Search found 28 matches

by matt fe2o3
Wed May 09, 2018 4:25 am
Forum: Personal Finance (Not Investing)
Topic: Means of Titling/Re-Titling [checking acct into] my RLT?
Replies: 20
Views: 2026

Re: Means of Titling/Re-Titling [checking acct into] my RLT?

Interesting topic. We have to update our living trust (California) - it's badly out of date, but basically in the trust we specified the accounts and values and pour into the A/B trust from those accounts and outside of both of us dying at the same time it's never really seemed like an issue. If both us us died at the same time the trustee might have to open a named trust account as a sweep vehicle for the beneficiaries - i just never really saw the need. While my wife and I have joint accounts, our simple checking accounts are separate (we are signers) but we manage our own running cost stuff - kinda in a divide and conquer way. It all works out. This has me thinking if we should formalize our checking accounts into the trusts name or not....
by matt fe2o3
Wed May 09, 2018 4:08 am
Forum: Personal Finance (Not Investing)
Topic: 2nd/Part-time job - W2 or 1099?
Replies: 6
Views: 1602

Re: 2nd/Part-time job - W2 or 1099?

A few things, one is OP should incorporate or LLC. Even if there might be indemnity from prospective client , it can be a mess if something goes south or as other clients come into picture. Second is that OP needs to look at cost of being 1099. 100 vs 120 does not seem like much differential. With self employment tax, local business license and state taxation rates - the burden can be quite high and there are annual costs to keep the entity going - not to mention insurance. Third really sucks but a fact of life. As temping as it is to take that 1099 money and file schedule C, you local city and county may very well mine data (actually pay a company to mine data) such as 1099's issued (and they go right into the tax man's database - it's per...
by matt fe2o3
Wed May 09, 2018 2:28 am
Forum: Personal Finance (Not Investing)
Topic: Resignation letter
Replies: 66
Views: 9179

Re: Resignation letter

Meh, suck it up it's only a few weeks. If it's that bad have her drop sick with allergies or whatever for a few days. Most employers only pay out 50 cents on the dollar for sick leave - if they pay anything. I agree she should not have extended - but at the same time if she is too stressed to work, then meh - take some sick time.
by matt fe2o3
Wed Apr 18, 2018 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: Got hit with a $2800 Medical bill. Can I negotiate?
Replies: 187
Views: 19565

Re: Got hit with a $2800 Medical bill. Can I negotiate?

It is quite common in some states for the medical provider to discount the covered potion to the insurance company but not to the person. So a broken leg with a 15k cost (ER, etc.,) the insurance company pays 80% of the negotiated discount rate of 80% or net 2,400.00 (yes the discounts to insurance from medical off list can really be that big - or more). The person/body itself is on the hook for the non-discounted 20% of the 15k or 3,000.00. At the end of the day you pay more than the insurance company. Nice.... In a fair world the discount would be applied equally to the total cost that is 20% of the 15k = 3,000.00 total charges and you pay 20% of that = 600.00 So in a handful of States balance billing is not allowed. In some others it is ...
by matt fe2o3
Wed Mar 14, 2018 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Accountant not doing taxes while you are there
Replies: 53
Views: 8180

Re: Accountant not doing taxes while you are there

We meet for a hour every year with our CPA. I basically have schedule C in a spreadsheet and read it off, we discuss a variety of things including solo 401 contributions, etc.,

He does all the worksheets - however I think the file transfer to the IRS / State get's done a day or two later and we get the hard-copies in teh mail a few days later - but the taxes are done then and there. We use a big regional form and have had the same guy for 20+ years.

So from my standpoint not doing the tax-workup while we are there is pretty strange.
by matt fe2o3
Wed Feb 28, 2018 11:25 pm
Forum: Personal Finance (Not Investing)
Topic: Physical cash
Replies: 121
Views: 12169

Re: Physical cash

It is an interesting thread.

