Search found 504 matches

by senex
Thu Jul 30, 2020 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Is guarantor on lease personally liable
Replies: 24
Views: 1665

Re: Is guarantor on lease personally liable

I like the idea of prepaying, or putting down an unusually large security deposit, etc.

A reasonable person should be open to that. Sometimes large corporations can be dumb about it ("policy," and all that). Hopefully you're dealing with the former.
by senex
Wed Jul 29, 2020 3:38 pm
Forum: Investing - Theory, News & General
Topic: I'm not getting why all the love for gold. here's why.
Replies: 87
Views: 4537

Re: I'm not getting why all the love for gold. here's why.

If an asset is uncorrelated or anti-correlated with equites, and rebalancing has zero cost, then holding the asset can improve the ratio of return to variance (allowing higher return for a given variance, or lower variance for a given return). Gold once was believed to have that property, and asset ...
by senex
Wed Jul 29, 2020 2:50 pm
Forum: Personal Consumer Issues
Topic: Should I coat my new garage floor with something?
Replies: 27
Views: 3035

Re: Should I coat my new garage floor with something?

Coating is nice, especially if you spend time in the garage (workshop, exercise, etc). I've had 3 types of garage floor. Bare concrete stains and always seems dirty/dusty. Acrylic was always smooth and shiny, no stains, easy to clean, but was extremely slippery when wet, and chipped a little, even a...
by senex
Wed Jul 29, 2020 2:31 pm
Forum: Personal Investments
Topic: High net worth, volatility phobic investor seeking help
Replies: 84
Views: 5755

Re: High net worth, volatility phobic investor seeking help

Vera needs a tweak to her expectations. She can minimize volatility, or she can minimize the chance of running out of money. She cannot minimize both; the universe is not structured that way. If she hates volatility, she should write a note to herself saying "I hate volatility so much that I'm willi...
by senex
Wed Jul 29, 2020 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Are we crazy to buy a VHCOL house now?
Replies: 32
Views: 2993

Re: Are we crazy to buy a VHCOL house now?

You've given it a lot of thought. In a non-recourse state, I suppose the max you can lose is the down payment (?) and things already paid (taxes/maint), which tends to encourage this sort of thing. I personally wouldn't buy a $2M house when planning to leave the country in a handful of years. Are th...
by senex
Wed Jul 29, 2020 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Moving to Florida from California (tax issues?)
Replies: 13
Views: 788

Re: Moving to Florida from California (tax issues?)

Not an attorney, but have some first & second hand experience with residency audits by another of the aggressive states. Some things in your favor are that you actually moved closer to family, presumably (?) with all your possessions, and did all the usual things that accompany a permanent move, and...
by senex
Sun Jul 26, 2020 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Custom Home Thoughts
Replies: 86
Views: 6097

Re: Custom Home Thoughts

Financially you'll be fine. In a bad case, say you need to sell for 500-700k below your cost in a few years, the loss is only 10% of your net worth. It's good to have a plan for when the house goes over budget (custom always does). Also, by the time it's done, you probably only have 3 people living ...
by senex
Sun Jul 26, 2020 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Driveway On Neighbor's Land
Replies: 139
Views: 4230

Re: Land Border Issues & Aggressive Neighbor - Help Wanted Please

Several people have said it, and to reiterate: lookup the adverse possession statutes in your area and cease all communication with neighbor, unless through a lawyer you hire. Don't offer money, don't say anything, don't text anything, etc. Who knows what could be used against you. If the fence & dr...
by senex
Fri Jul 24, 2020 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Odd Inheritance situation
Replies: 12
Views: 1757

Re: Odd Inheritance situation

I believe it's legal to ship your guns to yourself.

I.e., once you inherit them, you own them, and if they are physically in AK, you should be able to fly to AK, and ship them back to your home address.

I think this is somewhat standard practice, though of course check the laws before trying.
by senex
Fri Jul 24, 2020 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Does APR really not account for principal payments?
Replies: 11
Views: 943

Re: Does APR really not account for principal payments?

