Search found 507 matches

by Bobby206
Wed Jan 13, 2021 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Law school Expenses
Replies: 26
Views: 2378

Re: Law school Expenses

Years ago, my parents generously paid for my law school tuition. It was very nice to graduate at zero versus negative. I'd suggest your daughter attend the cheapest, best (in that order) school closest to where she wants to live and work afterwards. If your state allows for tax deductions for contr...
by Bobby206
Sun Jan 10, 2021 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: life insurance for funding cryonics
Replies: 63
Views: 2902

Re: life insurance for funding cryonics

As someone above said do a whole life with Northwestern Mutual. I do believe they are one of the strongest life insurance companies.

You might want to plan a policy that has an increasing death benefit because this seems like something that they will find a way for the price to go up.
by Bobby206
Thu Jan 07, 2021 10:53 am
Forum: Personal Consumer Issues
Topic: Why do car salesman want to talk to me?
Replies: 63
Views: 6529

Re: Why do car salesman want to talk to me?

I’m in the market for a new car for the first time in almost a decade. Today I emailed a dozen dealerships for their out-the-door price. At least half of them have been pestering me for my phone number or to call them. One acted offended when I said I’d rather communicate via email. I would imagine...
by Bobby206
Wed Jan 06, 2021 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Probate: CA vs ID? [Minor child inherits grandparent's estate]
Replies: 71
Views: 3543

Re: Minor child inherits grandparent's estate

OP, you need your own estate lawyer. They should be able to answer all three of your questions. Don't go cheap and try to do it yourself. The child is the one who needs the lawyer. Gill Parent probably needs to file for a guardianship of the estate and likely with the aid of a probate attorney. At ...
by Bobby206
Wed Jan 06, 2021 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Question about California simplified probate process for small estates
Replies: 3
Views: 225

Re: Question about California simplified probate process for small estates

I have a question about California's simplified probate process for estates having a value under $166,250. The rules say that various things are excluded when calculating the value to see if the estate is under the limit, including life insurance proceeds, assets not subject to probate that pass to...
by Bobby206
Mon Jan 04, 2021 10:26 pm
Forum: Personal Investments
Topic: Can I create generational wealth?
Replies: 186
Views: 17688

Re: Can I create generational wealth?

Why don't you buy a few mil of life insurance, on your daughter's life, in an irrevocable dynasty trust!? Might work!
by Bobby206
Thu Dec 31, 2020 11:00 am
Forum: Personal Consumer Issues
Topic: Personal Life Coach
Replies: 58
Views: 4182

Re: Personal Life Coach

I spend $80/hour twice a month to speak with a life coach. She seems to keep me on the rails and if I go too long without talking with her I tend to stray from my good habits. Does anyone else have similar expenditures that they feel add to the quality of their life???? I feel guilty like this is a...
by Bobby206
Mon Dec 28, 2020 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: Shopping for an Estate Planning Lawyer
Replies: 34
Views: 1880

Re: Shopping for an Estate Planning Lawyer

Some states offer second bar exams in specific areas of law like trusts and estate. In California this is called being a "Certified Specialist." I think it's "Board Certified" in Texas if I am not mistaken. I would ask how long the attorney has done estate planning, what percenta...
by Bobby206
Sun Dec 27, 2020 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Best Way to Collect Rent Electronically?
Replies: 89
Views: 4250

Re: Best Way to Collect Rent Electronically?

One tenant pays by Facebook. It's funny as he says he can't use PayPal but he can use Facebook for free. It comes through Facebook and goes to my Paypal account without any fees. I have another tenant that pays by Zelle. Another mails a check. It's all good. I'm curious; what do professional proper...
by Bobby206
Sat Dec 26, 2020 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Best Way to Collect Rent Electronically?
Replies: 89
Views: 4250

Re: Best Way to Collect Rent Electronically?

