Search found 101 matches

by trustquestioner
Sat Jun 15, 2019 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2874

Re: Do I need "Professional Trustee?"

Why does anyone choose Northern Trust? Presumably people who amass tens of millions of dollars are intelligent enough to realize it’s a massive ripoff?
by trustquestioner
Fri Jun 14, 2019 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2874

Re: Do I need "Professional Trustee?"

You do not need a professional trustee. As someone currently dealing with not only a corporate trustee but also a completely unnecessary trust protector, I urge you to be firm on this. It’s literally millions of dollars. And beyond the money, they can create “issues” out of thin air to justify legal...
by trustquestioner
Sun Jun 09, 2019 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Aging Parents Who Try To Control Adult Children With Money
Replies: 2
Views: 1113

Aging Parents Who Try To Control Adult Children With Money

I’ve seen quite a bit of this lately and it seems like a major issue that nobody wants to talk about. I grew up in an upper middle class environment and it seems many of my peers (I’m late 30s) are, despite career success, in perilous shape in no small part because they are counting on inheritance a...
by trustquestioner
Thu Jun 06, 2019 9:00 am
Forum: Personal Finance (Not Investing)
Topic: For those who earn $500k+ per year. How'd you do that?
Replies: 369
Views: 36742

Re: For those who earn $500k+ per year. How'd you do that?

Every Megacorp I’ve been a part of has the same dynamic: By far the #1 biggest predictor of success within the organization is kissing your boss and your boss’s boss’ asses. Be absolutely ruthless. Subtly degrade your coworkers, but not in an obvious way. Pin blame for negative outcomes on others, e...
by trustquestioner
Wed Jun 05, 2019 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: For those who earn $500k+ per year. How'd you do that?
Replies: 369
Views: 36742

Re: For those who earn $500k+ per year. How'd you do that?

Most biglaw attorneys figure out about 10 years too late that networking is the name of the game. News flash, the clients can’t even tell if you’re doing good work or not, it’s all about bringing in business.
by trustquestioner
Wed Jun 05, 2019 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: For those who earn $500k+ per year. How'd you do that?
Replies: 369
Views: 36742

Re: For those who earn $500k+ per year. How'd you do that?

I know many, makes me feel poor: - Car dealers: know several making 7 figures and a few making $10 million+ a year. - Doctors who own group practices: I know a surgeon making several million a year, barely works himself. - Real estate developers: one good sized project can throw off a million a year...
by trustquestioner
Mon Jun 03, 2019 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Should All Grandkids Be Treated as Equal Members of Same Class?
Replies: 104
Views: 8016

Re: Should All Grandkids Be Treated as Equal Members of Same Class?

One circumstance I’ve seen a lot is second generation heirs behaving very differently, resulting in the grandkids receiving wildly different amounts (and timing - I’ve seen people wait their entire adult lives to inherit, it’s sad). Estate planning is unbelievably important, this stuff tears familie...
by trustquestioner
Wed May 29, 2019 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Another Trustee/trust Question
Replies: 16
Views: 1177

Re: Another Trustee/trust Question

Choose your trustee carefully and beware the drafting attorney as trustee. Trust companies will charge at least 1% and almost certainly trail the market with active trading. Vanguard is better/best IMO but won’t handle real estate and many here seem to have customer service issues. The short answer ...
by trustquestioner
Wed May 29, 2019 8:18 am
Forum: Personal Consumer Issues
Topic: $3k for teen club soccer
Replies: 104
Views: 7122

Re: $3k for teen club soccer

Youth sports have gotten completely out of control. My kid is 8 and some of these other parents are already putting pressure on their kids, yelling at them, etc. Absolutely bonkers, IMO. I suppose I’d consider it if my kid was really, really passionate and came to it on his own but that seems to be ...
by trustquestioner
Wed May 22, 2019 5:36 am
Forum: Personal Finance (Not Investing)
Topic: Senior management/executives
Replies: 51
Views: 4123

Re: Senior management/executives

The second sentence is true, the first is not.
by trustquestioner
Wed May 22, 2019 5:28 am
Forum: Personal Finance (Not Investing)
Topic: Senior management/executives
Replies: 51
Views: 4123

