Search found 24 matches

by piton
Wed Feb 05, 2020 11:44 am
Forum: Personal Finance (Not Investing)
Topic: are online trusts ok...
Replies: 16
Views: 1331

Re: are online trusts ok...

littlebird wrote, That party has to be confident that your trust does not conflict with their business model or with their regulatory requirements; that they will not be dragged into a court fight over the meaning of provisions or the actual wishes of the grantor. That means that their legal people ...
by piton
Mon Feb 03, 2020 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: are online trusts ok...
Replies: 16
Views: 1331

Re: are online trusts ok...

bsteiner, A nationally prominent trusts and estates lawyer, now retired, tried doing a Will for himself (as a test, not to actually sign it) on LegalZoom. He said that while it didn't offer all of the choices he would have wanted, it was pretty good. that's the sort of input (good or bad) that I'm l...
by piton
Sun Feb 02, 2020 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: are online trusts ok...
Replies: 16
Views: 1331

Re: are online trusts ok...

In spite of having these positive experiences, I chickened out and recently hired an estate attorney for my own needs. . . .but my personal situation is a little more tricky and didn't sweat the $4000 fee . . . I wouldn't trust an out of the box or online product for a more complicated estate. I ag...
by piton
Sat Feb 01, 2020 11:23 am
Forum: Personal Finance (Not Investing)
Topic: are online trusts ok...
Replies: 16
Views: 1331

Re: are online trusts ok...

It would be interesting to hear if anybody has any actual first or 2nd hand experience, good or bad. I would really like to hear that. Keep in mind that the cost of the lawyer vs the trust amount is my concern. And frankly, I don't see concerns with anybody contesting this. I would get "buy-in" from...
by piton
Fri Jan 31, 2020 11:25 am
Forum: Personal Finance (Not Investing)
Topic: are online trusts ok...
Replies: 16
Views: 1331

are online trusts ok...

What do you think about creating a trust online? I have seen “free” (I don’t understand that business model) and inexpensive, like nolo, etc. situation: The goal is to get the money out of the grandparents trust and distribute the money to the grandkids (minor beneficiaries) and following the direct...
by piton
Sun Jan 26, 2020 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: executor of trust: distribution to great-grandchildren
Replies: 12
Views: 1224

Re: executor of trust: distribution to great-grandchildren

Ages and amount involved would probably point you towards what might be appropriate.
about 35k, 13 an 17...
Sounds like a UTMA account.
would an UTMA allow me to control the distributions?
by piton
Sat Jan 25, 2020 11:16 am
Forum: Personal Finance (Not Investing)
Topic: executor of trust: distribution to great-grandchildren
Replies: 12
Views: 1224

Re: executor of trust: distribution to great-grandchildren

What do you mean executor of the trust? Usually a will has an executor, a trust has a trustee. Thank you for correcting me. I'm the trustee. Does the trust document offer any ideas? Could it be left in original trust for them until they reach X years of age? Could the funds be put into a new trust ...
by piton
Fri Jan 24, 2020 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: executor of trust: distribution to great-grandchildren
Replies: 12
Views: 1224

Re: executor of trust: distribution to great-grandchildren

What’s the max age in your state for a UTMA? CA is 25. for their state, it's 21, sort of young... By 529b, do you mean a student/beneficiary-owned 529 account? In most states, the owner would get control of the account at age 18. At that point, the owner/beneficiary could use the money for whatever...
by piton
Fri Jan 24, 2020 11:12 am
Forum: Personal Finance (Not Investing)
Topic: executor of trust: distribution to great-grandchildren
Replies: 12
Views: 1224

executor of trust: distribution to great-grandchildren

As the executor of a trust, I’m looking for suggestions as to how to make the distributions to minor great-grandchildren. This is not a lot of money, but not trivial. I’m considering UTMA/UGMA/529b type account. I plan on remaining as the trustee for the accounts. I’m leaning towards 529b since the ...
by piton
Fri Sep 20, 2019 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Who is responsible for taking RMDs after death of IRA owner?
Replies: 20
Views: 1490

Re: Who is responsible for taking RMDs after death of IRA owner?

Thank you for the link livesoft! To sum up, at least for me. :happy Lets say all of the beneficiaries have their inherited IRA's set up. One person cashes in their inherited IRA and it's enough to cover the full RMD. How do I connect the RMD from that one heir to the final tax return for the decease...
by piton
Fri Sep 20, 2019 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Who is responsible for taking RMDs after death of IRA owner?
Replies: 20
Views: 1490

Re: Who is responsible for taking RMDs after death of IRA owner?

The problem is that I don't have any access to the IRA and it's in the process of being dispersed to the beneficiaries. I thought the point of RMDs is to withdraw money from the IRA, but that isn't possible now.
by piton
Fri Sep 20, 2019 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Who is responsible for taking RMDs after death of IRA owner?
Replies: 20
Views: 1490

Who is responsible for taking RMDs after death of IRA owner?

hi – I’m hoping this isn’t complicated. I was the custodian of a relative’s IRA. There are many primary beneficiaries listed. I informed vanguard of the death of the owner. They immediately locked me out of that account, which makes sense to me, but what I didn’t know is that the RMD for the year wa...
by piton
Wed Sep 11, 2019 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Discover(card) Now Offers Free Social Security Number Alerts
Replies: 26
Views: 3808

Re: Discover(card) Now Offers Free Social Security Number Alerts

I see this is an old thread. I got the offer today. Other companies have made similar offers, "Discover® Identity Alerts are offered by Discover Bank at no cost, only available online, and currently include the following services: (a) daily monitoring of your Experian® credit report and an alert whe...
by piton
Sun Aug 25, 2019 12:50 pm
Forum: Personal Investments
Topic: minor great grand children inheritance
Replies: 3
Views: 615

minor great grand children inheritance

As an executor of a trust, do I have any say in how to handle disbursing the inheritance of great grand children that are minors. There are two parts, an IRA and cash. I think it’s a good time for a minor to start an IRA, in this case it would be an inherited IRA rather than just cash out. For non-I...
by piton
Mon Aug 12, 2019 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: As a trustee, can I "settle" the financial portion of a trust on my own?
Replies: 21
Views: 1913

Re: As a trustee, can I "settle" the financial portion of a trust on my own?

