Search found 422 matches

by Determined
Sat Jan 13, 2024 5:49 pm
Forum: Personal Investments
Topic: Investing proceeds from farmland
Replies: 4
Views: 617

Re: Investing proceeds from farmland

My mortgage rate is 3.125. And I am moving away this summer so I’m not keeping the place as a rental.

24% tax bracket
by Determined
Sat Jan 13, 2024 4:55 pm
Forum: Personal Investments
Topic: Investing proceeds from farmland
Replies: 4
Views: 617

Investing proceeds from farmland

Hello,

I have some parcels of farmland through my family that have been rented. We just sold a parcel and I expect the proceeds to be around $300,000. The rent was $9600 before taxes(approximately $1200 property tax).

What are some good options that will bring me an equivalent income?

I’m 54, still working, and have a good retirement outlook with no debt other than a $20,000 mortgage balance.
by Determined
Tue Jan 09, 2024 6:15 pm
Forum: Personal Investments
Topic: Too much?? [Reduce Savings Rate?]
Replies: 15
Views: 3776

Re: Too much ??

I’m an Ohio teacher of 30 years. You have been extremely wise to invest in addition to having STRS. Keep in mind the situation with COLAs. No COLA until five years after retirement, and they are now granting them year by year after many years of no COLA. Last year was 3%. This year was 1%. Also, COLAs do not compound. It’s a big deal for retirees.

It sounds like you will be more than fine. Personally, I’d go back into Ohio deferred comp instead of the Roth.

Also, if you have ever considered leaving, now is better. You can roll over your contributions plus interest. Wait too many years, and it’s tough justify. Myself, I can’t imagine doing anything else.
by Determined
Thu Mar 16, 2023 7:38 am
Forum: Personal Investments
Topic: To PLOP or not to PLOP
Replies: 9
Views: 2245

Re: To PLOP or not to PLOP

Honestly, the optimal financial choice would be to work the extra 5 years to get to the 80% FAS. That is going to double your monthly income. But, I know you said this was not possible. My family is in a similar STRS situation as you. My math says that the payout from STRS is better than purchasing a similar priced annuity. It is also more diverse than me owning more index funds. From what you provided, I’d suggest no PLOP. View your pension income as one of your many diversified income streams. Your brokerage account and other income sources will make up for any loss of purchasing power. Believe me, I never expected to be leaving before full retirement. We’ve already been living two places for five and half years minus the 18 months he wa...
by Determined
Thu Mar 16, 2023 3:40 am
Forum: Personal Investments
Topic: To PLOP or not to PLOP
Replies: 9
Views: 2245

Re: To PLOP or not to PLOP

In summary, are you asking if taking a PLOP (Partial Lump Sum Distribution) of $102,000 which would be invested, could make up for a permanent reduction of your pension of $500? What happens at 59 1/2 for you. Is that when you need to start drawing from your 457? Not getting COLA's, or minimal COLA's is typical for underfunded pension plans. So yes, your pension will shrink as inflation eats at it. So yes, you could invest the $102,00 and try to get 6%+inflation returns. Another possibility is to take the $500/month and invest that. Without knowing your risk tolerance, future income and retirement income needs I'm not sure where to go with this. I did notice that your Roth balance is really low compared to your brokerage accounts. Would re...
by Determined
Thu Mar 16, 2023 3:25 am
Forum: Personal Investments
Topic: To PLOP or not to PLOP
Replies: 9
Views: 2245

Re: To PLOP or not to PLOP

[/quote] I did notice that your Roth balance is really low compared to your brokerage accounts. Would recommend maxing contributions to that if your income allows.
[/quote]

Thank you. The imbalance is a result of my situation pre-divorce, being a single parent with no financial help from my ex, and then inheruting from my parents. I file married separately. I can’t contribute to the Roth right now. If we filed jointly we would be above the income limit. His situation is complicated.
by Determined
Wed Mar 15, 2023 9:09 pm
Forum: Personal Investments
Topic: To PLOP or not to PLOP
Replies: 9
Views: 2245