Re: Senior management/executives

The sad reality is that once you report, you are done at that company. HR is not your friend and they will try to get rid of you as cheaply and quickly as possible. It’s unfair and infuriating but you just have to get a new job.
by trustquestioner
Mon May 20, 2019 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Irrevocable trusts and capital gains
Replies: 5
Views: 573

Re: Irrevocable trusts and capital gains

If you distribute income to yourself you claim the income on your personal return, avoiding the nasty trust tax situation.
by trustquestioner
Sat May 18, 2019 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Very High Net Worth, elite private or “good” public
Replies: 278
Views: 17961

Re: High net worth, elite private or “good” public

We took our kids out of the fancy $30k private school because the social dynamics and money worship (constant fundraising, parents social climbing) was too irritating. Was the right choice for us.
by trustquestioner
Sat May 18, 2019 8:59 am
Forum: Personal Consumer Issues
Topic: Frustration dealing with contractors....am I doing something wrong?
Replies: 43
Views: 4475

Re: Frustration dealing with contractors....am I doing something wrong?

Lowest of 3 quotes to mulch our (medium sized) yard/beds was $750. Economy is too good.
by trustquestioner
Thu May 16, 2019 5:43 pm
Forum: Personal Investments
Topic: Step up at Death for a Trust
Replies: 3
Views: 333

Re: Step up at Death for a Trust

Yes, you get a step up in basis. There will be estate tax (if applicable) based upon asset value regardless of basis.
by trustquestioner
Wed May 15, 2019 1:15 pm
Forum: Personal Investments
Topic: If you are already wealthy, what keeps you motivated?
Replies: 97
Views: 10446

Re: If you are already wealthy, what keeps you motivated?

Those are some atrocious real estate investments.
by trustquestioner
Tue May 14, 2019 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Cash - Throw it all on the table!!!
Replies: 126
Views: 17581

Re: Cash - Throw it all on the table!!!

About $175k. Adding about 50% of gross income annually (all saving after tax advantages accounts).

I want cash available for REI in a downturn and don’t want to tap investment accounts.
by trustquestioner
Mon May 13, 2019 8:26 pm
Forum: Personal Investments
Topic: Email to my Edward Jones Rep
Replies: 46
Views: 4236

Re: Email to my Edward Jones Rep

Don’t thank him. He’s not a “nice guy.”
by trustquestioner
Fri May 10, 2019 10:59 pm
Forum: Personal Investments
Topic: Time to fire the financial assistant. Help me with the courage.
Replies: 41
Views: 4081

Re: Time to fire the financial assistant. Help me with the courage.

I have to stop reading these threads, they make my blood boil.

“Nice guy.” Try “crook.”
by trustquestioner
Tue May 07, 2019 6:17 pm
Forum: Personal Investments
Topic: Need Help: Lots of Moving Pieces
Replies: 4
Views: 645

Re: Need Help: Lots of Moving Pieces

The trust distribution amount was designed to cover all my expenses. The roughly 200k is living expenses plus taxes, approximately.

The trust document mandates distribution of income, with a health education maintenance standard for principal.
by trustquestioner
Tue May 07, 2019 5:26 pm
Forum: Personal Investments
Topic: Need Help: Lots of Moving Pieces
Replies: 4
Views: 645

Need Help: Lots of Moving Pieces

All, Hoping for some guidance, principally regarding asset allocation but there are other related issues as well. Financial picture as follows: Beneficiary of a trust of approximately $6m. Managed by a corporate trustee with an allocation of 75/25, individual stocks and bonds. Nothing can be done to...
by trustquestioner
Tue May 07, 2019 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Walk away from my auto lease?
Replies: 154
Views: 7673

Re: Walk away from my auto lease?

Story doesn’t pass the smell test.
by trustquestioner
Tue Apr 30, 2019 5:54 pm
Forum: Personal Consumer Issues
Topic: out of network emergency visits. Huge bill!!!
Replies: 73
Views: 6204

Re: out of network emergency visits. Huge bill!!!

I don't see what the issue is? You knew you were OON and chose to go there. It was NOT an emergency it was an elective decision. If the drive was too far why didn't you just get a taxi or uber to your in network ER. A kidney stone (yes I know how painful) is not an emergency. That is the truth. If ...
by trustquestioner
Tue Apr 30, 2019 11:24 am
Forum: Personal Consumer Issues
Topic: out of network emergency visits. Huge bill!!!
Replies: 73
Views: 6204

Re: out of network emergency visits. Huge bill!!!

