Search found 12 matches

by Docdad
Sat Jul 04, 2020 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Wills, Directives, Trusts when moving states
Replies: 8
Views: 574

Re: Wills, Directives, Trusts when moving states

Almost all lawyers will provide a free initial consultation. .... Those are probably not the lawyers to pick. A Will in one state will almost always be valid in another state. The issue is whether it's still appropriate. Also, when someone moves to a new state, it's often due to a major event in th...
by Docdad
Sat Jul 04, 2020 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Wills, Directives, Trusts when moving states
Replies: 8
Views: 574

Re: Wills, Directives, Trusts when moving states

RudyS wrote: Sat Jul 04, 2020 9:52 am Almost all lawyers will provide a free initial consultation. Parents can then get an estimate of what needs to change, and costs involved.
Thank you for your thoughts on this topic.
by Docdad
Sat Jul 04, 2020 7:38 pm
Forum: Personal Finance (Not Investing)
Topic: Wills, Directives, Trusts when moving states
Replies: 8
Views: 574

Re: Wills, Directives, Trusts when moving states

As I recall, real property in NC does not go through probate as it does in VA and other states. Would that affect things? Only an attorney will know all the ins and outs. Due to some court cases, it is now recommended and standard that in VA, the will specifically says who has the right to decide w...
by Docdad
Sat Jul 04, 2020 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Wills, Directives, Trusts when moving states
Replies: 8
Views: 574

Re: Wills, Directives, Trusts when moving states

I won’t give any legal advice but just tell you what my attorney back east told me when I moved out west. He said I should check with an attorney in my new state to ensure everything is ok in the new state. My guess is that states can do things differently and it is best to verify trusts, wills, et...
by Docdad
Sat Jul 04, 2020 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Wills, Directives, Trusts when moving states
Replies: 8
Views: 574

Wills, Directives, Trusts when moving states

My parents in their 80's are moving states from Ohio to North Carolina. In Ohio they had a will, a trust set up with their home in it, power of attorneys ( kids), and health care advance directives. They are about to purchase a home in North Carolina. - My father prefers to have the home in the trus...
by Docdad
Tue May 19, 2020 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Private Mortgage Insurance
Replies: 13
Views: 489

Re: Private Mortgage Insurance

The changes in SS benefits has already been pointed out. However, you may want to look at the impact of Taxes when one files Single versus Married Filing Jointly - it is significant as well as the change in the possible cost of Medicare being surcharged (depending in MAGI). Thank you so much. I was...
by Docdad
Tue May 19, 2020 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Private Mortgage Insurance
Replies: 13
Views: 489

Re: Private Mortgage Insurance

If you can’t put 20% down then you should find a home in which you can. It sounds like your parents are living beyond their means. That PMI seems very low for 15% down and 300k mortgage. Keep in mind the 5k builder credit for using their mortgage arm is given regardless of pmi. In the same vein, un...
by Docdad
Tue May 19, 2020 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Private Mortgage Insurance
Replies: 13
Views: 489

Re: Private Mortgage Insurance

So the extra money to get to 20% and avoid PMI is ~$17,667. For the privilege of holding that and improving his cash reserve he'll pay $28/month, or $336 a year, ~1.9% plus paying the 3.499% Of course as he pays down and gets more equity the price will rise No clue if the $5K in credits is good or ...
by Docdad
Tue May 19, 2020 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Private Mortgage Insurance
Replies: 13
Views: 489

Re: Private Mortgage Insurance

Is a $300,000 mortgage for people on a strict budget in their mid-80’s a good idea? Have they figured out what happens to the survivor’s income when the first spouse dies? It is likely that one Social Security benefit will disappear and there may be a reduction in any pension (if relevant). I agree...
by Docdad
Tue May 19, 2020 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Private Mortgage Insurance
Replies: 13
Views: 489

Re: Private Mortgage Insurance

I'd go with the PMI as long as it disappears at 20%. In these uncertain times, it is nice to have additional cash on hand. If he changes his mind later, he can make an additional principal payment to get to 20% and eliminate the PMI. That's a good point. He can always pay it later. I was surprised ...
by Docdad
Tue May 19, 2020 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Private Mortgage Insurance
Replies: 13
Views: 489

Re: Private Mortgage Insurance

cheese_breath wrote: Tue May 19, 2020 10:55 am So if my math is right... If he put 20% down, that would be approximately an additional $17,667 on the down payment. Instead, he wants to finance that $17,667 @ 3.499% plus an extra $28 per month.
You are correct with your numbers.
by Docdad
Tue May 19, 2020 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Private Mortgage Insurance
Replies: 13
Views: 489

Private Mortgage Insurance

My parents are moving out of their home into a new home in a different state to be close to their children. They are mid 80's and still independent. They live on a strict budget ( and unfortunately don't have a lot of home equity) so that their nest egg will last. They have purchased a home and Pult...