Search found 45 matches
- Thu Jan 04, 2024 9:21 am
- Forum: Personal Finance (Not Investing)
- Topic: What does my friend need to do to set up a will?
- Replies: 6
- Views: 493
Re: What does my friend need to do to set up a will?
The best advice you can give your friend is to see an Estate Planning Attorney.
- Sun Apr 30, 2023 3:08 pm
- Forum: Personal Consumer Issues
- Topic: Keep or sell Audi ??
- Replies: 44
- Views: 4873
Re: Keep or sell Audi ??
Financially, you are better off repairing the car. Every car needs a repair once in a while. Simply looking under the hood on a regular basis to look for oil and coolant leaks will spot problems before they start cascading.
- Fri Dec 30, 2022 2:24 pm
- Forum: Investing - Theory, News & General
- Topic: Do we think of 529 Differently Now with Roth Conversion (Passed Omnibus Changes)
- Replies: 116
- Views: 18241
Re: Do we think of 529 Differently Now with Roth Conversion (Passed Omnibus Changes)
Too many limitations to be really useful. Sounds like a lawmaker's pet project that got whittled away in negotiations.
- Sat Mar 26, 2022 9:49 am
- Forum: Personal Finance (Not Investing)
- Topic: Looking for new Estate Attorney
- Replies: 50
- Views: 5914
Re: [Looking for new] Estate Attorney
If your main goal in the estate plan is to form this specific type of trust, a good approach is to mention this at the outset to prospective counsel. There's nothing wrong with a little pre-screening on the phone before you set up an appointment.
- Sun Sep 19, 2021 4:37 pm
- Forum: Personal Consumer Issues
- Topic: Drive the Dang Car?
- Replies: 64
- Views: 8377
Re: Drive the Dang Car?
Of course, any dings or defects that you acquire are easily repaired. That being said, it sounds like you should sell it and get a beater.
- Fri Sep 03, 2021 11:32 am
- Forum: Personal Finance (Not Investing)
- Topic: "Asset Protection" for young teenage driver in the household
- Replies: 90
- Views: 9421
Re: "Asset Protection" for young teenage driver in the household
You have to consult with estate planning counsel in your state to get good advice on asset protection strategies involving trusts. I am a retired attorney, and I wouldn't bother with a trust unless there was something really unusual going on.
- Wed Aug 18, 2021 5:16 pm
- Forum: Personal Consumer Issues
- Topic: Neighbor has sprinklers over the property line..
- Replies: 17
- Views: 6239
Re: Neighbor has sprinklers over the property line..
Claiming that a misplaced sprinkler system led to "adverse possession" is ridiculous to me. The problem is, you have a irrational and hostile neighbor. Anything you do unilaterally is likely to lead to trouble. I have seen similar situations result in criminal accusations and lawsuits.
You need to consult with an attorney in your locale.
You need to consult with an attorney in your locale.
- Wed Aug 18, 2021 9:29 am
- Forum: Personal Consumer Issues
- Topic: Anyone buying cars right now?
- Replies: 261
- Views: 32341
Re: Anyone buying cars right now?
Before this year, the last time we bought a car was in 2006. We don't put a lot of miles on them. In March of this year I saw a 2015 BMW coupe at Carmax that was exactly the model DW was looking for, and we bought it for a fair price, as it needed some reconditioning. Looking at prices for these since then, they really haven't gone up much. Turns out it was a good move, because our 1998 BMW with 170,000 miles blew a head gasket just a few months later. A couple weeks ago I bought a 2019 Ford Fusion for a family member who was in a tough situation and needed a car asap. We found it at a Ford dealership, and my guess is I paid about 2K more than it would bring in a "normal" market. Still, it's a nice car with all the latest technolo...
- Fri Jul 30, 2021 9:40 pm
- Forum: Personal Finance (Not Investing)
- Topic: Attorney is Ghosting Me when asked for retainer back
- Replies: 17
- Views: 3279
Re: Attorney is Ghosting Me when asked for retainer back
I am a retired attorney and have served on disciplinary committees of my state supreme court. Whether or not you are entitled to a refund (and from your side of things it appears so), you are certainly entitled to a returned phone call. In my state the disciplinary agency has a consumer assistance function that can be used short of filing a complaint. You might see if your state bar or agency offers this, short of filing a formal complaint.
- Sat Jan 02, 2021 9:29 pm
- Forum: US Chapters
- Topic: Roll Call for the Retirement Class of 2020!
- Replies: 318
- Views: 70835
Re: Roll Call for the Retirement Class of 2020!
