Search found 87 matches

by vaught
Wed Feb 12, 2020 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Loan Modification Legal Question
Replies: 2
Views: 219

Re: Loan Modification Legal Question

The amended rate would apply only to the remaining principal. It would apply as of the effective date of the amendment/modification which is likely defined as the day the parties execute. Until amended/modified the original terms (original interest rate) of the promissory note would control. So you ...
by vaught
Fri Jan 10, 2020 10:15 am
Forum: Personal Finance (Not Investing)
Topic: first backdoor roth - but now I have leftover interest
Replies: 20
Views: 1288

Re: first backdoor roth - but now I have leftover interest

I have had same issue arise. I deposited $6,000 on January 3 to traditional IRA (that previously had $0.00 balance). I had to wait about a week before it would let me convert. Then it would only let me do the conversion " in-kind" (so from Vanguard Federal Money Market Fund in Trad IRA to...
by vaught
Fri Jan 10, 2020 9:58 am
Forum: Personal Finance (Not Investing)
Topic: first backdoor roth - but now I have leftover interest
Replies: 20
Views: 1288

Re: first backdoor roth - but now I have leftover interest

I have had same issue arise. I deposited $6,000 on January 3 to traditional IRA (that previously had $0.00 balance). I had to wait about a week before it would let me convert. Then it would only let me do the conversion " in-kind" (so from Vanguard Federal Money Market Fund in Trad IRA to ...
by vaught
Mon Jan 06, 2020 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning; testamentary trust; naming estate as beneficiary?
Replies: 17
Views: 738

Re: Estate planning; testamentary trust; naming estate as beneficiary?

Thanks cashheavy. Glad to see so much general agreement with bsteiner.

Thanks bsteiner and everyone else.
by vaught
Mon Jan 06, 2020 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning; testamentary trust; naming estate as beneficiary?
Replies: 17
Views: 738

Re: Estate planning; testamentary trust; naming estate as beneficiary?

Thanks. I am working with counsel but wanted to get as much information as possible prior to our next conversation. I honestly did not know you could name a testamentary trust as a POD beneficiary (since technically the trust does not exist yet and may never exist). I'll plan on having that conversa...
by vaught
Mon Jan 06, 2020 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning; testamentary trust; naming estate as beneficiary?
Replies: 17
Views: 738

Re: Estate planning; testamentary trust; naming estate as beneficiary?

One early week bump to see if there is any additional information from posters who did not see it over the weekend. Thanks.
by vaught
Fri Jan 03, 2020 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning; testamentary trust; naming estate as beneficiary?
Replies: 17
Views: 738

Estate planning; testamentary trust; naming estate as beneficiary?

I need some guidance on the pros and cons of my strategy below: It's the new year and it is past time my wife and I buttoned up our estate planning. We have three (very) minor children. My idea was to draft mirror image wills that effectively say (a) if I die everything goes to my spouse, (b) if spo...
by vaught
Thu Aug 01, 2019 3:03 pm
Forum: Personal Investments
Topic: How do I extend a first mortgage?
Replies: 8
Views: 801

Re: How do I extend a first mortgage?

I don't think your mortgage expires. If you don't release it, it remains on the record. I don't think your note expires either unless it is paid in full. Most notes say something like this: Borrower agrees to pay X dollars per period (month/year) at X% interest rate until principal amount is paid i...
by vaught
Wed Jul 31, 2019 4:53 pm
Forum: Personal Investments
Topic: How do I extend a first mortgage?
Replies: 8
Views: 801

Re: How do I extend a first mortgage?

I don't think you need to do anything. If your mortgage is a first mortgage, it will remain in that first mortgage position on the record. If any mortgages are recorded later than yours, they will be inferior to yours, in other words they will be 2nd or 3rd position mortgages, etc. This is most lik...
by vaught
Wed Jun 12, 2019 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Trust fund disclosure on asset disclosure?
Replies: 7
Views: 769

Re: Trust fund disclosure on asset disclosure?