One tenant pays by Facebook. It's funny as he says he can't use PayPal but he can use Facebook for free. It comes through Facebook and goes to my Paypal account without any fees. I have another tenant that pays by Zelle. Another mails a check. It's all good.
by Bobby206
Thu Dec 24, 2020 10:10 pm
Forum: Personal Consumer Issues
Topic: Tips for Frugal Living
Replies: 284
Views: 26634

Re: Tips for Frugal Living

This isn’t an extreme FIRE board. We invest to make money and live well. We didn’t win the 1 in billion lottery to be born so we can eat frozen dinners, buy second hand clothes and never experience the best in life. Not gonna lie, I wish I'd spent more money enjoying life instead of focusing on bei...
by Bobby206
Mon Dec 14, 2020 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: What is happening to landlords who can't evict their tenant?
Replies: 20
Views: 3679

Re: What is happening to landlords who can't evict their tenant?

There several scenarios at play here. I believe my landlord is on some kind of mortgage deferment based on mail sent to the property, but I have never paid rent late. And some landlords in my area appear to have received large PPP loans based on the list that was published. If most of their tenants...
by Bobby206
Sun Dec 13, 2020 5:57 pm
Forum: Personal Consumer Issues
Topic: Toilet Crack Repair Products
Replies: 120
Views: 5001

Re: Toilet Crack Repair Products

Newer toilets are MUCH better at flushing performance with less water. Get a Toto. I have an older, very large tank toilet in my house and it is much worse than the newer Toto. Having a toilet break and a large shard of porcelain impaling you is a scary enough possibility that 2-300$ shouldn't matt...
by Bobby206
Mon Dec 07, 2020 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: I feel like my friend is about to make a massive financial mistake
Replies: 128
Views: 14821

Re: I feel like my friend is about to make a massive financial mistake

I am not good at nuances. When something like this happens, I flat out ask them if they are just telling me or do they want my opinion. That's a good approach. I have to remember that for the future! My instinct would be to sit back and do nothing but that's not really cool if it's a friend. You wa...
by Bobby206
Sat Dec 05, 2020 11:52 pm
Forum: Investing - Theory, News & General
Topic: Well... it's time for me to be party pooper.
Replies: 108
Views: 16869

Re: Well... it's time for me to be party pooper.

I feel very safe in saying nobody on here knows and certainly none of the "experts" know. Next year is next year. Good luck to us all!
by Bobby206
Thu Dec 03, 2020 1:33 pm
Forum: Personal Consumer Issues
Topic: Buying a 1.3M house - worried about unexpected expenses
Replies: 93
Views: 6600

Re: Buying a 1.3M house - worried about unexpected expenses

Toll Brothers is a cheap production builder. Neither an inspection nor a warranty will fix that. A production builder yes but not sure I would say cheap. I believe they have a good reputation. Nonetheless, it is what it is and production homes are typically built with lower end finishes. Doesn't me...
by Bobby206
Thu Nov 26, 2020 9:57 pm
Forum: Personal Finance (Not Investing)
Topic: Retire early or keep working
Replies: 74
Views: 8318

Re: Retire early or keep working

First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the mo...
by Bobby206
Sun Nov 22, 2020 9:43 am
Forum: Personal Consumer Issues
Topic: Solar Pool Heating
Replies: 26
Views: 1190

Re: Solar Pool Heating

Have had it for over 15 years on our pool here in California. I find it extends the swim season a few weeks on each end and makes it more comfortable on questionable days. However, if I was doing it again I'd get a gas heater. Of course ymmv.
by Bobby206
Fri Nov 20, 2020 12:20 pm
Forum: Personal Consumer Issues
Topic: Parking citation from a private parking lot
Replies: 69
Views: 8170

Re: Parking citation from a private parking lot

I'd pay it for two reasons:

1) brother over-stayed his time and owes money;
2) it's not worth the hassle worrying about such a small amount of money.

I understand it feels a bit like a gotcha amount of money but whatever. Life is too short!
by Bobby206
Thu Nov 19, 2020 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 200
Views: 12161

Re: Prop 19 CA Inheritance Property Implications

I know there are law firms marketing services directly for these type of issues NOW. The problem, as you indicate, is long term property tax savings v. potential cap gains. It's a trade off. I know of attorneys trying to figure out trusts which will be a gift for property tax purposes (before the F...
by Bobby206
Tue Nov 17, 2020 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 200
Views: 12161

