Search found 65 matches

by ChicagoBear7
Tue Aug 11, 2020 9:18 am
Forum: Personal Finance (Not Investing)
Topic: ESI Insurance at Credit Union?
Replies: 2
Views: 163

Re: ESI Insurance at Credit Union?

ESI is a legitimate option, but your question goes to the heart of the matter. If there is a true financial disaster, can they pay out? Attached is a link to the most recent Government Accounting Office audit - private credit union insurance is subject to GAO review due to potential confusion to the...
by ChicagoBear7
Wed Jul 29, 2020 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance: Plymouth Rock vs PURE ?
Replies: 51
Views: 2471

Re: Umbrella Insurance: Plymouth Rock vs PURE ?

Would an insurer even want their business if they are not going to pay $18,000/ year in premiums? Probably not at the HNW insurers. In this Chubb presentation, this is how they describe their target market. Personal Risk Services Client is the successful, family or individual with significant asset...
by ChicagoBear7
Sun Jul 26, 2020 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Custodial Account No Longer Minor
Replies: 22
Views: 1849

Re: Custodial Account No Longer Minor

Yes you are correct it is a separate account. Upon visiting the website of the transfer agent, there is a form to fill out by the now adult minor Henry to put the account in his name only. This requires a Medallion signature, etc.. If John the Custodian and Henry the now adult minor both want to se...
by ChicagoBear7
Sat Jul 25, 2020 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Custodial Account No Longer Minor
Replies: 22
Views: 1849

Re: Custodial Account No Longer Minor

The direct registration with the company transfer agent is technically a separate account, therefore John will need to officially sign over those shares/ account to Henry. I'm sure the transfer agent has a specific form for this. Hopefully, John is alive and well and willing to do the paperwork. As...
by ChicagoBear7
Fri Jul 24, 2020 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Custodial Account No Longer Minor
Replies: 22
Views: 1849

Re: Custodial Account No Longer Minor

The direct registration with the company transfer agent is technically a separate account, therefore John will need to officially sign over those shares/ account to Henry. I'm sure the transfer agent has a specific form for this. Hopefully, John is alive and well and willing to do the paperwork. As ...
by ChicagoBear7
Fri Jul 17, 2020 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance: Plymouth Rock vs PURE ?
Replies: 51
Views: 2471

Re: Umbrella Insurance: Plymouth Rock vs PURE ?

If you think PURE is too expensive, note that there is competition among the HNW companies. A couple years ago I jumped from Chubb to Nationwide Private Client. I can definitely say those two policies were almost exactly the same with the same bells and whistles - and I saved a couple thousand doll...
by ChicagoBear7
Fri Jul 17, 2020 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance: Plymouth Rock vs PURE ?
Replies: 51
Views: 2471

Re: Umbrella Insurance: Plymouth Rock vs PURE ?

PURE is for high net worth individuals. PURE customers typically will price compare quotes with Chubb, Nationwide Private Client and AIG Private Client, not retail insurers. The reason being, these HNW policies have bells and whistles that are not included in standard policies. For automobiles, the ...
by ChicagoBear7
Mon Jul 13, 2020 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Have I reach the Need for an Umbrella Policy?
Replies: 24
Views: 1832

Re: Have I reach the Need for an Umbrella Policy?

Paying out the policy limits may not extinguish the "duty to defend" unless there is a release of liability against the insured. Under no circumstances, does an insurance company ever write a $250k check to the insured unless it's for a UM/UIM claim or property damage to an insured's vehicle. This ...
by ChicagoBear7
Mon Jul 13, 2020 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Have I reach the Need for an Umbrella Policy?
Replies: 24
Views: 1832

Re: Have I reach the Need for an Umbrella Policy?

Paying out the policy limits may not extinguish the "duty to defend" unless there is a release of liability against the insured. Under no circumstances, does an insurance company ever write a $250k check to the insured unless it's for a UM/UIM claim or property damage to an insured's vehicle. This ...
by ChicagoBear7
Fri Jul 10, 2020 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: what do you look for when shopping around for home insurance?
Replies: 12
Views: 890

Re: what do you look for when shopping around for home insurance?

