Search found 19 matches

by 356Fan
Thu Mar 14, 2024 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Family Trust vs. Individual Trust Following Death of a Spouse
Replies: 4
Views: 468

Re: Family Trust vs. Individual Trust Following Death of a Spouse

Thanks for the quick response: To clarify:

- Under either option a trust will be retained; it will either be the new family trust, or the husband will keep and update (and transfer assets into) his existing RLT

- the husband is located in Ohio

- Step-up basis on the assets will be important as one of the assets is a piece of property with a low basis and a value greater than $1M

Again, I appreciate the input - thank you.
by 356Fan
Thu Mar 14, 2024 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Family Trust vs. Individual Trust Following Death of a Spouse
Replies: 4
Views: 468

Family Trust vs. Individual Trust Following Death of a Spouse

I’m looking to provide some (requested) advice to a relative following the death of his spouse. Prior to the death, the husband and wife each had set up individual RLTs with assets divided between the two trusts (trusts basically identical, just different assets in each trust). Now that the wife has passed, the estate attorney that prepared the original trusts has suggested two options going forward. Option 1: create a new “family trust” with the widowed husband and his two adult children as the three trustees, or Option 2: simply move the assets from the (now) irrevocable trust of the deceased spouse into the husband’s existing revocable living trust. The attorney seems to be pushing Option 1. Some background: The husband is 87 years-old a...
by 356Fan
Sun Apr 23, 2023 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Who is right? Me or the wife? (Business class tickets)
Replies: 193
Views: 17803

Re: Who is right? Me or the wife? (Business class tickets)

When younger, I was much more in the " suck it up in economy for 7 - 12 hours and then splurge on nice hotels/dinners/activities for the next 7-10 days and still come out ahead " camp. Now older, what I have realized is that the first day overseas was totally ruined with zero sleep the night before. That first day was usually spent walking around like an absolute zombie counting down the hours until 7 or 8 pm until I could go to bed. So the price of the economy class wasn't just the airline ticket cost but the "wasted" first day of my vacation. I still don't sleep well in business class even lying down, but the difference between no sleep and 3 hours of sleep is HUGE the next day. One compromise my wife and I use often -...
by 356Fan
Fri Jan 06, 2023 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: First Year Filing Quarterly Taxes: Handling Large & Variable Dividend/Capital Gain Income
Replies: 11
Views: 1140

Re: First Year Filing Quarterly Taxes: Handling Large & Variable Dividend/Capital Gain Income

I really appreciate the input. The methodology suggested by toddthebod seems most applicable/workable.

I'll take a look at the safe harbor rules again as 2023 will look very different than 2022 (2022 income will be much higher than 2023 due to W2 income and large equity payout).

Thanks again!
by 356Fan
Fri Jan 06, 2023 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: First Year Filing Quarterly Taxes: Handling Large & Variable Dividend/Capital Gain Income
Replies: 11
Views: 1140

First Year Filing Quarterly Taxes: Handling Large & Variable Dividend/Capital Gain Income

Thanks in advance for looking in. Situation: My wife and I retired last year (ages 54 and 52) and will no longer have W2 income going forward. We will be living off taxable investment proceeds for the next decade-plus until we eventually augment those streams with with SS and RMDs from tax-advantaged accounts. This will be our first year filing estimated quarterly tax payments, and I had some questions as this is new territory for us. I'm hoping the members here can provide input on my questions and validate my understanding of the process is correct. From a quarterly tax liability standpoint (and ignoring other tax liabilities like property taxes, etc. for now), I expect to have tax liability from three sources: 1. Dividends and Capital Ga...
by 356Fan
Mon Aug 15, 2022 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Personal: HNW $10M, how did you do it? [High Net Worth]
Replies: 206
Views: 34128

Re: Personal: HNW $10M, how did you do it? [High Net Worth]

I appreciate the information shared. My thoughts/story - Started from zero but was able to graduate college with no debt and an engineering degree (and a good job out of college) via the military. Masters program was also "free" though payback involved a lot of time overseas. Went into IT/tech field when I left the military as there was potential for high pay, and the newness of the industry created churn, which in turn created opportunities (something to consider when changing fields). Worked my way into C-level positions with two companies which were both successfully sold to mega corp companies. I had small ownership stakes in each via traditional equity and phantom stock. There was significant risk here as the moves to the sma...
by 356Fan
Sun Apr 03, 2022 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Refund Identify Theft. And then what happens?
Replies: 2
Views: 464

Re: Tax Refund Identify Theft. And then what happens?