If it was advertised as APR, you can (and probably should) report him to your local and federal authorities for consumer loan fraud. APR is a regulated definition. I find Investopedia to be routinely incorrect on basic definitions. Avoid them. Use legitimate sources like the government links provide...
by senex
Fri Jul 24, 2020 4:30 pm
Forum: Personal Consumer Issues
Topic: Family expanding - Time for a 3 row SUV
Replies: 69
Views: 3601

Re: Family expanding - Time for a 3 row SUV

Have experience with Pilot, though a few years back. It was a good car, Honda dependable, owned it for about 10 years, drove well, no problems. Also have owned an Odyssey, which is more comfortable and way more voluminous, both passenger and cargo, and the sliding doors make child seats WAY easier t...
by senex
Fri Jul 24, 2020 4:22 pm
Forum: Personal Investments
Topic: How to get out of Capital Group (American Funds)
Replies: 12
Views: 1204

Re: How to get out of Capital Group (American Funds)

Do what prd1982 said for cost basis. The statement may or may not have it (good companies make it easy to find basis, bad companies make it hard). You'll be assessed the capital gains tax rate on current value minus cost basis. Dividends are taxed yearly and I would ignore it for your analysis (what...
by senex
Thu Jul 23, 2020 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Is it possible to exit onerous trust and management fees?
Replies: 55
Views: 2537

Re: Is it possible to exit onerous trust and management fees?

I know that the corporate trustee fee is 1.7% for accounts with assets less than 25M. And that is just the starting point. As I currently understand, you add to that the fees for asset management, and then the intrinsic fund fees. I am trying to get more information from the usurious bank trust dep...
by senex
Thu Jul 23, 2020 3:47 pm
Forum: Personal Investments
Topic: Total Newb-need advice on my Ameriprise conundrum
Replies: 32
Views: 1632

Re: Total Newb-need advice on my Ameriprise conundrum

My wife feels like we owe him some sort of explanation but my feelings are that this isn't personal, its a business decision. Part of a salesman's job is to make you feel like there is a relationship, a friendship. Yet once you stop paying him, he will never speak to you again, which is not how fri...
by senex
Thu Jul 23, 2020 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Is it possible to exit onerous trust and management fees?
Replies: 55
Views: 2537

Re: Is it possible to exit onerous trust and management fees?

Getting information about the total fees charged has been like pulling teeth. "Oh, it is complicated, it varies based upon the funds chosen, it is a bit different for each of the trusts." My best estimate is that the total all-in fees are in the range of 2.5% of assets under management. Also, OP, a...
by senex
Thu Jul 23, 2020 11:27 am
Forum: Investing - Theory, News & General
Topic: Purchasing an ETF Via Robinhood Vs Brokerage
Replies: 10
Views: 728

Re: Purchasing an ETF Via Robinhood Vs Brokerage

To invert your question, the similarities are: you login to your account, enter the ticker symbol, side, size, and limit price (if applicable), and click "trade." The main differences are how the website looks and feels, and the policies and fees. You may also care about uptime & reliability of the ...
by senex
Thu Jul 23, 2020 10:27 am
Forum: Personal Investments
Topic: Tax implications of leaving assets in a 529 until death
Replies: 44
Views: 2468

Re: Tax implications of leaving assets in a 529 until death

A member has notified us with a concern related to not using 529 plans for their intended purpose - educational expenses. [...] The intent is to understand how to do this within the existing legal framework; in which case this discussion can continue. LadyGeek, thanks for keeping this thread open. ...
by senex
Thu Jul 23, 2020 10:14 am
Forum: Personal Investments
Topic: Tax implications of leaving assets in a 529 until death
Replies: 44
Views: 2468

Re: Tax implications of leaving assets in a 529 until death

26 USC 529 (c)(5)(B) seems quite clear that gift tax applies if beneficiary is changed to a younger generation than the current beneficiary. So, keep that in mind if you are considering changing it to yourself, then changing it back to your daughter. I agree that the conditions upon death (either of...
by senex
Wed Jul 22, 2020 2:36 pm
Forum: Personal Investments
Topic: Tax implications of leaving assets in a 529 until death
Replies: 44
Views: 2468

Re: Tax implications of leaving assets in a 529 until death

Since Pebbles marries Bamm Bamm and they have twins Roxy and Chip, she can xfer 150k to a 529 for Bamm Bamm (no tax or gift tax between spouses), then each can front load 75k for each twin (again no tax or gift tax, but requires 2 Form 709s for the 5 year election). This is clever. Thanks for shari...
by senex
Tue Jul 21, 2020 9:24 am
Forum: Personal Finance (Not Investing)
Topic: Financing (taking a bank loan) for purchase of RV or, pay cash in full.
Replies: 19
Views: 1108

Re: Financing (taking a bank loan) for purchase of RV or, pay cash in full.

