Search found 99 matches

by BillWalters
Sun Jul 12, 2020 9:16 pm
Forum: Personal Investments
Topic: Best brokerage/bank for HNW
Replies: 5
Views: 567

Re: Best brokerage/bank for HNW

To pile on Wells Fargo, they not only denied our mortgage, which was less than 10% of liquid assets, their communication was awful requiring a very stressful last second alternative. I will never do business with Wells Fargo again, ever, under any circumstances.
by BillWalters
Thu Jul 09, 2020 8:15 pm
Forum: Personal Investments
Topic: Any Commercial Landlords Out There? Questions Abt Non-Paying NNN Tenant
Replies: 28
Views: 2364

Re: Any Commercial Landlords Out There? Questions Abt Non-Paying NNN Tenant

She should ask the bank for payment deferral and hire an experienced attorney. Need way more details on the real estate (location, remaining lease term, lease rate relative to market), but DO NOT pay off the loan. She has more leverage with the bank than you might think, depending on the exact circu...
by BillWalters
Wed Jul 08, 2020 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: How do I fix my mistake/blunder with recruiter/offer
Replies: 33
Views: 2809

Re: How do I fix my mistake/blunder with recruiter/offer

Just popping in to say the “first one to say a number loses” approach is often wrong. Do your homework and know what you’re worth.
by BillWalters
Mon Jul 06, 2020 6:53 am
Forum: Personal Finance (Not Investing)
Topic: Management Strategies - Entrenched Bad Staff
Replies: 23
Views: 1820

Re: Management Strategies - Entrenched Bad Staff

This is typical for government. Frankly you seem like a questionable fit for a public sector job.
by BillWalters
Sat Jul 04, 2020 7:27 pm
Forum: Personal Consumer Issues
Topic: Golf club membership - should I?
Replies: 27
Views: 3324

Re: Golf club membership - should I?

As you say, will never make sense economically. I did it anyway because I love golf, play often, have kids who use the pool, and it’s 1/4 mile from my house.
by BillWalters
Sat Jul 04, 2020 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with all this MONEY ?
Replies: 201
Views: 20705

Re: What to do with all this MONEY ?

So your son is 28, debt free, making more than the median U.S. household, getting an MBA on top of the full time job, and you're disappointed in him?

Come on.
by BillWalters
Thu Jul 02, 2020 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: Pennsylvania estate agreement and release
Replies: 6
Views: 271

Re: Pennsylvania estate agreement and release

I would not sign this. The executor (and his attorney) are paid, in part, because the executor is personally liable for screwing up.
by BillWalters
Thu Jul 02, 2020 7:05 pm
Forum: Personal Investments
Topic: Hi. I'm Mike, and I'm a Jonesoholic
Replies: 23
Views: 3372

Re: Hi. I'm Mike, and I'm a Jonesoholic

Congratulations. Edward Jones is a criminal enterprise that makes my blood boil.
by BillWalters
Tue Jun 30, 2020 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: New Job Offer
Replies: 19
Views: 1717

Re: New Job Offer

#3 would be a major issue for me.
by BillWalters
Tue Jun 30, 2020 6:40 pm
Forum: Personal Consumer Issues
Topic: YoutubeTV subscription now $64.99/month
Replies: 171
Views: 13307

Re: YoutubeTV subscription now $64.99/month

Annoying, but still much better value than a cable bundle and the absurd extra charges for equipment/DVR/etc.
by BillWalters
Tue Jun 23, 2020 9:30 am
Forum: Personal Finance (Not Investing)
Topic: NJ Law and Probate Shenanigans
Replies: 18
Views: 1706

Re: NJ Law and Probate Shenanigans

I’m involved in an amicable estate resolution that just entered the 39th month of probate. It is annoying, but not necessarily indicative of foul play.
by BillWalters
Sun Jun 21, 2020 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate syndicates: Talk me into (or out of) it
Replies: 21
Views: 1848

Re: Real estate syndicates: Talk me into (or out of) it

They can be great, terrible and everything in between. The details matter. It is very hard to evaluate deals without experience. In general you want a hungry sponsor with a lot of their own money in the deal, a preferred return that gets paid current and is senior to any distributions and a clear un...
by BillWalters
Thu Jun 18, 2020 6:44 pm
Forum: Personal Consumer Issues
Topic: Sellers agent not letting me view property without preapproval or "proof of finances"
Replies: 189
Views: 10423