Shallowpockets wrote:
Tue Apr 30, 2019 11:12 am
Probably the only true emergency related to only pain.
Uh...
by trustquestioner
Tue Apr 30, 2019 10:15 am
Forum: Personal Consumer Issues
Topic: out of network emergency visits. Huge bill!!!
Replies: 73
Views: 6204

Re: out of network emergency visits. Huge bill!!!

It is absolutely insane to me there are several people essentially saying “too bad OP, should have got in network!”

Come on.
by trustquestioner
Tue Apr 30, 2019 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Whats the Point of Climbing the Corporate Ladder?
Replies: 164
Views: 17050

Re: Whats the Point of Climbing the Corporate Ladder?

I placed enormous pressure on myself into my mid 30s to chase salary and prestige. This despite already being FI. We spend about 2% of our NW annually. One day the light bulb went off that my approach was, literally, crazy. So I stopped caring about those things. And I’m way happier now.
by trustquestioner
Mon Apr 29, 2019 9:14 pm
Forum: Personal Consumer Issues
Topic: out of network emergency visits. Huge bill!!!
Replies: 73
Views: 6204

Re: out of network emergency visits. Huge bill!!!

Health care in this country is absolutely insane. If this had happened to you in literally any other country with safe drinking water you wouldn’t have anything to worry about.

Sorry, OP.
by trustquestioner
Sat Apr 27, 2019 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: What are the cons of always being a one parent working household?
Replies: 134
Views: 8394

Re: What are the cons of always being a one parent working household?

Saving $75k on $130k with 4 kids? That’s borderline impossible.
by trustquestioner
Wed Apr 24, 2019 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Planning for family business transition [saving, inheritance, etc]
Replies: 19
Views: 804

Re: Planning for family business transition [saving, inheritance, etc]

Need way more details. Commercial real estate is often highly leveraged, $20 million of property could easily have $15 million of debt and cash flow less than $500,000 a year. More generally, sounds like a complete mess and a ticking time bomb. My advice, having been in a similar situation, it to st...
by trustquestioner
Tue Apr 23, 2019 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: Possible Divorce: Pension & Job Options
Replies: 47
Views: 4897

Re: Possible Divorce: Pension & Job Options

Yeah. IANAL, but she’s going to clean you out. Her family money is irrelevant.
by trustquestioner
Tue Apr 23, 2019 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: Possible Divorce: Pension & Job Options
Replies: 47
Views: 4897

Re: Possible Divorce: Pension & Job Options

If at all possible, stay married.
by trustquestioner
Mon Apr 22, 2019 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Housing: "Super Savers" vs. the "Rest"...
Replies: 85
Views: 9559

Re: Housing: "Super Savers" vs. the "Rest"...

People drastically overspend on housing largely because of the 30 year fixed rate mortgage, an anomaly unique to America. And because of interest and property tax deductibility. We spend less than 10% of our income for more house than we need. This country is nuts with how we use land and finance ho...
by trustquestioner
Fri Apr 19, 2019 10:58 am
Forum: Personal Investments
Topic: Fire my financial advisor now or later? (recent windfall help needed)
Replies: 61
Views: 6615

Re: Fire my financial advisor now or later? (recent windfall help needed)

You don’t owe her responses. She’s a salesperson, period.

$150k is not material for someone making high 6 figures. If you must have an advisor hire PAS, live below your means and you’ll create generational wealth.
by trustquestioner
Tue Apr 16, 2019 8:49 pm
Forum: Personal Consumer Issues
Topic: Best and cheapest way to finance a new car: dealership?
Replies: 23
Views: 1929

Re: Best and cheapest way to finance a new car: dealership?

I got .9% for 60 months from Honda.

Don’t buy anything from the F&I guy.
by trustquestioner
Tue Apr 16, 2019 7:57 pm
Forum: Personal Investments
Topic: Where to hold 2-3 years of living expenses
Replies: 28
Views: 5606

Re: Where to hold 2-3 years of living expenses

I have about 2 years of expenses in an Amex Savings account. Very easy to use and an excellent website. Rate might be 10-20 basis points below others but the convenience and familiarity are worth it to me.
by trustquestioner
Tue Apr 16, 2019 7:27 pm
Forum: Personal Consumer Issues
Topic: What is your hobby and how did it come to be your hobby?
Replies: 88
Views: 6679

Re: What is your hobby and how did it come to be your hobby?