I'm genuinely curious, what doesn't depreciate, other than things like investment in human capital (e.g., education)? Yep, education, plus some business ventures, and some real estate. Even for those, I prefer to avoid debt, but in some cases it is tolerable. For consumption items, I like the old S...
by senex
Fri Jul 17, 2020 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Death of estranged parent
Replies: 54
Views: 5853

Re: Death of estranged parent

One small IRA had the son as beneficiary, a brokerage account and checking and money market account had no beneficiaries listed. As I understand it the son will inherit the IRA and the two other accounts will go to settle the creditors. One possible word of caution: you might want to hold (not spen...
by senex
Wed Jul 15, 2020 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Preserving trust assets for future generations [bsteiner]
Replies: 28
Views: 2118

Re: Preserving trust assets for future generations [bsteiner]

Everyone I know who started irrevocable trusts while still active and in good health, has come to regret it. Many unanticipated changes occur with time. In my opinion it generally is preferable to retain flexibility as long as you're alive and competent. That sounds illuminating. Are you willing to...
by senex
Tue Jul 14, 2020 2:23 pm
Forum: Personal Investments
Topic: extra withholding late in year to meet safe harbor rules?
Replies: 3
Views: 299

Re: extra withholding late in year to meet safe harbor rules?

Agree with lakpr. I've been told the IRS doesn't care about the timing of W2 withholding, and I personally have done large "extra" withholdings near end-of-year (like, withholding 100% of a December bonus) to avoid similar penalties. Practically speaking, it worked and no one (neither turbotax nor t...
by senex
Mon Jul 13, 2020 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Preserving trust assets for future generations [bsteiner]
Replies: 28
Views: 2118

Re: Preserving trust assets for future generations [bsteiner]

Just this exercise of typing all this out has helped clear my mind a bit and these things don't seem like bad things to consider for future generations as long as the execution of it could be fairly simple. Perhaps that is why the estate lawyer suggested a third party in the future. As I said, my b...
by senex
Mon Jul 13, 2020 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Estate strategy for my 90+ year old mother - is this right?
Replies: 9
Views: 559

Re: Estate strategy for my 90+ year old mother - is this right?

If all assets are financial with beneficiary or TOD, and she has no sizable debts, and you're asking if it's easy & efficient to distribute without probate: yes, in my experience. You email a death certificate to Vang/Fid/whomever, fill out some simple forms, and the balances transfer within a few w...
by senex
Mon Jul 13, 2020 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Preserving trust assets for future generations [bsteiner]
Replies: 28
Views: 2118

Re: Preserving trust assets for future generations [bsteiner]

Sorry about your dilemma. I've seen several people get very different advice from different estate attorneys, and none had an easy way to resolve it. One idea is to talk to additional, unconnected attorneys. Another is to ask the current attorney to email you a list of the advantages of the cadillac...
by senex
Sun Jul 12, 2020 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Form 706 for portability election
Replies: 32
Views: 5263

Re: Form 706 for portability election

I am in this exact same situation. Dad died left everything to Mom, no trusts no previous gift tax filing, no previous marriages, $3.5 million estate. I would also like to know how to fill out this form just for portability. In the other thread you said he died last year. There is a 9 month window ...
by senex
Sun Jul 12, 2020 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Federal tax refund: incorrect amount
Replies: 15
Views: 1313

Re: Federal tax refund: incorrect amount

Good luck! Let us know when you her back.
by senex
Sun Jul 12, 2020 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Is it necessary/advisable to probate my fathers will?
Replies: 7
Views: 830

Re: Is it necessary/advisable to probate my fathers will?