To PLOP or not to PLOP

I am planning to retire from Ohio teaching in 2024. I will have 30 years in Ohio STRS. I will be 54 years old. My husband and I live apart because of our jobs, and I will be moving to join him in PA at that time. I will be looking for another job, but I can’t work on that yet. Here’s the situation with Ohio STRS. I am in the Defined Benefit plan, and 30 years entitles me to retirement with reduced benefits. That’s 42% of my FAS (highest five years). One of the troubling issues is COLA. Basically, there no longer is one. Last year STRS granted a one-time 3% COLA after 60 months of retirement. I’m not going to go into all the debate about that. I'm here to present the current situation. I am taking a significant reduction in my STRS pension b...
by Determined
Mon Feb 13, 2023 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

As with most things, there’s more to the story than I’ve shared. I will add we will never know why he only named our minor child as the beneficiary. Not an attorney so I am asking. Is it possible he named the minor as beneficiary because in his state minor children have protections against disinheritance....i.e. He had to? Unlikely. The will was written he basically had nothing. Then he moved and got into the crypto investments. I understand about having him wait. And a realize if he were under the old rules of lifetime, the initial conversation would have been completely different. I may be confused on this... but to clarify, did your minor son receive his inheritance as a named beneficiary of the retirement account, or through the Will? ...
by Determined
Mon Feb 13, 2023 5:32 am
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

Luckywon wrote: Sun Feb 12, 2023 7:45 pm
Determined wrote: Sun Feb 12, 2023 7:18 pm As with most things, there’s more to the story than I’ve shared. I will add we will never know why he only named our minor child as the beneficiary.
Not an attorney so I am asking. Is it possible he named the minor as beneficiary because in his state minor children have protections against disinheritance....i.e. He had to?
Unlikely. The will was written he basically had nothing. Then he moved and got into the crypto investments.

I understand about having him wait. And a realize if he were under the old rules of lifetime, the initial conversation would have been completely different.
by Determined
Sun Feb 12, 2023 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

Is there some rush to do this at 18? Should a gift of this magnitude be made by someone whose brain is not fully formed? OP, you just noted you aren’t willing to give your kids direct access to your money until 35, so why are you in favor of your 18 year old giving money to his 25 and 27yo Siblings? Under the new inherited IRA rules, it has to be emptied in 10 years. Since he inherited as a minor, his 10 years starts at 18. No, he doesn’t have to start at 18, and he doesn’t have to give anything to his siblings. As with most things, there’s more to the story than I’ve shared. I will add we will never know why he only named our minor child as the beneficiary. We would like to believe he intended to go back and add them all, but he needed so...
by Determined
Sun Feb 12, 2023 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

So I reread the whole thread from July 2021. I had forgotten how much discussion there was! We will be consulting with an attorney and probably an accountant. In fact previous conversation with an attorney is why there has been no withdrawals so far. That way there’s I did not influence decisions made while he is a minor. Clearly there was a discussion when the IRA was located (through the executor). And it turns out my ex had spoken to the children about how much money he was making in crypto, so they weren’t surprised. Thank you for acknowledging that this is an unusual situation. As an update from 2021, the kids get probate court notifications since they were named in the will- not as heirs, but acknowledged as his children. We double ch...
by Determined
Sat Feb 11, 2023 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

Don't overlook the kiddie tax references above. It may work out fine ... but you should be aware that any unearned income by a dependent >$2300, or a non-dependent student under age 24 who (and this is the kicker rule) does not earn >50% of his own support is subject to the kiddie tax. So... not sure if your 17 yo will be working or in school but you need to work through (suggest software, HRB Taxcut or Turbotax) his tax liability for withdrawing that money. That $80K per year will give you an excellent justification for him NOT being a dependent, so he can also get a single standard deduction. But the rest will be taxed at YOUR tax bracket. So, do some financial planning. Then gift the after tax 1/3 to his siblings. Don't worry about fili...
by Determined
Sat Feb 11, 2023 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

HomeStretch wrote: Sat Feb 11, 2023 3:40 pm Also take into consideration the impact, if any, of the withdrawals and the account balance for college financial aid consideration purposes.
He won’t be eligible for need based financial aid regardless.
by Determined
Sat Feb 11, 2023 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

But there will be a tax hit, so he should calculate (or you could help him) what the tax bill will be on the withdrawals, and keep 1/3 of the after-tax amount and give 1/3 each to his two siblings. In my opinion this is the fair way to do this. Also, I would not assume or pretend there is no significance to giving amounts that require using part of his lifetime exemption. The exemption amount is scheduled to go down dramatically and one does not know what it will be decades from now, or how wealthy he will become. Also, some states have much lower thresholds for estate tax. In my opinion fair would be he gifts maximum amounts each year below threshold for filing 709, for as long as takes. That could mean he holds some distributions which h...
by Determined
Sat Feb 11, 2023 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

WoodSpinner wrote: Sat Feb 11, 2023 9:05 am OP,

You should also consider if there are any impacts from a kiddie tax on your returns as he withdraws from the Inherited IRA.

https://www.irs.gov/taxtopics/tc553

WoodSpinner
He won’t start withdrawing until he after turns 18.
by Determined
Sat Feb 11, 2023 5:52 am
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

Ah. Thank you. My misunderstanding about gifting is related is based on what my parents did a few times when they ere still living.

