Search found 38 matches

by ChicagoBear7
Wed Oct 23, 2019 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Turned down for umbrella insurance due to freelance work
Replies: 16
Views: 1526

Re: Turned down for umbrella insurance due to freelance work

You need to have a heart-to-heart with your current agent and any other agent you will get a quote from. Homeowners policies are meant to be, and are priced to be exactly that - coverage for just you and your family living there. Not running a business out of your garage, a consulting business from ...
by ChicagoBear7
Tue Oct 08, 2019 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Asset protection
Replies: 34
Views: 3240

Re: Asset protection

Some comments are missing a key fact - the OP lives in Florida... In Florida, your jointly owned bank and securities accounts as well as real estate can be titled in Tenancy by the Entirety! Thus only a judgement against you AND your wife would attach to these assets - as long as you are married. Wh...
by ChicagoBear7
Tue Oct 01, 2019 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Living Trust and Insurance
Replies: 8
Views: 906

Re: Living Trust and Insurance

You should immediately contact your insurance agent! When we did our trusts, our trust/estate attorney gave us a written warning that we needed to contact our insurance company and inform them that the title to the house had been transferred. In our case the trust's were added as additional insureds...
by ChicagoBear7
Fri Sep 20, 2019 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Anyone have experience with TAB Bank or BMO Harris?
Replies: 3
Views: 388

Re: Anyone have experience with TAB Bank or BMO Harris?

Never heard or dealt with TAB Bank. BMO Harris is one of the largest banks in Chicago. The Bank of Montreal bought Harris Trust and Savings Bank about 35 years ago being the first Canadian bank to make a big acquisition in the U.S., but intentionally did not broadcast their ownership to the masses. ...
by ChicagoBear7
Fri Aug 30, 2019 5:57 am
Forum: Personal Finance (Not Investing)
Topic: Insurance shopping - good alternative to State Farm for auto, home, umbrella
Replies: 20
Views: 1343

Re: Insurance shopping - good alternative to State Farm for auto, home, umbrella

If you are interested in Chubb, consider Nationwide Private Client. This is not to be confused with Nationwide insurance that is sold by an army of captive agents. Private Client used be known as Crestbrook Insurance. Nationwide's parent company bought it and re-branded it. Though part of the same h...
by ChicagoBear7
Thu Aug 22, 2019 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Title Insurance on Refi
Replies: 22
Views: 1471

Re: Title Insurance of REfi

Title insurance has two components, lenders and owners insurance. On a purchase, the seller pays for owners insurance. On a refi, owner pays for both. On refis, I skip the owners title. Ownership isn't changing so I didn't see the point to get new owners policy. IME Seller wouldn’t be paying for bu...
by ChicagoBear7
Tue Aug 06, 2019 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America/Merrill Edge - Preferred Rewards
Replies: 502
Views: 134311

Re: Bank of America/Merrill Edge - Preferred Rewards

1. This is NOT an automatic sweep product. You must call your financial adviser or the 800 Merrill Edge customer service line for each deposit or withdrawal. It's simple, easy and takes only 1 or 2 minutes. Sorry but having to call to add or remove funds does NOT sound simple or easy. Plus you can ...
by ChicagoBear7
Wed Jul 31, 2019 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Bank asks for photo ID for beneficiary: is this normal?
Replies: 23
Views: 1825

Re: Bank asks for photo ID for beneficiary: is this normal?

This situation most likely occurred due to confusion over the new "Beneficial Ownership Rule" that was implemented about a year ago - part of the Bank Secrecy Act / Anti-money Laundering rules for banks and brokers. The U.S. finally codified its expectations about ascertaining the beneficial owners ...
by ChicagoBear7
Tue Jul 09, 2019 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance - Cautionary Tale
Replies: 22
Views: 2457

Re: Umbrella Insurance - Cautionary Tale

When does the duty to defend end is a complicated and state specific issue. Exactly when the duty ends varies and there are several theories in use. At least in my state, I can see a primary auto policy not providing ongoing an legal defense if the policy limits are small in relation to multiple inj...
by ChicagoBear7
Mon Jun 03, 2019 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: How to Evaluate Home Owners Insurance
Replies: 5
Views: 627

