Search found 3633 matches

by afan
Tue Aug 21, 2018 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: Question from an FA
Replies: 12
Views: 1080

Re: Question from an FA

Unfortunately, for many of your clients your education and credentials will mean little or nothing. They will let you be their advisor if you are good at sales. Signing up clients is a sales function. Planning that requires your skills does not come up very often for most people. At most every few y...
by afan
Tue Aug 21, 2018 4:47 pm
Forum: Investing - Help with Personal Investments
Topic: Inheritance—Advice Requested
Replies: 17
Views: 976

Re: Inheritance—Advice Requested

Overall your plans make sense. You should attempt to estimate your total taxable income including income from the inherited money. It might place you in a higher tax bracket, which might change some thinking about bond placement and taxable vs tax free in your taxable account. The Vanguard study of ...
by afan
Tue Aug 21, 2018 4:36 pm
Forum: Investing - Help with Personal Investments
Topic: Asked my advisor about fees and here's their reply
Replies: 52
Views: 6683

Re: Asked my advisor about fees and here's their reply

Last question would be if the assets are in a taxable account or tax-qualified retirement account? If the latter you may be able to use LifeStrategy or Target Retirement fund products and not even need an advisor. Just to be clear. I have never heard that Lifestrategy or Target date funds are only ...
by afan
Tue Aug 21, 2018 2:36 pm
Forum: Investing - Help with Personal Investments
Topic: Asked my advisor about fees and here's their reply
Replies: 52
Views: 6683

Re: Asked my advisor about fees and here's their reply

Your advisor answered your questions, telling you the assets under management fee, the expense ratios of the mutual funds and commissions for trades. These are all too high. If you really need an investment advisor-most people do not- Vanguard will do this for 0.3%, far less than you are being charg...
by afan
Tue Aug 21, 2018 1:37 pm
Forum: Personal Consumer Issues
Topic: Graduate Degree Mistakenly (?) Conferred - What to Do?
Replies: 41
Views: 2313

Re: Graduate Degree Mistakenly (?) Conferred - What to Do?

Contact your Department. They should know whether you are wrong and you really did complete the program. Granted, this seems unlikely, but it is at least possible you misread the requirements. If you are correct and have not yet earned the degree, then the Department should be able to clear this up....
by afan
Tue Aug 21, 2018 8:37 am
Forum: Investing - Theory, News & General
Topic: You Invest from JP Morgan [free trades offer]
Replies: 38
Views: 1118

Re: Would you trust Chase with your investments?

This does not give Chase any control over your investments and no discretion about what or when to trade. But as others have noted, there is nothing special about free trades. All this says is that Chase had been hopelessly behind the times and now is making a small move to catch up. I see nothing t...
by afan
Sun Aug 19, 2018 4:04 pm
Forum: Personal Consumer Issues
Topic: Composite Decking Material
Replies: 33
Views: 2356

Re: Composite Decking Material

I have not used any composite decking. Have had pressure treated pine last for very long times, with essentially no maintenance. There have been lots of complaints about various composite decking materials not coming close to living up to their promises. Fading, cracking, mold... Do your homework on...
by afan
Sat Aug 18, 2018 8:37 am
Forum: Personal Finance (Not Investing)
Topic: One more reason for Fidelity Visa
Replies: 15
Views: 3047

Re: One more reason for Fidelity Visa

Don't know what is required for documentation but CSR says it covers

"Valid loss-of-use charges incurred by the rental car agency"

Maybe it would pay if the rental company would cooperate and they never do? I did find a few reports of people saying they used it. Never had occasion to try.
by afan
Sat Aug 18, 2018 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Real estate dropping like a rock in U.K. - can the U.S. be far behind?
Replies: 37
Views: 5144

Re: Real estate dropping like a rock in U.K. - can the U.S. be far behind?