You shouldn't just compare prices, you need to compare the coverage provided in the quoted policy. Is it Open Peril or Named Peril coverage for the building? Is it Open Peril or Named Peril for contents? How much Water/Sewer Back-up coverage does it contain? Is that amount sufficient, and can you ge...
by ChicagoBear7
Wed Jul 01, 2020 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: What are you paying for umbrella insurance?
Replies: 36
Views: 1997

Re: What are you paying for umbrella insurance?

It is CRUCIAL to know that Personal Umbrella policies ARE NOT the same! Some umbrella are bare bones straight excess on your auto and home liability policies. Many expand upon the underlying policies and include coverage of other risks. And some high-end policies provide additional cover of numerous...
by ChicagoBear7
Tue Jun 30, 2020 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Application Denied to Open a New Checking Account
Replies: 30
Views: 2479

Re: Application Denied to Open a New Checking Account

My understanding is that Early Warning reports on banking relationships - NOT credit. Your credit cards have nothing to do with this type of report. While the report will tell you what the issue is, it likely relates to either many bounced checks or other account handling issues such as closing an ...
by ChicagoBear7
Tue Jun 30, 2020 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Application Denied to Open a New Checking Account
Replies: 30
Views: 2479

Re: Application Denied to Open a New Checking Account

My understanding is that Early Warning reports on banking relationships - NOT credit. Your credit cards have nothing to do with this type of report. While the report will tell you what the issue is, it likely relates to either many bounced checks or other account handling issues such as closing an a...
by ChicagoBear7
Thu Jun 18, 2020 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: When does purchasing Umbrella Insurance Coverage makes sense?
Replies: 108
Views: 7075

Re: When does purchasing Umbrella Insurance Coverage makes sense?

Now there might be a separate possible moral argument for having umbrella insurance anyways, but claiming you need to from a financial standpoint is extremely misleading. There is the moral argument and there is also the element of self preservation. Killing or maiming someone, not carrying a reaso...
by ChicagoBear7
Thu Jun 18, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: When does purchasing Umbrella Insurance Coverage makes sense?
Replies: 108
Views: 7075

Re: When does purchasing Umbrella Insurance Coverage makes sense?

Now there might be a separate possible moral argument for having umbrella insurance anyways, but claiming you need to from a financial standpoint is extremely misleading. There is the moral argument and there is also the element of self preservation. Killing or maiming someone, not carrying a reaso...
by ChicagoBear7
Wed Jun 03, 2020 10:12 am
Forum: Personal Finance (Not Investing)
Topic: What is your homeowner's insurance deductible? Any recommended endorsements/riders?
Replies: 19
Views: 1497

Re: What is your homeowner's insurance deductible? Any recommended endorsements/riders?

We carry a $1,000 deductible. You want the deductible large enough that you are not tempted to file small claims, but you do not want it so large that you are financially strained at the time of a large claim. Some companies will waive the deductible for large, say $50k, claims. With my company, the...
by ChicagoBear7
Wed May 27, 2020 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Switching Insurance
Replies: 40
Views: 2094

Re: Switching Insurance

Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why. Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN! Hom...
by ChicagoBear7
Mon May 04, 2020 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: Home Title Lock Service
Replies: 4
Views: 632

Re: Home Title Lock Service

You might not need to pay for monitoiring. Some counties provide monitoring for free. Here is a link for Cook County Illinois (Chicago and inner suburbs) https://cookrecorder.com/fraudalert/ As far as if a fraud does occur, the bank may attempt to evict you, but ultimately they should not be success...
by ChicagoBear7
Mon May 04, 2020 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: 40% tax / penalty for cashing out inherited Ira?
Replies: 13
Views: 1144

Re: 40% tax / penalty for cashing out inherited Ira?