Sorry for your loss. Many states have "small estate" probate procedures with little or no court involvement. Sometimes it is just an affidavit, and you never need to file anything with any court. Disadvantages of probate depend on state, but even in "easy" states it requires paperwork, fees (amounti...
by senex
Fri Jul 10, 2020 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Federal tax refund: incorrect amount
Replies: 15
Views: 1313

Re: Federal tax refund: incorrect amount

There was information in the letter on how to contact the IRS if we disagreed with the decision. But that seems futile given the wait times for phone calls, the pandemic-related understaffing, etc. I had a similar situation a few years ago. Phone calls were mostly useless in my case. The rep did no...
by senex
Fri Jul 10, 2020 2:34 pm
Forum: Investing - Theory, News & General
Topic: Creating a Private Real Estate Investment Fund
Replies: 10
Views: 795

Re: Creating a Private Real Estate Investment Fund

One somewhat-common structure is a fixed term (say, 5 years with two 1-year extension options available to managers), investors cannot remove capital. The entity distributes profits at its discretion, and distributes final value at conclusion of the term. Often there are two share classes, one for t...
by senex
Thu Jul 09, 2020 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: South Dakota Trust [Will this work in PA?]
Replies: 8
Views: 632

Re: South Dakota Trust [Will this work in PA?]

Certainly defer to those experts over me. As I layman, the best summary I've seen of asset protection of self-settled trusts is Chapter 13 of Adkisson's Asset Protection book. (Apparently the authors are members of the ABA's Asset Protection Planning Committee, and have litigated asset protection ca...
by senex
Thu Jul 09, 2020 9:48 am
Forum: Personal Investments
Topic: How to invest Inherited IRA under new Secure Act
Replies: 9
Views: 784

Re: Help! Inherited IRA strategy under Secure Act

I plan to rebalance when all funds are finally transferred to a more holistic approach but not 100% sure what is the smartest way to handle this. Info/discussion is limited as the Secure Act just went into effect this year. I’m meeting with a FA next week and want to go in prepared. Your pre-inheri...
by senex
Tue Jul 07, 2020 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Moving out of California: is a tax attorney worth it?
Replies: 18
Views: 2046

Re: Moving out of California: is a tax attorney worth it?

Perhaps I'm too paranoid about not doing everything correctly. Everything on this topic recommends talking to tax attorney or CPA [...] My only concern is proving that I have established a domicile elsewhere, if I end up traveling abroad for a while. A little paranoia is good. If you truly move, an...
by senex
Tue Jun 30, 2020 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Options on Will Creation
Replies: 19
Views: 1463

Re: Options on Will Creation

I looked at will software a couple years ago. It had language to specify child guardians (and secondary/alternate, etc) and had language to leave assets for children in trust, for the child's support, with any residual amount distributed at fixed ages of your choosing. The experienced attorneys here...
by senex
Tue Jun 30, 2020 9:29 am
Forum: Personal Finance (Not Investing)
Topic: Planning for eventual inherited accounts
Replies: 33
Views: 2581

Re: Planning for eventual inherited accounts

Could you elaborate on how a joint account could screw up the step-up in basis? My understanding is if one member of a joint account dies, then the surviving member gets a step-up in basis based on the value of the account at death. Is this not correct? If the joint owners are husband and wife in a...
by senex
Mon Jun 29, 2020 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Planning for eventual inherited accounts
Replies: 33
Views: 2581

Re: Planning for eventual inherited accounts

It's a good idea to confirm that the accounts have current beneficiary designations that are consistent with you mother's wishes. Beneficiary designations keep the assets out of the probate system (delays). This is a good point. There was a recent thread about a typo on a beneficiary name, which ca...
by senex
Mon Jun 29, 2020 1:08 pm
Forum: Investing - Theory, News & General
Topic: Understanding the “ETF of ETFs” structure
Replies: 15
Views: 999

Re: Understanding the “ETF of ETFs” structure

I wonder about these Authorized Participants , they take value from the ETF yet the ETFs value stays very close the NAV of the securities it holds. As Alex said, the APs don't make money from the fund or its shareholders. With some rare exceptions, each create/redeem is economically neutral. The AP...
by senex
Mon Jun 29, 2020 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Planning for eventual inherited accounts
Replies: 33
Views: 2581

Re: Planning for eventual inherited accounts

1. Yes, EJ will get step-up basis. Make sure she doesn't add a joint owner to the account, which may screw that up. 2. Not a dumb question. Annuities don't get step-up basis. I believe that's true even of the "death benefit" (but please double-check). 3. Not sure. From other threads, I get a sense t...
by senex
Fri Jun 26, 2020 5:44 pm
Forum: Personal Investments
Topic: ETF Novice
Replies: 42
Views: 2307

Re: ETF Novice

OK, thanks. I must be missing something or mis-understanding. Back to the drawing board. I encourage you to not think or talk about settlement. It is very confusing, and adds almost no value to your life unless you work in some very particular parts of the financial industry. When rebalancing, just...
by senex
Fri Jun 26, 2020 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: How to preserve optionality for international relocation later in life?
Replies: 3
Views: 488

Re: How to preserve optionality for international relocation later in life?

