Search found 347 matches

by senex
Thu Feb 13, 2020 3:07 pm
Forum: Investing - Theory, News & General
Topic: Thoughts on Charlie Munger's recent comments?
Replies: 71
Views: 8683

Re: Thoughts on Charlie Munger's recent comments?

Charlie is quite forthright, but that doesn't mean he suggests "doing something" like going to cash. He consistently says things along the lines of this quote from the 2017 Daily Journal, when someone asked about a time his old investment fund dropped 50%: That’s a good lesson, that’s a good questio...
by senex
Thu Feb 13, 2020 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Advice on Estate Planning, Will, POA, Trust etc
Replies: 22
Views: 1656

Re: Advice on Estate Planning, Will, POA, Trust etc

The cost seems high, I would have expected it to be in $1,000 range. Any thoughts and advice? Does the lawyer expected to provide some future service for which we are paying now? Should we give a copy of Will to beneficiaries (i.e. our daughters)? Should we register Will and Trust anywhere? I've se...
by senex
Tue Feb 11, 2020 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Donor advised fund / donating appreciated shares
Replies: 17
Views: 818

Re: Donor advised fund / donating appreciated shares

Regarding which fund to donate - I had a couple inherited MFs that I prioritized to use for donation b/c of their high expense ratio - even though had others with higher unrealized gains. This is a great point. I should have been more nuanced in my own answer above. Sometimes I do the same thing --...
by senex
Tue Feb 11, 2020 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Donor advised fund / donating appreciated shares
Replies: 17
Views: 818

Re: Donor advised fund / donating appreciated shares

Seeking advice on setting up a donor advised fund and also how best to donate appreciated stock 1) No strong opinion. Fidelity is great. 2) When you initiate online (at Fidelity), it generates an on-demand document, which you print and sign. You attach a printout/copy of your Vanguard account (pres...
by senex
Tue Feb 11, 2020 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Getting audited: advice requested
Replies: 14
Views: 2522

Re: Getting audited: advice requested

Out of curiosity, what was the item that triggered the audit? Mine was a state audit of a part-year resident tax return. I had moved midyear (for sake of discussion, let's say June 1) from state A to state B. My state A tax return correctly stated residency ended on June 1. Later (after June 1), I ...
by senex
Tue Feb 11, 2020 10:46 am
Forum: Investing - Theory, News & General
Topic: Increasingly Large Spreads with NTSX
Replies: 25
Views: 1546

Re: Increasingly Large Spreads with NTSX

Do ETF providers contractually obligate the market maker to provide a certain spread or is this determined by market conditions? I don't know of any such obligations. The reason is economics: a combination of the creation unit size (typically 50k shares; haven't looked up NTSX specifically) and the...
by senex
Tue Feb 11, 2020 9:42 am
Forum: Personal Finance (Not Investing)
Topic: Quitclaim deed: how to handle changed last name and marital status
Replies: 12
Views: 1031

Re: Quitclaim deed: how to handle changed last name and marital status

Thanks for the suggestion. The Register of Deeds has some guidance online about what is required on the deed, but they don't have details about phrasing of the grantor/grantee names. It also says they're explicitly not allowed to give legal advice. So I suspect we would end up driving downtown, pay...
by senex
Tue Feb 11, 2020 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Getting audited: advice requested
Replies: 14
Views: 2522

Re: Getting audited: advice requested

When I was audited (personal return, not an S-corp) the form letters requested a massive amount of documentation -- hundreds of pages. I spoke to an attorney and a friend who had undergone a similar audit, and based on their advice, decided to call my auditor. I said the paperwork request was a larg...
by senex
Sun Feb 09, 2020 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Quitclaim deed: how to handle changed last name and marital status
Replies: 12
Views: 1031

Re: Quitclaim deed: how to handle changed last name and marital status

Don't know the answer myself, but I've found city/county tax assessor's offices to be good sources of advice.
I'm assuming they are the ones who would process the deed change?
I would try walking in and asking them what wording they would accept.
by senex
Fri Feb 07, 2020 1:12 pm
Forum: Investing - Theory, News & General
Topic: ESG outperforming - will you add any ESG funds to your portfolio?
Replies: 61
Views: 3216

Re: ESG outperforming - will you add any ESG funds to your portfolio?

Some good commentary here. I personally am dubious about both the "morality" and the "performance" claims of ESG. On morality, I consider that morality is not formulaic. When I dig past the platitudes and look into the actual stocks being held, I find companies that run sweatshops, that fire employe...
by senex
Thu Jan 30, 2020 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Keeping things organized - will, trust, accounts, etc.
Replies: 10
Views: 1146

Re: Keeping things organized - will, trust, accounts, etc.

