Search found 6870 matches

by FIREchief
Mon Aug 02, 2021 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this wise?
Replies: 147
Views: 15691

Re: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this w

rcarnes1 wrote: Mon Aug 02, 2021 10:05 am And how will the taxes and outstanding bills be paid if all assets pass by beneficiary and POD? Not a good idea.
Perhaps the more meaningful question is "what happens if taxes and outstanding bills are not paid?" In many cases (perhaps not the OP's situation) the answer is "nothing."
by FIREchief
Mon Aug 02, 2021 12:51 am
Forum: Personal Finance (Not Investing)
Topic: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this wise?
Replies: 147
Views: 15691

Re: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this w

Who will pay the debts, funeral and administration expenses of the estate? He might die with an asset such as a judgment for his wrongful death which will be disposed of by the intestate laws of his state. His spouse might have a right of election against all the assets of the estate. For someone with those assets to intentionally elect to have no will is just plain foolish. Agreed. Also what if one of the beneficiaries predeceases him? Also what if there’s a reasonable chance one of his children might get divorced, outlive his/her spouse and remarry, have a taxable estate, have creditors, or want Medicaid? Leaving the children’s shares in trust rather than outright will better protect their inheritances. It may be worth spending a few tho...
by FIREchief
Sun Aug 01, 2021 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this wise?
Replies: 147
Views: 15691

Re: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this w

How do you know the new spouse won't change beneficiary designations later, leaving you with nothing? It has happened. With most institutions, all she needs is login credentials. How on earth would anybody obtain my login credentials? It's not like anybody would actually write down their passwords, right? :twisted: This seems to be the most obvious weakness in the plan. I must say that based on my experience with an n of about 5, for seniors not very accustomed to computers, the password to every financial account is on a sticky within arms reach of the computer. :oops: Yeah. I know. And, based upon many forum posts, it extends far beyond the old, frail and computer challenged. I've read countless posts by folks proudly stating that they'v...
by FIREchief
Sun Aug 01, 2021 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this wise?
Replies: 147
Views: 15691

Re: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this w

gwe67 wrote: Sun Aug 01, 2021 3:25 pm How do you know the new spouse won't change beneficiary designations later, leaving you with nothing? It has happened. With most institutions, all she needs is login credentials.
How on earth would anybody obtain my login credentials? It's not like anybody would actually write down their passwords, right? :twisted:
by FIREchief
Sun Aug 01, 2021 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this wise?
Replies: 147
Views: 15691

Re: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this w

Who will pay the debts, funeral and administration expenses of the estate? Great question and one for the OP to think about. That said, if all assets of any tangible value pass via TOD/POD, the answer might be "who cares?" Some of us will have no debts, no administration (thus no administration expenses) and a $1500 cremation bill. Celebration of life service will be weeks later at our church. Somebody might have to pull out their wallet to fork over $100 for donuts and coffee. Donate the body to research (I need to do that "one of these days") and the transportation and cremation are free with the ashes shipped prepaid to the zip code of my choice. 8-) (I learned that right here on this great forum 8-) ) Granted, many/...
by FIREchief
Sun Aug 01, 2021 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this wise?
Replies: 147
Views: 15691

Re: Father intends to have no will. He will use named beneficiaries on accounts to distribute assets to heirs. Is this w

It's better to have a Will and not need it than to need a Will and not have it. That said, and as others have mentioned, DPOA, MPOA, etc. may be more important than a will and they all come as one happy package.
by FIREchief
Sat Jul 31, 2021 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: How much financial support do you plan on giving to your kids after high school?
Replies: 177
Views: 17838

Re: How much financial support do you plan on giving to your kids after high school?

secondcor521 wrote: Fri Jul 30, 2021 5:28 pm Lately I've been dealing with the warm hand issue. I've been making very general comments to them about this situation. For now, I think I need to wait to ensure that they're going to launch and be self sufficient first. Perhaps will do warm hand gifting in maybe 5 years or so.
What does "warm hand" mean?
by FIREchief
Sat Jul 31, 2021 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Continuing Care Retirement Community Insolvency
Replies: 17
Views: 2254

Re: Continuing Care Retirement Community Insolvency

These are always interesting threads, and it's nice to see a discussion that may include the effects of Covid (whatever those are or will become). I'm not to the CCRC decision point yet, but it is something I want to understand better. Thanks for all the inputs.
by FIREchief
Fri Jul 30, 2021 11:43 am
Forum: Personal Finance (Not Investing)
Topic: How much financial support do you plan on giving to your kids after high school?
Replies: 177
Views: 17838

