income that was taxable to the grantor, and the grantor reports the income. However, Treas. Reg. § 1.671-4, https://www.law.cornell.edu/cfr/text/26/1.671-4, was amended in 1995. With a few exceptions, you now have a choice. Most trustees use the grantor's social security number, and don't file returns. Instead, the grantor includes the income. However, some trustees use the old method and file a blank return with a separate sheet showing the income that's taxable to the grantor. My CPA that I hired when we did the trust, recommended I obtain an EIN to keep things...
by Theseus
Tue Feb 27, 2024 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Tax return - Grantor irrevocable trust
Replies: 21
Views: 2164

Re: Tax return - Grantor irrevocable trust

I thought grantor trusts were reported on the grantor's return. At one time, the trustee would get an EIN, and file a blank return with a separate sheet of paper setting forth the income that was taxable to the grantor, and the grantor reports the income. However, Treas. Reg. § 1.671-4, https://www.law.cornell.edu/cfr/text/26/1.671-4, was amended in 1995. With a few exceptions, you now have a choice. Most trustees use the grantor's social security number, and don't file returns. Instead, the grantor includes the income. However, some trustees use the old method and file a blank return with a separate sheet showing the income that's taxable to the grantor. If this is a grantor trust, and your description reads like it is, filling out the 10...
by Theseus
Tue Feb 27, 2024 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Tax return - Grantor irrevocable trust
Replies: 21
Views: 2164

Re: Tax return - Grantor irrevocable trust

Hi Now I am wondering if I can do this myself using TurboTax? I will need to file a trust return and bring any income from that trust in my person return also. I am looking for experiences and lessons learned from anyone who has done this (or something like this)? How hard it is and what should I be aware of? thank you Hi, I started doing 1041s (trust returns) a couple years ago and found you will need the business version of TurboTax to do a 1041. Can't get it on MacOS so went with TaxAct online. You can play around with it online and see how it works as they don't charge until you actually file. The only thing I don't like is they can't import data from Schwab and it has to be entered. Import works from some firms ... they have a list so...
by Theseus
Mon Feb 26, 2024 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Tax return - Grantor irrevocable trust
Replies: 21
Views: 2164

Re: Tax return - Grantor irrevocable trust

Hi Now I am wondering if I can do this myself using TurboTax? I will need to file a trust return and bring any income from that trust in my person return also. I am looking for experiences and lessons learned from anyone who has done this (or something like this)? How hard it is and what should I be aware of? thank you Hi, I started doing 1041s (trust returns) a couple years ago and found you will need the business version of TurboTax to do a 1041. Can't get it on MacOS so went with TaxAct online. You can play around with it online and see how it works as they don't charge until you actually file. The only thing I don't like is they can't import data from Schwab and it has to be entered. Import works from some firms ... they have a list so...
by Theseus
Mon Feb 26, 2024 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Tax return - Grantor irrevocable trust
Replies: 21
Views: 2164

Tax return - Grantor irrevocable trust

Hi When we set up our irrevocable trust 2 years ago, we had a CPA file our return (and since then). It seemed too complicated to do it myself and didn't want to make a mistake if IRS challenges after DW and I pass. That would defeat the purpose. This trust has its own EIN, but income is reported in our personal 1040. So CPA made sense at that time. Now I am wondering if I can do this myself using TurboTax? I will need to file a trust return and bring any income from that trust in my person return also. I have done tax returns using TT for most of my life so it is not new for me. I have a free TT from Fidelity that I will need to upgrade to be able to do the return for the trust (I think). I am looking for experiences and lessons learned fro...
by Theseus
Fri Feb 23, 2024 11:58 am
Forum: Personal Consumer Issues
Topic: How do you live healthy?
Replies: 107
Views: 8123

Re: How do you live healthy?