The UK has to deal with the anticipated effects of Brexit. Although there may be some spill over to the US, that is a unique issue to the UK. I would not draw any direct links to the markets in other countries. US residential real estate is cooling but the last I saw it was still going up. Will pric...
by afan
Thu Aug 16, 2018 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

I checked and Schwab will still serve as administrative trustee with someone else responsible for investment management. In the past, they said that this someone had to be part of their advisor network. I did not see that this time. If they would do the admin work, long term, presumably staying in b...
by afan
Thu Aug 16, 2018 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

That is a remarkably low cost for the law firm to be trustee. They may not have to do much beyond prepare tax returns and initiate routine distributions. But they are accepting responsibility for the trust by serving as trustee. You can set up the trust with a 3 or 4 fund portfolio, but someone migh...
by afan
Wed Aug 15, 2018 3:55 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle - Two Fund Portfolio
Replies: 83
Views: 16955

Re: Jack Bogle - Two Fund Portfolio

I do 3 fund. I accept the logic of international stocks and don't see a downside. With the correlation between US and total international stocks so high, it does not make much difference but the theory makes sense to me. A while ago Vanguard did a study that showed that varying the mix of US and int...
by afan
Wed Aug 15, 2018 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

I meant the "situs" of the trust. Autocorrect did not like that, so changed it to situation.

Did Vanguard discuss the situs of the trust?
by afan
Tue Aug 14, 2018 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Can the greedy 'Private Bank' make any money off my index funds?
Replies: 21
Views: 2118

Re: Can the greedy 'Private Bank' make any money off my index funds?

Private Bank wants your business. If all you ever do is hold some index funds and use a business checking account they want your business. They are hoping that someday you may need a business loan and will at least give them a chance to extend you credit. They are hoping you might put your employee ...
by afan
Tue Aug 14, 2018 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Can the greedy 'Private Bank' make any money off my index funds?
Replies: 21
Views: 2118

Re: Can the greedy 'Private Bank' make any money off my index funds?

Can somebody help me out here? What is "Private Bank?" Is it just a services tier at some Megabank whose name we would all recognize? There was a bank in Chicago called "PrivateBancorp" that was fairly sizable; it was purchased by CIBC a few years ago. To answer OP's original question, even if the ...
by afan
Tue Aug 14, 2018 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Can the greedy 'Private Bank' make any money off my index funds?
Replies: 21
Views: 2118

Re: Can the greedy 'Private Bank' make any money off my index funds?

Ping Pong wrote:
Mon Aug 13, 2018 2:00 pm
You’ll need to get 15 medallion signature guarantees if you ever want to transfer your money out.
Yes but I am sure Private Bank includes medallion signature guarantees as one of it's free services.
by afan
Tue Aug 14, 2018 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

Calijim, This is very helpful. I hope Gill or bsteiner will comment on the likely effect of that investment language. If it were me, I might have worded the prohibition on options and futures a bit differently. Index funds use these routinely to better match their benchmarks. One would not want to c...
by afan
Mon Aug 13, 2018 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

Another point. If your estate plan will lead to creation of irrevocable trusts on your death, you may want to consider where (what state) they will be. You will have the option to make them based in states with no income taxes. The laws around this, like everything else, are complicated and you will...
by afan
Mon Aug 13, 2018 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

A few other points. Gill, who spent his career as a trust officer, brings an expertise that none of us can match. He shopped for trustees as about as educated a consumer as it is possible to be. He concluded that he wanted Vanguard. That carries a lot of weight, coming from someone qualified to eval...
by afan
Mon Aug 13, 2018 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Experian email alert! "Your score decreased"
Replies: 37
Views: 3280

Re: Experian email alert! "Your score decreased"

It is interesting to see the uneventful fluctuations in the scores. But I check only to see whether something important has happened that might herald identity theft. One of my cards has a feature that lets you model the effect of changes in your credit picture on your score. But everything I model ...
by afan
Mon Aug 13, 2018 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Private Banking is a trap. Don't do it!
Replies: 55
Views: 6977

Re: Private Banking is a trap. Don't do it!