When figuring your federal tax rate, don't forget that a large withdrawal can trigger both the Net Investment Income Tax and Additional Medicare Tax. For a single taxpayer, both are triggered if total MAGI exceeds $200k.
by ChicagoBear7
Thu Apr 09, 2020 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: I was denied a mortgage refinance due to a "net tangible benefit rule". Is this a real thing?
Replies: 22
Views: 3252

Re: I was denied a mortgage refinance due to a "net tangible benefit rule". Is this a real thing?

Attached link is to a mortgage industry site. The net tangible benefit rule exists for VA and FHA loans. Certain states have also adopted the rule as a consumer protection to combat serial or abusive refinancing. Fannie and Freddie are not as strict, but do need to make sure they comply with any st...
by ChicagoBear7
Thu Feb 06, 2020 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Leaving Amica for Cincinnati, Erie, Travelers, or MetLife?
Replies: 31
Views: 2360

Re: Leaving Amica for Cincinnati, Erie, Travelers, or MetLife?

I currently have Nationwide Private Client and previously had Chubb. Their products are practically the same, but Nationwide Private Client premium was significantly less when we changed a year and a half ago. I think you are wise to look for an expansive policy and an insurer with "white glove" cla...
by ChicagoBear7
Tue Jan 28, 2020 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited IRA just prior to SECURE act, need advice
Replies: 2
Views: 279

Re: Inherited IRA just prior to SECURE act, need advice

The SECURE Act became effective January 1, 2020. If the account owner died in 2019, the old rules apply.

https://www.forbes.com/sites/kelliclick ... c1e5d3330b
by ChicagoBear7
Tue Jan 28, 2020 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Liability Claims and retirement accounts
Replies: 19
Views: 863

Re: Liability Claims and retirement accounts

Yes, ERISA funds are protected and some state laws allow for protection; however, see the following excerpts from Nolo. It would be wise to continue to keep your umbrella coverage and not entirely rely upon ERISA or state laws. Distributions From a Retirement Plan While a ERISA plan is generally pro...
by ChicagoBear7
Mon Jan 27, 2020 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance cost
Replies: 98
Views: 6883

Re: Umbrella insurance cost

> Imagine what the settlement might be if you killed someone in a car accident who was a young professional in a high earning position The settlement would be for whatever the policy limit is, as usual. True, but you should carry a reasonable amount of insurance because: 1. Bankruptcy is not a reas...
by ChicagoBear7
Thu Jan 23, 2020 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance cost
Replies: 98
Views: 6883

Re: Umbrella insurance cost

If you title a car in your teenager's name does this not mitigate the issue? Why would an 18+ living away at college need to be covered? If you are talking about an 18+ year old who is gainfully employed on a full time basis, not a student, not living at home and not dependent upon his parents for ...
by ChicagoBear7
Thu Jan 23, 2020 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance cost
Replies: 98
Views: 6883

Re: Umbrella insurance cost

[I would say that most diligent consumers can check what is covered and not covered by reading policy documents before, ahem, opening the umbrella. Unless someone has specific and complex requirements maybe related to one's profession, or wants a large umbrella (> 5M maybe ?) I don't think an agent...
by ChicagoBear7
Thu Jan 23, 2020 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance cost
Replies: 98
Views: 6883

Re: Umbrella insurance cost

I hate to say it, but all of these price comparisons are meaningless since Umbrella/Excess Liability policies ARE NOT STANDARDIZED! You can not tell if the prices quoted are for a Yugo-type policy or a Mercedes-type policy. This obviously impacts your premium in addition to normal rating factors suc...
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: 1663

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: 3603

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: 1102

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: 491

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: 1411

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: 1758

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: 624
Views: 156502

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: 1952

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: 2564

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: 671

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: 5990

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: 2311

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: 624
Views: 156502

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: 2601

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: 657

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: 470

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: 42690

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: 42690

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: 3844

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: 2954

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: 2954

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: 2954

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: 5189

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...