I agree with Carfreeap. It the trust is revocable then it is still considered an asset of the Grantor. If the trust is irrevocable and Grantor (your spouse) has truly assigned away the assets to the trust and has relinquished all rights of control to the Trustee, then you may could deem such no long...
by vaught
Sat Apr 27, 2019 2:56 pm
Forum: Personal Investments
Topic: Capital gains - tax loss harvesting
Replies: 9
Views: 768

Re: Capital gains - tax loss harvesting

Thanks everyone.
by vaught
Sat Apr 27, 2019 7:28 am
Forum: Personal Investments
Topic: Capital gains - tax loss harvesting
Replies: 9
Views: 768

Re: Capital gains - tax loss harvesting

mega317 wrote: Sat Apr 27, 2019 12:14 am Yeah but you might want to wait until January so that you can offset short term gains or income next year.
But if I waited until January 2020 to realize the loss, I couldnt use the loss to offset long term capital gain realized in 2019.
by vaught
Fri Apr 26, 2019 11:12 pm
Forum: Personal Investments
Topic: Capital gains - tax loss harvesting
Replies: 9
Views: 768

Capital gains - tax loss harvesting

I’ve got what is likely a fairly simple question but I can’t get 100% comfortable that I’ve answered it in my own research. And I’ve read the wiki on tax loss harvesting. But that seems to be geared towards realizing a loss in order to offset income. My question is slightly different. Scenario: Sold...
by vaught
Thu Feb 14, 2019 3:38 pm
Forum: Personal Consumer Issues
Topic: Refrigerator Issues
Replies: 19
Views: 1746

Re: Refrigerator Issues

I also have a sub-zero and had the same issue. My fan motor went out in my freezer. Also a side by side so the freezer portion goes from floor to ceiling. The technician knew immediately because the top of my freezer was warm and some food had begun to spoil. Yet the bottom part of my fridge was ice...
by vaught
Mon Dec 31, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: First time to do backdoor Roth...
Replies: 3
Views: 317

Re: First time to do backdoor Roth...

Ok, thank you both. I'll reference the "settlement fund" when making the two contributions to the traditional IRAs and let them know that I plan on converting them to our Roths in the very near future.
by vaught
Mon Dec 31, 2018 9:46 am
Forum: Personal Finance (Not Investing)
Topic: First time to do backdoor Roth...
Replies: 3
Views: 317

First time to do backdoor Roth...

I've read the Wiki and am planning on doing my first backdoor Roth as early as 1/2/2019. The Wiki is pretty concise and fortunately I do NOT currently have any other traditional IRA (nor does my wife) so that eliminates the more complicated step. Therefore, on 1/2/19, I plan on making a $6,000 contr...
by vaught
Tue Nov 27, 2018 10:34 am
Forum: Personal Consumer Issues
Topic: Any Refrigerator Repair Specialists in the House?
Replies: 17
Views: 1867

Re: Any Refrigerator Repair Specialists in the House?

When I had that happen, the evaporator fan had gone out. About 40 bucks of parts and half an hour or so of work to fix. I'd also check the defrost timer. Ditto. My fan motor went out in my freezer. Also a side by side so the freezer portion goes from floor to ceiling. The technician knew immediatel...
by vaught
Thu Oct 25, 2018 11:00 am
Forum: Personal Consumer Issues
Topic: Need New Refrigerator
Replies: 20
Views: 2548

Re: Need New Refrigerator

We need a new refrigerator. At the moment, we have a 48 inch built in Sub Zero. I think we will have to get another built 48 inch refrigerator due to the configuration of the kitchen and I know it is going to be very expensive. It seems like the price range for one of these might be $9,000 to $15,0...
by vaught
Mon Oct 15, 2018 9:06 am
Forum: Personal Consumer Issues
Topic: Buyers commission on a condo purchase
Replies: 29
Views: 2015

Re: Buyers commission on a condo purchase

Agree with the responses so far. Not the norm in my area. And I'll also add that unless you are paying cash for the condo, the real estate agent's estimate of closing costs should not be relied upon. Your lender will be able to provide a more accurate estimate. And the closing costs can vary wildly ...
by vaught
Fri Oct 12, 2018 11:47 am
Forum: Personal Investments
Topic: Newbie question - comparing investments to broad exchanges
Replies: 3
Views: 219

Re: Newbie question - comparing investments to broad exchanges

Good point ValueThinker. In my very rudimentary calculation I was merely taking the price on January 2 and comparing it to today's price to calculate YTD return. That does seemingly completely ignore dividends.
by vaught
Fri Oct 12, 2018 11:18 am
Forum: Personal Investments
Topic: Newbie question - comparing investments to broad exchanges
Replies: 3
Views: 219

Newbie question - comparing investments to broad exchanges

I'm very much a "set it and forget it" type for investments. I have never really bothered to check the rate of returns all that much of my specific index funds. I have a little "stocks" icon that came on my phone that shows the big exchanges (if that's even the right word) such a...
by vaught
Wed Oct 10, 2018 4:32 pm
Forum: Personal Consumer Issues
Topic: What the heck is growing in my yard?
Replies: 71
Views: 6836

Re: What the heck is growing in my yard?