Re: How to Evaluate Home Owners Insurance

Make sure your policy has sufficient "Ordinance and Law Coverage"! This covers the additional costs of bringing your home up to code after an incident. Replacement cost coverage does not apply if you can not legally rebuild "the same" structure. High end insurers (Chubb, Nationwide Private Client, P...
by ChicagoBear7
Fri May 24, 2019 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: American Express lowered my credit limit
Replies: 61
Views: 5557

Re: American Express lowered my credit limit

I have seen reports of that before. It's a risk management thing. How so? What risk are they managing? I have never been late on any payments, and my credit score is very high. The risk that they get stuck with a fraudulent charge exceeding the new lower limit. That risk existed for many years befo...
by ChicagoBear7
Mon May 20, 2019 2:44 pm
Forum: Personal Investments
Topic: Merrill Edge Users - What Do You Use for Cash Management?
Replies: 11
Views: 1930

Re: Merrill Edge Users - What Do You Use for Cash Management?

The Preferred Deposit option is good, if you have the $100k to initially open this product. You DO NOT need to maintain a $100k balance after it is open. It is a deposit at Bank of America with a 2.07% current interest rate. It is not a sweep vehicle, so you you have to call to make deposits or with...
by ChicagoBear7
Tue May 07, 2019 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Bank of America/Merrill Edge - Preferred Rewards
Replies: 502
Views: 134311

Re: Bank of America/Merrill Edge - Preferred Rewards

What is this preferred deposit of neting 2.07 % ? As everyone mentioned, the balance limit is the combined balance at Bank of America and Merrill Edge, so if you move over your IRAs to ME, and if that combined with your checking doesn't get you to $100k, you can put money in the ME CMA account and ...
by ChicagoBear7
Mon Apr 29, 2019 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Pure Insurance vs. Chubb, $1,000 Savings
Replies: 9
Views: 1937

Re: Pure Insurance vs. Chubb, $1,000 Savings

We left Chubb earlier this year. We went to Nationwide Private Client and saved over $2,000 for the same expansive HNW coverage. I loved Chubb, and they handled a $75k garage fire wonderfully; however, the price was creeping up to point we had to investigate other options. My agent did say that we c...
by ChicagoBear7
Fri Jan 18, 2019 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Getting Umbrella Written Policy Terms in Advance of Buying Policy
Replies: 6
Views: 631

Re: Getting Umbrella Written Policy Terms in Advance of Buying Policy

I'm an advocate of Hungelmann's approach and have mentioned him a couple of times on this board. The best person to do an umbrella comparison is an good independent agent or broker, who represents multiple companies and has access to their policy forms. You need an independent agent who represents a...
by ChicagoBear7
Mon Oct 15, 2018 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance coverage and cost
Replies: 4
Views: 453

Re: Umbrella insurance coverage and cost

Comparing umbrella policies is difficult. Unlike car insurance, the coverage and exclusions can be unique to each provider. If you want the "best" (meaning most coverage of your unique exposures for the money) policy, you should consult an independent agent that represents multiple carriers. Pricing...
by ChicagoBear7
Mon Sep 10, 2018 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Do you have an umbrella policy?
Replies: 295
Views: 39660

Re: Do you have an umbrella policy?

Uninsured/underinsured motorist coverage is a standard feature of umbrella policies. The above statement is NOT universally correct!! From Jack Hungelmann (Author of Insurance For Dummies) a spreadsheet from nine years ago comparing the coverage provided by 10 different Umbrella policies (see Item ...
by ChicagoBear7
Mon Sep 10, 2018 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Do you have an umbrella policy?
Replies: 295
Views: 39660

Re: Umbrella insurance..who has it? Is it recommended?