1. Meditation: Twice a day, As soon as I wake up before getting out of the bed and last thing in the bed at night. 30-45 minutes each session. This has improved my health and outlook on life significantly. I wish I was doing this all my working life. Would have helped me immensely. 2. Daily exercise: Strengthening weak muscles that create chronic problems + overall strengthening. Cardio also 2 times a week. 3. No TV news. Just read news. Avoid reading opinion pieces (I have enough of my own opinions - all I want is news). Found WSJ to be more neutral news reporting (not the op-ed). 4. Watch no more than 1 - 1.5 hrs of TV. Mostly some kind of a series. 5. Adventure trip: One a year that requires me to commit to specific training. Mostly it i...
by Theseus
Thu Feb 22, 2024 1:12 pm
Forum: Personal Consumer Issues
Topic: How to stop generic junk mail?
Replies: 20
Views: 2267

Re: How to stop generic junk mail?

Not exactly the answer, but if you sign up for PO Box (or in general), you can set up USPS to send you an email of all mail that is being delivered to you that day. You get that in the morning and then decide what is important to go pick up at PO Box.

Link below to set it up. I have been using it for a few years now and it's great.

https://www.usps.com/manage/informed-delivery.htm
by Theseus
Wed Feb 14, 2024 5:15 pm
Forum: Personal Consumer Issues
Topic: Boulder CO in late September?
Replies: 22
Views: 1795

Re: Boulder CO in late September?

It’s a great choice to go to Boulder. Can’t speak for September weather. But I spent 1 week last July hiking there to check my fitness level before my EBC trek in Nepal. Mostly hiked in Bernard Lake area and did one 14er. This was based on recommendations from BHs. Some amazing hiking without crowds of Estes. You still need timed entry passes so plan for that. Only thing is it is about 45 minute drive from downtown Boulder. But I would stay in downtown again. I loved it. I stayed at Residence Inn on canyon blvd. That’s a great hotel and great location.

Hope you enjoy !
by Theseus
Fri Feb 02, 2024 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking advice on sizing SLATs [Spousal Lifetime Access Trust]
Replies: 14
Views: 1487

Re: Seeking advice on sizing SLATs [Spousal Lifetime Access Trust]

White Coat Investor wrote: Fri Feb 02, 2024 4:34 pm So that'd be a ~ $14 million exemption plus a $6 million promissory note. Principal and interest payments on the promissory note can be used to pay for your living expenses, gifting, and taxes.
I am not aware of promissory note usage. Can you please elaborate and provide some references to read up on if you have them?

Thanks
by Theseus
Fri Feb 02, 2024 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking advice on sizing SLATs [Spousal Lifetime Access Trust]
Replies: 14
Views: 1487

Re: Seeking advice on sizing SLATs [Spousal Lifetime Access Trust]

We are a couple with two children and approx. 25M net worth, and looking into SLATs for estate tax avoidance or reduction. We understand well the benefits of SLATs, but it is much harder to understand the drawbacks. Specifically, we would maximize the benefits by putting almost our entire wealth into SLATs, and we are guessing that amounts below 12M would be less interesting due to reasonable predictions of the future exemption limit. How would one pick the right amount? What considerations would advise against locking up the maximum (useful) amount? Thanks. Having done a SLAT ourselves I recall attorney saying we both can’t do separate SLATs ( for eachother’s benefit ) as that may be challenged by IRS for getting around estate tax while r...
by Theseus
Wed Jan 24, 2024 10:05 am
Forum: Personal Consumer Issues
Topic: What books would you recommend to someone that enjoyed A Guide to the Good Life: The Ancient Art of Stoic Joy
Replies: 9
Views: 1398

Re: What books would you recommend to someone that enjoyed A Guide to the Good Life: The Ancient Art of Stoic Joy

JG6 wrote: Wed Dec 27, 2023 12:46 pm I really enjoyed A Guide to the Good Life: The Ancient Art of Stoic Joy by William B. Irvine. Given this, what other books would you recommend? It doesn't necessarily need to be about Stoicism.

https://www.goodreads.com/book/show/561 ... -good-life
I have had some great success finding books, tv series and movies using chatGPT and Bard. I just tell them my likes, favorite shows/books etc and some other information and ask it to give recommendations. If you don't like it exactly you can ask it to change it based on further prompts. It's been amazing so far.
by Theseus
Wed Jan 24, 2024 10:02 am
Forum: Personal Consumer Issues
Topic: Binoculars for African safari
Replies: 14
Views: 1355

Binoculars for African safari

We will be in Namibia for a safari and this time I would like to take decent binoculars. I only have experience with lower end Bushnell.