DW and mother each have a key to safe deposit box. Safe deposit box has everything needed There are a wide range of reports of how banks treat safe deposit boxes upon the death of a depositor. It seems that some banks/branches will seal the box upon the death of any individual owner and require a c...
by senex
Wed Jan 29, 2020 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Recent passed parent had Vanguard TOD and will. What now?
Replies: 69
Views: 7188

Re: Recent passed parent had Vanguard TOD and will. What now?

Sorry for your loss. 1) Sounds fine. It seems somewhat common now to provide an e-copy, and the bank/brokerage/etc will confirm by checking the Soc Security database. 2) Yes, the Beneficiary/TOD transfers can happen whenever you want. Probate timing is unconnected and irrelevant for that. 3) Your in...
by senex
Tue Jan 28, 2020 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Why do we need a will or a trust?
Replies: 5
Views: 1110

Re: Why do we need a will or a trust?

They are aware that we want everything split 50/50. The only thing I can think of is our 2 cars that are registered to us that would present any kind of obstacle. Our total net worth is in the low 7 figures. Why do we need a will or trust? You don't strictly "need" either. Intestate laws will contr...
by senex
Sat Jan 25, 2020 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: When and why do you need a trust?
Replies: 17
Views: 2231

Re: When and why do you need a trust?

...her mother is contemplating advice from an attorney that a family member has used in the past to set up a revocable trust to protect her assets and house from probate when she passes and from being taken from the four heirs to cover possible Medicaid expenses. If the attorney told you a revocabl...
by senex
Fri Jan 24, 2020 11:12 pm
Forum: Personal Investments
Topic: First Post - So many questions
Replies: 20
Views: 2429

Re: First Post - So many questions

Duckie's advice is superb. A few misc comments: 1. Keeping money in 401k (verses rolling to an IRA) not only makes backdoor Roth easier, it also is usually better protected from lawsuits than IRAs. 2. It's hard to compute how valuable TLH is in the long run, esp if you're paying extra expense ratio ...
by senex
Fri Jan 24, 2020 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Do trusts protect from estate taxes?
Replies: 12
Views: 1238

Re: Do trusts protect from estate taxes?

Some additional thoughts: As mentioned, if rich person A creates a revocable trust, there is usually no change to the tax due upon the death of A (A's estate tax or B's inheritance tax). Although I recall a prior discussion that trusts can reduce NJ's inheritance tax (tax paid by B upon the death of...
by senex
Fri Jan 24, 2020 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Disadvantages to making my m-i-l taxable acct as a joint acct?
Replies: 10
Views: 1075

Re: Disadvantages to making my m-i-l taxable acct as a joint acct?

Currrently valued @ $350K. The decision is personal. From what I understand, for the trust (in your situation, assuming it is a living trust) to provide benefits beyond those of a beneficiary/TOD transfer, it needs to have the special incantations, have specific restrictions on distributions, and h...
by senex
Thu Jan 23, 2020 10:06 am
Forum: Personal Finance (Not Investing)
Topic: New Child- Steps to take (will/trust)
Replies: 39
Views: 2260

Re: New Child- Steps to take (will/trust)

bsteiner wrote:
Wed Jan 22, 2020 5:16 pm
That's poor use of the English language. However, except for there not being a Will, the estate administration is for the most part the same regardless of whether there's a Will.
Thanks for clarifying. I had been confused about that bit of terminology for a while.
by senex
Wed Jan 22, 2020 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: New Child- Steps to take (will/trust)
Replies: 39
Views: 2260

Re: New Child- Steps to take (will/trust)

Without a Will your Will can't be probated. Hi bsteiner, you've made such comments previously upon discussion of probate without a will. It is strictly true (no Will to probate) but it might give a misleading impression that probate requires a Will. In some states the probate courts handle intestat...
by senex
Wed Jan 22, 2020 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Disadvantages to making my m-i-l taxable acct as a joint acct?
Replies: 10
Views: 1075

Re: Disadvantages to making my m-i-l taxable acct as a joint acct?

Thanks...didn't know tax implications. I have access to her account through Vanguard, we did that several years ago. There is another heir, which we would evenly divide. She has a created a trust but never put any of the assets in it. Maybe we should? She just has the one vanguard taxable acct. and...
by senex
Wed Jan 22, 2020 11:04 am
Forum: Non-US Investing
Topic: What makes iShares so popular? How much does that matter?
Replies: 19
Views: 2569

Re: What makes iShares so popular? How much does that matter?