Although I have no use for private banking, there are some business people for whom this is valuable. The OP appears to have the rest of business financing managed independent of the bank. That is great. But some people find that they get a better deal on business transactions by concentrating them ...
by afan
Mon Aug 13, 2018 11:40 am
Forum: Personal Finance (Not Investing)
Topic: What to ask agent when seeking to cash out of Whole-Life policy?
Replies: 28
Views: 1864

Re: What to ask agent when seeking to cash out of Whole-Life policy?

I just saw that you have college loans at 8.5%. That would be a strong argument for using the life insurance money to pay that down. There is little chance that your policy will pay anything close to 8.5%. The viatical companies usually are looking for people who will die fairly soon. In poor health...
by afan
Mon Aug 13, 2018 11:38 am
Forum: Personal Finance (Not Investing)
Topic: What to ask agent when seeking to cash out of Whole-Life policy?
Replies: 28
Views: 1864

Re: What to ask agent when seeking to cash out of Whole-Life policy?

Although it is probably a good idea to get rid of the whole life policy, it is a little more complicated than presented so far. First of all, on a policy that old, the surrender value may well be more than the total premiums you have paid. Any cash you get in excess of premiums will be taxable. So y...
by afan
Mon Aug 13, 2018 7:01 am
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

Lucky, The last time I looked, which was several years ago, Vanguard would only serve as trustee if it also managed the investments. At that time Schwab would only serve as trustee if you had a firm in their advisor network as investment manager. Schwab will now serve as one stop shopping trustee an...
by afan
Sun Aug 12, 2018 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Private Banking is a trap. Don't do it!
Replies: 55
Views: 6977

Re: Private Banking is a trap. Don't do it!

That is because they see you as a source of more total dollars. If giving you a slightly better deal brings in or keeps your business then it is worth it. There are a lot of people on this forum who use Merrill Edge and quite happy with free commissions and no sales calls. A smaller but still substa...
by afan
Sun Aug 12, 2018 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

If I were in the market for a trustee now I would contact Vanguard and Schwab and see how they reacted to a binding commitment to an all index 3 fund portfolio. With Vanguard, even if they will not commit to it, I suspect that is close to what I would get. With Schwab, I have not checked lately so I...
by afan
Sun Aug 12, 2018 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

But my earlier comments were about the difficulty of finding trustees who would run an index fund portfolio. Vanguard was the only one stop shop I found that would do this. Schwab would serve as administrator and let you pick from advisors on the Schwab network for investment management. But Schwab...
by afan
Sun Aug 12, 2018 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

But my earlier comments were about the difficulty of finding trustees who would run an index fund portfolio. Vanguard was the only one stop shop I found that would do this. Interesting that Vanguard said they would use an index fund portfolio for you. They told me that although they could use index...
by afan
Sun Aug 12, 2018 8:05 am
Forum: Personal Finance (Not Investing)
Topic: Private Banking is a trap. Don't do it!
Replies: 55
Views: 6977

Re: Private Banking is a trap. Don't do it!

Since the OP likes the attentive service of being a private customer the question is how to keep that while opting out of the sales pitches. It depends on the bank's policies and the OPs personality. If the bank has a simple rule for how much money one must keep in or transact through the accounts t...
by afan
Sat Aug 11, 2018 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

Directed trustee would separate administration from investment management. I looked at that option and found some firms that would manage an all index 3 fund portfolio for flat fees of $2,000-5,000. But having to deal with two companies, one for administration and one for investment, went against my...
by afan
Sat Aug 11, 2018 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 61
Views: 3052

Re: Trust Investment Policy Statement

Bsteiner, Have things changed? When I went through an attempt to find a corporate trustee a few years ago Vanguard was the only one that would even discuss investing in index funds. Other banks and trust companies would immediately launch into a sales pitch about how great their active management wa...
by afan
Sat Aug 11, 2018 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Sucking up to make more money?
Replies: 46
Views: 1995

Re: Sucking up to make more money?