Wow. I know nothing about mushrooms but I actually think it's pretty cool looking. I'd leave it.
by vaught
Fri Sep 28, 2018 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Public Student Loan Forgiveness Program Rejects 99% of Applicants
Replies: 27
Views: 2746

Re: Public Student Loan Forgiveness Program Rejects 99% of Applicants

My wife is a public school teacher and is working towards PSLF. The article is a catchy headline that has been somewhat rebutted already in the replies. The reality is that there are a lot of requirements and very specific rules that must be followed including certifying your income and picking an a...
by vaught
Fri Aug 31, 2018 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone familiar with Acorns (spare change investing)
Replies: 6
Views: 1017

Re: Anyone familiar with Acorns (spare change investing)

If you invest small amounts, you will end up with small amounts comparatively. This type of stuff is really a waste of time - its not going to fund your retirement. Just invest using normal 401k, IRA's, and brokerage accounts putting money in regularly and you will be fine. Already max those as men...
by vaught
Fri Aug 31, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone familiar with Acorns (spare change investing)
Replies: 6
Views: 1017

Re: Anyone familiar with Acorns (spare change investing)

aristotelian wrote: Fri Aug 31, 2018 1:51 pm I do not see the point. Save yourself $12/year and buy an extra share of your favorite commission free ETF. The fee seems negligible but on a % basis that can be a significant drag.
Good point. $12 is tiny unless you look at it from an expense ratio standpoint.
by vaught
Fri Aug 31, 2018 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone familiar with Acorns (spare change investing)
Replies: 6
Views: 1017

Anyone familiar with Acorns (spare change investing)

I'm always attempting to add something/anything to my monthly contributions. If you already max out the standard retirement planning accounts, would you suggest Acorns? My very limited understanding is that it rounds up your purchase on everyday items to the nearest dollar and invests it with the id...
by vaught
Thu Jun 21, 2018 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Help me with this calculation? Pay off student loans or wait for PSLF? Plus any general finance advice is welcome!
Replies: 7
Views: 794

Re: Help me with this calculation? Pay off student loans or wait for PSLF? Plus any general finance advice is welcome!

Two Headed Mule wrote: Thu Jun 21, 2018 4:50 pm I believe under repaye the spouses income is included anyway so there is no benefit to filing separately, as there is with ibr, paye.
You may be right. But he could certainly switch repayment plans in the event he did decide to file separately next year.
by vaught
Thu Jun 21, 2018 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Help me with this calculation? Pay off student loans or wait for PSLF? Plus any general finance advice is welcome!
Replies: 7
Views: 794

Re: Help me with this calculation? Pay off student loans or wait for PSLF? Plus any general finance advice is welcome!

Your math does make it a close decision. To add one more factor that might help you make a decision, have you run the numbers of what your student loan monthly payment would be if you filed taxes as Married Filing Separately (MFS)? If you file MFS, they would not factor your spouse's AGI in when det...
by vaught
Wed Jun 20, 2018 11:47 am
Forum: Personal Consumer Issues
Topic: thermostat a/c setting
Replies: 17
Views: 1340

Re: thermostat a/c setting

I have a question about using a/c. On a normal day in June/July when temp is in mid 80s, is it ok to switch off the thermostat and leave to work to save cooling bill? Or should i be setting it to about 82 cool and leave so that the a/c does not have to work hard when I come back from work? I was to...
by vaught
Mon Apr 23, 2018 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Lawyers: Career Advice (Urban to Rural?)
Replies: 21
Views: 2812

Re: Lawyers: Career Advice (Urban to Rural?)

I think you have gotten pretty good advice on what to expect in terms of a "rural" law practice. You will be more of a generalist and find it more difficult to specialize in a particular area of law. The small town attorneys I know that do well seem to have more of a "volume" pra...
by vaught
Wed Apr 18, 2018 4:08 pm
Forum: Personal Consumer Issues
Topic: Association Property tax appeal - opt in
Replies: 8
Views: 1213

Re: Association Property tax appeal - opt in

I appealed my property taxes once years ago. Like you, it was also a condo where the condos were very similar. In my particular jurisdiction the taxes were supposed to be based on fair market value. It was also very easy to find out what properties had recently sold for through an online database. I...
by vaught
Fri Apr 13, 2018 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Account benificiary vs will beneficiary....
Replies: 18
Views: 2152

Re: Account benificiary vs will beneficiary....