I just bought a gift card for someone who did me a solid. Eight freaking fraud alerts later - I think it went through,, :confused :D

Anyway I have exactly seven dollars in my wallet. I think we have 60 in the jar for the pizza guy - should the need arise.
by matt fe2o3
Mon Feb 26, 2018 6:16 am
Forum: Personal Finance (Not Investing)
Topic: i401k plan - what happened when started as sole proprietor and now forming LLC?
Replies: 6
Views: 754

Re: i401k plan - what happened when started as sole proprietor and now forming LLC?

Fidelity is actually very good when you get to the folks that handle solo 401k plans.

Call them - the right guy/gal will get back to you. I have been highly impressed.
by matt fe2o3
Sat Feb 24, 2018 3:52 am
Forum: Personal Consumer Issues
Topic: Roof Shingle Recommendations
Replies: 26
Views: 5181

Re: Roof Shingle Recommendations

I went with lightweight concrete tiles (that look similar to slate).

Rather than to do the roof again in my lifetime - in theory anyway.

I went with Auburn Tile products - you choose three colors and the installer blend them in. Not furiously expensive - certainly less expensive than doing the roof twice. Looks great. No decay possible to impact underlayment.

However we are not in a hail zone - so I could not tell you how they would hold up. Hurricane - well installed properly they should outlast a asphalt product - however worth doing some research.

Almost 10 years now on my roof system and looks like new.
by matt fe2o3
Sun Feb 18, 2018 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Ok, so I paid off my car...now what about auto insurance?
Replies: 7
Views: 1880

Re: Ok, so I paid off my car...now what about auto insurance?

Raise the deductible on your collision and comprehensive. The bank probably required a $500 limit to protect its interest in your car, but you will likely save money by raising it to $1500 or $2500. Besides simplifying the handling of claims, this reduces the number of small claims which will raise your insurance rate if your insurance pays them, You may not want to eliminate it entirely, as one of the things insurance gets you is an advocate. If your car is damaged in an accident, it's better to have your insurance company fighting with the other driver's insurance company, rather than making you fight the other driver's insurance to get anything paid. If you have $7500 in damage and a $2500 deductible, you can make a claim for $5000 from...
by matt fe2o3
Thu Feb 15, 2018 3:10 am
Forum: Personal Finance (Not Investing)
Topic: Ramifications of naming your trust as your 401k beneficiary
Replies: 7
Views: 1570

Re: Ramifications of naming your trust as your 401k beneficiary

I hate to say it but we have neglected to update our living trust for some time.

OP thanks for the post - it's a kick in the rear to update and more importantly research.

Ughhh...
by matt fe2o3
Wed Jan 31, 2018 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy - Is it worth it.
Replies: 45
Views: 11930

Re: Umbrella Policy - Is it worth it.

What we don't know is what your umbrella covers. More importantly what it does not. At 400 a year at 1m it likely does NOT cover uninsured/under-insured motorist coverage - it might - but competitive price point wise it does not sound like it - again you have to read the policy declarations page. if it does not specifically call out UI/UIM coverage - it's not there. The declaration page will also have the deductible for the 1m UI/UIM which you need to ensure your auto policies reach otherwise there is a coverage gap. If it does in fact cover UI/UIM and your auto policies have sufficient coverage to reach the UI/UIM deductible then at 400 bucks you possibly have the best deal in town. If not - you need to ask what that cost is, both to add 1...
by matt fe2o3
Wed Jan 31, 2018 12:20 am
Forum: Personal Finance (Not Investing)
Topic: Dear wife quits job and now we are down to 1 income
Replies: 190
Views: 23370

Re: Dear wife quits job and now we are down to 1 income

The thing on filing for unemployment benefits is not to wait. Get in line. Even if there is a rejection then you can get a hearing. Hey who knows - the employer may just simply sign off on it.

I have seen many people qualify for UI benefits that made me scratch my head. I had a neighbor who was a UI hearing officer (basically a UI judge) and her spin was even when people quit because they cannot get ahead in the workforce - that's a perfectly good reason. Nothing ventured nothing gained.

