Search found 728 matches

by plannerman
Tue Jun 09, 2020 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Asked to be a trustee
Replies: 30
Views: 2036

Re: Asked to be a trustee

I have been on both sides of this issue. I am the trustee of a trust for the benefit of my nephew (actually my wife's nephew). In this case, the trust was too small for a corporate trustee to take and someone needed to step up. I have successfully kept him in government subsidized housing, with adeq...
by plannerman
Thu May 14, 2020 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Email from Vanguard [for a Retail Investor Group consultation]
Replies: 33
Views: 3469

Re: Email from Vanguard

I had a call (went to voice mail) from my Flagship Rep today offering to set up call to discuss the implications of the CARES act.

plannerman
by plannerman
Sun Apr 26, 2020 3:11 pm
Forum: Personal Consumer Issues
Topic: ccrc after virus lockdown
Replies: 13
Views: 1811

Re: ccrc after virus lockdown

We live in a very nice CCRC. They have had a pandemic plan in place way before this current outbreak. Very early on, they they banned all non essential visitors except for end-of-life situations. Everyone who came through the gate was stopped, their temperature was taken and they were asked a series...
by plannerman
Tue Apr 07, 2020 7:30 am
Forum: Personal Finance (Not Investing)
Topic: IRS refund late
Replies: 15
Views: 983

Re: IRS refund late

Similar story here, except my son is self-employed. He had relatively high income but low taxable income because of high business expenses. His return was "processing" for about three weeks. He got his refund last week. It took about 3-weeks

plannerman
by plannerman
Mon Apr 06, 2020 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Distribution Question
Replies: 11
Views: 632

Re: Trust Distribution Question

Mark,

I want to thank you as well for illuminating us on this complicated question.

plannerman
by plannerman
Mon Apr 06, 2020 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Distribution Question
Replies: 11
Views: 632

Re: Trust Distribution Question

Thanks to all those who replied. Bruce--good question. I hadn't considered decanting the proceeds from the trust to a new trust, and I need to think this through more thoroughly. The distribution will be about $200,000, and I just don't know if the cost to setup a new trust and then the ongoing trus...
by plannerman
Mon Apr 06, 2020 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Trust Distribution Question
Replies: 11
Views: 632

Trust Distribution Question

I am the trustee of a trust for the benefit of a relative. The trust requires that the net income be paid to the beneficiary annually, and furthermore, that one-half of the principal be paid when the beneficiary reaches a certain age. The remaining principal to be distributed to the beneficiary at a...
by plannerman
Tue Mar 17, 2020 5:28 am
Forum: Personal Finance (Not Investing)
Topic: VITA site staying open?
Replies: 16
Views: 797

Re: VITA site staying open?

Ours, located in a CCRC but open to the the public is closed. Our supervisor is finishing up a few returns that were started but not finished because of missing information, e.g. Form K-1s.

plannerman
by plannerman
Thu Mar 05, 2020 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: 1041 Trust return extra pages
Replies: 5
Views: 273

Re: 1041 Trust return extra pages

Bruce,

I understand that. I just wasn't sure if they were required by some obscure IRS regulation.

plannerman
by plannerman
Thu Mar 05, 2020 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: 1041 Trust return extra pages
Replies: 5
Views: 273

Re: 1041 Trust return extra pages

Thanks I'll fix that.

plannerman
by plannerman
Thu Mar 05, 2020 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: 1041 Trust return extra pages
Replies: 5
Views: 273

1041 Trust return extra pages

My H&R Block tax software for a very simple trust with a total income of about $10,000, without intervention, prints out over 25 pages of attachments, many of which seem to me to be irrelevant, e.g., AMT, capital gains (they are zero) Household employment taxes, etc. Furthermore, I then have to atta...
by plannerman
Tue Mar 03, 2020 6:49 am
Forum: Personal Finance (Not Investing)
Topic: Is "buy in" to a CCRC deductible as a medical expense?
Replies: 57
Views: 2801

Re: Is "buy in" to a CCRC deductible as a medical expense?