Re: Prop 19 CA Inheritance Property Implications

Thanks for the reply Bobby. Luckily (or unluckily maybe) our inheritance is under the FMV $1million exclusion - in the further distance future though, who knows? Any ideas when there are 3 recipients as to if only 1 of the inherited owners must take residence to ward off the huge tax hike? Adult ch...
by Bobby206
Tue Nov 17, 2020 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 200
Views: 12161

Re: Prop 19 CA Inheritance Property Implications

Thanks for the reply Bobby. Luckily (or unluckily maybe) our inheritance is under the FMV $1million exclusion - in the further distance future though, who knows? Any ideas when there are 3 recipients as to if only 1 of the inherited owners must take residence to ward off the huge tax hike? Adult ch...
by Bobby206
Tue Nov 17, 2020 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 200
Views: 12161

Re: Prop 19 CA Inheritance Property Implications

Prop 19 passed for 2021 throwing a new wrench in property inheritance in CA. Specifically (starting February 2021) children have to live in the inherited house to receive the prop 13 property tax basis exclusion up to under $1million. So in the future if inheriting the house, but if say we wanted t...
by Bobby206
Mon Nov 16, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a Triplex?
Replies: 44
Views: 3349

Re: Buying a Triplex?

I'm considering buying my first rental property. It's a triplex consisting of three, small 1 BR/1BA apartments in a small/medium-sized city about 2.5 hours from where I live. Purchase price is $45K, each unit rents for $400/month. I think the rent could go up a bit if I do some basic renovations (p...
by Bobby206
Sun Nov 15, 2020 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Should I Purchase My Neighbor's Home?
Replies: 105
Views: 10033

Re: Should I Purchase My Neighbor's Home?

OP here. Thanks for all the great ideas expressed by the community. We are meeting with our realtor and accountant over the next few days, and everyone's inputs have been invaluable in setting the stage for these meetings. The biggest factor probably in play is whether we have the nerve to put 1/6 ...
by Bobby206
Sat Nov 07, 2020 5:00 pm
Forum: Personal Consumer Issues
Topic: What do you give your adult children at holiday time?
Replies: 175
Views: 12538

Re: What do you give your adult children at holiday time?

As an adult child I would MUCH rather receive nothing from my parents. However, ties, shirts, nightgowns, etc... NO NO NO! Don't get your kids stuff just for the sake of wrapping something up or just because of tradition. They are probably too nice to tell you they don't want that stuff. Take him t...
by Bobby206
Fri Nov 06, 2020 11:51 am
Forum: Personal Consumer Issues
Topic: What do you give your adult children at holiday time?
Replies: 175
Views: 12538

Re: What do you give your adult children at holiday time?

As an adult child I would MUCH rather receive nothing from my parents. However, ties, shirts, nightgowns, etc... NO NO NO! Don't get your kids stuff just for the sake of wrapping something up or just because of tradition. They are probably too nice to tell you they don't want that stuff. Take him t...
by Bobby206
Fri Nov 06, 2020 11:06 am
Forum: Personal Consumer Issues
Topic: What do you give your adult children at holiday time?
Replies: 175
Views: 12538

Re: What do you give your adult children at holiday time?

As an adult child I would MUCH rather receive nothing from my parents. However, ties, shirts, nightgowns, etc... NO NO NO! Don't get your kids stuff just for the sake of wrapping something up or just because of tradition. They are probably too nice to tell you they don't want that stuff. Take him to...
by Bobby206
Mon Nov 02, 2020 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Wife asked to be co-executor for brother. Seems like a disaster waiting to happen
Replies: 35
Views: 4987

Re: Wife asked to be co-executor for brother. Seems like a disaster waiting to happen

Co-executors are generally a hassle at a minimum. However, your wife can always decline to act IF that day comes so I wouldn't worry about it now. Plus, the odds are they will get divorced, spouse will still be alive, other co-executor will be dead or not want to act, or other situation will happen ...
by Bobby206
Fri Oct 30, 2020 10:50 am
Forum: Personal Consumer Issues
Topic: Last day at work, to-do list?
Replies: 30
Views: 1922

Re: Last day at work, to-do list?

stan1 wrote: Fri Oct 30, 2020 9:21 am Contact information for colleagues (whether friends or professional references).
This is exactly what I was thinking. I am planning for a couple years from now and started keeping track of co-worker's personal contact info when I can.
by Bobby206
Sun Oct 25, 2020 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: Borrowing money from Trust
Replies: 69
Views: 4377