As a US Citizen, the US will tax you on worldwide income, regardless of where you live. They will exempt a certain amount earned while living abroad, but everything is reported to the US. https://www.irs.gov/individuals/international-taxpayers/us-citizens-and-resident-aliens-abroad Beyond that, I ha...
by senex
Fri Jun 26, 2020 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Pre-paid tuition and estate tax limits.
Replies: 1
Views: 203

Re: Pre-paid tuition and estate tax limits.

In my limited knowledge, I think you're right. There are other ways to get below the limits, depending on how much time she has left. For example, see https://www.kirkland.com/siteFiles/Publications/Penton%20Wealth%20Management%20(Eleventh%20Hour_%20Handler)%20June%202016.pdf At her net worth, it's ...
by senex
Fri Jun 26, 2020 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Form 706 for portability election
Replies: 32
Views: 5263

Re: Form 706 for portability election

Did your mom have an appraiser appraise the house? Chiming in with another data point aligned with bob1234. My experience with an attorney filing form 706 is that the attorney used the property tax assessment, with no additional appraisal. For what it's worth, it was a median-priced house in an are...
by senex
Wed Jun 24, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Estate question re: bank accounts
Replies: 20
Views: 1661

Re: Estate question re: bank accounts

I've gathered (from bogleheads) that in Uniform Probate Code states, small estate administration is pretty easy. Depending on the amount, you may not even need to go to court -- just sign an affidavit. Example: https://www.nolo.com/legal-encyclopedia/wisconsin-probate-shortcuts-32038.html bsteiner h...
by senex
Mon Jun 22, 2020 1:25 pm
Forum: Personal Investments
Topic: ETF Novice
Replies: 42
Views: 2307

Re: ETF Novice

Yes, ETF's are more tax efficient, although for traditional Boglehead index funds the differences are negligible. For some very specific funds (like Schwab's S&P500 or Total Stock Market) I've found this to be true -- cap gains distributions are generally several times smaller than dividend distrib...
by senex
Mon Jun 22, 2020 12:57 pm
Forum: Personal Investments
Topic: ETF Novice
Replies: 42
Views: 2307

Re: ETF Novice

I noticed that all of the ETF versions of the new funds show a history of zero capital gains. Is this an obvious reason to avoid the mutual fund version and, instead, purchase ETFs? All of the funds are passively managed Schwab funds. I'm not sure that anyone has answered this question directly yet...
by senex
Thu Jun 18, 2020 9:39 am
Forum: Personal Investments
Topic: Your thoughts on a <= 10% allocation to PHYS - Sprott Physical Gold Trust
Replies: 18
Views: 1339

Re: Your thoughts on a <= 10% allocation to PHYS - Sprott Physical Gold Trust

PHYS is domiciled in Canada and therefore is considered a passive foreign investment corp by the IRS which is why it is not subject to Collectibles tax like all other gold ETFs. PHYS is registered with the SEC. you need to complete IRS form 8621 and submit it with your tax return to receive capital...
by senex
Wed Jun 17, 2020 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited land with taxes, but appears to be county road!
Replies: 28
Views: 3106

Re: Inherited land with taxes, but appears to be county road!

Did you really file a tax protest regarding $30/year? That sounds, frankly, like a waste of everyone's time. I agree with divesting of the road for liability reasons. Vacant land also has liability, so unless the 38-some acres has sentimental value, I would considering selling all of it (the road + ...
by senex
Wed Jun 17, 2020 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited land with taxes, but appears to be county road!
Replies: 28
Views: 3106

Re: Inherited land with taxes, but appears to be county road!

If you have an Ag exemption in Texas, the property tax on 1.5 acres is probably less than $10/year.
The cost of appraisal would take decades, maybe centuries, to recoop.

If you don't have an Ag exemption, getting one will save a lot more than trying to nickel and dime a few percent of your acres.