Let us know how that works out.
by matt fe2o3
Wed Jan 24, 2018 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Dear wife quits job and now we are down to 1 income
Replies: 190
Views: 23370

Re: Dear wife quits job and now we are down to 1 income

Hi all, First post so please be gentle. Background Info: Me: 41- Income 72k/yr DW: 33- was making 70k/yr. Now 0. Son: 5 months Debt: Mortgage 10 yrs left @3.2%. No other debt. Monthly Expenses: about 5.5k/ month Emergency Fund: 67k in savings earning 0.0000001% DW comes back from 3 month maternity leave and her job is not the same (DW states Management not treating her the same) Everyday she would literally comeback miserable. The final straw was when DW had a huge disagreement with Management. She submitted her resignation last Friday. We already had a budget in place, but we sat down over the weekend to see what else can be cut down. We got our expenses down to 5.5k/month,we cut down retirement savings to 0, Extra principal payment towar...
by matt fe2o3
Sun Jan 14, 2018 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: How long do you save tax returns?
Replies: 39
Views: 5022

Re: How long do you save tax returns?

Yankuba wrote: Sun Jan 14, 2018 4:11 pm Can’t you get an old return from the IRS if you need it?
Yes but you cannot get the backup - because generally speaking you never supply it (like business receipts).

I have returns going back to 1992. The fact of the matter is a lot of receipts are faded - however there are a few nuggets and records I don't want to part with.
by matt fe2o3
Thu Jan 11, 2018 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: why do banks bother offering lousy CD rates?
Replies: 50
Views: 7224

Re: why do banks bother offering lousy CD rates?

New issues for non-callable at 2.668 / 2.682......



2.650
01-18-2023 N/A DISCOVER BANK (DE)
5 year, Non Callable
CUSIP: 254673LE4
100.000 2.668 2.668 901/1 Buy Primary
01/17/2018
01/18/2018

2.650
01-19-2023 N/A WELLS FARGO BANK NA (SD)
5 year, Non Callable
CUSIP: 949763MT0
100.000 2.682 2.682 1,535/1 Buy Primary
01/18/2018
01/19/2018
by matt fe2o3
Wed Jan 10, 2018 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: printing 1099s
Replies: 3
Views: 712

Re: printing 1099s

That's a good question. When I have had employees I always used the red pre-printed forms. I assume as long as you report they will accept it.

Sorry not much help but an excellent question of process.
by matt fe2o3
Wed Jan 10, 2018 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Letter from Social Security re Fraudulent Claim
Replies: 55
Views: 8210

Re: Letter from Social Security re Fraudulent Claim

I can think of reasons for the letter..... A) The former employee investigated a wide variety of suspect claims. He printed a box full of form letters and retired. The SS being frugal would rather just send these letters then throw them out. B) Someone filed a death claim using your information. If you show up with the letter, they know you're not dead. This - generally databases are slow to be updated. The form letter paragraph is probably a boiler plate. I suspect you can walk in at any time of your choosing and sort it out quickly, which is probably a good idea. Keep a copy - if it's a fake send one to local PD. Many mainline insurance companies throw a dollar something identity theft into the policy - so if it is real - you may have a ...
by matt fe2o3
Tue Jan 09, 2018 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Stand Alone Umbrella Insurance
Replies: 57
Views: 14877

Re: Stand Alone Umbrella Insurance

I have Safeco for umbrella.

pretty sure they will write stand alone - however you need to ensure your current insurance limits match the umbrella deductible.

I do have car and home with Safeco - but keep the motorcycle insurance with Progressive and have the bike added on the Safeco umbrella.