After 33 years practicing law I decided to leave all the glory to others, effective December 14. They say "it's not the age, it's the mileage," and at 58 I was tired of dealing with other people's problems but not ready to abandon ship until the virus hit. Covid-19 caused a slow-down in work and a need to spend more time with my 10-year old daughter. I ended up enjoying that a lot more than The Law, so here I am. Fortunately for me, DW is 10 years younger and at the prime of her career. Fortunately for her, I am fully domesticated.
- Thu Sep 17, 2020 5:08 pm
- Forum: Personal Investments
- Topic: How to deal with long distance rental property?
- Replies: 13
- Views: 995
Re: How to deal with long distance rental property?
I would sell it unless you can find a reliable PM. They exist, but even the best ones are not a good substitute for owner management of a single property. Capital gain? Congratulations!
- Wed Aug 19, 2020 8:28 pm
- Forum: Personal Finance (Not Investing)
- Topic: How to quit a job for retirement
- Replies: 84
- Views: 10466
Re: How to quit a job for retirement
"Employment at Will" works both ways. But 2 weeks notice would be courteous.
- Thu Aug 13, 2020 8:51 pm
- Forum: Personal Finance (Not Investing)
- Topic: Do I need a lawyer for a commercial building purchase agreement?
- Replies: 14
- Views: 1158
Re: Do I need a lawyer for a commercial building purchase agreement?
You should get a real estate lawyer to draft an agreement and obtain title insurance for you. You don't know what you don't know. And yes, using an online template would not be wise.
- Wed Jul 15, 2020 10:09 pm
- Forum: Personal Investments
- Topic: Using Vanguards Ultra Short Term Bond Fund for a Cash Reserve
- Replies: 9
- Views: 1704
Re: Using Vanguards Ultra Short Term Bond Fund for a Cash Reserve
Giving up FDIC insurance for only .2% more in yield? The juice ain't worth the squeeze, IMHO.
- Wed Jul 15, 2020 10:02 pm
- Forum: Personal Consumer Issues
- Topic: I would like to fix my 1952 Simmons beautyrest bed. Can anyone help or point me to a site that can.
- Replies: 19
- Views: 1840
Re: I would like to fix my 1952 Simmons beautyrest bed. Can anyone help or point me to a site that can.
Now that's funny. Reminds me of when my 55 year-old air conditioner went out leaving me wondering if I could have done something to make it last longer.
- Tue Jun 30, 2020 5:17 pm
- Forum: Personal Investments
- Topic: Recent retired, Wellesley OK till after elections?
- Replies: 17
- Views: 2346
Re: Recent retired, Wellesley OK till after elections?
The country has been in upheaval since at least 1787. Don't overthink it.
- Thu Jul 11, 2019 3:01 pm
- Forum: Personal Finance (Not Investing)
- Topic: Estate Question
- Replies: 14
- Views: 2138
Re: Estate Question
The will should define the residuary estate to be distributed. It is usually net of all claims and expenses without proration. If you are unsure after reading the will you should hire an attorney to assist you.
- Sat Mar 02, 2019 4:37 pm
- Forum: Personal Consumer Issues
- Topic: Advice on Grand Pianos?
- Replies: 57
- Views: 4696
Re: Advice on Grand Pianos?
We have had a grand piano for some years now, and I have been looking to upgrade within the next couple of years. So I have been looking at the market very closely. If you want a decent quality new grand for about 10k you will be looking at Chinese or Korean models. The market for pianos in Asia is booming, and they are making some very nice instruments. For research, see https://www.pianobuyer.com/Articles/Detail/ArticleId/26/THE-NEW-PIANO-MARKET-TODAY www.Pianobuyer.com has some great info and articles, including a buyer's guide with street prices. I have also found a particular "online" dealer, www.livingpianos.com in California run by pianist and music educator Robert Estrin. He gives some very good advice on pianos and piano ...
- Fri May 18, 2018 1:21 pm
- Forum: Personal Consumer Issues
- Topic: Mitsubishi wall air conditioner
- Replies: 34
- Views: 3673
Re: Mitsubishi wall air conditioner
A year ago we had a Mitsubishi multi-zone system installed on the first floor of our 2 story circa 1909 home. There are three indoor units and a two-fan outside compressor cooling (and occasionally heating) about 1800 square feet. We live in a very hot and humid climate. It works great and is very quiet. We have a traditional central air installation for the upstairs, and we wish we could replace it with a Mitsubishi system, but the central unit is still relatively new.