I don't really buy umbrella insurance to protect my assets. It is more to protect me and my family. Most of my assets are in retirement accounts and can't be touched by creditors. However, without umbrella insurance, an uninsured driver hit us, cripple the entire family for the rest of our lives, a...
by ChicagoBear7
Wed Sep 05, 2018 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Credit Score [What changes your credit score?]
Replies: 42
Views: 3737

Re: Credit Score

As a banker I will say credit scores are a very good, but not perfect, substitute for "old school" underwriting. They are great for mass market, high volume decisions on standardized products. However, as I'm sure everyone here is aware, they ignore income, ignore total monthly pay offs of credit ca...
by ChicagoBear7
Tue Sep 04, 2018 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Living Revocable Trust - conveyance of assets
Replies: 37
Views: 2899

Re: Living Revocable Trust - conveyance of assets

FIREchief If your policy is 20+ years old, you may need to figure out who is backing your policy today. At least in our market (Chicago), there have been several mergers. Our title company merged with someone else who was the surviving entity. Once I figured out that, it was relatively easy and the ...
by ChicagoBear7
Tue Sep 04, 2018 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Living Revocable Trust - conveyance of assets
Replies: 37
Views: 2899

Re: Living Revocable Trust - conveyance of assets

I want to say that the fee was in the neighborhood of @ $75 -$100 back in 2004. I considered the fee to be worth it. While I'm not an attorney, I know that the statute of limitations often does not start until you find out or should have known about a potential claim. In these instances it can be fa...
by ChicagoBear7
Tue Sep 04, 2018 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Living Revocable Trust - conveyance of assets
Replies: 37
Views: 2899

Re: Living Revocable Trust - conveyance of assets

Assuming you have a title insurance policy that was issued in your name(s) on purchase of the property, does this also need to be revised to indicate a trust? Our attorney instructed us to contact our title insurer and inform them of the transfer into our revocable trusts - this was back when the e...
by ChicagoBear7
Wed Aug 29, 2018 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Post Mortem Settlement
Replies: 59
Views: 4951

Re: Post Mortem Settlement

Does your state make use of Small Estate Affidavits? In Illinois, you can use it when the assets (probate estate) are under $100,000. Obviously living trusts are not included in the probate estate and neither are POD accounts. It is an easy way to transfer automobile titles and small bank accounts t...
by ChicagoBear7
Thu Aug 16, 2018 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Adding Spouse to Real Estate Deed
Replies: 5
Views: 971

Re: Adding Spouse to Real Estate Deed

Concerning TBE, 24 states and DC recognize TBE at least for a couples primary residence. In 11 of those states, (DE, FL, HI, IL, IN, MD, MO, NC, TN, VA, WY) the residence can be owned as TBE through revocable trust(s). This way you do not have to chose between the advantages of asset protection prov...
by ChicagoBear7
Wed Aug 15, 2018 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America Preferred and ML 401(k)
Replies: 2
Views: 383

Re: Bank of America Preferred and ML 401(k)

Unfortunately, no. Employee benefit plans are not eligible accounts. It makes sense, your employer is the one who makes the decision concerning which financial institution is the custodian of the plan. See attached link. https://www.bankofamerica.com/preferred-rewards/understanding-preferred-rewards...
by ChicagoBear7
Tue Aug 14, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Can the greedy 'Private Bank' make any money off my index funds?
Replies: 21
Views: 2466

Re: Can the greedy 'Private Bank' make any money off my index funds?

@Afan is correct. A private bank will not turn away your index funds, because the general assumption is that if you have wealth, you may need their services sometime in the future (liquidity event, estate settlement, executor, successor trustee etc.) I would only add that depending upon the institut...
by ChicagoBear7
Mon Aug 06, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Help! Death of Grandfather - creating to do list for Grandmther
Replies: 23
Views: 1932

Re: Help! Death of Grandfather - creating to do list for Grandmther

If your grandfather had a will, in most states, it will need to be filed with the probate court in his county of residence - even if the will is not going to be formally probated. You can do this yourself at the court house or an attorney can handle this if you are going to probate the estate or oth...
by ChicagoBear7
Fri Jul 20, 2018 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Is my umbrella policy over priced?
Replies: 20
Views: 1885

Re: Is my umbrella policy over priced?

While many have noted that locations, number of cars, age of drivers, writing the underlying policies etc. can impact rates, there is a huge additional reason for the price variation. Umbrella or Excess Liability policies are NOT uniform between issuing companies. It is a challenging exercise to com...
by ChicagoBear7
Thu Jul 05, 2018 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: What are these Bank & Credit Union Fees?
Replies: 16
Views: 1646

Re: What are these Bank & Credit Union Fees?