Re: How much financial support do you plan on giving to your kids after high school?

oldfatguy wrote: Fri Jul 30, 2021 10:45 am
FIREchief wrote: Fri Jul 30, 2021 10:33 am
oldfatguy wrote: Fri Jul 30, 2021 9:59 am If I take SS at 62, she would also get about 18 months of payments until she graduates HS.
What types of payments are you describing here?
It is my understanding that if you are receiving SS retirement benefits, your minor child can receive payments until they are 18, or until they graduate from HS before age 19.

https://www.ssa.gov/pubs/EN-05-10085.pdf
Thanks. I was aware that if a parent dies the minor kids can get SS benefits, but not the situation you describe. Back in the day, children of a deceased parent could receive SS benefits if they attended college full time after age 18. I think that was a great system.
by FIREchief
Fri Jul 30, 2021 10:33 am
Forum: Personal Finance (Not Investing)
Topic: How much financial support do you plan on giving to your kids after high school?
Replies: 177
Views: 17838

Re: How much financial support do you plan on giving to your kids after high school?

oldfatguy wrote: Fri Jul 30, 2021 9:59 am If I take SS at 62, she would also get about 18 months of payments until she graduates HS.
What types of payments are you describing here?
by FIREchief
Fri Jul 30, 2021 10:26 am
Forum: Personal Finance (Not Investing)
Topic: How often do you get new glasses?
Replies: 45
Views: 3753

Re: How often do you get new glasses?

I bought my first pair of glasses 3 years ago...I kind of went overboard out of excitement and bought $700 titanium frames. The lenses were another ~$200. I really like the frames, the lenses have already been changed out once (about a year ago). I am not sure how many times I will be able to get away with putting new lenses into these frames. I don't wear contacts so these are on my face all day long. If I get another year or 2 out of these I will be happy and then move on....probably with cheaper frames :) Those titanium frames may have been worth every penny (although $700 sounds a bit steep even for those). They are strong, lightweight and durable. Unlike plastic, as long as the finish holds up you can use them for years. The nose piec...
by FIREchief
Thu Jul 29, 2021 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: How much financial support do you plan on giving to your kids after high school?
Replies: 177
Views: 17838

Re: How much financial support do you plan on giving to your kids after high school?

gubernaculum wrote: Thu Jul 29, 2021 6:57 pm Be flexible. Many things are kid dependent.
D-Dog indicated that the kids are in high school. We don't know his/her kids but D-Dog certainly does by this point. 8-)
by FIREchief
Thu Jul 29, 2021 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: How much financial support do you plan on giving to your kids after high school?
Replies: 177
Views: 17838

Re: How much financial support do you plan on giving to your kids after high school?

My current plan includes: I will pay for the cost of tuition and room&board for four years at an in state public university. If they want to go to a more expensive school, they can pay the difference themselves or take out loans. I'm not sure if I would pay for grad school. I lean towards no, but not sure. I will continue to pay for an older but reliable used car, including insurance, through college. They can pay for gas, any traffic tickets, and the deductible if they get in an accident. I will continue to keep them on my cell phone plan through college. I will continue to fund Roth IRAs for them through college. After college, I don't plan on paying for much, but would allow them to live at home rent free as long as they are working...
by FIREchief
Thu Jul 29, 2021 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust Question
Replies: 58
Views: 5922

Re: Revocable Living Trust Question

Another possibility is that it creates a separate trust to hold the retirement accounts. No. The one I have in front of me doesn't. And it's not a "savings clause." It's a section within the trust that provides direction on the proper treatment by the trustee of an inherited qualified account so that all immediate beneficiaries of those assets will be recognized as individuals by the IRS and, unless eligible for the exceptions, eligible for the ten year stretch (lifetime prior to SECURE act). As you are hopefully aware, successor beneficiaries don't have to qualify as individuals for a conduit trust. They do for an accumulation trust. It's three pages out of a 74 page trust document in an article specifically dealing with qualifi...
by FIREchief
Thu Jul 29, 2021 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust Question
Replies: 58
Views: 5922