One major advantage of a ductless system such as the mini-split is that you're directly conditioning the space. When you run ducts through an attic or other unconditioned space they pick up ambient heat, reducing efficiency.
One major advantage of a ductless system such as the mini-split is that you're directly conditioning the space. When you run ducts through an attic or other unconditioned space they pick up ambient heat, reducing efficiency.
- Wed Feb 21, 2018 2:27 pm
- Forum: Personal Finance (Not Investing)
- Topic: House rewiring - cost of copper
- Replies: 29
- Views: 3243
Re: House rewiring - cost of copper
We've owned two old houses during the last 30 years, with our current one dating to 1909. The biggest lesson to learn in owning an older house, and the hardest sometimes, is that if it ain't broke don't fix it. There will be plenty of stuff to spend your money on, so you have to choose your battles carefully. If you make a major improvement, such as a bathroom or kitchen renovation, that's the time to do upgrades, but only to the extent necessary to comply with codes.
- Sat Jan 20, 2018 8:46 pm
- Forum: Personal Finance (Not Investing)
- Topic: Discussing a 529 with your kids
- Replies: 79
- Views: 7463
Re: Discussing a 529 with your kids
Whatever. If you’re holding the money over your child’s head, you’re dictating.Yooper wrote: ↑Sat Jan 20, 2018 8:17 pm I think "staythecourse" 's paragraphs were directly related, and perhaps should have been one paragraph. I.e., if you want my money to pay for your school, I'm willing to fund this, but not that. I don't think they were saying they would dictate WHAT their child studied, just what type of studies they would be willing to financially support. At least that's how I read it. And I might be wrong. Wouldn't be the first time........
- Sat Jan 20, 2018 8:05 pm
- Forum: Personal Finance (Not Investing)
- Topic: Discussing a 529 with your kids
- Replies: 79
- Views: 7463
Re: Discussing a 529 with your kids
What does this have anything to do with it affecting the kid's choices. It is money under YOUR control (yes the ONLY situation in the IRS where a completed gift is still under full control of the giftee). Just tell them what your expectations are and that you will only support payment if under x conditions.. I am not sure why parents are so hesitant to lay down the law with their kids. There is not excuse for allowing kids to pick majors and careers that can't even pay of the education amount (no matter who pays). Good luck. Why are parents so hesitant to tell their kids what to study and major in? If you really don’t know, you’re setting yourself up for a spectacular failure. Forcing your child to study something they don’t like is foolis...
- Wed Dec 06, 2017 11:57 am
- Forum: Personal Finance (Not Investing)
- Topic: CBOE to launch bitcoin futures trading on Dec 10, 2017
- Replies: 12
- Views: 1346
Re: CBOE to launch bitcoin futures trading on Dec 10, 2017
Creating a synthetic betting instrument to speculate on a synthetic currency whose main use is for speculation. The last "shark jumping" stage in this saga.
- Wed Dec 06, 2017 11:52 am
- Forum: Personal Finance (Not Investing)
- Topic: Friend buys a lot of stuff because he want's to reduce his tax liability. Is this thinking flawed?
- Replies: 47
- Views: 5816
Re: Friend buys a lot of stuff because he want's to reduce his tax liability. Is this thinking flawed?
Yes, obviously your friend's thinking is flawed. Running a "business" with the main objective to avoid income tax is counterproductive. Would I rather make $10,000 and pay a percentage of that to the government, or just spend the 10K on things that I don't need? The answer is obvious.
All that being said, good luck trying to talk your friend out of his magical thinking. You can put all the numbers in front of folks like this and it still won't do any good. You are a good friend for trying, however.
All that being said, good luck trying to talk your friend out of his magical thinking. You can put all the numbers in front of folks like this and it still won't do any good. You are a good friend for trying, however.
- Thu Nov 02, 2017 11:04 am
- Forum: Personal Finance (Not Investing)
- Topic: tax law - when does mortgage need to be entered to avoid $500k interest deduction cap?
- Replies: 9
- Views: 1563
Re: tax law - when does mortgage need to be entered to avoid $500k interest deduction cap?
It's not going to pass. You heard it here first.
- Fri Oct 20, 2017 8:45 am
- Forum: Investing - Theory, News & General
- Topic: Sitting on cash....Waiting for a crash
- Replies: 175
- Views: 36595
Re: Sitting on cash....Waiting for a crash
There’s nothing wrong with cash. It comes in real handy when you want to buy things. And it’s nice to see it sitting there holding its value.... kind of. But don’t kid yourself about Knowing when to “buy into the dip.” It doesn’t work.