Sucking up is simply part of the job. Like coming to work.
by afan
Fri Aug 10, 2018 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning-Advice
Replies: 5
Views: 731

Re: Estate Planning-Advice

Fees for an estate planning attorney can vary widely. Attorneys in big firms, in big cities, tend to charge much higher prices. You can often find a very well qualified attorney at a smaller firm or outside the big city for much lower cost. The cost for estate planning work will depend on the comple...
by afan
Thu Aug 09, 2018 6:21 pm
Forum: Personal Consumer Issues
Topic: radon mitigation exposure concern, are we at risk?
Replies: 59
Views: 3927

Re: radon mitigation exposure concern, are we at risk?

Radon levels vary, widely, through time, through the seasons and for reasons that remain unclear. Short term tests therefore don't tell you much. Some have recommended doing a long term test, for a year, to take into account the seasonal variation. If you are worried or think you know yourself to be...
by afan
Thu Aug 09, 2018 10:22 am
Forum: Personal Finance (Not Investing)
Topic: [Calculating future Social Security benefits: How do I adjust the discount rate?]
Replies: 25
Views: 1081

Re: [Calculating future Social Security benefits: How do I adjust the discount rate?]

Yes, higher discount rates will lead to lower NPV. The alternative to raising the discount rate would be assuming one knew what the changes will be and when they will come. Calculate the optimal claiming strategy and the resulting NPV. Then change the assumptions and repeat. With the addition to the...
by afan
Mon Aug 06, 2018 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Baby on way: life insurance Qs
Replies: 27
Views: 1431

Re: Baby on way: life insurance Qs

This one puzzles me. If the OP’s spouse is a doctor, lawyer, software engineer, what exactly would permanently prevent him/her from working after OP dies? They presumably already have child care as they are a dual income family. Injured in the same accident that killed the spouse. At age 30 both ar...
by afan
Sun Aug 05, 2018 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: [Calculating future Social Security benefits: How do I adjust the discount rate?]
Replies: 25
Views: 1081

Re: [Calculating future Social Security benefits: How do I adjust the discount rate?]

Same broad principles, but the insurance company faces a simpler problem. They don't care about the life expectancy of any one person or couple, which is hard to predict. All they need to know is the actuarial probabilities for the population of people to whom the sell annuities. They know what amou...
by afan
Sun Aug 05, 2018 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: [Calculating future Social Security benefits: How do I adjust the discount rate?]
Replies: 25
Views: 1081

Re: [Calculating future Social Security benefits: How do I adjust the discount rate?]

It's an interesting question, but a tricky one. ... On the other hand, delaying Social Security provides a degree of risk reduction that TIPS do not provide (via the longevity insurance aspect). But even that is complicated, because the value of such risk reduction varies from one person to another...
by afan
Sun Aug 05, 2018 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: [Calculating future Social Security benefits: How do I adjust the discount rate?]
Replies: 25
Views: 1081

Re: [Calculating future Social Security benefits: How do I adjust the discount rate?]

For example, what of people who have a 100% stock asset allocation? We can debate whether they should have such an allocation, but given that they do , what then should they assume about the rate of return they would earn on invested benefits? The standard reasoning would say they should assume a r...
by afan
Sun Aug 05, 2018 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a conscientious/competent estate attorney?
Replies: 49
Views: 3599

Re: How to find a conscientious/competent estate attorney?

It is worth reading all of bsteiner's posts. But please don't get the idea that doing so will make you an expert in estate planning. His comments are perfect for the lay audience he is addressing. Occasionally someone comes up with something that seems entirely consistent with what has has said so f...
by afan
Sun Aug 05, 2018 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: [Calculating future Social Security benefits: How do I adjust the discount rate?]
Replies: 25
Views: 1081

Re: [Calculating future Social Security benefits: How do I adjust the discount rate?]