Re: Sellers agent not letting me view property without preapproval or "proof of finances"

This happened to me (just bought a house). I just sent a redacted brokerage statement with more money than the list price. Took 2 minutes. Is there a downside I’m missing?
by BillWalters
Tue Jun 16, 2020 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Owners Title Insurance
Replies: 47
Views: 2397

Re: Owners Title Insurance

I mean, I bought it because I can’t self-insure. Neither can most people. It’s legalized robbery. Insurance that pays out less than 5 cents of every dollar in premiums is a disgrace and the fact that price competition is literally Illegal tells you everything you need to know.
by BillWalters
Tue Jun 16, 2020 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Owners Title Insurance
Replies: 47
Views: 2397

Re: Owners Title Insurance

I ended up buying it, but already regret it. What a racket.
by BillWalters
Tue Jun 16, 2020 8:38 am
Forum: Personal Investments
Topic: Opinion of HNW Portfolio [High Net Worth]
Replies: 33
Views: 4401

Re: Opinion of HNW Portfolio [High Net Worth]

Having no debt at all on a $30 million commercial real estate portfolio is arguably not ideal. They could probably get a $15-20 million non-recourse loan at about 3%.
by BillWalters
Tue Jun 09, 2020 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Owners Title Insurance
Replies: 47
Views: 2397

Owners Title Insurance

I am buying a house in a master planned community. The property was part of a 1,000+ acre plantation until the 80s, when the entire plantation was purchased by the developer. I am buying a one owner house. The closing attorney is pushing hard for me to buy owners title insurance at a cost of about $...
by BillWalters
Tue Jun 09, 2020 7:27 am
Forum: Personal Finance (Not Investing)
Topic: Design of Testamentary Trust
Replies: 107
Views: 3321

Re: Design of Testamentary Trust

The parents’ insistence on a prenup is controlling and inappropriate.
by BillWalters
Mon Jun 08, 2020 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Asked to be a trustee
Replies: 30
Views: 2041

Re: Asked to be a trustee

I would politely decline. Without Mom and Dad around to keep the peace, this could easily turn into a disaster. If you don’t want to upset the parents, politely suggest language allowing you to resign and appoint a successor corporate trustee.
by BillWalters
Fri Jun 05, 2020 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes? Legal Issues? Grandmother sent large check to Cousin she's estranged from
Replies: 59
Views: 3329

Re: Grandmother sent large check to Cousin she's estranged from

Take the money then donate to every racial justice charity imaginable in Grandmas name. Be sure to give her home phone number and request written confirmation of every donation to Grandma’s home address.
by BillWalters
Thu May 28, 2020 8:54 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage rates headed lower?
Replies: 69
Views: 7642

Re: Mortgage rates headed lower?

Wells Fargo has been an absolute disaster. We have sent an astonishing amount of paperwork. Four months of statements for every bank account, brokerage account, retirement account, etc. two years of tax returns plus W-2 (income is reported on the tax returns...), paystubs, copy of homeowners insuran...
by BillWalters
Tue May 26, 2020 6:06 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage rates headed lower?
Replies: 69
Views: 7642

Re: Mortgage rates headed lower?

The mortgage process is almost unbelievably time consuming and annoying. I’m not sure if it’s regulatory or lender driven but the amount of box checking nonsense that’s totally unrelated to actual risk or credit worthiness is truly unbelievable.
by BillWalters
Tue May 19, 2020 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Wells Fargo Mortgage - Frustrating / Non-Responsive
Replies: 3
Views: 469

Wells Fargo Mortgage - Frustrating / Non-Responsive

Due to most jumbo lenders exiting the market we went with Wells. The initial process was fine and I was repeatedly assured they would stay in contact and schedule a closing date sooner rather than later. I sent in every requested document two weeks ago and now they aren’t responding to calls or emai...
by BillWalters
Thu May 14, 2020 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Should we create a testamentary trust for $6M estate?
Replies: 198
Views: 9204

Re: Should we create a testamentary trust for $6M estate?