There’s no rule or law that says anyone has to be invested in anything. Someone could just save their money and pile it up in A savings account or CDs. If, after reading all of the information available about asset allocation and the historical performance of stocks and bonds, you Don’t feel comfortable with the markets, Then you’re really not going to feel comfortable investing in any market situation. You might as well stay in cash and be happy.
There’s no rule or law that says anyone has to be invested in anything. Someone could just save their money and pile it up in A savings account or CDs. If, after reading all of the information available about asset allocation and the historical performance of stocks and bonds, you Don’t feel comfortable with the markets, Then you’re really not going to feel comfortable investing in any market situation. You might as well stay in cash and be happy.
- Tue Oct 03, 2017 12:48 pm
- Forum: Personal Investments
- Topic: FA Offering Financial Instrument--Turn $90K into $360K
- Replies: 18
- Views: 2725
Re: FA Offering Financial Instrument--Turn $90K into $360K
"Besides the typical LBYM, save and invest in index funds, my recommendation would be to get a regular job for 10 years to become eligible for social security and medicare."
This.
The "Financial Instrument" you describe sounds like a dressed-up variable annuity whose main purpose is to generate a hefty commission to the FA.
This.
The "Financial Instrument" you describe sounds like a dressed-up variable annuity whose main purpose is to generate a hefty commission to the FA.
- Thu Sep 21, 2017 1:59 pm
- Forum: Personal Consumer Issues
- Topic: Foreign Currency Conversion Accepted, then Rejected
- Replies: 14
- Views: 1320
Re: Foreign Currency Conversion Accepted, then Rejected
Many branch personnel are just go-betweens when it comes to foreign exchange at a bank. You're not being penalized. They are offering to return the rejected currency. I would retrieve it and move on.
- Tue Sep 05, 2017 9:56 pm
- Forum: Personal Investments
- Topic: Bought crypto currency
- Replies: 67
- Views: 7071
Re: Bought crypto currency
Whenever you read about cryptocurrency just replace the name of it with "Beanie Babies." As in, "I am putting 5% of my taxable account in Beanie Babies!" That will provide you with the proper mindset.
- Sat Aug 12, 2017 9:13 pm
- Forum: Personal Consumer Issues
- Topic: Public vs Private Elementary
- Replies: 57
- Views: 6275
Re: Public vs Private Elementary
We can afford a private school but prefer public. We have friends with children of the same age as ours (second grade) in private schools and observe no difference in the quality of education. We are fortunate in being able to choose the public school that our child attends, and it is a very good one.
- Sat Aug 05, 2017 1:37 pm
- Forum: Personal Consumer Issues
- Topic: Finding a good attorney?
- Replies: 1
- Views: 434
Re: Finding a good attorney?
The best way to find a good attorney is word-of-mouth, and a recommendation from another attorney that you respect is as good as it gets. You got a lead on someone, and they have folks in their office available to do your work. The fact that a busy attorney might have associates who are available is not a negative. That's the way a good law firm works.
- Sun Jul 30, 2017 4:21 pm
- Forum: Personal Investments
- Topic: Good Service for Flagship Investors
- Replies: 35
- Views: 6032
Re: Good Service for Flagship Investors
Earlier this year, and not a Flagship client, I arranged to transfer two inherited IRA's to Vanguard. Everyone I dealt with was professional and very competent. Everything went through smoothly.
- Fri Jul 21, 2017 8:34 am
- Forum: Investing - Theory, News & General
- Topic: Can real estate investing (actual properties) be relatively "hands off"?
- Replies: 50
- Views: 9156
Re: Can real estate investing be relatively "hands off"?
The simple answer to the question is, "no." You cannot treat a real estate investment the same way as an index fund. You might as well put your money in a paper bag and light it on fire.
- Wed Jul 19, 2017 8:38 am
- Forum: Personal Finance (Not Investing)
- Topic: HOA wants to use American Arbitration Association?
- Replies: 12
- Views: 1885
Re: HOA wants to use American Arbitration Association?
The AAA is a very reputable organization that is widely used for commercial arbitration. However, it is expensive to conduct an arbitration through them, as their fees are quite high. You can Google them and look at their website for further information. I would never agree to a AAA arbitration in an HOA situation.
- Sun Jul 09, 2017 9:31 pm
- Forum: Personal Investments
- Topic: Stop contributing to 529 on 50% chance grandparents pay
- Replies: 42
- Views: 4467
Re: Stop contributing to 529 on 50% chance grandparents pay
You shouldn't plan for retirement by counting on an inheritance, and I don't think investing for a child's education should be treated differently. A lot can happen in 15 years or so. If your in-laws come through in the end, you could always use the 529 for educating another family member, or even yourself.