And, yes, we are very proud of him and his decision.
by Determined
Sat Feb 11, 2023 5:07 am
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Re: Gifting (no longer) minor child’s inherited IRA to siblings

Yes. We are aware that he will be paying income tax on the distributions since he is under the 10 year rule for an inherited IRA. The siblings are the he beneficiaries, but the account still has to be emptied in 10 years.

So unless he wants to pay gift tax, he is limited to the amount. Can he gift to my husband and me and then we gift to the other two to double the amount?
by Determined
Sat Feb 11, 2023 4:23 am
Forum: Personal Finance (Not Investing)
Topic: Gifting (no longer) minor child’s inherited IRA to siblings
Replies: 47
Views: 4305

Gifting (no longer) minor child’s inherited IRA to siblings

I have three children with my ex. 27, 25, and 17. He had a strained relationship with all of the kids and died under unfortunate circumstances in 2021.

Turns out he disinherited the kids, which was emotionally painful but monetarily insignificant (we thought). Then we discovered he got into crypto at the right time and some of it was in an IRA left only to my minor child. We moved the money out of crypto to preserve the inheritance and my son plans to divide the money with his siblings once he starts the distributions after he turns 18.

There are obviously lots of other details about how this situation came to pass. The question is how do we advise my son to gift money to his siblings? How much can he give them. It’s about $780,000.
by Determined
Sun May 22, 2022 12:39 pm
Forum: Personal Investments
Topic: What to do with maturing CD
Replies: 9
Views: 879

Re: What to do with maturing CD

Harmanic wrote: Sun May 22, 2022 12:22 pm Have you maxed out your iBond allotment? That's giving nearly 10%.

You can get a better CD rate with a brokered CD. Likely over 3%, at nearly all maturities.

I will look into ibonds. Thank you.
by Determined
Sun May 22, 2022 12:18 pm
Forum: Personal Investments
Topic: What to do with maturing CD
Replies: 9
Views: 879

Re: What to do with maturing CD

I’m sorry but I don’t have one. This money was earmarked for my 16 year old post HS, but his father (my ex) passed away recently and I am saving all of his social security benefits instead which will be much more that $25,000. So this money was never intended to be part of my personal plan even though it was in my name only.
by Determined
Sun May 22, 2022 11:37 am
Forum: Personal Investments
Topic: What to do with maturing CD
Replies: 9
Views: 879

What to do with maturing CD

I have a $25,000 60 month CD with Synchrony maturing next month. It’s interest rate is 2.35. I am wondering what to do with this money. The reason I put it in a CD is no longer relevant.

I have plenty of emergency cash, and I have no debt other than $40,000 outstanding on a mortgage that is due in 2030.

I max out my 403b and 457 (public school teacher) and get full benefits from a pension in seven years. I also have non-retirement investments, so knock on wood, I am doing pretty well.

Do I let this roll over for another 60 months at 2.4%? I’m open to suggestions.
by Determined
Tue Sep 21, 2021 3:59 pm
Forum: Personal Investments
Topic: Vanguard or Fidelity for Minor’s inherited IRA
Replies: 1
Views: 378

Vanguard or Fidelity for Minor’s inherited IRA

My minor child (15) inherited two IRAs. They are in Bitcoin, and I am not interested in keeping the money there. I have personal accounts at both vanguard and Fidelity. I would prefer to transfer there instead of opening with a new place. There is $600,000 in the traditional and $100,000 in the Roth. Does it matter which one I use? Is there something significantly better? I haven’t looked into any new investments recently.
by Determined
Thu Aug 19, 2021 6:40 pm
Forum: Personal Investments
Topic: Minor child named as IRA beneficiary
Replies: 9
Views: 2083