I appreciate the input. We read right past the "include a paper copy of your return" in the instructions.

Thanks again.
by 356Fan
Sat Apr 02, 2022 8:22 am
Forum: Personal Finance (Not Investing)
Topic: Tax Refund Identify Theft. And then what happens?
Replies: 2
Views: 464

Tax Refund Identify Theft. And then what happens?

My son's electronic tax filing was rejected by the IRS three weeks ago with a notice that a tax return using the same SSN had already been filed. After consulting the IRS identify theft web site, my son filed the two IRS forms (14039 and 4506-F) as instructed. It is unclear from the IRS website, however, what the next steps in the process are or how this situation typically plays out. Anyone with knowledge or experience who can weigh in? My son was expecting a return from both the Federal and State government of approximately $500 total. My son is anxious as he understands he needs to file a return NLT 4/18, but he is currently prevented from filing electronically due to the identity theft. I appreciate any insight or thoughts on this issue...
by 356Fan
Fri Dec 03, 2021 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Best decision(s) in your financial life
Replies: 278
Views: 33064

Re: Best decision(s) in your financial life

Great question and a lot of interesting responses. No single "best" financial decision, but important ones for me included: 1. Taking an interested in money as a teenager - educating myself. Dad was very open about his financial situation and talked openly with me which helped help my understanding at an early age. I really appreciate that in hindsight. 2. STEM degrees, even though I don't love engineering. It gave me the mental approach to tackle tough problems and the credibility in a space with high-paying jobs. I LOVE history, but knew that likely would be tougher financial path career-wise. 3. Not exactly a financial decision, but I was willing to move to where the best job opportunity was. Staying local would have been easie...
by 356Fan
Thu May 20, 2021 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: What do you value most? - Salary, Cash Bonus, Deferred Bonus, Equity
Replies: 79
Views: 7040

Re: What do you value most? - Salary, Cash Bonus, Deferred Bonus, Equity

A couple of additional considerations . . . - How variable is the bonus at each company? At some firms I have worked, in a bad year you might get 90% of your bonus target and a good year, maybe 120%. At another company, it went from 0% to 250%. How confident are you on the security of the yearly bonus payout at each firm? - What is the vesting schedule of your stock? Baring something like a change in control, will you always leave the last couple of years of unvested bonus on the table when you eventually leave retire? Or are you vested immediately in all stock grants? - While you asked about the financial impact of the two compensation packages, I keyed on a phrase in your description of your current role - " love my job and my team ....
by 356Fan
Tue Nov 12, 2019 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: What is "VC Potential?"
Replies: 1
Views: 442

Re: What is "VC Potential?"

I assuming this is some form of "variable compensation (VC)" - i.e., a bonus that is not guaranteed.

Like any bonus, I would want to understand the bonus parameters and typical payouts, especially given the "up to" modifier. For example, in one firm I worked, bonuses, while very generous, were an all or nothing proposition and depended entirely on the company's overall financial performance. In company, #2, the bonuses were less generous, but even in a down year, you could still expect 80% of your bonus. And in company #3, the "up to" language was important as almost no one actually received a bonus at the maximum figure.

Good luck!
by 356Fan
Mon Oct 28, 2019 6:24 am
Forum: Personal Finance (Not Investing)
Topic: Help Dad do estate planning math and make adjustments
Replies: 45
Views: 3328

Re: Help Dad do estate planning math and make adjustments

That is some "creative" - and self-serving - math being performed by daughter #1. To make things equal, Dad should gift each daughter the same dollar value - either via the property or cash. So, assuming he can afford it, he should gift daughters #2 and #3 the same dollar amount - $220K. In terms of the whether to adjust the $220K upwards to account for the year that has passed since he gifted daughter #1 the property, I think the issue is a little more gray, but I lean toward doing so. Daughter #1 has had the benefit of the time-value of money during her year and the daughters have not. Granted she may have incurred (?) some costs/risks by owning the property the others daughters did not over the past year, but again, if the inte...
by 356Fan
Tue Oct 01, 2019 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Seeking thoughts on constructing and storing household inventory (with photos)
Replies: 11
Views: 1199

Re: Seeking thoughts on constructing and storing household inventory (with photos)

I'm assuming you are planning to annotate the list of items to your Will with the intent that the executor distribute the items in accordance with that document. correct? Assuming that is the case, a simple Excel worksheet is probably easiest. You can add item descriptions, have it sorted by inheritor, etc. You can also link it to photos that are numbered that identify the specific item. Just make sure, like your Will, that copies are stored in secure, known locations. That is really the benefit to the cloud here - if your computer crashes or you suffer a fire, that documents are not impacted, but again, the executor would need to know where to find the list. You can mostly work around that by simply have hard and soft copies that are store...
by 356Fan
Fri Jan 11, 2019 8:00 am
Forum: Personal Finance (Not Investing)
Topic: Debt free...now what?
Replies: 10
Views: 1944

Re: Debt free...now what?