Golf - played competitively through college, life long passion

Poker - got hooked in college, thankfully avoided turning “pro.”

Sports Betting - beatable with discipline, fun to research

Scenic Walks - helps avoid getting too fat
by trustquestioner
Tue Apr 16, 2019 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 14547

Re: In Laws Retirement Nest Egg

I have a strong suspicion that such a trip would not be of interest to them. Holidays must be a blast...
by trustquestioner
Tue Apr 16, 2019 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 14547

Re: In Laws Retirement Nest Egg

Being born to wealthy parents is not a “core value.” It’s winning the sperm lottery.
by trustquestioner
Tue Apr 16, 2019 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford this house?
Replies: 22
Views: 1913

Re: Can we afford this house?

Yes. Ignore the posts that follow; a mortgage of 2x income is more than fine.

This assumes no other debt and an emergency fund, of course.
by trustquestioner
Tue Apr 16, 2019 10:06 am
Forum: Personal Finance (Not Investing)
Topic: How would you handle work situation?
Replies: 16
Views: 1402

Re: How would you handle work situation?

I would get another job. Life is too short to deal with bad bosses. I know from experience.
by trustquestioner
Tue Apr 16, 2019 7:18 am
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 14547

Re: In Laws Retirement Nest Egg

The only person involved who is receiving someone else’s “hard earned money” is the OP.

Get off the dole!
by trustquestioner
Mon Apr 15, 2019 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 14547

Re: In Laws Retirement Nest Egg

Imagine raising your family and saving 700k on a modest income, plus a paid off house, retiring to a modest lifestyle and promptly having your kid’s spouse raising a stink because of worries you might eventually ask for money. Say congratulations and redirect the energy you’re spending thinking abou...
by trustquestioner
Mon Apr 15, 2019 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Providing Advice to In-Laws
Replies: 12
Views: 1008

Re: Providing Advice to In-Laws

Stay out of it. There is no happy ending here. Of course Raymond James is ripping her off and BIL should be paying rent. Doesn’t matter - none of your business.
by trustquestioner
Sat Apr 13, 2019 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 115
Views: 7271

Re: Trust investment choices for a difficult beneficiary

I would just give him all the money and make him sign something saying at what he wants and he won’t sue you. What a mess - no reasoning with people like this.
by trustquestioner
Fri Apr 12, 2019 4:55 pm
Forum: Personal Consumer Issues
Topic: Help Me Move to Low Country USA
Replies: 22
Views: 2901

Re: Help Me Move to Low Country USA

Palmetto Bluff looks REALLY nice. May need to up the budget.
by trustquestioner
Thu Apr 11, 2019 7:57 pm
Forum: Personal Consumer Issues
Topic: Help Me Move to Low Country USA
Replies: 22
Views: 2901

Help Me Move to Low Country USA

My wife and I both love the low country and are seriously considering moving. We are FI but I’ll keep working. I like my job and it exists everywhere, but I’ll probably need to be within commuting distance of a reasonable sized city (Savannah or larger). DW will be a stay at home mom. Kids are 9 and...
by trustquestioner
Thu Apr 11, 2019 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 115
Views: 7271

Re: Trust investment choices for a difficult beneficiary

Why hasn’t the trustee resigned? Is this a corporate or individual trustee?

The annuity seems pretty bad to me.
by trustquestioner
Thu Apr 11, 2019 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford a $1mil home?
Replies: 64
Views: 8365

Re: Can we afford a $1mil home?

Every Bay Area housing thread leaves me staring at the post hoping there was a typo or something. Unless you absolutely have to live there, I don’t get it. You can move to the Midwest, live a much better quality of life on half the income and have plenty left over for multiple luxury trips back, sho...
by trustquestioner
Tue Apr 09, 2019 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Not much work at new megacorp job
Replies: 70
Views: 5614

Re: Not much work at new megacorp job

The longer I go in my career, the more it is apparent basically nobody at huge companies is actually working very hard. It isn’t fair, but it’s all politics and relationships above a baseline of competence.