Re: Minor child named as IRA beneficiary

Itrust might take a while to get back to me. The executor is having the same issue. However, he did enough digging to gather that there is a traditional and a Roth worth a combined $600,000+. I’m quite certain that most of the basis came from whatever he inherited from his mom two years ago.
by Determined
Mon Aug 16, 2021 3:38 pm
Forum: Personal Investments
Topic: Minor child named as IRA beneficiary
Replies: 9
Views: 2083

Re: Minor child named as IRA beneficiary

I will keep all this in mind. Thanks again for your experience.
by Determined
Sat Aug 14, 2021 6:41 pm
Forum: Personal Investments
Topic: Minor child named as IRA beneficiary
Replies: 9
Views: 2083

Re: Minor child named as IRA beneficiary

Thanks. I believe they are supposed to be contacting me next week.
by Determined
Fri Aug 13, 2021 8:33 pm
Forum: Personal Investments
Topic: Minor child named as IRA beneficiary
Replies: 9
Views: 2083

Minor child named as IRA beneficiary

I just learned that my 15 year old is the beneficiary of his dad’s IRA. According to the executor, the IRA is with Itrustcapital. His dad was 57. What should I expect to be dealing with as guardian? I have no idea what is in it.
by Determined
Mon Jul 26, 2021 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

I spoke with an attorney who specializes in Nevada probate and estate law. Basically if the estate is under $100,000 it does not probate, the will is disregarded, and the minor child inherits. That’s entirely possible, but we also have no idea what bills he has plus reimbursements to the executor. If needed, I can hire the attorney to monitor the probate process.

I spoke to the executor so he and I are on the same page. Everything important is going into storage in Vegas until he gets the okay from probate. He had no idea he was executor until he got the call.
by Determined
Mon Jul 26, 2021 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

My lawyer is going to find representation in Las Vegas for my son’s interests.
by Determined
Sun Jul 25, 2021 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

celia wrote: Sun Jul 25, 2021 1:04 pm
Determined wrote: Thu Jul 22, 2021 9:03 am He actually worked for an insurance agency briefly two years ago. My son called the office snd found out that he took that retirement money out to put into Bitcoin last year. The office manager tried to talk him out of it.
**IF** he had active life insurance, I would bet he got it through the agency he worked for.

And since he was cashing out his retirement account, it would have been a small amount if he hadn’t worked there very long.
He did not have life insurance with them, but he did talk about having some because he need my youngest’s SS# for it. And yes, I’m sure the retirement was a small amount. He had already drained the retirement he had while we were married by then.
by Determined
Sun Jul 25, 2021 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

I will be in contact with my Ohio attorney to follow up on my minor son’s rights. I got the executor’s number from my adult children and just spoke with him. He is in the process of being named executor in Nevada. He got a 30 day notice to vacate the Vegas condo. The landlord is letting him in based on the will and death certificates. He is sending me all the probate info and contacts, and I will be on thE phone with my attorney first thing tomorrow morning. To add to the mess, my ex’s family is burying his remains Friday in Iowa. Just you an email about that this morning. Myself and the kids are invited. I emailed his sister back letting her know that might have to be postponed. Not so much about money as about my children wishes and needs...
by Determined
Fri Jul 23, 2021 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

RedDog wrote: Fri Jul 23, 2021 3:49 pm Your ex’s tax returns might have a 1099 from the life insurance company attached. There could also be actionable clues about other assets.

My elderly father’s tax returns were a Rosetta Stone when I had to figure out his finances.
Another mystery….whether he had been filing taxes.
by Determined
Fri Jul 23, 2021 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

If the decedent had any life insurance policies, there should be a bill or a statement at least once a year. The executor should arrange for the mail to be forwarded. The children, or one of them, or their mother, should ask the executor to let them know if any such bills or statements arrive, and if so, should contact the insurance company to let them know about the decedent's death. The executor could also go through the decedent's bank records for the last few years to look for checks or electronic payments to insurance companies. (The executor should do this anyway to look for information as to assets, and for payments that are deductible for income tax purposes.) Now that we know the executor will be there next week, hopefully with al...
by Determined
Fri Jul 23, 2021 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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 Determined
Fri Jul 23, 2021 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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 Determined
Fri Jul 23, 2021 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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 Determined
Fri Jul 23, 2021 7:17 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