Re: Revocable Living Trust Question

Lee_WSP wrote: Thu Jul 29, 2021 6:00 pm Possible, but it doesn't change my response. As I said above, it could be a savings clause that disqualifies non persons if the trust ultimately receives an IRA.
I just dug up one real example. There is a section in the revocable living trust (I should have said article/section in my prior message - my bad) titled "Retirement Plans" that specifically mentions accordance with Internal Revenue Code 401(a)(9) four times. Do you still think that this is not dealing with the trust being able to function as a conduit trust for such assets?
by FIREchief
Thu Jul 29, 2021 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust Question
Replies: 58
Views: 5922

Re: Revocable Living Trust Question

Definitely ask your attorney's advice on this one as, depending on your situation and which kind of retirement account, common practice would to be NOT to name the trust as beneficiary as your kid or spouse as bene can, sometimes, take the income over more years than the trust. For adult kits, this is generally not true if the trust is properly drafted. All boilerplate Revocable Living Trusts I've seen recently include a section that allows the eventual irrevocable trust to qualify as a conduit trust, thus providing the same (now crappy) ten year stretch in most situations. For a spouse, in most situations it makes sense to name them as sole primary beneficiary so as to allow them to treat the account as their own. It's not based on any bo...
by FIREchief
Thu Jul 29, 2021 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust Question
Replies: 58
Views: 5922

Re: Revocable Living Trust Question

... All boilerplate Revocable Living Trusts I've seen recently include a section that allows the eventual irrevocable trust to qualify as a conduit trust, thus providing the same (now crappy) ten year stretch in most situations. ... Conduit trusts rarely made sense before the SECURE Act, and generally don't make sense now except sometimes for eligible designated beneficiaries (spouse where you don't want to leave it outright to the spouse, or persons less than 10 years younger) where discretionary trusts don't qualify for the life expectancy stretch. I've always agreed with you on this Bruce. However, the conduit trusts that you saw weren't the result of their being in a revocable trust. You could provide the same dispositive provisions wh...
by FIREchief
Thu Jul 29, 2021 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust Question
Replies: 58
Views: 5922

Re: Revocable Living Trust Question

Definitely ask your attorney's advice on this one as, depending on your situation and which kind of retirement account, common practice would to be NOT to name the trust as beneficiary as your kid or spouse as bene can, sometimes, take the income over more years than the trust. For adult kits, this is generally not true if the trust is properly drafted. All boilerplate Revocable Living Trusts I've seen recently include a section that allows the eventual irrevocable trust to qualify as a conduit trust, thus providing the same (now crappy) ten year stretch in most situations. For a spouse, in most situations it makes sense to name them as sole primary beneficiary so as to allow them to treat the account as their own. It's not based on any bo...
by FIREchief
Thu Jul 29, 2021 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust Question
Replies: 58
Views: 5922

Re: Revocable Living Trust Question

I am no expert but I thought that a trust that does not have assets transferred into it before death is a worthless piece of paper. If no current assets are titled to the trust AND no accounts name the trust as beneficiary, than I would agree with you. Beyond that, there can be situations where some assets are titled to the trust immediately, some name the trust as beneficiary and some name other persons or entities as beneficiary. As an example, Joe may decide to place half of his ample assets into his living trust now and name his favorite charity as sole/primary beneficiary of the other half (he should likely let that charity and/or his executor/trustee know about this). Another person may wish to have different persons/entities act as ...
by FIREchief
Thu Jul 29, 2021 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust Question
Replies: 58
Views: 5922

Re: Revocable Living Trust Question

MrsBDG wrote: Thu Jul 29, 2021 4:15 pm Definitely ask your attorney's advice on this one as, depending on your situation and which kind of retirement account, common practice would to be NOT to name the trust as beneficiary as your kid or spouse as bene can, sometimes, take the income over more years than the trust.
For adult kits, this is generally not true if the trust is properly drafted. All boilerplate Revocable Living Trusts I've seen recently include a section that allows the eventual irrevocable trust to qualify as a conduit trust, thus providing the same (now crappy) ten year stretch in most situations.