1. We will be using it for bird watching as well as big game animals
2. Should we get optical stabilizer ones?
3. Any recommendations on where to buy a used one without breaking the bank?
4. What should we look for in binoculars? Optics? Zoom (is higher the better)?

Thank you
by Theseus
Wed Jan 24, 2024 9:58 am
Forum: Personal Consumer Issues
Topic: Help me buy Red wine to drink in 10-20 years
Replies: 8
Views: 1556

Re: Help me buy Red wine to drink in 10-20 years

Thank you everyone for sharing thoughts and experiences. Naively I thought I just need to store wine for a long time and magically it will taste amazing :oops: . There is a lot more to it than I thought :)
by Theseus
Sun Jan 21, 2024 9:05 am
Forum: Personal Consumer Issues
Topic: Help me buy Red wine to drink in 10-20 years
Replies: 8
Views: 1556

Re: Help me buy Red wine to drink in 10-20 years

mikejuss wrote: Sun Jan 21, 2024 8:58 am What was the French wine from 1999 that you drank?
Below is on the label. Please note I don’t know much about wine regions.

TERROIR DU TRIAS
Beaumes de venise
Côtes du Rhône Villages
1999
by Theseus
Sun Jan 21, 2024 8:56 am
Forum: Personal Consumer Issues
Topic: Help me buy Red wine to drink in 10-20 years
Replies: 8
Views: 1556

Help me buy Red wine to drink in 10-20 years

First of all I am not a wine connoisseur, but I do enjoy occasional good bottle of Red. My go to are Cab from Paso Robles, Pino Noir, Montepulciano, Bordeaux etc. I spend $20 - $80 for a bottle of wine. But generally around $35. Recently in my basement I found an old forgotten bottle of a French red from 1999 (must have been around $15-$20 when purchased). On a whim I opened it - and it was THE BEST wine I have had. I kick myself for casually opening it. Anyway I looked and looked and couldn't find that wine (obviously). Even messaged a wine critic from the major national newspaper (he surprisingly replied) to see if I can find something like that - to no avail. So I got to thinking perhaps I should buy some wine every year and store it to ...
by Theseus
Tue Jan 16, 2024 11:27 am
Forum: Personal Investments
Topic: Private investment opportunity
Replies: 37
Views: 4076

Re: Private investment opportunity

I am a fairly active angel investor in tech start ups. A few years ago I ended up investing as a co-investor with a VC firm that was investing in my friend's company. Similar deal for no fees and no carry. But somewhat different as it was 1) investing in one company unlike your situation 2) amount was ~1.5% of my net worth. VC firm (who took control of the company) almost ran the company to the ground due to their clear incompetence. I would talk to my friend often and would find amazingly stupid things they did. So be aware of that. Also past IRR means nothing really. I would investigate - When your PE/VC firm invests, what do they control? Do they get board seat(s)? How much of the company they end up owning? Do they have control of the c...
by Theseus
Tue Jan 16, 2024 11:05 am
Forum: Personal Consumer Issues
Topic: If you love outdoors/hiking, what do you do in the winter?
Replies: 62
Views: 5774

Re: If you love outdoors/hiking, what do you do in the winter?

If possible take a hiking vacation for a week somewhere a little warmer within USA or somewhere else. And like others said, if you have proper gear then it won't matter - to the most extent - what the weather is like (obviously you won't enjoy hiking in 3 feet of snow. But 6-12 inches you can do it).

Just a note, I personally would take trekking pole beginning late fall as it is hard for me to see the trail (fallen/wet leaves, snow) and chances of falling are higher. At this age I like to avoid it.
by Theseus
Tue Jan 16, 2024 10:41 am
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

Presumably, FIL and MIL will not pass simultaneously. Yes, they want everything split equally amongst "the kids" after they've both died, but will the surviving spouse be provided for? Is the home owned jointly? Will MIL make a will? Consider how POA will prove income when one partner or other needs LTC provided by Medicaid. Make sure that they have 5years of banking records on hand for that. All investment account that are in his name will go to MIL upon his passing as she is primary beneficiary. Will talk to MIL about the will. We have struggled to convince them to get necessary help for them (they won't move in with any of us despite great relationships we all have with them :oops: ). They are an hour away so if something happ...
by Theseus
Mon Jan 15, 2024 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