The worry over divorce is overblown in my opinion. In most states inheritance is specifically off limit in divorce proceedings. If people do choose to go with a corporate trustee, I think it’s important to sit sown with heirs and explain why. Because once they see it in action, answering to a facele...
by BillWalters
Wed May 13, 2020 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with probate / estate situation
Replies: 7
Views: 543

Re: Need help with tricky probate / estate situation

Despite not one but two attorneys being involved the house was deeded to sister? How is that even possible?
by BillWalters
Tue May 12, 2020 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Should we create a testamentary trust for $6M estate?
Replies: 198
Views: 9204

Re: Should we create a testamentary trust for $6M estate?

Late 30s beneficiary here. Ivy League education plus MBA plus corporate trustee. It is annoying and humiliating to have to request distributions. Not to mention the infuriating fees and active trading. That said, probably still worth it as the money will be out of my generations estate. Do you have...
by BillWalters
Mon May 11, 2020 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Should we create a testamentary trust for $6M estate?
Replies: 198
Views: 9204

Re: Should we create a testamentary trust for $6M estate?

Late 30s beneficiary here. Ivy League education plus MBA plus corporate trustee. It is annoying and humiliating to have to request distributions. Not to mention the infuriating fees and active trading. That said, probably still worth it as the money will be out of my generations estate.
by BillWalters
Mon May 11, 2020 8:47 pm
Forum: Investing - Theory, News & General
Topic: Ally lowers APR on savings from 1.5% to 1.25%
Replies: 79
Views: 9503

Re: Ally lowers APR on savings from 1.5% to 1.25%

Amex also still at 1.5%, for now.

Really hard not to chase yield, even knowing it is dumb. I’m going to have major problems paying banks to hold my money though.
by BillWalters
Sat May 09, 2020 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Owner of home created trust for home with "intent" to transfer title, but did not. Status of trust?
Replies: 26
Views: 1628

Re: Owner of home created trust for home with "intent" to transfer title, but did not. Status of trust?

8 trusts? Unless he’s in the 8 figure club (and comfortably so), that makes no sense, though it may have when the estate tax exemption was much lower.
by BillWalters
Thu May 07, 2020 7:03 am
Forum: Personal Investments
Topic: Hidden fees with FA? First post in possible longer discussion
Replies: 9
Views: 792

Re: Hidden fees with FA? First post in possible longer discussion

You know this, but the fees are significant and the benchmark is probably inappropriate.

You don’t owe the advisor an explanation. Send a thank you email after Vanguard initiates the transfer. You’re about to save $15k per year, at least.
by BillWalters
Mon May 04, 2020 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Decide on keeping/selling the house
Replies: 22
Views: 2572

Re: Decide on keeping/selling the house

This is absurd. What would you say to someone making $85k who bought a $160k house?

Stop inventing nonsense to worry about. Go volunteer or something.
by BillWalters
Sat May 02, 2020 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard as Trustee of Estate Trust
Replies: 99
Views: 5787

Re: Vanguard as Trustee of Estate Trust

It continues to surprise me that no corporate trust company has gobbled up market share by eliminating all the nonsense that accompanies dealing with the typical corporate trustee today. Their fees are nothing short of outrageous.
by BillWalters
Wed Apr 29, 2020 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Will / Trust Question- Home Sale Issue. I need help.
Replies: 31
Views: 1359

Re: Will / Trust Question- Home Sale Issue. I need help.

Seems to me this is a massive problem with multi generational trusts, absent the dreaded corporate trustee. Often the G2 trustee has full legal ability to deplete trust assets for their own benefit, even when in blatant violation of the terms of the trust. The G3 beneficiary has no recourse if G2 sp...
by BillWalters
Wed Apr 29, 2020 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Quitting a job after two weeks: relocation expenses
Replies: 196
Views: 17874

Re: Quitting a job after two weeks: relocation expenses

Stop endangering your health working 100 hours a week.

If they fire you, you won’t have to pay the money back. Try to take a few breath and keep things in perspective.
by BillWalters
Wed Apr 29, 2020 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: Will / Trust Question- Home Sale Issue. I need help.
Replies: 31
Views: 1359

Re: Will / Trust Question- Home Sale Issue. I need help.