For a spouse, in most situations it makes sense to name them as sole primary beneficiary so as to allow them to treat the account as their own.
by FIREchief
Wed Jul 28, 2021 11:28 am
Forum: Investing - Theory, News & General
Topic: Thinking of Dropping Out of International Stock Funds
Replies: 300
Views: 27239

Re: Thinking of Dropping Out of International Stock Funds

Nathan Drake wrote: Tue Jul 27, 2021 7:46 pm Image

What a terrible time to invest!
I'll bite. What's the date on that? I can't make it out on my screen.
by FIREchief
Tue Jul 27, 2021 8:15 pm
Forum: Investing - Theory, News & General
Topic: Thinking of Dropping Out of International Stock Funds
Replies: 300
Views: 27239

Re: Thinking of Dropping Out of International Stock Funds

I'll just keep riding that horse that got me here. Giddy Up! 8-)
by FIREchief
Mon Jul 26, 2021 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: legal question about DPOA for relative with dementia
Replies: 18
Views: 1330

Re: legal question about DPOA for relative with dementia

IIRC, most POA documents are typically drafted with a hierarchy of individuals (e.g. MPOA will be child #1, in the event child #1 is unable or unwilling to serve, MPOA will be child #2, etc., etc.). You need to see what the actual document says.
by FIREchief
Sun Jul 25, 2021 7:37 pm
Forum: Investing - Theory, News & General
Topic: 60/40 is Done - Now It's 70/20/5
Replies: 41
Views: 9428

Re: 60/40 is Done - Now It's 70/20/5

David Jay wrote: Sun Jul 25, 2021 7:04 pm
FIREchief wrote: Thu Jul 22, 2021 11:47 pm
Dregob wrote: Thu Jul 22, 2021 5:24 pm
aristotelian wrote: Thu Jul 22, 2021 8:38 am Anyone notice something off about this recommendation?

https://www.kitco.com/news/2021-07-20/T ... mTree.html
My strategy is 70/30/10! 110% > 100%
We have a winner!! I'll bet your amplifier goes to eleven as well?? :P
I’m trying to think up a witty reply but I’m all “tapped” out.
:P :D
by FIREchief
Sun Jul 25, 2021 4:11 pm
Forum: Investing - Theory, News & General
Topic: Update: Inflation Expectations, July 2021
Replies: 9
Views: 2379

Re: Update: Inflation Expectations, July 2021

livesoft wrote: Sun Jul 25, 2021 7:06 am Vanguard Total US Bond Market Index fund is up about 2.5% in the past 3 months. I guess bond funds don't always react to perceived inflation as some people expect.
The yield curve (7 yr) has dropped from 1.26 to 1.04 over the past 3 months. Why would perceived inflation have anything to do with this?
by FIREchief
Sun Jul 25, 2021 12:07 pm
Forum: Personal Investments
Topic: Pass IRA to grandchildren to mitigate SECURE Act?
Replies: 9
Views: 1793

Re: Pass IRA to grandchildren to mitigate SECURE Act?

lakpr wrote: Sun Jul 25, 2021 5:51 am I think, to make changes to IRA or 401k/403b plan beneficiaries, one requires spousal consent, if married.
401k yes. IRA no. See my signature.
by FIREchief
Sun Jul 25, 2021 1:05 am
Forum: Personal Finance (Not Investing)
Topic: Whats the point of building wealth?
Replies: 32
Views: 3631

Re: Whats the point of building wealth?

newyorker wrote: Sat Jul 24, 2021 11:42 pm I believe in working hard and playing hard. (Or spending hard) Just an epiphany before i go to bed.
Well, which is it? Playing hard or spending hard? Those can be entirely different things. I've known a lot of people who have "played hard" while LBYM. I've also seen some poor suckers who spend hard while trying to convince themselves that ridiculous houses and exotic cars make them "happy," despite all the woes that they inevitably bring. You seem to be making that timeless error of equating spending with enjoying life. If spending money is the only path to enjoyment, than you (and many others) have my sympathy.
by FIREchief
Sun Jul 25, 2021 12:08 am
Forum: Personal Finance (Not Investing)
Topic: Gifting from joint account
Replies: 58
Views: 4288

Re: Gifting from joint account

Gill wrote: Sat Jul 24, 2021 8:39 pm
mptfan wrote: Sat Jul 24, 2021 7:41 pm
Lee_WSP wrote: Sat Jul 24, 2021 7:38 pm You can have an infinite number of joint tenants, but there is a practical limit. N is number of tenants.
So let's assume there are two people on a joint account for simplicity...your statement is that each joint tenant is entitled to 1/2 of the account is wrong because each tenant is entitled to 1/1 of the account, i.e. 100%.
I agree. Lee is describing tenants in common, not joint tenants WROS.
Gill
Thank you Gill. I can't believe that he is still debating this.
by FIREchief
Sat Jul 24, 2021 11:53 pm
Forum: Personal Finance (Not Investing)
Topic: Moving Car Title to Trust in CA
Replies: 18
Views: 2905