It's typically not a percentage of the buy-in and monthly service fee--it's a number. Your buy-in and monthly fee are based on the size of the unit you select. The buy-in and monthly fees for a 900 sq ft apartment are much less than the buy-in and monthly fees for a 2,600 sq ft home, but the deducti...
by plannerman
Thu Feb 27, 2020 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Sale of personal residence--Tax question
Replies: 3
Views: 484

Re: Sale of personal residence--Tax question

Mark,

OK. I guess I need to figure it out. Thanks

plannerman
by plannerman
Thu Feb 27, 2020 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Sale of personal residence--Tax question
Replies: 3
Views: 484

Sale of personal residence--Tax question

I used a portion of our former home as a home office. We sold the home in 2019. I understand that the allowed or allowable depreciation must be recaptured. I no longer have all our old tax forms, I shredded those when we moved, so it's no small matter to come up with the numbers. I also understand t...
by plannerman
Thu Feb 20, 2020 10:02 am
Forum: Investing - Theory, News & General
Topic: Would you ever hold enough Fixed Income to cover you until a certain age?
Replies: 55
Views: 3237

Re: Would you ever hold enough Fixed Income to cover you until a certain age?

For a certain number of years yes--until a certain age no. When I retired 22-years ago, I though keeping 10-years of required portfolio withdrawals in fixed income was a reasonable way to think about asset allocation. Over time, I have migrated to keeping each of the next 10 years of required withd...
by plannerman
Thu Feb 20, 2020 9:42 am
Forum: Investing - Theory, News & General
Topic: Would you ever hold enough Fixed Income to cover you until a certain age?
Replies: 55
Views: 3237

Re: Would you ever hold enough Fixed Income to cover you until a certain age?

For a certain number of years yes--until a certain age no. When I retired 22-years ago, I though keeping 10-years of required portfolio withdrawals in fixed income was a reasonable way to think about asset allocation. Over time, I have migrated to keeping each of the next 10 years of required withdr...
by plannerman
Thu Feb 20, 2020 7:56 am
Forum: Personal Consumer Issues
Topic: Locating Sarasota Rental for One Month
Replies: 7
Views: 1184

Re: Locating Sarasota Rental for One Month

We are vacating a condo in this community https://www.heritageoaksgcc.com/ at the end of the month. I don't believe it is rented for March.

PM if you are interested and I will contact the owners to find out.

plannerman
by plannerman
Tue Jan 28, 2020 6:59 am
Forum: Personal Consumer Issues
Topic: Dog repellent when biking
Replies: 63
Views: 2959

Re: Dog repellent when biking

For those of you not in the Tampa Fl area, yesterday at the close of the Gasparilla day parade, a pit bull attacked the horses of group of mounted police officers. Police shot and killed the dog. The dog owner threatened to shoot the police officer. Dog owner hauled away for "mental evaluation". The...
by plannerman
Fri Jan 10, 2020 6:23 am
Forum: Personal Consumer Issues
Topic: Lawyer charged $800 for incorrect info. Should I complain? (Elder law VA benefits issue)
Replies: 31
Views: 3205

Re: Lawyer charged $800 for incorrect info. Should I complain? (Elder law VA benefits issue)

BTW, for those that are interested. Here is come more detail about the underlying situation. Five years ago, my uncle put a lot of his assets in an Irrevocable grantor style Medicaid asset protection trust. This is designed to protect trust assets from being depleted by by nursing home costs. The t...
by plannerman
Tue Dec 31, 2019 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Trust taxation question
Replies: 15
Views: 1501

Re: Trust taxation question

We have two different authoritative answers to this question. I hope some one can clarify which is correct as I am also interested in the answer. I'm no expert, but have been doing a couple of trust tax returns for about 20 years. I have always used the dividends first and then capital gains method ...
by plannerman
Tue Dec 10, 2019 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Distribution in kind
Replies: 5
Views: 326

Re: Trust Distribution in kind

bsteiner wrote:
Tue Dec 10, 2019 10:22 pm
Yes, but you might want to see whether you can decant the trust so that instead of having to make an outright distribution, he can gain control over that portion of the trust at age 50, so it can remain out of his estate and protected against his creditors and spouses.
Thanks.

plannerman
by plannerman
Tue Dec 10, 2019 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Distribution in kind
Replies: 5
Views: 326