I spoke with my son who then texted the executor to ask what was going on this was the response. The good news is there is a plan. I’m highly irritated that my children have not been kept in the loop, and I am particularly upset that the sister now has his remains and the kids did not know. My guess is she paid the funeral home, but it was made clear early on that that the family would fo what my kids wanted since they are next of kin. The family does not speak to me although I am the one that let them know what happened because the kids did not want to make the call. I was notified by the coroner. “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 dis...
by Determined
Thu Jul 22, 2021 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

increment wrote: Thu Jul 22, 2021 12:39 pm
lostinjersey wrote: Thu Jul 22, 2021 10:38 am I am not a lawyer but I don’t believe the named executor is actually legally the executor unless he takes some actions to accept that role.
... and "actions" should involve something like "made appropriate filings with the Nevada probate court since the death happened."
I will ask my son to get copies of the legal paperwork regarding the executor’s appointment.
by Determined
Thu Jul 22, 2021 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

My son called the office snd found out that he took that retirement money out to put into Bitcoin last year. The office manager tried to talk him out of it. Any Bitcoin purchased last year could very well have tripled or more in value. Interesting point. It was filed in his hometown in Iowa a few years ago. I think a sister tracked it down. Not an attorney but doubt an out of state Will has much standing in Nevada before involvement of the probate court in Nevada, which sounds unlikely to have occurred yet. And, the provisions of that Will may be not valid in Nevada. As was suggested upstream, I'd contact an estate attorney in Nevada immediately. I'd be a bit concerned that any Bitcoin may be difficult to track down or vanish. Yes. They kn...
by Determined
Thu Jul 22, 2021 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

dodecahedron wrote: Thu Jul 22, 2021 11:04 am
Determined wrote: Thu Jul 22, 2021 10:56 am
RickBoglehead wrote: Thu Jul 22, 2021 10:34 am
Determined wrote: Thu Jul 22, 2021 9:42 am
They were already told they can’t go in by the landlord. They had to cancel the original trip (that I paid for because they can’t afford it right now).
Exactly as the landlord should have done. They have no legal right to enter.
Yes. We didn’t know they weren’t in the will at that time.
Without going into the home, it is hard to rule out the possibility that a later will might exist making alternate provisions for the children and/or naming some other executor.

How did the executor obtain their copy of the will if they did not go into the apartment?
Interesting point. It was filed in his hometown in Iowa a few years ago. I think a sister tracked it down.
by Determined
Thu Jul 22, 2021 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

RickBoglehead wrote: Thu Jul 22, 2021 10:34 am
Determined wrote: Thu Jul 22, 2021 9:42 am
They were already told they can’t go in by the landlord. They had to cancel the original trip (that I paid for because they can’t afford it right now).
Exactly as the landlord should have done. They have no legal right to enter.
Yes. We didn’t know they weren’t in the will at that time.
by Determined
Thu Jul 22, 2021 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

lostinjersey wrote: Thu Jul 22, 2021 10:38 am I am not a lawyer but I don’t believe the named executor is actually legally the executor unless he takes some actions to accept that role. It appears he has not yet done that. Since he isn’t stepping up, you as the parent of the minor child of the deceased should be taking action to preserve your child’s claim (and helping with the other children’s as well).

I’d hire an estate attorney today in the state your ex lived in, and let them advise you all on the next steps. Good luck.
He did legally accept the role. I just talked to my oldest, and he is contacting the executor today to find out what is going on. Then I’ll make a call if necessary. Thank you.
by Determined
Thu Jul 22, 2021 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

gr7070 wrote: Thu Jul 22, 2021 10:13 am Will his state's department of insurance be able to help? I'd contact them, in addition to wiki info.

FWIW the type of person you've described - mental health concerns, friend named in will, unemployed, withdrawn retirement plans, little relationship with children, etc. - doesn't sound like the kind of person to have kept life insurance policies active and with child(ren) as beneficiary.

I'd still make efforts to confirm, but unfortunately, I wouldn't expect positive results.
Yes. We are aware that there may be nothing. Everyone was shocked but no one was surprised. Both my 15 year old and my 23 year old expressed concerns about him dying this year.
by Determined
Thu Jul 22, 2021 9:42 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

lthenderson wrote: Thu Jul 22, 2021 8:41 am Since this is apparently a timely matter and it sounds like the executor might not really care what happens, I would probably have one of the kids go in person to his apartment, inform the landlord they are a child and see if they can be let in to see what can be found. I would also let the executor know that this is happening and what the results of the search found. I find as with many things in life, it is much harder to get a negative answer or ignore your question when you are face to face with them.
They were already told they can’t go in by the landlord. They had to cancel the original trip (that I paid for because they can’t afford it right now).
by Determined
Thu Jul 22, 2021 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

LadyGeek wrote: Thu Jul 22, 2021 8:40 am ^^^ I took a stab at editing the thread title. If you want to change it further, just edit the Subject: line in Post #1.