So mom and aunt inherited a ton of money and are still squeezing you for more? Estates do not have trustees, they have executors. Trusts have trustees. The difference matters here. You need a copy of the trust and a competent attorney. The “tax” explanation doesn’t pass the smell test as a power of ...
by BillWalters
Wed Apr 29, 2020 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Will / Trust Question- Home Sale Issue. I need help.
Replies: 31
Views: 1359

Re: Will / Trust Question- Home Sale Issue. I need help.

It’s easy to say and hard to do, but you have to resist the emotional appeals that are sure to come. They’re going to come at you with every manipulative, emotional ploy imaginable. If one of them is the trustee, you’ll need to consult an attorney to figure out how to protect your interest / keep th...
by BillWalters
Wed Apr 29, 2020 6:19 am
Forum: Personal Investments
Topic: Leaving Edward Jones is there a better or worse time
Replies: 35
Views: 1994

Re: Leaving Edward Jones is there a better or worse time

Please report back and list all the fees you’re charged when doing this.
by BillWalters
Sun Apr 26, 2020 12:34 pm
Forum: Personal Investments
Topic: Cash Value Life Insurance--Great Idea For The Wealthy?
Replies: 20
Views: 1245

Re: Cash Value Life Insurance--Great Idea For The Wealthy?

If you will owe estate tax and your assets are not liquid life insurance can make sense, but even then it can’t be owned by the insured. Life Insurance Trusts are useful in the regard but are completely unnecessary for 99%+ of people.
by BillWalters
Sun Apr 26, 2020 10:28 am
Forum: Personal Investments
Topic: Sudden Early Retiree Family Portfolio Questions
Replies: 20
Views: 2408

Re: Sudden Early Retiree Family Portfolio Questions

Our situation was somewhat similar. Family business patriarch built the business then dropped dead at 60ish from substance abuse and stress. Decision was made among the family to sell the business and get out. Assuming you have ownership, you will presumably have to sell back via buy / sell agreemen...
by BillWalters
Fri Apr 17, 2020 10:24 pm
Forum: Personal Finance (Not Investing)
Topic: $1M home purchase - can we afford it?
Replies: 74
Views: 7001

Re: $1M home purchase - can we afford it?

This board is insane on this topic.

You can easily afford it.
by BillWalters
Thu Apr 16, 2020 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: When Does a Trust Become Worth It?
Replies: 71
Views: 6182

Re: When Does a Trust Become Worth It?

Things get very hairy very quickly if either spouse has kids not from the other. Of course everyone plays nice when Mr. Money is still alive, but like clockwork the younger surviving spouse will direct assets to themselves and their children (to the detriment of the children of the deceased) unless ...
by BillWalters
Mon Apr 06, 2020 9:54 pm
Forum: Personal Finance (Not Investing)
Topic: Possible PPP Loan fraud
Replies: 26
Views: 1957

Re: Possible PPP Loan fraud

Law firms are doing great. And every single one is applying.
by BillWalters
Mon Apr 06, 2020 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: Possible PPP Loan fraud
Replies: 26
Views: 1957

Re: Possible PPP Loan fraud

The government is leaning hard on banks to approve these loans but banks are understandably very scared of being scapegoated when the all but guaranteed widespread fraud is revealed. It’s impossible to get this much money out quickly without immense foul play occurring.
by BillWalters
Sat Mar 28, 2020 8:43 pm
Forum: Personal Consumer Issues
Topic: Any ex-lawyers here?
Replies: 44
Views: 3836

Re: Any ex-lawyers here?

I have literally never met a happy BigLaw attorney. The divorce/addiction rates are through the roof and the ballgame is over billing soulless corporations who complain about everything. The only happy lawyers I know are in house or in small shops.
by BillWalters
Sat Mar 28, 2020 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Jumbo Mortgage Lenders?
Replies: 7
Views: 806

Re: Jumbo Mortgage Lenders?

Thanks, will check out Wells (despite their reputation).

Should I just do it over the internet or is there a benefit to walking into / calling a branch?
by BillWalters
Sat Mar 28, 2020 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Jumbo Mortgage Lenders?
Replies: 7
Views: 806

Jumbo Mortgage Lenders?

We are relocating to the southeast (Charleston). For several weeks we were working with Quicken via American Express referral. Out of nowhere they have informed us they are unable to find any jumbo loans, period. This is super annoying as they already pulled credit, gathered (extensive) financial in...