Presumably, FIL and MIL will not pass simultaneously. Yes, they want everything split equally amongst "the kids" after they've both died, but will the surviving spouse be provided for? Is the home owned jointly? Will MIL make a will? Consider how POA will prove income when one partner or other needs LTC provided by Medicaid. Make sure that they have 5years of banking records on hand for that. All investment account that are in his name will go to MIL upon his passing as she is primary beneficiary. Will talk to MIL about the will. We have struggled to convince them to get necessary help for them (they won't move in with any of us despite great relationships we all have with them :oops: ). They are an hour away so if something happ...
by Theseus
Mon Jan 15, 2024 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

Will let others address the tax returns as I see that as a minor issue probably. I want address your statements about trusts and butting beneficiaries on their accounts. Before doing either please check with attorney that such is allowed. Something which is in fathers name alone you could not do either in my state. For accounts held joint, since mom can empty those accounts and rede posit if she chose. If both are on the house title, with the proper durable POA with necessary specified powers probably could include TOD. A trust would seem unlikely here. These are definitely gray areas. No one can make or change a will for someone else. Otoh, with power stipulated to sell property allowed. Beneficiaries and trust seem between the above limi...
by Theseus
Mon Jan 15, 2024 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

Golfer-- wrote: Sun Jan 14, 2024 5:41 pm They might not owe any taxes. However were taxes taken out of SS payments? A tax refund would be received in this case.
No taxes taken. Just premium for Medicare Part B are deducted.
by Theseus
Mon Jan 15, 2024 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

newacct wrote: Sun Jan 14, 2024 4:54 pm Did they get $1200 + $600 + $1400 each (so $6400 total for both of them) in stimulus checks? If not, they can hurry and still get them. If EIP 1 and EIP 2 were not received, they could be claimed as the Recovery Rebate Credit on the 2020 tax return, and it is still possible to file for a refund from the 2020 tax return until April 15, 2024 (or perhaps May 17, 2024?). If EIP 3 was not received, it could be claimed as the Recovery Rebate Credit on the 2021 tax return, and it is still possible to file for a refund from the 2021 tax return until April 15, 2025.
Thank you. They received the money. We verified it.
by Theseus
Mon Jan 15, 2024 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

InMyDreams wrote: Sun Jan 14, 2024 4:09 pm OP, do they have RMDs, and have they fulfilled any RMD requirements?

At the TaxAide sites that I have worked, there is a recommendation to file a return even if you owe no taxes so that no one can file a fraudulent return using your social security numbers. I would only do this for the current Tax Year.

If you do need to file for previous years, TaxAide (and I think VITA, too) will only go back 3 years.

If they hadn't been filing, they probably didn't receive any of the COVID benefits? But I don't know if you can do any of them retroactively...

Best wishes.
All non SS income is RMDs and they seem accurate. Distributed by vanguard.
by Theseus
Mon Jan 15, 2024 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

MildlyEccentric wrote: Mon Jan 15, 2024 10:24 am Here is a link with information on creating a TOD deed in Virginia https://law.lis.virginia.gov/vacode/tit ... n64.2-635/
Thank you !
by Theseus
Sun Jan 14, 2024 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

Ktndlx wrote: Sun Jan 14, 2024 3:22 pm A transfer on death deed will keep the home out of probate. Some states also allow the same for vehicles.
https://speedwelllaw.com/2022/02/07/und ... dvantages/
Thank you. This is what we are thinking of pursuing as it seems the easiest thing to do and possibly FIL can agree to.
by Theseus
Sun Jan 14, 2024 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: FIL+MIL Tax returns not filed for 10+ years. What should I do?
Replies: 30
Views: 4860

Re: FIL+MIL Tax returns not filed for 10+ years. What should I do?

CAsage wrote: Sun Jan 14, 2024 1:20 pm How we burden our children....
This is one thing that bothers me the most. Parents do as best as they can raising kids. But then burden them at the worst possible time in their life. We are sandwiched between kids and parents.

I have learned a lot from these experiences to hopefully not burden my kids with the same and avoidable problems.