To make your will deterine beneficiar(ies), make the beneficiary the estate of xxx Not that matters such as this might be governed by the final divorce and/or property settlement. That would make those assets subject to any creditors' claims against the deceased's estate. It would also tie up all o...
by vaught
Tue Apr 03, 2018 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Sale of home; depreciation; unrealized passive losses; taxes
Replies: 7
Views: 743

Re: Sale of home; depreciation; unrealized passive losses; taxes

The unrealized loss part depends on your income level. If you were below the limit, you could/would have taken the loss each year. If you're above the limit, then it would be unrealized until you sold. So, where are you at there? I was evidently above as I've never taken them. As to second question...
by vaught
Tue Apr 03, 2018 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Sale of home; depreciation; unrealized passive losses; taxes
Replies: 7
Views: 743

Re: Sale of home; depreciation; unrealized passive losses; taxes

I did this exact thing with my prior house. Moved out in 2011 after living there for 8 years, rented for 5 years and sold at loss in 2016. Your basis is the lower of (i) the adjusted basis at the time of conversion and (ii) the fair market value (FMV) at time of conversion. Since you did not take a...
by vaught
Tue Apr 03, 2018 8:25 am
Forum: Personal Finance (Not Investing)
Topic: No will. What happens to my accounts if I die?
Replies: 34
Views: 3963

Re: No will. What happens to my accounts if I die?

I don't see any harm in giving them such a list so long as you trust them. It's also a good time to take a second look at who you have listed as your beneficiaries on each account. Regardless if you have a will or, since you don't have a will, regardless of what Texas intestacy laws state, your bank...
by vaught
Tue Apr 03, 2018 8:07 am
Forum: Personal Finance (Not Investing)
Topic: Sale of home; depreciation; unrealized passive losses; taxes
Replies: 7
Views: 743

Sale of home; depreciation; unrealized passive losses; taxes

I've searched the forum and found similar topics that didn't quite address my particular question. The timeline is as follows: July, 2006 - purchase a condo for $160,000. I live in the condo as my primary residence for a little over 2 years. August, 2008 - I move. I can't sell the condo. 2009 - I be...
by vaught
Thu Mar 01, 2018 12:57 pm
Forum: Personal Investments
Topic: Transferring old 401k to new 401k....
Replies: 2
Views: 271

Transferring old 401k to new 401k....

Anything I need to be aware of or consider? My old 401k is invested in the identical funds that my new 401k is invested in (i.e., same expense ratios). However my new 401k has zero expenses other than the expense ratios. I was never able to fully get comfortable with what other fees were being charg...
by vaught
Fri Feb 16, 2018 10:06 am
Forum: Personal Investments
Topic: Reality of the market being "down"...
Replies: 10
Views: 1247

Re: Reality of the market being "down"...

Thanks. After looking elsewhere it looks like the "high" that was shown on my phone was incorrect. It looks like, similar to DOW and Nasdaq, that is is only "down" about 5.7% from an all time high. So the point remains the same. We are still at a near all time high in the stock m...
by vaught
Fri Feb 16, 2018 9:26 am
Forum: Personal Investments
Topic: Reality of the market being "down"...
Replies: 10
Views: 1247

Reality of the market being "down"...

I have an older friend that is much much much closer to retirement than I am. He was upset about how "down" the market has been lately. So I tried to tell him that it's really not *that* down. To appease him I pulled up a couple of the major exchanges that automatically update on an icon o...
by vaught
Tue Feb 06, 2018 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Ineligibile Roth Contributions
Replies: 9
Views: 695

Re: Ineligibile Roth Contributions

The IRS finds it quite difficult to monitor taxpayer cash flows in a timely fashion, even when forms are submitted properly. And places like vanguard.com aren't helping much either as regards ineligible Roth IRA contributions. When I log on, their website continues to prompt me to contribute $6500 ...
by vaught
Tue Feb 06, 2018 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Ineligibile Roth Contributions
Replies: 9
Views: 695