The issue I have is I cannot raise my UI/UIM under the umbrella to more than 1m. I can raise the umbrella to more - but the UI/UIM limit they will underwrite is 1m.
by matt fe2o3
Sat Jan 06, 2018 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement, retirement draws,hedging out of pocket PPO Insurance costs
Replies: 8
Views: 1346

Re: Retirement, retirement draws,hedging out of pocket PPO Insurance costs

Maybe I'm misunderstanding your numbers, but I think you'll be fine when using your worst-case medical costs. REALLY Rough quick numbers: Income $ 101K Expenses Taxes $ 9K Non-Medical $ 48K College $ 30K Bad Medical $ 15K ----------- $ 102K Is the 15K out-of-pocket per person, or per family? Per family on the medical. That's the combination of maximum PPO out of pocket Med + out of pocket prescription - which would be a pretty bad year or two. College - for youngest is 5 years away - and hopefully 4 years for undergraduate - assuming she went out of area - that is assumption. Our budget is only 101k to allow drawdown from 457's into free cash (for fixed income investing) at the 12% rate. The functional budget is 6,500 gross without excess ...
by matt fe2o3
Thu Jan 04, 2018 5:35 am
Forum: Personal Finance (Not Investing)
Topic: Retirement, retirement draws,hedging out of pocket PPO Insurance costs
Replies: 8
Views: 1346

Re: Retirement, retirement draws,hedging out of pocket PPO Insurance costs

With that view, you still have a decreasing risk as time passes -- 150K now, 135K next year, etc. I think you would want to include that fact in your analysis. For my planning, I just assume those costs as part of the early-retirement needs. To me, it's not really any different than other parts of the budget -- except that if I don't need it, it allows for greater flexibility in saving, spending, gifting, etc. If you think you can handle college expenses out of free cash flow, then you could probably do something similar for medical. The sad reality is that if you're spending a lot on medical, you're probably not spending much on fun stuff -- your budget will change anyway. You didn't say much about how you would determine the amount to dr...
by matt fe2o3
Sun Dec 31, 2017 5:27 am
Forum: Personal Finance (Not Investing)
Topic: Retirement, retirement draws,hedging out of pocket PPO Insurance costs
Replies: 8
Views: 1346

Re: Retirement, retirement draws,hedging out of pocket PPO Insurance costs

At some point there is a value to insuring vs. accrual of cash - I'm just not sure what that is, what the rates might be and how to go about comparing. I have a little bit of time - this coming year anyway. I haven't seen such a plan -- but I haven't really been looking either. As a first rough guess, the breakeven would be about $100/year, since you would likely be able to make that much in a money market fund or CD. As a second guess, consider how much more return you would expect from putting that money in your portfolio, while remembering that the certainty is less. Since you're considering a contingency fund in the first place, I imagine that this guess is way too high. The other thing you'll want to do is read up on just how hard it ...
by matt fe2o3
Fri Dec 29, 2017 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement, retirement draws,hedging out of pocket PPO Insurance costs
Replies: 8
Views: 1346

Re: Retirement, retirement draws,hedging out of pocket PPO Insurance costs

I've been thinking about funding a medical contingency account up-front, withdrawing from it to pay expenses, and periodically adding to it to maintain the funding level -- sort of a dedicated emergency fund. Initial funding would be equal to total out-of-pocket. If the big medical stuff turns into a recurring issue, then your budget will have to change anyway. If it's the occasional big hit, then you have a way to pay for it without jumping through hoops, and enough time to plan for refilling the account. In really healthy years, it may just sit there except for the annual checkup, dental visits, etc. The basic concept is to separate the impact of medical expense volatility from the actual budgeting to handle major issues. Right - exactly...
by matt fe2o3
Fri Dec 29, 2017 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Confusion about prepaying property taxes
Replies: 139
Views: 20072

Re: Confusion about prepaying property taxes

cherijoh wrote: Fri Dec 29, 2017 6:48 am
matt fe2o3 wrote: Fri Dec 29, 2017 4:11 am One thing about this that is great - the IRS now has a monumental task with less processors and staff than ever before.
Why in the world would you think that is "great"?
Well it's a time/resource thing. the more time spent going after property tax pre-payments that are not allowed simply means less scrutiny in other areas such as business expenses, etc. It shifts the audit focus.

