Search found 31 matches

by BillWalters
Sat Oct 12, 2019 11:15 am
Forum: Personal Investments
Topic: Equity in S-Corp
Replies: 7
Views: 543

Re: Equity in S-Corp

Depends on the formula, but generally speaking any appraisal/valuation will include the retained earnings.
by BillWalters
Wed Oct 02, 2019 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: Career Change from Commercial Banking
Replies: 14
Views: 1416

Re: Career Change from Commercial Banking

You don’t need huge personality to be an RM (lender). And your pay will double or more. I’d recommend working on “soft skills.”
by BillWalters
Tue Oct 01, 2019 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Family Legacy Services - what is this?
Replies: 12
Views: 1653

Re: Vanguard Family Legacy Services - what is this?

Pet peeve: of course family wealth doesn’t last into 4+ generations! There could easily be dozens of mouths to feed by then!

Even with great tax planning and responsible beneficiaries, it is perfectly normal for the G1 standard of living to diminish by G3 and certainly G4.
by BillWalters
Fri Sep 27, 2019 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: White Coat Investor: How to Live on $350k (Income) in Hawaii
Replies: 68
Views: 7096

Re: White Coat Investor: How to Live on $350k (Income) in Hawaii

The offensive part for me is the entitlement required to even ask the question. Anyone who just can’t quite seem to figure out how to live on $20k a month after taxes is a profoundly, sadly entitled person.
by BillWalters
Fri Sep 27, 2019 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: White Coat Investor: How to Live on $350k (Income) in Hawaii
Replies: 68
Views: 7096

Re: White Coat Investor: How to Live on $350k in Hawaii

I think the whole premise of “how to live on $350k” is absurd and demonstrates a ridiculous and unhealthy world view.
by BillWalters
Wed Sep 18, 2019 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Tax avoidance and estate planning ‘for the rich’?
Replies: 61
Views: 6187

Re: Tax avoidance and estate planning ‘for the rich’?

Mitt Romney has a $100 million Roth.

Carried interest is an absolute joke.
by BillWalters
Tue Sep 17, 2019 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Tax avoidance and estate planning ‘for the rich’?
Replies: 61
Views: 6187

Re: Tax avoidance and estate planning ‘for the rich’?

With minority discounting, private business owners can gift shares worth $50 million or more with their supposed $22 million exemption. Put it in a generation skipping trust and it can grow tax free for a very long time.
by BillWalters
Fri Sep 13, 2019 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Whistleblowing / Going Rogue at Work
Replies: 122
Views: 6020

Re: Whistleblowing / Going Rogue at Work

He’s going to fire you. Which is what you deserve.
by BillWalters
Mon Sep 09, 2019 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Opinion on Will / Estate issue?
Replies: 29
Views: 2290

Re: Opinion on Will / Estate issue?

Generally speaking, verbal claims of intent have zero weight. I would read the will and go from there. My intuition tells me the attorney is scheming for fees.
by BillWalters
Mon Sep 09, 2019 10:11 am
Forum: Personal Investments
Topic: need help with strategy to sort out parent's finances
Replies: 28
Views: 3503

Re: need help with strategy to sort out parent's finances

Just reading the OP makes my blood boil. 5% fee to buy the fund then 1% annual fee plus (it seems) at least 1% to the advisor? That’s criminal. This topic needs to get so much more attention. These people belong in jail, not across the table from honest people robbing them. Disgraceful. I truly don’...
by BillWalters
Fri Sep 06, 2019 7:08 pm
Forum: Personal Investments
Topic: Multi-generational trust
Replies: 26
Views: 1751

Re: Multi-generational trust

I have seen several dynasty trusts whose only real beneficiaries are the trustees and lawyers (often the same person). I am personally familiar with a $50+ million trust which was drafted to effectively never allow distributions, for which the trustee (also the drafter) is paid 1% annually PLUS func...
by BillWalters
Fri Sep 06, 2019 1:30 pm
Forum: Personal Investments
Topic: Multi-generational trust
Replies: 26
Views: 1751

Re: Multi-generational trust

You probably want to distribute income annually, even if the value of the trust declines. Trust income above roughly $12,000 is taxable at the top rate, but is taxable at the recipient’s personal rate if distributed.
by BillWalters
Wed Aug 28, 2019 1:27 pm
Forum: Personal Finance (Not Investing)
Topic: Should we let go of our Realtor and get a Real Estate Attorney?
Replies: 82
Views: 4337

Re: Should we let go of our Realtor and get a Real Estate Attorney?

If you think buyers agents are overpaid, don’t use one or negotiate a reduced commission on the front end. This is scummy.
by BillWalters
Wed Aug 28, 2019 11:55 am
Forum: Investing - Theory, News & General
Topic: Please explain Generation-Skipping Tax to me (U.S.)
Replies: 4
Views: 714

Re: Please explain Generation-Skipping Tax to me (U.S.)

It is confusing and best explained with examples. Scenario 1: I die with one kid and a $50 million estate. Estate tax is 40% of ($50 million minus the roughly $10 million exemption), or $16 million. So my kid gets $34 million. Assume all income is distributed, no principal growth and he dies with a ...
by BillWalters
Mon Aug 26, 2019 8:34 pm
Forum: Personal Consumer Issues
Topic: Alumni donations to help children get into college
Replies: 64
Views: 5420

Re: Alumni donations to help children get into college

I meant net worth, not gift amount. Jared Kushner got into Harvard for a measly few million bucks despite being laughably unqualified.
by BillWalters
Sun Aug 25, 2019 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 7659

Re: What do you think about this $4M house idea?