My experience is specifically related to transitioning from a 20 year military career to the DoD contractor world, so please read this with a jaundice eye. Networking. While you are in the military, build and maintain a broad network within the military. Stay connected with operators, requirements, policy and acquisition professionals. That rolodex will be worth 100x any MBA you can get. Also, start building a network with contractors big and small. Skills that are highly valued in the DoD contractor world are: 1. Business development: Help us figure out what the customer wants. We win when we bid what the customer wants. Also help us work with the customer to identify what they need and how we can help solve their hard problems. In additi...
by 356Fan
Mon Sep 17, 2018 11:09 am
Forum: Personal Investments
Topic: Simplyfing a Portfolio - Looking for Advice
Replies: 11
Views: 1617

Re: Simplyfing a Portfolio - Looking for Advice

Livesoft: I appreciate the feedback. I am moving forward with the recommendations. Hopefully this will all be settled by Weds. Follow-up to your 8 points: 1. Understood. I hope to get down to 6 accounts (from 9) by consolidating the ROTH accounts and rolling over my old 401K. 2. Understood. I'll use the rollover IRA (formerly 401K) to rebalance the portfolio going forward. 3. Understood. I'll keep it simple where I can. 4. Understood; I just put a sell order on 5 of the 6 funds you recommended (VCIT, VCSH, FTEXX, SCHP, GLITR). I will sell the individual stock (XYZ MegaCorp) by the end of the year. I will also look to get out of the VNQ in the next 6 months. 5. Partially understood. To confirm - When I stop reinvesting the dividends in the (...
by 356Fan
Sun Sep 16, 2018 2:09 pm
Forum: Personal Investments
Topic: Simplyfing a Portfolio - Looking for Advice
Replies: 11
Views: 1617

Re: Simplyfing a Portfolio - Looking for Advice

TXJeff - your input is much appreciated. The two funds your identified are the two I had been looking to shut down first. Good point on the dividend reinvestment. I will shut those down. I will also check out the NIIT - I wasn't tracking that issue. To answer your other question - I am contemplating early-retirement, or at least a job change to something I find interesting and the pay can be secondary consideration. Today, I earn a very good salary, but the stress is high and hours can be brutal. Over the last two years my frustration level has risen and motivation has dropped as the hours have continued to increase. I find myself only enjoying 3 weeks out of the year which is pathetic. Right now, I'm grinding hard in hopes of a company sal...
by 356Fan
Sat Sep 15, 2018 6:32 pm
Forum: Personal Investments
Topic: Simplyfing a Portfolio - Looking for Advice
Replies: 11
Views: 1617

Re: Simplyfing a Portfolio - Looking for Advice

Original post updated with portfolio information
by 356Fan
Wed Sep 12, 2018 11:47 am
Forum: Personal Investments
Topic: Simplyfing a Portfolio - Looking for Advice
Replies: 11
Views: 1617

Re: Simplyfing a Portfolio - Looking for Advice

Thank you for the quick reply. I've added tax bracket info and tax filing status to the original post. I'll need a day to get the details on all the individual accounts. More to follow.
by 356Fan
Wed Sep 12, 2018 8:53 am
Forum: Personal Investments
Topic: Simplyfing a Portfolio - Looking for Advice
Replies: 11
Views: 1617

Simplyfing a Portfolio - Looking for Advice

Hello, NOTE: Post updated to include detailed portfolio info + personal info Let me start by thanking folks in advance for their thoughts on my questions and to the board as a whole. I've been lurking on the board for several months and just joined. I really appreciate the depth and breadth of knowledge presented as well as the civility of the board. Apologies in advance for the length of this post as well as what I am sure will be some of my financial ignorance on display. TL:DR: I want to consolidate/simplify my portfolio (as well as make it more Bogle-like) but need advice on how to untangle my current portfolio, especially in regard to taxes + a couple of other related questions. The good news: - I starting investing pretty early (23) a...