Re: Moving Car Title to Trust in CA

roamingzebra wrote: Sat Jul 24, 2021 9:16 pm If a vehicle is not in the trust but is covered by the pour-over will attached to the trust, how does that work? Will it take longer to settle the vehicle transfer in the pour-over-will scenario vs the trust/TOD scenario?
I'm guessing that after an executor is named they would have to take possession of the vehicle and inventory/disposition it as an asset of the estate. If the estate now "owns" the vehicle, I'm not sure if it is still insured or even can be insured. A trust can be added to an auto policy as an interested party.
by FIREchief
Sat Jul 24, 2021 11:49 pm
Forum: Personal Finance (Not Investing)
Topic: Moving Car Title to Trust in CA
Replies: 18
Views: 2905

Re: Moving Car Title to Trust in CA

sport wrote: Sat Jul 24, 2021 7:03 pm If you are operating a vehicle titled to a trust and you get stopped by a policeman for a traffic violation, you may not get much sympathy from the officer. Some people are jealous of those who are financially successful. I would not want to be at the mercy of a jealous policeman.
Where I live, there is a great deal of mutual respect between law enforcement officers and responsible citizens who work for a living and save money. Perhaps it might help me?
by FIREchief
Sat Jul 24, 2021 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: Moving Car Title to Trust in CA
Replies: 18
Views: 2905

Re: Moving Car Title to Trust in CA

dognose wrote: Sat Jul 24, 2021 1:24 pm Our attorney advised us to title our vehicles under our trust. The process took less than 15 minutes at our local DMV office.
Thanks for sharing that. I usually get quite lonely in these discussions. :D
As for arguments that titling vehicles under a trust could increase the chances for litigation, our attorney said: “This is a common misperception. It’s both wrong and, frankly, stupid.”
:P Yeah, that's one of those things that people warn us against but we never see any actual reports of it happening. I would think that people with umbrella policies would be more of a target than people with trusts.
by FIREchief
Sat Jul 24, 2021 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 6053
Views: 1037278

Re: Fidelity as a one stop shop

arf30 wrote: Sat Jul 03, 2021 7:29 am After consolidating some accounts at Fidelity we passed the mark and it started showing private client status a month or two later. Doesn't seem like a great perk though, all that happened was we were assigned a "personal advisor" who tries calling every now and then to sell things (I never answer),
If you never answer, how do you know that he is calling to sell you things? We have many reports of folks who enjoy their relationships with private client reps who never try to sell them anything.
by FIREchief
Sat Jul 24, 2021 3:32 pm
Forum: Investing - Theory, News & General
Topic: The hidden cost of Fidelity’s ZERO funds
Replies: 71
Views: 16515

Re: The hidden cost of Fidelity’s ZERO funds

I had forgotten all about this stupid zombie thread. Some things just won't stay dead. :twisted: :oops:
by FIREchief
Sat Jul 24, 2021 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Moving Car Title to Trust in CA
Replies: 18
Views: 2905

Re: Moving Car Title to Trust in CA

My state allows adding the trust as a third/alternate owner.

Ownership was: FIREchief OR DW

Ownership is: FIREchief OR DW OR FIREchief family living trust

Also, we have third party places that do title changes (and other DMV transactions) quickly and without waiting for a small surcharge.

Best of both worlds.

A lot of people of modest means have living trusts. In some places, the fact that a person even has up to date insurance signals that they're in the upper economic echelons. I've never bought into the "if it's owned by a trust, I'll sue!" concern. I would think the "victim" might look more at address and vehicle type than ownership.
by FIREchief
Fri Jul 23, 2021 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Determined wrote: Fri Jul 23, 2021 1:47 pm My ex’s preference was sports betting. I absolutely believe he was investing in Bitcoin. He talked about to my children and his sisters and texted me about weeks before his passing. He also had Borderline Personality Disorder. Risky and addictive behaviors are part of that.
Yikes. That really doesn't sound like a buy and hold Boglehead. I hope your kids do receive some benefits from the estate, but I wouldn't "bet" any money on it at this point.
by FIREchief
Fri Jul 23, 2021 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