- Fri Jun 30, 2017 8:16 am
- Forum: Investing - Theory, News & General
- Topic: Effect of bankruptcy on ira
- Replies: 23
- Views: 3258
Re: Effect of bankruptcy on ira
The relies on this thread are well-meaning, but many of them contain incorrect and incomplete information regarding exemptions available in bankruptcy. Consult a competent bankruptcy attorney in your state for accurate guidance.
- Wed Jun 28, 2017 4:24 pm
- Forum: Personal Investments
- Topic: New child - what type of accounts to open?
- Replies: 8
- Views: 1277
Re: New child - what type of accounts to open?
A 529 plan is a good choice. The earlier it gets funded, the better. I would save the savings account for later, when the child can start making their own choices about spending.
- Fri Jun 16, 2017 4:43 pm
- Forum: Personal Consumer Issues
- Topic: Need WIFI repeater or second router Advice
- Replies: 45
- Views: 5708
Re: Need WIFI repeater or second router Advice
Google Wifi works great. You can order it on Amazon. Problem solved.
- Wed Jun 07, 2017 7:59 am
- Forum: Investing - Theory, News & General
- Topic: Why You Still Can’t Trust Your Financial Adviser
- Replies: 54
- Views: 9221
Re: Why You Still Can’t Trust Your Financial Adviser
Coloring with such a broad brush is not entirely fair. Our FA's have done a good job for us over the long haul. We also have self-managed, low expense accounts. A lot of folks don't have the knowledge and capability to do that. And if a financial advisor encourages them to invest and keeps them from doing something monumentally stupid, it's probably worth it to them.
- Fri May 19, 2017 8:58 pm
- Forum: Personal Investments
- Topic: I'm having a freak-out moment (portfolio question)
- Replies: 24
- Views: 3682
Re: I'm having a freak-out moment (portfolio question)
Very few people have assets of $1 million or more, let alone folks younger than 50. I read somewhere that the average savings of a 50-year old American is roughly $100,000. You have what appears to be a nice pension plan, a sizable retirement account, and the ability to add additional gross retirement savings over the next 10 years of $240,000. I would say keep up the good work!
You probably should avoid investing in individual stocks in any significant amount. That's just going to increase your level of anxiety.
You probably should avoid investing in individual stocks in any significant amount. That's just going to increase your level of anxiety.
- Sun Apr 16, 2017 3:56 pm
- Forum: Personal Finance (Not Investing)
- Topic: Do you have an umbrella policy?
- Replies: 295
- Views: 49125
Re: Do you have an umbrella policy?
Our policy covers "family members," who are defined, generally, as related persons residing in the household. It further states, "your unmarried dependent children, wards and foster children while temporarily away from home will be considered residents if they intend to resume living in your household."SurfCityBill wrote:For you umbrella policy owners, would a typical policy cover my non-minor dependent children? (Currently students)
- Thu Apr 13, 2017 7:51 am
- Forum: Personal Investments
- Topic: Where to use $10k inheritance
- Replies: 7
- Views: 1106
Re: Where to use $10k inheritance
I would use at least part of it it to pay down the student loan. Emotions should not enter into the decision. It's money, not a family heirloom. In the meantime, consider buying a 6 month cd to give yourself time to decide.
- Sat Feb 18, 2017 3:51 pm
- Forum: Personal Investments
- Topic: HSA Receipts
- Replies: 8
- Views: 1347
Re: HSA Receipts
We spend less than $1,000 per year from our HSA. I keep no receipts. Is the IRS going to audit you for some piddling HSA disbursements? Very unlikely.
- Sat Nov 26, 2016 9:16 pm
- Forum: Personal Investments
- Topic: Side Hustle Money - I Want To Invest It
- Replies: 4
- Views: 1404
Re: Side Hustle Money - I Want To Invest It
First priority should be paying off student loans, but if you would prefer foregoing that sage advice, I would choose the Vanguard Balanced Fund to start off with. It gives you roughly the allocation you are seeking. It's a good introduction to mutual fund investing.
- Tue Mar 29, 2016 9:58 pm
- Forum: Personal Investments
- Topic: Where to invest liquid cash other than a savings account?
- Replies: 16
- Views: 4838
Re: Where to invest liquid cash other than a savings account?
Look for a CD that matures when you think you will need the funds. Not very exciting, but it's safe and will have a better yield than a savings account.