Re: Borrowing money from Trust

If it's a revocable trust you are way over-complicating it by borrowing it and paying interest. "Borrow" it if you want but it's your money. Borrow it, document it, and pay it back if you like but it's your money. Take it out of your left pocket, or your right pocket, but it's just money.
by Bobby206
Sun Oct 25, 2020 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Relationship mortgage discounts for moving a million assets
Replies: 692
Views: 101499

Re: Relationship mortgage discounts for moving a million assets

Does anyone have suggestions for jumbo loan lenders that are NOT wells fargo. I used them last time and want to avoid banking with them because they are horrible Will First Republic meet Wells Fargo rate with $1M relationship discount? I recently worked with Zions who has subsidiaries in different ...
by Bobby206
Mon Oct 19, 2020 9:04 pm
Forum: Personal Consumer Issues
Topic: Convince us to buy our first luxury car!
Replies: 193
Views: 10822

Re: Convince us to buy our first luxury car!

There are a lot of added costs to think about: - the cost of the car (either paying cash, purchase or lease); - Car insurance will be much more; - Car registration will be much more; - You might pay to wash it more and/or more expensive hand washes, or details, to be kind to the paint; - You might s...
by Bobby206
Mon Oct 19, 2020 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Wills/Trusts - Retirement Account Beneficiary
Replies: 30
Views: 1779

Re: Wills/Trusts - Retirement Account Beneficiary

Would the same principle apply to life insurance proceeds as the retirement accounts? i.e. Naming a trust as the beneficiary instead of (minor) children individually? Always have trust as bene of life insurance as there are no tax consequences involved. Also, in the rare instance (I have seen it so...
by Bobby206
Mon Oct 19, 2020 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Wills/Trusts - Retirement Account Beneficiary
Replies: 30
Views: 1779

Re: Wills/Trusts - Retirement Account Beneficiary

In my opinion: Spouse primary and trust as contingent. Once kids are 25 or 30 (or otherwise very mature) then I would make them contingent bene. I would have trust as contingent bene until then. I personally prefer having a smart/very mature trustee in charge of the funds until kids are older. 25 or...
by Bobby206
Mon Oct 19, 2020 9:52 am
Forum: Personal Consumer Issues
Topic: Should I get a ping pong table?
Replies: 75
Views: 3823

Re: Should I get a ping pong table?

Money well spent in my opinion.
by Bobby206
Tue Oct 13, 2020 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Undo Joint Account
Replies: 25
Views: 2072

Re: Undo Joint Account

I live in New York. Based on the advice of an attorney, it was suggested that my name be added on my Mothers brokerage account as a joint owner with right of survivorship. We did it. Things have changed. I now of POA access, so I really don't need to be a joint owner as I really just want to manage...
by Bobby206
Tue Oct 13, 2020 11:45 am
Forum: Personal Consumer Issues
Topic: What fun car should I get in the $150k - $200k range?
Replies: 499
Views: 31803

Re: What fun car should I get in the $150k - $200k range?

I have been a car guy at times in my life but in hindsight I think it was really a waste of money for me. Took me until now to get there but I really think it's a waste. I can afford any car I want but it's not even in the top 10 list of desires these days.
by Bobby206
Mon Oct 12, 2020 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning - transfer on death vs will
Replies: 36
Views: 2813

Re: Estate planning - transfer on death vs will

Remember estate planning is about planning for after death as well as after incapacity. A lot of people ignore the latter. POD designations are fine for death but do nothing for incapacity planning.
by Bobby206
Mon Oct 12, 2020 1:52 pm
Forum: Personal Investments
Topic: Aunt wants help with finances, insists I get a middle name for added security?
Replies: 55
Views: 4457

Re: Aunt wants help with finances, insists I get a middle name for added security?

TheDDC wrote: Sun Oct 11, 2020 1:48 pm Is there a possibility of an inheritance here? I have to ask.

So what’s your price to add a middle initial?

-TheDDC
That was exactly my thought! It's easy to dismiss the request as ridiculous but everything has a price to me!
by Bobby206
Sun Oct 11, 2020 11:34 am
Forum: Investing - Theory, News & General
Topic: Who here uses a financial advisor?
Replies: 35
Views: 3365

Re: Who here uses a financial advisor?

