Search found 20 matches

by Old Sage(brush)
Wed Dec 04, 2019 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: What do I do with S corp money?
Replies: 10
Views: 600

Re: What do I do with S corp money?

The IRS requirement is that you pay yourself a "reasonable" salary, so I would think it's unlikely you can distribute much of it as dividend, and most likely would have to pay most of it as salary. The major difference is the distributions are not subject to payroll taxes, and the salary is - that's...
by Old Sage(brush)
Tue Nov 26, 2019 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Severance Negotiation - what is reasonable
Replies: 59
Views: 3972

Re: Severance Negotiation - what is reasonable

"In all likelihood the OP's legal position is, well, non-existent." How could anyone know that from the information provided? That statement is just an uniformed opinion. OP, you are getting different opinions on how to proceed, you will need to decide for yourself. You have more information than we...
by Old Sage(brush)
Tue Nov 26, 2019 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Severance Negotiation - what is reasonable
Replies: 59
Views: 3972

Re: Severance Negotiation - what is reasonable

It may be true that bringing a lawyer into the picture would chill the negotiation and, if there was goodwill, be counterproductive. However, consulting a lawyer does not mean bringing the lawyer into the negotiations directly. OP should at least understand what his legal position is, and can then f...
by Old Sage(brush)
Mon Nov 25, 2019 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Severance Negotiation - what is reasonable
Replies: 59
Views: 3972

Re: Severance Negotiation - what is reasonable

OP, you should get advice from an employment lawyer. Whether you have leverage to negotiate a severance package will depend in large part on what potential claims you may have from being laid off. Even if you are an employee at will, and it’s possible you’re not, a lay-off can’t be done in violation...
by Old Sage(brush)
Tue Nov 05, 2019 7:36 am
Forum: Personal Finance (Not Investing)
Topic: Thinking of Leaving Biglaw (current midlevel) - Things to Consider
Replies: 13
Views: 2896

Re: Thinking of Leaving Biglaw (current midlevel) - Things to Consider

Moving in house can be great, really depends on the company. Do extensive due diligence before jumping on the in house company and culture. I did it, worked great for me in terms of getting life back. But with pain along the way as I didn’t understand the wide variety of in house situations and didn...
by Old Sage(brush)
Tue Nov 05, 2019 7:21 am
Forum: Personal Consumer Issues
Topic: payoff period for viable solar ?
Replies: 17
Views: 922

Re: payoff period for viable solar ?

I’ve put solar panels on 2 houses, one in Vermont one in Massachusetts. Payoff in Vermont was 10.5 years and in Massachusetts about 5. At 5 years unless you know you’re moving I think it’s virtually a no-brainer if you have the cash. Our Vermont installation was probably not a great financial invest...
by Old Sage(brush)
Sat Oct 12, 2019 3:01 pm
Forum: Personal Consumer Issues
Topic: solar installation, question on added roof structural support
Replies: 20
Views: 1258

Re: solar installation, question on added roof structural support

Quick update for anyone interested: I did pay the installer ($250) to get the outside engineering assessment (not the installer's in house engineering, who were of the opinion that rafter re-enforcement would be needed), and the outside engineering review determined that no additional structural sup...
by Old Sage(brush)
Sun Sep 22, 2019 8:26 pm
Forum: Personal Consumer Issues
Topic: solar installation, question on added roof structural support
Replies: 20
Views: 1258

Re: solar installation, question on added roof structural support

Also, roof was reshingled 7 years ago, should be ok if the panels could be installed. And, ground installation is good idea, I understand they can be optimized for efficiency, and therefore can produce more with less panels. Although we have the land for it, we're basically in suburbs so it would no...
by Old Sage(brush)
Sun Sep 22, 2019 8:21 pm
Forum: Personal Consumer Issues
Topic: solar installation, question on added roof structural support
Replies: 20
Views: 1258

Re: solar installation, question on added roof structural support

Thanks all for the responses. The panels would be owned, not leased (from my research, leasing is not a good option, can create issues when you go to sell the house). I did speak with a number of installers (a bunch through the energysage website, good resource, btw) and two independent of energysag...
by Old Sage(brush)
Fri Sep 20, 2019 2:37 pm
Forum: Personal Consumer Issues
Topic: solar installation, question on added roof structural support
Replies: 20
Views: 1258