Did you know that the life insurance companies have a free service for just this situation (someone passes and the beneficiaries don't know the policy details)?

See the wiki: Life insurance (Locating a lost policy)

In addition to insurance, you should also check for unclaimed property, which is the Search for your unclaimed property link in the wiki's life insurance page.
Thank you for changing the title. I was not aware the locator service. It’s only been two months, so nothing has showed up in unclaimed funds yet. Thank you!
by Determined
Thu Jul 22, 2021 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

Jags4186 wrote: Thu Jul 22, 2021 8:45 am There is little you can do to force the executor to move forward quickly. I’ve been a beneficiary in a will once and it took nearly 10 months to get a $5,000 check. There may be state laws that require probate to be finished in a certain amount of time, and I assume an executor can be held liable if they screw things up — like say fail to deal with an apartment full of belongings and all of that stuff gets thrown out. Life insurance doesn’t pass through the estate, so I would think if you can locate the policy number the beneficiaries could move to collect without the executor.
If the executor will go to the apartment, then my kids can get policy numbers. Right now, there’s no other way to locate them.
by Determined
Thu Jul 22, 2021 9:03 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

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

Stinky wrote: Thu Jul 22, 2021 8:47 am Just to say it again, the issues may be broader than life insurance policies.

While most assets are distributed according to instructions in a will, I believe that life insurance, workplace savings plans like 401(k)s, and IRAs have separate beneficiary designations. You children may very well be named as beneficiaries of such products.
Yes. We are focusing on the supposed life insurance policy because he cashed out his previous workplace and retirement accounts and has not been employed regularly for many years. He actually worked for an insurance agency briefly two years ago. My son called the office snd found out that he took that retirement money out to put into Bitcoin last year. The office manager tried to talk him out of it.
by Determined
Thu Jul 22, 2021 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

Re: Locating a life insurance policy

Have you tried to contact the executor and if so what were the results of that? Since I am the ex, I haven’t contacted him, although I do know him. My adult kids have reached out a few times. My concern is what happens to his stuff when the lease is up next week. The landlord should follow state law in handling the lease, and the contents. If anyone reaches out to the landlord, it's likely they'll say "either pay rent or we'll empty the apartment and do "whatever the law allows" with the contents". As far as financial things - bank accounts for example - anyone can send a copy of the death certificate (which anyone can obtain for a fee) - to a bank and see if they are a beneficiary on an account - which takes the execut...
by Determined
Thu Jul 22, 2021 8:32 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

Re: Locating a life insurance policy

Do you know if your ex had a will? If so, that will govern disposition of his estate, except for life insurance, 401(k), and other plans that have a named beneficiary. If not, I believe that his children could be entitled split the estate. You say in your post that the HS friend was executor and sole beneficiary. That implies that there is a will. I am not a lawyer. I do not know how your children, as potential beneficiaries of life insurance, 401(k) plans, etc can force an executor to move through the process of distributing assets. I think that your question is broader than life insurance. You might consider changing the title of the thread to something like “How can I get the executor of my ex’s estate to do his job”. A title like that ...
by Determined
Thu Jul 22, 2021 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

Re: Locating a life insurance policy

Nowizard wrote: Thu Jul 22, 2021 7:58 am One possibility is to check any known bank accounts or credit cards for regular payments for life insurance. Obviously, the person in charge of the estate has not stepped up yet and that issue is ultimately the one that will allow resolution of the issues.

Tim
Nobody knows what accounts he had. I told my adult children of the last bank account I knew of, but as we know, only the executor can access that.
by Determined
Thu Jul 22, 2021 8:17 am
Forum: Personal Finance (Not Investing)
Topic: Locating a life insurance policy [via the executor of an estate]
Replies: 103
Views: 7223

Re: Locating a life insurance policy

Luckywon wrote: Thu Jul 22, 2021 8:03 am Have you tried to contact the executor and if so what were the results of that?
Since I am the ex, I haven’t contacted him, although I do know him. My adult kids have reached out a few times. My concern is what happens to his stuff when the lease is up next week.