“Hi (my son) , I am flying out next Thursday to put the household items plus car in storage. The rest that I think nobody wants I'm going to dispose of. If there is anything you want let me know and I can call you next week when I'm there. I will obviously keep anything I believe is family related but couches chairs ect I will get rid of. (Dad’s) remains are with (their aunt). I have received the death certificates so things are moving along.” Was there any confirmation that the will had been filed with the appropriate County court in NV and that the nominated executor had petitioned the court for (and received) letters of appointment? Also, is (son) going to pay for moving and storage out of his own pocket? Does he realize that if/when he...
by FIREchief
Fri Jul 23, 2021 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Luckywon wrote: Fri Jul 23, 2021 12:56 pm
Lee_WSP wrote: Fri Jul 23, 2021 12:50 pm Sometimes the costs to obtain information exceeds the expected value of obtaining said information.
FIREchief wrote: Fri Jul 23, 2021 12:54 pm To Lee's point, paying to pursue this "information" may also be a big gamble with really crappy (Kino?) odds. There might be a better potential outcome by just placing the lawyer's fees on "red."
I'll say this. I believe the expected value of spending a bit of money to flesh out any potential bitcoin or other unexpected assets in this case a much better bet than title insurance. :twisted:
For the win! :P :sharebeer
by FIREchief
Fri Jul 23, 2021 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

There is of course one other (better?) option. Just do nothing. Doing nothing is an ever present, yet rarely embraced option in situations such as this. As we've discussed in this thread, ultimately the courts will have to deal with it in some manner. If I were in the OP's situation (fortunately, I'm not but you never know), I would just make certain to let the County circuit court clerk and landlord know that the decedent had surviving children and what their contact information is. You and I have different levels of interest about the potential bitcoin windfall. :moneybag :moneybag I don't see any way to flesh that out without being appointed executor and having the computer of the ex examined. You are correct! I have a hard time believi...
by FIREchief
Fri Jul 23, 2021 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Why do you think that an ex-spouse would be in any position to probate an estate? Surviving child, sure. Ex? That one would surprise me. Generally agree but I am considering that the ex-spouse's minor child may be the principal beneficiary. The adult surviving children are unlikely to be beneficiaries and OP has alluded to the possibility other issues may be in play. Frankly, I see less reason for them to be involved than the OP. That makes sense. I had forgotten that one of the children was a minor under custody of the OP. I was thinking that the adult children would be considered the top candidates by the Courts (in accordance with state law). I'm not sure where a parent of a minor child would fall into the mix. We were told that the sup...
by FIREchief
Fri Jul 23, 2021 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Ayyy I should have kept my mouth shut. :sharebeer Nah. Where's the fun in that? :P Well, speaking from my experience when we went through this, ultimately, the attorney represented the appointed personal representative but up until that point he was reasonably helpful and forthcoming in guiding as to the steps to be taken. I can easily imagine that most many attorneys interviewed would give helpful advice as to how to proceed including addressing most or all of the concerns you raised upstream regarding son's impending expedition to Vegas. Don't get me wrong. I'm 100% behind receiving free advice from lawyers. It happens all the time right here on the forum (and we have some FAR above average lawyers helping us out). 8-) That said, I'm a B...
by FIREchief
Fri Jul 23, 2021 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

I can think of at least 4 great reasons for the friend to decline to serve as executor. The fact he has not done so already is probably related to some combination of him not understanding what is entailed, not having spoken with an attorney, and not being very astute regarding how to handle this matter. Bingo!! I (we) could be totally wrong about this, but if I were a betting man this would be my play. 8-) It is likely that ultimately you and your immediate family will be left to deal with your ex's estate and the very first step would be to consult with a probate lawyer in Nevada. There is of course one other (better?) option. Just do nothing. Doing nothing is an ever present, yet rarely embraced option in situations such as this. As we'...
by FIREchief
Fri Jul 23, 2021 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Was there any confirmation that the will had been filed with the appropriate County court in NV and that the nominated executor had petitioned the court for (and received) letters of appointment? Also, is (son) going to pay for moving and storage out of his own pocket? Does he realize that if/when he drives the car he and the car will likely be uninsured? Is he prepared to pay a landlord requested fees for vacating the apartment and any unpaid utilities (e.g. electricity) that reverted to the landlord if/when unpaid? What does he need copies of the death certificate for? FIREchief, the thought does come to mind that if these great questions you raise have not been considered, part of the problem may be they are proceeding without proper le...
by FIREchief
Fri Jul 23, 2021 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