1) What stops the market maker from offering less generous spreads in the future when clearly noone else is making the market at tighter spreads? Usually the answer is economics. Wider etf spreads can be caused by less competition (i.e. fewer authorized participants), less liquidity in basket symbo...
by senex
Fri Jan 17, 2020 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning
Replies: 22
Views: 2991

Re: Estate Planning

It seems that the attorneys have the same opinion. They do not want to have a firm outside the state in the trust document. So, I will have to go with a bank which has ~ 1.3% fees instead of ~ 0.5 what VG/Schwab could offer. Experts: please let me know in case of any other suggestions. Not an exper...
by senex
Tue Jan 14, 2020 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: New Child- Steps to take (will/trust)
Replies: 39
Views: 2260

Re: New Child- Steps to take (will/trust)

For me, it's the single most important part of my will - who raises my children if my wife and I are out of the picture. [...] Money or no money, I want to be sure that that my most important "assets", my children, have the best care/guidance/training/character-moral development possible. +1. Well ...
by senex
Tue Jan 14, 2020 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Trust vs POD vs joint owner vs beneficiary
Replies: 8
Views: 796

Re: Trust vs POD vs joint owner vs beneficiary

If your goal is to avoid probate, all the things you mentioned will accomplish that. Joint titling may be deemed a gift of half the account value, but I’ve read many differing interpretations, including that it isn’t recognized as a gift until you use the money on yourself; it seems to be a hazy are...
by senex
Tue Jan 14, 2020 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: New Child- Steps to take (will/trust)
Replies: 39
Views: 2260

Re: New Child- Steps to take (will/trust)

Maybe a stupid question: Suppose my spouse and I pass away and we only have one child, why do you need a will/trust? Wouldn't all of our property go to our child by law? As to who takes care of the child and who manages the money, wouldn't it be the closest relative alive, which is my mother? If th...
by senex
Tue Jan 14, 2020 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: New Child- Steps to take (will/trust)
Replies: 39
Views: 2260

Re: New Child- Steps to take (will/trust)

Now to will and trust...really there are 2 big questions to ask. In a worst case where both parents pass, 1) who will take care of child (i.e. legal guardian) and 2) who will manage your $$$ for the benefit of your child. A will helps question 1 but not question 2. Nope. A testamentary trust (a tru...
by senex
Mon Jan 13, 2020 11:12 pm
Forum: Personal Investments
Topic: Estate Planning for Young Family
Replies: 18
Views: 1299

Re: Estate Planning for Young Family

OP, you started by asking about cheapest and easiest. If your will is up to date (including naming guardian for child), cheapest and easiest is to do nothing. Next level (in my lay opinion) is to redo will to leave child’s inheritance in a trust described in the will (i.e. not created while living)....
by senex
Sun Jan 12, 2020 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: Mom is updating her will - any “gotchas”?
Replies: 40
Views: 4241

Re: Mom is updating her will - any “gotchas”?

So to redirect slightly: is it correct that there is no real difference in leaving investment account stock and mutual funds to be probated (through the will) vs direct to a named beneficiary as transfer on death? Other than maybe a small gain or loss while part of the estate, which has to be repor...
by senex
Mon Jan 06, 2020 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: What assets to move into trusts?
Replies: 5
Views: 811

Re: What assets to move into trusts?

I think that you have identified a key component. If I assume a lifespan of 20 more years and a 5% annual appreciation, what would be the size of the trust have to be where a reduced estate tax liability trumps the benefit of a step-up of basis? (Using just federal tax numbers). Yep. I hate to comp...
by senex
Fri Jan 03, 2020 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Fight Over TOD Investment Account
Replies: 5
Views: 1039

Re: Fight Over TOD Investment Account

Sorry for your situation. I can't answer your questions. I can say this is an inter-personal mine field, especially if the estate is larger than the cousins anticipated when they discussed disclaiming. Similar things have caused permanent family rifts. In particular, you've described a reasonable-so...
by senex
Fri Jan 03, 2020 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: What assets to move into trusts?
Replies: 5
Views: 811

Re: What assets to move into trusts?