Laughably horrible deal. If you can’t spot the sucker...
by BillWalters
Sun Aug 25, 2019 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Sudden Death: Sorting Estate in sorrow
Replies: 17
Views: 2567

Re: Sudden Death: Sorting Estate in sorrow

This is why it is so imperative to have an estate plan. Seems likely there will eventually be hurt feelings with a decent chance of litigation.
by BillWalters
Sun Aug 25, 2019 9:39 am
Forum: Personal Consumer Issues
Topic: Alumni donations to help children get into college
Replies: 64
Views: 5420

Re: Alumni donations to help children get into college

Per a friend who worked in development at a top ivy, HYS don’t even track alumni donations below $50k a year.

These schools don’t really pay attention until you’re high 9 figures. It’s pretty obvious they still let in unqualified students at that level of wealth.
by BillWalters
Fri Aug 23, 2019 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: How to help an employee who is in debt and requesting a loan
Replies: 110
Views: 8367

Re: How to help an employee who is in debt and requesting a loan

I would gift the money and make it clear no additional help is available.
by BillWalters
Fri Aug 23, 2019 4:00 pm
Forum: Investing - Theory, News & General
Topic: A theory of one's general investing mindset: 'Good enough' or 'Optimize'
Replies: 297
Views: 12692

Re: A theory of one's general investing mindset: 'Good enough' or 'Optimize'

I’m on team good enough. Much better for my mental health to dump the whole damn thing in life strategy and never have to think about it.
by BillWalters
Thu Aug 22, 2019 7:54 pm
Forum: Personal Consumer Issues
Topic: Dealer asking to re-sign
Replies: 45
Views: 4419

Re: Dealer asking to re-sign

Many F&I managers just forge in this spot. I’d politely ask them to mail you the document with a stamped envelope.
by BillWalters
Sun Aug 18, 2019 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from Bay area, CA to Knoxville, TN
Replies: 98
Views: 7137

Re: Moving from Bay area, CA to Knoxville, TN

Would be a no brainer for me, but I love the south and am headed there permanently myself. Many “typical” bay area people would hate it. As others have said, go spend some time there before you decide.
by BillWalters
Sun Aug 18, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Kids education planning
Replies: 21
Views: 1455

Re: Kids education planning

The culture you describe is disgusting and, sadly, rampant. My “hot take” opinion is that it flows from our rotten culture. If someone can afford a house in the Bay Area, private school and tutors, their kids will be financially secure. Programming them for meaningless achievement is a recipe for de...
by BillWalters
Wed Aug 14, 2019 9:07 am
Forum: Investing - Theory, News & General
Topic: Has anybody bought Wellington,Wellesley,LifeStra and just said the heck with the taxes or is that just dumb in taxable?
Replies: 48
Views: 3210

Re: Has anybody bought Wellington or Wellesley and just said the heck with the taxes or is that just dumb in taxable?

My entire taxable portfolio is in Life Strategy Moderate Growth. I love that they rebalance for me, and I’m not going to take more risk than I’m comfortable with just to minimize current taxes. Stupidly or not, I see the dividend reinvestment as a kind of forced savings not unlike mortgage amortizat...
by BillWalters
Tue Aug 13, 2019 5:26 pm
Forum: Personal Investments
Topic: Can having wealthy parents be a justification for a more aggressive investment strategy?
Replies: 97
Views: 7440

Re: Can having wealthy parents be a justification for a more aggressive investment strategy?

In my experience almost all people in the 8 figure club and up hate giving up control of anything and love manipulating people with their money, especially their kids. Efficient estate planning necessarily involves giving up control, hence the common scenario where no brainer actions (lock in the hi...
by BillWalters
Tue Aug 13, 2019 2:58 pm
Forum: Personal Investments
Topic: Can having wealthy parents be a justification for a more aggressive investment strategy?
Replies: 97
Views: 7440

Re: Can having wealthy parents be a justification for a more aggressive investment strategy?

Grandparent founded a publicly traded company. Watched parents wait 20 years to inherit, messed up their lives and marriage.

The 99% comment indicates a problematic perspective. Parent 1 dies, Parent 2 remarries and predeceases spouse #2, whose kids get all the money. Happens ALL THE TIME.
by BillWalters
Tue Aug 13, 2019 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 201
Views: 22428

Re: Trust Services

bsteiner,

I would love to hear a short summary of the litigation you’ve been involved with, along with time frames and outcomes. I’m sure I’m not alone.
by BillWalters
Mon Aug 12, 2019 8:27 am
Forum: Investing - Theory, News & General
Topic: The One-Fund Portfolio as a default suggestion
Replies: 98
Views: 11770

Re: The One-Fund Portfolio as a default suggestion

As someone with my entire portfolio in life strategy moderate growth, I like this post.
by BillWalters
Sun Aug 11, 2019 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: How Much House Can I Afford?
Replies: 7
Views: 1121

Re: How Much House Can I Afford?

We have about $250k liquid. 529s are fully funded.

We are looking in the 700s. Intellectually I’m comfortable with it but it’s a lot compared to our (non-trust) income.

We absolutely need to cut expenses. We spend way too much on our kids.
by BillWalters
Sun Aug 11, 2019 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: How Much House Can I Afford?
Replies: 7
Views: 1121

How Much House Can I Afford?

Yes, another one. I am the beneficiary of a trust with a corporate trustee. There is approximately $5 million in liquid assets and $2-3 million in commercial real estate and other non-liquid assets. All income is distributed to me annually (about 2% of the total value or $15k per month). My spouse a...