I got some good ideas here - thx I didn't realize that Nolo press had a book about this. I will look at that. I really like the proactive approach of requesting a signed statement from heirs that they “agreed with the accounting and the distribution”. This kind of info is worth a lot to me in terms ...
by piton
Sun Aug 11, 2019 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: As a trustee, can I "settle" the financial portion of a trust on my own?
Replies: 21
Views: 1913

Re: As a trustee, can I "settle" the financial portion of a trust on my own?

I appreciate the input. As a follow-up: I am the trustee and executor. This isn't about investments. Yes, the heirs have been notified and I will wait 60 days for any objections. I worked with a lawyer on this, and it seems that's all there is to do in terms of the legal portion. There are no specia...
by piton
Sun Aug 11, 2019 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: As a trustee, can I "settle" the financial portion of a trust on my own?
Replies: 21
Views: 1913

As a trustee, can I "settle" the financial portion of a trust on my own?

As a trustee for a trust, assuming that I have gone through the legal aspects of informing heirs regarding the trust, and assuming that there are only liquid assets, and that there is nothing contentious, can I just make out checks to heirs and will I be able to do the rest with a program like turbo...
by piton
Fri Jul 12, 2019 1:06 pm
Forum: Personal Investments
Topic: transferring money from an IRA acct into a new IRA acct. with a check
Replies: 24
Views: 1859

Re: transferring money from an IRA acct into a new IRA acct. with a check

Sorry in advance if this is a repeat of the discussion!

This idea of transferring via a check written on an IRA account, is it different for a "traditional" vs a ROTH, where taxes have already been paid? I wouldn't do it for a traditional, but I'm wondering about a ROTH.

Thank you!
by piton
Tue Jul 09, 2019 9:55 am
Forum: Personal Investments
Topic: transferring money from an IRA acct into a new IRA acct. with a check
Replies: 24
Views: 1859

Re: transferring money from an IRA acct into a new IRA acct. with a check

@Alan S. - I would love to get a CD at Vanguard, but the brokered CDs that I looked at seem to have a stipulation that those CDs can be "broken" on the whim of the issuer? I might not be phrasing this correctly, but if I want a 5 year CD, I don't want to have the feeling that they can back out of it...
by piton
Mon Jul 08, 2019 8:37 am
Forum: Personal Investments
Topic: transferring money from an IRA acct into a new IRA acct. with a check
Replies: 24
Views: 1859

Re: transferring money from an IRA acct into a new IRA acct. with a check

I think this is related, so I'm not starting a new thread: I'm eligible (old enough) to take an "in-service withdrawal" from my 401K plan (at fidelity). I want to do a "direct-rollover" to Vanguard (my IRA). I spoke to a fidelity csr and they said they would issue a check made out to Vanguard Fiduci...
by piton
Fri Jul 05, 2019 1:13 pm
Forum: Personal Investments
Topic: transferring money from an IRA acct into a new IRA acct. with a check
Replies: 24
Views: 1859

Re: transferring money from an IRA acct into a new IRA acct. with a check

update:
I contacted both banks.
- bank-A coded it as a "distribution" and did not withhold any taxes
- bank-B coded it as a "transfer".

I think it will end up being an indirect rollover tax-wise. Do you agree?
by piton
Thu Jul 04, 2019 12:55 pm
Forum: Personal Investments
Topic: transferring money from an IRA acct into a new IRA acct. with a check
Replies: 24
Views: 1859

Re: transferring money from an IRA acct into a new IRA acct. with a check

@ Alan S. - If it turns out to be a 60 day rollover, and as in this case the money went into a new plan basically instantly, would this be unusual, or more to the point would it be difficult to straighten out on my taxes (in case you know)? btw, not planning on doing this again :-)
by piton
Wed Jul 03, 2019 2:37 pm
Forum: Personal Investments
Topic: transferring money from an IRA acct into a new IRA acct. with a check
Replies: 24
Views: 1859

Re: transferring money from an IRA acct into a new IRA acct. with a check

Thanks for all of the input. To answer a few questions: 1. I'm more than 59.5 2. I did this once and made the check out to the bank with FBO, so I don’t see how that could be construed to be in possession of the money, but hopefully will not be an issue for TY-2019! 3. It takes at least a week and e...
by piton
Wed Jul 03, 2019 10:46 am
Forum: Personal Investments
Topic: transferring money from an IRA acct into a new IRA acct. with a check
Replies: 24
Views: 1859

transferring money from an IRA acct into a new IRA acct. with a check

hi - I want to transfer money from an IRA(vanguard) into a new IRA(at a bank) with a check from my vanguard IRA account. I have a roth and a traditional at vanguard, both set up with checks. I thought that transferring to an IRA at a different institution would be easier with a check (it is, and it'...