I haven't received any specific guidance yet. I am planning to meet with my Fidelity team who have been most helpful in the planning process. However, I wanted to get an unbiased view of this group and to educate myself. It sounds like you know the big picture, i.e. the tradeoff between step-up bas...
by senex
Fri Jan 03, 2020 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Writing a will / estate planning / when does it make sense to use a trust?
Replies: 26
Views: 2768

Re: Writing a will / estate planning / when does it make sense to use a trust?

I think at this point I'd like to figure out a 'quick and dirty' way to write a will since this is obviously more involved than I expected. In my life, I started "quick and dirty" with a software will. Less than $100, took less than an hour on the computer, and then an hour to get together two frie...
by senex
Thu Jan 02, 2020 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Writing a will / estate planning / when does it make sense to use a trust?
Replies: 26
Views: 2768

Re: Writing a will / estate planning / when does it make sense to use a trust?

Yes, a revocable trust is advisable in your situation. [...] A will really has no legal power. Appreciate your info on Yelp, pricing, etc. The items I quoted need some qualifiers. Revocable trusts and testamentary trusts both have advantages and disadvantages, depending on OP's state of residence, ...
by senex
Thu Jan 02, 2020 4:15 pm
Forum: Investing - Theory, News & General
Topic: What "Exactly" Does Selling Order Flow Mean?
Replies: 31
Views: 2850

Re: What "Exactly" Does Selling Order Flow Mean?

Honest brokers should invest resources to tap liquidity in the widest number of ATS as possible (expand their Network). Instead they wash their hands of their responsibilities by selling order flow and hide behind the lame legal standard of best execution. The standard is nebulous but not lame. It ...
by senex
Thu Jan 02, 2020 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Writing a will / estate planning / when does it make sense to use a trust?
Replies: 26
Views: 2768

Re: Writing a will / estate planning / when does it make sense to use a trust?

Any recommendations for books on the topic? I like to have some basic understanding of what I'm getting into before I talk to a professional. I personally didn't like Beyond the Grave -- too anecdotal and imprecise. Felt to me more like a season of Jerry Springer than a semester of education. My on...
by senex
Fri Dec 20, 2019 2:20 pm
Forum: Investing - Theory, News & General
Topic: What "Exactly" Does Selling Order Flow Mean?
Replies: 31
Views: 2850

Re: What "Exactly" Does Selling Order Flow Mean?

I am trying to understand what this means and to whom the brokerages sell order flow. OP, it happens that Matt Levine (probably the best/funniest financial commenter today) wrote about payment for order flow today: https://www.bloomberg.com/opinion/articles/2019-12-20/you-d-pay-not-to-see-your-stoc...
by senex
Wed Dec 18, 2019 2:17 pm
Forum: Investing - Theory, News & General
Topic: What "Exactly" Does Selling Order Flow Mean?
Replies: 31
Views: 2850

Re: What "Exactly" Does Selling Order Flow Mean?

Order flow payments are a kickback from the wholesale broker/market maker who executes a trade to the retail broker who sends a basket of retail trades their way. The concern the SEC has would seem to be that it can create a conflict of interest with the retail broker— do they choose the execution ...
by senex
Wed Dec 18, 2019 1:43 pm
Forum: Investing - Theory, News & General
Topic: What "Exactly" Does Selling Order Flow Mean?
Replies: 31
Views: 2850

Re: What "Exactly" Does Selling Order Flow Mean?

I like some of the examples and enthusiasm, but again, there are numerous errors: Payment for order flow will disappear overnight if the law was updated that NBBO was calculated from every exchange. NBBO is already calculated from all Exchanges (but not from all trading venues; a trading venue is no...
by senex
Wed Dec 18, 2019 1:06 pm
Forum: Personal Investments
Topic: Creative Planning vs Ritholtz Wealth Management
Replies: 13
Views: 1451

Re: Creative Planning vs Ritholtz Wealth Management

Thanks for the detailed feedback. I love Mr. Edmundson. 'Doing nothing' is really hard in investing. Do you have any experience investing in publicly traded PE firms such as Blackstone, KKR, even Softbank, etc? Is it better to invest in these since they are more liquid ? Welcome. No experience in p...
by senex
Wed Dec 18, 2019 12:44 pm
Forum: Investing - Theory, News & General
Topic: What "Exactly" Does Selling Order Flow Mean?
Replies: 31
Views: 2850

Re: What "Exactly" Does Selling Order Flow Mean?