Re: solar installation, question on added roof structural support

I agree, living without electricity is the best option, especially if we're thinking of our kids. I still do have my question.
by Old Sage(brush)
Wed Sep 18, 2019 2:49 pm
Forum: Personal Consumer Issues
Topic: solar installation, question on added roof structural support
Replies: 20
Views: 1258

solar installation, question on added roof structural support

Not sure anyone here will have knowledge or opinion on this, but here goes. We're considering installation of 20 solar panels on our house in Massachusetts. It's a typical Cape style house, older vintage, from the 1930s. We've got a great quote on pricing, roof is ideally situated for solar (other t...
by Old Sage(brush)
Tue May 28, 2019 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: “Upsizing” are we foolish?
Replies: 80
Views: 10861

Re: “Upsizing” are we foolish?

Go for it! Why not enjoy what you got? No one can predict the future, but, my guess is this won't derail your retirement, as others have said on pure financial analysis you can do it. It may not be the best financial move, but your house is where you live and why not be happy and comfortable? Otherw...
by Old Sage(brush)
Fri Feb 08, 2019 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning Nightmare [Problem with estate planning attorney]
Replies: 32
Views: 3680

Re: Estate Planning Nightmare [Problem with estate planning attorney]

If this happened to me, I'd just be glad I got my money back, and go find another estate attorney. I would not use the documents delivered by the departing attorney until they were reviewed by my new attorney. If you are not an estate attorney, how would you know if the documents are "good" - that g...
by Old Sage(brush)
Mon Jan 21, 2019 4:24 pm
Forum: Personal Consumer Issues
Topic: Is it wise to move from NewYorkCity to Sunnyvale CA, Lifestyle choice to be more outdoorsy - warm weather
Replies: 61
Views: 6148

Re: Is it wise to move from NewYorkCity to Sunnyvale CA, Lifestyle choice to be more outdoorsy - warm weather

I spent about a half hour chipping through ice on my car after the 5 degree below night (north of NYC, but not too far). Lifestyle choice. Wise???
by Old Sage(brush)
Mon Jan 21, 2019 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need an attorney to open up S Corp?
Replies: 16
Views: 761

Re: Do I need an attorney to open up S Corp?

Agree with comments that LLC can elect to be taxed as S Corp. Also agree that if going through this for first time (which from the questions I assume is the case) while an attorney might not be "needed" it would be advisable (as long as you get the right attorney). I would add that it is usually a g...
by Old Sage(brush)
Sun Dec 09, 2018 6:19 pm
Forum: Personal Investments
Topic: Windfall predicament
Replies: 20
Views: 3052

Re: Windfall predicament

I agree with 529 plan as something you should consider. And would just add that I'd suggest you research various state 529 plans, don't assume that the state you are in is the best plan for you, although you also have to consider whether there are state income tax benefits you might lose if you inve...
by Old Sage(brush)
Sun Dec 09, 2018 5:13 pm
Forum: Personal Investments
Topic: Age 60, portfolio review for possible retirement soon
Replies: 9
Views: 1795

Re: Age 60, portfolio review for possible retirement soon

Thank you all for inputs. My current expectation is to start taking SS at age 70, and it would be about $42,000 per year based on current calculations (I don't have a good handle on wife's SS but it would be much smaller). I was not aware of the large HAINX planned year end distribution, very helpfu...
by Old Sage(brush)
Sun Dec 09, 2018 10:45 am
Forum: Personal Investments
Topic: Age 60, portfolio review for possible retirement soon
Replies: 9
Views: 1795

Age 60, portfolio review for possible retirement soon

I am a recent lurker on this site and have found the discussions educational and fascinating, both financial and life planning issues. Thank you. I plan to contribute now that I've formally joined the forum. Background: Turned 60 this past summer, and that "just a number" milestone really got me thi...
by Old Sage(brush)
Sat Dec 08, 2018 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Home addition vs. Buying New
Replies: 43
Views: 3283

Re: Home addition vs. Buying New

We went through this question recently, and with somewhat different starting point you may still find our experience helpful. Our decision was based on need to update house we had lived in for nearly 30 years that had some layout issues, older kitchen and bathrooms etc. We're empty nesters, house wa...