“Hi (my son) , I am flying out next Thursday to put the household items plus car in storage. The rest that I think nobody wants I'm going to dispose of. If there is anything you want let me know and I can call you next week when I'm there. I will obviously keep anything I believe is family related but couches chairs ect I will get rid of. (Dad’s) remains are with (their aunt). I have received the death certificates so things are moving along.” Was there any confirmation that the will had been filed with the appropriate County court in NV and that the nominated executor had petitioned the court for (and received) letters of appointment? Also, is (son) going to pay for moving and storage out of his own pocket? Does he realize that if/when he...
by FIREchief
Thu Jul 22, 2021 11:47 pm
Forum: Investing - Theory, News & General
Topic: 60/40 is Done - Now It's 70/20/5
Replies: 41
Views: 9428

Re: 60/40 is Done - Now It's 70/20/5

Dregob wrote: Thu Jul 22, 2021 5:24 pm
aristotelian wrote: Thu Jul 22, 2021 8:38 am Anyone notice something off about this recommendation?

https://www.kitco.com/news/2021-07-20/T ... mTree.html
My strategy is 70/30/10! 110% > 100%
We have a winner!! I'll bet your amplifier goes to eleven as well?? :P
by FIREchief
Thu Jul 22, 2021 11:43 pm
Forum: Personal Finance (Not Investing)
Topic: Should we create a testamentary trust for $6M estate?
Replies: 255
Views: 23790

Re: Should we create a testamentary trust for $6M estate?

Lee_WSP wrote: Thu Jul 22, 2021 7:00 pm The moment Moses left to go up the mountain, they were constructing idols and engaging in all sorts of unwanted behaviors. Not a great analogy.
:P
by FIREchief
Thu Jul 22, 2021 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Lee_WSP wrote: Thu Jul 22, 2021 8:40 pm
FIREchief wrote: Thu Jul 22, 2021 8:38 pm
Lee_WSP wrote: Thu Jul 22, 2021 8:34 pm Executor is the beneficiary
Beneficiary of an apartment full of clutter? Good for him!
You're missing the subtlety of my responses to OP. 8-)
Perhaps not! :P
by FIREchief
Thu Jul 22, 2021 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Lee_WSP wrote: Thu Jul 22, 2021 8:34 pm Executor is the beneficiary
Beneficiary of an apartment full of clutter? Good for him!
by FIREchief
Thu Jul 22, 2021 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Eventually you get to a special master or public servant or appointed attorney or fiduciary. Bingo!! You're right there with me now! 8-) I don't understand what it has to do with potentially fighting a disinheritance though. Well in the absence of any probate assets to inherit, is there any point in fighting an (alleged) disinheritance? The only possible asset we've been told about is possible life insurance of unknown (likely small if any) magnitude. Any disinheritance in the will would have nothing to do with that. Do you really think that they're going to uncover a pot of gold in this guys apartment? If, under public administrator oversight, they do; than I agree that now is the time to pay that lawyer! 8-) There, now I'm right there wi...
by FIREchief
Thu Jul 22, 2021 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

Lee_WSP wrote: Thu Jul 22, 2021 8:27 pm
FIREchief wrote: Thu Jul 22, 2021 8:15 pm
Lee_WSP wrote: Thu Jul 22, 2021 8:01 pm The executor is hostile.
Hostile? It sounded more to me like the person nominated as executor had no interest in even getting involved.
It's a lawyer ish term. The executor is adverse to the OPs children. As in their interests are opposed.
Yeah, I think most of us know that. We just haven't seen any claims of such adversity in this thread. Just claims of inaction and lack of interest. Those aren't the same things. I could be wrong, but I highly doubt this person has bothered to petition the courts for letters of appointment, and thus lacks any legal standing.
by FIREchief
Thu Jul 22, 2021 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7318

Re: Locating a life insurance policy [via the executor of an estate]

As DW is currently executor of her aunt's estate, I've found information on my own. Perhaps the OP can do the same, depending on the state and/or county has similar systems to Massachusetts, which I have no idea if they do or don't. For our situation, messed up probates going back to the grandfather require probates be opened again. As a bystander in this, I can push buttons on my laptop just fine. With the county where probate was opened, I found files for the grandfather and that opened for the aunt. In the grandfather's file, I found an image of his will as filed. This had been some big mystery in the family for some reason. They could have gone to the courthouse and also found this information for free. If this were me, I'd search Iowa...