National Best Bid and Offer regulations only requires that to be computed from a select few stock exchanges - specifically NYSE, NY-ARCA, NY-MKT, and NASDAQ. Over the years several "dark pools" and other stock exchanges have popped up - BATS, IEX, etc. This post contains a lot of confusion and misi...
by senex
Mon Dec 16, 2019 11:09 am
Forum: Personal Investments
Topic: Creative Planning vs Ritholtz Wealth Management
Replies: 13
Views: 1451

Re: Creative Planning vs Ritholtz Wealth Management

He seems to indicate he provides a gateway to private equity. PE has some major problems: 1) Ultracompetitive space -- lots of big money from endowments, pension funds, etc. 2) Taxes -- you do not control the timing or amount of taxable distributions. You get a K-1, which complicates taxes and may ...
by senex
Sun Dec 15, 2019 5:03 pm
Forum: Investing - Theory, News & General
Topic: How to use limit orders / do I need limit orders?
Replies: 61
Views: 3331

Re: How to use limit orders / do I need limit orders?

A market order is equivalent to a limit order to buy at $999,999 (or choose your favorite big number) or sell at $0.01. Be careful what you wish for. Some arguments against market orders: 1) Lying - you are lying about your true limit (you do have one, don’t pretend otherwise); systems are more stab...
by senex
Fri Dec 13, 2019 3:02 pm
Forum: Personal Investments
Topic: Trusts and Taxable accounts
Replies: 9
Views: 706

Re: Trusts and Taxable accounts

Will it receive 100% step-up if i put the account in a trust? Putting something into trust while you are living does not change its basis. If the trust is part of your estate when you die, I believe your inheritors will receive step-up basis (under current law). Whether the trust is part of your es...
by senex
Thu Dec 12, 2019 10:56 pm
Forum: Investing - Theory, News & General
Topic: How exactly is performance calculated?
Replies: 6
Views: 538

Re: How exactly is performance calculated?

A common solution to your problem is to compute the Internal Rate of Return (IRR). In Excel and google sheets you want the function XIRR(). The internet is full of usage examples. Roughly speaking, IRR tells you what simple interest rate would have produced the final value given the dates/amounts of...
by senex
Thu Dec 12, 2019 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: Estate tax? Questions..
Replies: 13
Views: 1416

Re: Estate tax? Questions..

NJ inheritance tax: https://www.state.nj.us/treasury/taxation/inheritance-estate/definitions.shtml OP, if you don't know these basic facts, and can't find them yourself on the internet, and are on a short timeline, I reiterate that you should consult with some experienced attorneys asap. Spend the f...
by senex
Thu Dec 12, 2019 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Estate tax? Questions..
Replies: 13
Views: 1416

Re: Estate tax? Questions..

Given the nature of your questions and the dollar amounts, I suggest getting educated quickly. Even if a death next week would produce no estate tax, it is prudent to consider wider issues, including the potential changes to estate tax and will/testament provisions to protect the inheritors. Within ...
by senex
Wed Dec 11, 2019 9:53 pm
Forum: Investing - Theory, News & General
Topic: Help me understand a Bid / Ask quote
Replies: 15
Views: 939

Re: Help me understand a Bid / Ask quote

Thanks for the clarification. I was indeed wondering whether "x 97" really meant 97 shares, or whether it stood for some multiple, since 97 seemed like such an odd and small number. There is no universal standard. Some feeds / brokers / websites give the number of shares, some give the number of ro...
by senex
Wed Dec 11, 2019 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Most estates don't go through probate [*]
Replies: 39
Views: 4851

Most estates don't go through probate [*]

In a recent contentious (and now locked) thread, there was a dispute about whether "most" estates go through probate courts. Due to the strongly held contrary opinions, I figured some data would be useful. The only academic source I've seen is a 2015 article In Georgetown Law Journal [1], which stat...
by senex
Tue Dec 03, 2019 7:40 pm
Forum: Personal Finance (Not Investing)
Topic: "bogleheads" for estates ?
Replies: 32
Views: 2819

Re: "bogleheads" for estates ?

I am still not absolutely clear on revocable vs irrevocable. I will be meeting with my estate attorney before finalizing this, but I would like to be clear on definitions, etc., beforehand. The topic is confusing enough. To restate my previous post: I believe that I will be setting up two revocable...
by senex
Mon Dec 02, 2019 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: Virginia Probate Inventory List
Replies: 6
Views: 754

Re: Virginia Probate Inventory List

perhaps you and your sister should set up a consultation with an independent estate attorney to get answers to this and any other questions. +1 If you suspect anything irregular, it is invaluable to get advice from an attorney who represents you and you alone (i.e. has never represented or been pai...