My investments are mostly self directed though I work with an Independent Broker and also have another portion of my retirement in a Private Client Group Conservative Portfolio. Doing checking around and test driving to see if I want to turn over the reigns after I retire. So I have taken a Hybrid ...
by Bobby206
Sat Oct 10, 2020 9:55 pm
Forum: Personal Consumer Issues
Topic: Moving to CA - Keep or Change cars?
Replies: 60
Views: 2909

Re: Moving to CA - Keep or Change cars?

I have lived in Cali a long time and had many old cars smog tested and they all have passed without a second thought. I don't think there is any reasonable chance that a 2018 Nissan is not going to pass. It's a non-issue from my perspective.
by Bobby206
Sat Oct 10, 2020 4:54 pm
Forum: Personal Consumer Issues
Topic: Moving to CA - Keep or Change cars?
Replies: 60
Views: 2909

Re: Moving to CA - Keep or Change cars?

I would keep it and keep the tint as-is. Used cars like that are popular so will cost a lot to buy a new one. Once you get a fix-it ticket, which might never happen, then remove it. Or you can get a doctors note if you qualify for certain eye conditions as laid out in California codes.
by Bobby206
Sat Oct 10, 2020 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance and Living Trust
Replies: 4
Views: 293

Re: Life Insurance and Living Trust

There is no tax advantage, that I know of, to putting life insurance money into a trust after death. As long as the right beneficiaries got the money I would keep it as is. I would keep life insurance and trust money separate.
by Bobby206
Tue Oct 06, 2020 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: Lonely friend died; who steps in to start settling her affairs?
Replies: 45
Views: 7242

Re: Lonely friend died; who steps in to start settling her affairs?

I'll add to the always wise words of Bsteiner. In California the public administrator's offices in most counties will only get involved with a probate when there is a public health hazard or some such problem. If it's merely a house going to foreclosure and bank accounts escheating to the state the...
by Bobby206
Tue Oct 06, 2020 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Lonely friend died; who steps in to start settling her affairs?
Replies: 45
Views: 7242

Re: Lonely friend died; who steps in to start settling her affairs?

I'll add to the always wise words of Bsteiner. In California the public administrator's offices in most counties will only get involved with a probate when there is a public health hazard or some such problem. If it's merely a house going to foreclosure and bank accounts escheating to the state they...
by Bobby206
Mon Oct 05, 2020 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Applying for mortgage with "no income"
Replies: 39
Views: 4507

Re: Applying for mortgage with "no income"

Perhaps you can loan them money so they can make a big down payment!? That's better than co-signing I think.

Hard money loans are sometimes an option in unique situations but generally higher interest plus points.

Good luck.
by Bobby206
Sun Oct 04, 2020 2:20 pm
Forum: Investing - Theory, News & General
Topic: Why not Real Estate instead of Stocks?
Replies: 189
Views: 14169

Re: Why not Real Estate instead of Stocks?

I like both. I do think real estate may have an advantage if you wanna deal with it. One thing I seem to notice get ignored on the real estate side is monthly cash flow!!! One could generate enough cash early on to get you out of clocking in everyday for the man. The other requires you to put your ...
by Bobby206
Sun Oct 04, 2020 12:48 pm
Forum: Investing - Theory, News & General
Topic: Why not Real Estate instead of Stocks?
Replies: 189
Views: 14169

Re: Why not Real Estate instead of Stocks?

I would say diversify and have some of each. We are about half cash/equities and half real estate. We are probably heavier real estate than I want but it's fine for now. You can make it as much of a job as you want but, even at it's best, is more time intensive than a stock portfolio. Our real esta...
by Bobby206
Sun Oct 04, 2020 10:05 am
Forum: Investing - Theory, News & General
Topic: Why not Real Estate instead of Stocks?
Replies: 189
Views: 14169

Re: Why not Real Estate instead of Stocks?

I would say diversify and have some of each. We are about half cash/equities and half real estate. We are probably heavier real estate than I want but it's fine for now. You can make it as much of a job as you want but, even at it's best, is more time intensive than a stock portfolio. Our real esta...