Without speculating here about what future changes might occur, my question is "How should one adjust the discount rate, taking into account the risk of possible future benefits reductions?" There's already an item on the to-do list for enhancing the Open Social Security tool: 5) Option to include ...
by afan
Sun Aug 05, 2018 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: [Calculating future Social Security benefits: How do I adjust the discount rate?]
Replies: 25
Views: 1081

Re: [Calculating future Social Security benefits: How do I adjust the discount rate?]

Completely understand and agree that speculation about future legislation is not up for discussion. This topic is about choosing a discount rate when the cash flows are not guaranteed. In this unusual case, the institution that will be paying the money has essentially a perfect ability to pay. But t...
by afan
Sun Aug 05, 2018 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Durable Power of Attorney: Implementation Report
Replies: 21
Views: 1483

Re: Durable Power of Attorney: Implementation Report

If part of the advantage of using a trust is that you are required to do the bureaucratic tasks as soon as the paperwork is valid, you could choose to do so with your Power of Attorney as well. But it seems that often people aren't warned that waiting may cause extra hassle and delay, and at a stre...
by afan
Sun Aug 05, 2018 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Durable Power of Attorney: Implementation Report
Replies: 21
Views: 1483

Re: Durable Power of Attorney: Implementation Report

I have added trustees to multiple accounts. It was as simple as notifying the financial company. They might have asked for a letter. There was no notary involved. I did not have to fill out a new account application. Note that I have filled out account applications when opening new accounts for myse...
by afan
Sun Aug 05, 2018 8:12 am
Forum: Personal Finance (Not Investing)
Topic: [Calculating future Social Security benefits: How do I adjust the discount rate?]
Replies: 25
Views: 1081

[Calculating future Social Security benefits: How do I adjust the discount rate?]

[Moved into a new thread from: "Open Social Security" calculator: feature requests, bug reports, etc --admin LadyGeek] This is not a feature request or bug report, but I don't know where else to bring it up. I think one needs to consider that the 20 TIPS may not be the appropriate discount rate. Fo...
by afan
Sat Aug 04, 2018 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Durable Power of Attorney: Implementation Report
Replies: 21
Views: 1483

Re: Durable Power of Attorney: Implementation Report

The OP had better luck with a DPOA than I did. I was in a similar situation, handling affairs for an elderly person. I did not find a single financial institution that would accept the POA. Not one. The solution was to transfer assets out of the recalcitrant companies into one account set up in the ...
by afan
Sat Aug 04, 2018 8:13 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer stocks to kids
Replies: 27
Views: 1548

Re: When to transfer stocks to kids

Those worried about robbing a child of initiative should also worry about money given or left to them being taken if the child gets divorced or if the child loses a law suit. The solution for all three is to use a trust. While the child is young, certainly while in high school, someone else can be t...
by afan
Fri Aug 03, 2018 5:03 am
Forum: Personal Finance (Not Investing)
Topic: How to find a conscientious/competent estate attorney?
Replies: 49
Views: 3599

Re: How to find a conscientious/competent estate attorney?

Bsteiner, Where does publishing articles in law reviews stand in documenting expertise? Is that something practicing attorneys do, or is it only professors at law schools? I have twice been very happy when I used ACTEC fellows. Both times after wasting time and money with people who claimed to be ex...
by afan
Thu Aug 02, 2018 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Health and cognitive issues at age 80 and beyond...and managing finances
Replies: 17
Views: 2166

Re: Health and cognitive issues at age 80 and beyond...and managing finances

That is disappointing. It still seems to be rare.

Did the bank eventually agree to refund the fees or did it take a court order?
by afan
Thu Aug 02, 2018 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Health and cognitive issues at age 80 and beyond...and managing finances
Replies: 17
Views: 2166

Re: Health and cognitive issues at age 80 and beyond...and managing finances

Well, SOME health and cognitive problems come on Suddenly. That is why the call them "strokes" and heart "attacks". Gill, For all my whining about costs, I recognize that I am a hard core, cheap, boglehead. I would be most happy if my trustee put everything in a three fund portfolio and made no clai...