Perhaps "great" wad the wrong word - however it is a silver lining for small business.
by matt fe2o3
Fri Dec 29, 2017 4:13 am
Forum: Personal Consumer Issues
Topic: What frugal thing did you do today?
Replies: 4535
Views: 625913

Re: What frugal thing did you do today?

I got out of Costco for under 60 bucks and that included a pizza.
by matt fe2o3
Fri Dec 29, 2017 4:11 am
Forum: Personal Finance (Not Investing)
Topic: Confusion about prepaying property taxes
Replies: 139
Views: 20072

Re: Confusion about prepaying property taxes

Looks like the IRS may be taking the hard line in allowing prepayment. The IRS said that taxpayers can claim an additional property tax deduction when paying their 2017 taxes if they pay the tax this year and if the local tax authority has notified homeowners prior to 2018 of how much they owe in property taxes, known as a tax assessment. State and local laws vary as to when this occurs. IRS says taxpayers trying to use deduction that will be scaled back can prepay 2018 property taxes only under limited circumstances - The Washington Post In California we get the whole bill in Oct and we pay both pieces - basically because in one high income year we paid the second in the spring and then both sides in the fall - but you only get to do that...
by matt fe2o3
Fri Dec 29, 2017 3:50 am
Forum: Personal Finance (Not Investing)
Topic: Would you sign a non-compete for a side-gig consulting agreement?
Replies: 44
Views: 5224

Re: Would you sign a non-compete for a side-gig consulting agreement?

I've run a profitable service/consulting company since 1994 - even when I went public sector I retained old and new clients - mostly big oil and large ocean transports. I can share with you my observations - but your mileage may vary and what do I know, eh? 1). I won't sign non-compete agreements whatsoever UNLESS; a). The non-compete is in a project area/trade I have absolutely no experience in and have zero desire to enter into, ever. This may sound odd, but for instance taking a gig working on a structured tender as book-boss for oil drilling project in the Antarctic when I handle vessel conversions for lifting grain out of the US Midwest as a specialty is an example. The non-compete is for the geographic region and specific trade. That ...
by matt fe2o3
Fri Dec 29, 2017 3:19 am
Forum: Personal Finance (Not Investing)
Topic: Retirement, retirement draws,hedging out of pocket PPO Insurance costs
Replies: 8
Views: 1346

Retirement, retirement draws,hedging out of pocket PPO Insurance costs

We are looking at retirement outside of California. Our house here in SF is almost paid off and we will sell, with intention to move to Wyoming, at least for the first 10 years. Both wife and I will retire from public service in mid 50's (basically now) and end up with about 3k in defined benefit pensions. Eventually Social security will kick in - wife will get hit with WEP, I will not due to 30+ years of substantial earning into SS. Our medical will have to be an Anthem PPO - likely the PORAC plan, or PersCare or PersChoice - PORAC seems to be the way to go as we are qualified. As we get older the other plans I think come on line, but basically all are PPO. Our State agency covers retirement medical for us, although only one can claim it (...
by matt fe2o3
Fri Mar 31, 2017 3:12 am
Forum: Personal Consumer Issues
Topic: August Vacation With Kids
Replies: 33
Views: 4746

Re: August Vacation With Kids

4 YO and a <1YO baby? Most likely, the 4 YO will barely remember the vacation, and the 1 YO not at all. So why these extravagant, long distance vacations? A simple beach trip, your local amusement park (I would not do Disney at that age barring something unusual like a need to be near the parks anyways), a camping trip, a visit to grandparents, etc... As for Louisiana - New Orleans is fun, but my kids appreciated it a lot more in March, at ages 11-17, then they did in mid-summer (too hot), at ages circa 7-13. And outside of New Orleans, I don't think there's a lot in Louisiana that's all that compelling for kids, especially very young kids. :sharebeer I really agree. Our daughter is 11, she has been to Ireland a few times, Spain, Germany, ...