Banker here - I believe the Verification Fee is most likely the fee to complete "Verification of Deposit" forms typically associated with mortgage loans. Even though you usually must provide 3 months of statement copies for any deposit/investment accounts that are being considered as part of mortgag...
by ChicagoBear7
Thu Jul 05, 2018 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trusts-Homeowners-Umbrella Insurance
Replies: 10
Views: 2056

Re: Revocable Living Trusts-Homeowners-Umbrella Insurance

Chubb also does not charge extra. A "Certificate of Insurance for Property Trust" was issued for the homeowner's policy and a "Certificate of Insurance for Liability Trust" was issued for the umbrella. The homeowner's certificate indicates that payments for covered losses at the house will be paid t...
by ChicagoBear7
Mon Jun 04, 2018 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Owning house in a trust?
Replies: 34
Views: 5259

Re: Owning house in a trust?

Sorry - been away for a few days. I should have specified that the current county record will show the trust as the owner. If you look on the county website, it will also show all documents going back 15-20 years. Did she previously own the property outright? Did she sign a mortgage that predates th...
by ChicagoBear7
Wed May 30, 2018 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Recommendation for Independent Insurance Broker
Replies: 3
Views: 774

Re: Recommendation for Independent Insurance Broker

Chubb is a great company - I have had them for years. They are the gold standard in personal insurance with some of the broadest and most comprehensive policies in the business, with unbelievable white glove claims service. However, they are in no way the cheapest policy in the market. Chubb policie...
by ChicagoBear7
Wed May 30, 2018 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Owning house in a trust?
Replies: 34
Views: 5259

Re: Owning house in a trust?

The "Illinois Land Trust" is somewhat unique to the Land of Lincoln. A bank with trust powers, or a trust company, takes "real title" to a piece of real estate. So the public record only shows "Bank of Anywhere as Trustee under Trust #1234". The trust agreement signed with the bank, that is not a pu...
by ChicagoBear7
Wed May 02, 2018 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Homeowners Insurance and Roof Coverage
Replies: 4
Views: 830

Re: Homeowners Insurance and Roof Coverage

Chubb still covers roof damage at full replacement cost - at least in Illinois. Of course Chubb is not for budget shoppers - but the expansive nature of the policy coverage and the white glove claims service are the gold standard.
by ChicagoBear7
Mon Jan 22, 2018 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Do you have an umbrella policy?
Replies: 295
Views: 39660

Re: Do you have an umbrella policy?

So right now I am paying $440 on a $2mm umbrella from State Farm. If I move my insurance over to a new company I could pay $340 on a $2mm or $410 on a $3mm. Would you guys pocket the $100 savings (I am also going to save about $250 additional on Homeowners) and leave umbrella the same or would you ...
by ChicagoBear7
Wed Jan 17, 2018 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Questions re:home insurace
Replies: 16
Views: 1527

Re: Questions re:home insurace

Be sure and check what coverage is provided for Ordinance and Law! This covers the cost of bringing your property up to current building codes. These costs are NOT covered by your replacement cost coverage!! Just because you have replacement cost coverage doesn't mean the city will let you build the...
by ChicagoBear7
Wed Jan 17, 2018 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: Owning house in a trust?
Replies: 34
Views: 5259

Re: Owning house in a trust?

Several states allow you to hold your primary residence as TBE through trust(s). This is through a specific Act passed by the legislature. As an example, in Illinois the act adds the following language to section 1c of the Joint Tenancy Act (765 ILCS 1005/1c): "Where the homestead is held in the nam...
by ChicagoBear7
Tue Jan 16, 2018 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Flood Insurance in excess of federal plan
Replies: 5
Views: 687

Re: Flood Insurance in excess of federal plan

Chubb offers Excess Flood Insurance for people such as the original poster that have homes far exceeding the usefulness of the National Flood Policy. I have no idea about the cost and if there are certain areas that are excluded, but an independent agent/broker of Chubb could help. Chubb also offers...