Re: Ineligibile Roth Contributions

You keep paying that 6% annual penalty until you fix the error. The best way to fix the error is to move the ineligible contribution to a tIRA before your tax deadline. The next best way to fix it is to withdraw the funds and invest them elsewhere before your tax deadline. Thanks. Unfortunately thi...
by vaught
Tue Feb 06, 2018 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Ineligibile Roth Contributions
Replies: 9
Views: 695

Ineligibile Roth Contributions

Hypothetical scenario:

What is the effect of contributing directly to a Roth IRA if you are ineligible because you file taxes as MFS or any other reason?
by vaught
Fri Feb 02, 2018 5:54 pm
Forum: Personal Investments
Topic: I bought a stock today - Redfin (RDFN)
Replies: 288
Views: 29032

Re: I bought a stock today - Redfin (RDFN)

Wow, five pages now...surprising. I have to say that I'm skeptical of some of the details of this thread. As posted earlier in thread... the number of shares and % led to a $2M portfolio? but the post history shows assets around 600-700k in July 2017. he was able to purchase shares at the ipo then s...
by vaught
Fri Dec 22, 2017 4:59 pm
Forum: Personal Investments
Topic: Motive for 401(k) advisor to change funds? Something fishy?
Replies: 44
Views: 3255

Re: Motive for 401(k) advisor to change funds? Something fishy?

I've got some bad news for your owners....... Agree. If my memory is correct there have been several lawsuits against companies for specifically NOT providing a low cost option. Admittedly the attorneys are likely only to go after the biggest plans and this family owned company might not fit the bi...
by vaught
Fri Dec 22, 2017 4:14 pm
Forum: Personal Investments
Topic: Motive for 401(k) advisor to change funds? Something fishy?
Replies: 44
Views: 3255

Re: Motive for 401(k) advisor to change funds? Something fishy?

The owners have taken the stance that they can not be in a position to help select the funds that we are offered. It exposes them to too much liability if the funds underperform. I've got some bad news for your owners....... Agree. If my memory is correct there have been several lawsuits against co...
by vaught
Fri Dec 22, 2017 10:59 am
Forum: Personal Investments
Topic: Motive for 401(k) advisor to change funds? Something fishy?
Replies: 44
Views: 3255

Re: Motive for 401(k) advisor to change funds? Something fishy?

The owners have taken the stance that they can not be in a position to help select the funds that we are offered. It exposes them to too much liability if the funds underperform. I've got some bad news for your owners....... Agree. If my memory is correct there have been several lawsuits against co...
by vaught
Tue Dec 19, 2017 5:44 pm
Forum: Personal Investments
Topic: Closing on a vacant lot question.
Replies: 3
Views: 734

Re: Closing on a vacant lot question.

The reality is that the buyer is going to mandate a title search from an attorney so there is very likely going to be an attorney involved in the process even if your parents as sellers do not want one involved. Buyer will likely have that same attorney draft the deed and closing statement. Closing ...
by vaught
Tue Dec 12, 2017 9:08 am
Forum: Personal Finance (Not Investing)
Topic: A good friend has nearly $1M in BitCoin what do I tell him?
Replies: 149
Views: 20159

Re: A good friend has nearly $1M in BitCoin what do I tell him?

Let's say from cold storage to the exchange. Sell on exchange. And then transfer to bank. [/quote] Couple bucks to send it from cold storage to the exchange. 0 fees to sell on the exchange. 0 fees to transfer it to the bank account. [/quote] Wow. Couple bucks to liquidate $1M. Would've guessed more...
by vaught
Tue Dec 12, 2017 8:04 am
Forum: Personal Finance (Not Investing)
Topic: A good friend has nearly $1M in BitCoin what do I tell him?
Replies: 149
Views: 20159

Re: A good friend has nearly $1M in BitCoin what do I tell him?

I'm curious... Let's say that friend did decide to liquidate his $1 million in bitcoins. Anyone have any idea what the actual transaction costs would be to go from X bitcoins to $1,000,000 cash? that really depends on where it sits, how it's done, where it sits, and how fast. if it's already on an ...
by vaught
Mon Dec 11, 2017 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: A good friend has nearly $1M in BitCoin what do I tell him?
Replies: 149
Views: 20159

Re: A good friend has nearly $1M in BitCoin what do I tell him?

I'm curious...

Let's say that friend did decide to liquidate his $1 million in bitcoins.

Anyone have any idea what the actual transaction costs would be to go from X bitcoins to $1,000,000 cash?