Trust Distribution in kind

I'm the trustee of a trust that requires that 50% of the trust's value be distributed to the beneficiary when he reaches 50 years of age. The trust has substantial unrealized capital gains. Selling the appreciated securities and writing the beneficiary a check would create a large capital gains tax ...
by plannerman
Mon Dec 02, 2019 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: H&R BLOCK Pre-Order 2019 Software Offer
Replies: 317
Views: 28601

Re: H&R BLOCK Pre-Order 2019 Software Offer

Premium & Business $39.99 on Amazon today. That's a solid deal for those who need it. This edition does S-Corp and partnership returns (1120-S and 1065) in addition to personal returns. With TurboTax you have to buy both regular TurboTax and TurboTax Business. TurboTax Business itself sells for $11...
by plannerman
Sun Dec 01, 2019 5:12 pm
Forum: Personal Consumer Issues
Topic: Where to buy the CD version of Microsoft Office?
Replies: 20
Views: 1995

Re: Where to buy the CD version of Microsoft Office?

Here's a new legitimate version of Microsoft Office 2019 Professional Plus for less than $40.00. https://softwareproworld.com/index.php/ ... -2019.html

plannerman
by plannerman
Fri Nov 29, 2019 12:30 pm
Forum: Personal Consumer Issues
Topic: Refurbished desktop
Replies: 24
Views: 1176

Re: Refurbished desktop

Check out Discount Electronics. They sell a lot of off lease computers. I have bought several over the years and been very pleased. I have no connection other than as a pleased customer.

plannerman
by plannerman
Sun Nov 17, 2019 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: trustee duties when grantor passes
Replies: 25
Views: 1633

Re: trustee duties when grantor passes- beneficiary headaches

i'm back due to beneficiary drama some history- 4 siblings in total, sibling A has received $$$ throughout the 30+ years as "loans" including a business loan where our dad served as guarantor. Sibling A defaulted on the business loan and dad paid it off. total is at least 130K+, theres a few other ...
by plannerman
Thu Nov 14, 2019 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Reverse Wealth Effect?
Replies: 10
Views: 1297

Re: Reverse Wealth Effect?

Not me. When the market goes up (like this year) I feel richer and am more inclined to buy things I want but may not need. When it goes down (like 2008) I feel poorer and am less likely to purchase unnecessary stuff. Having said that however, my actual spending differences are probably in the noise....
by plannerman
Tue Oct 29, 2019 4:04 pm
Forum: Personal Consumer Issues
Topic: CCRC Tippng?
Replies: 7
Views: 895

Re: CCRC Tippng?

At our CCRC, the staff can be fired if they accept tips. There is, however, an end of year holiday employee appreciation fund raiser that most residents generously give to.

plannerman
by plannerman
Tue Oct 29, 2019 5:36 am
Forum: Personal Finance (Not Investing)
Topic: Medicare billing mystery
Replies: 9
Views: 1119

Re: Medicare billing mystery

CPT code is 94660
by plannerman
Mon Oct 28, 2019 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare billing mystery
Replies: 9
Views: 1119

Re: Medicare billing mystery

The calculation indicates that the provider does not accept Medicare assignment. As such, he is allowed to charge up to 115% of the Medicare allowance and you pay the difference. While the math seems to work, I'm not convinced not accepting assignment is the cause for a few reasons. First, the amou...
by plannerman
Mon Oct 28, 2019 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare billing mystery
Replies: 9
Views: 1119

Medicare billing mystery

I received the following on a Medicare Summary Notice: Amount charged=$153.00 Medicare approved amount=$153.00 Amount Medicare Paid=$140.20 Amount you may be billed=$35.77 OK, as we all know, Medicare normally pays 80% of the approved amount and responsible party or secondary insurance provider norm...
by plannerman
Fri Oct 25, 2019 6:01 am
Forum: Personal Finance (Not Investing)
Topic: Executor for parent in Florida seeking guidance
Replies: 46
Views: 3737

Re: Executor for parent in Florida seeking guidance

Once again thanks for all the suggestions. To make this more actionable, any recommendations for future reading? I have checked out a copy from the local library of The Executor's Guide Settling a Loved One's Estate or Trust, author: Mary Randolph and am working through it. Don't know about FL, but...
by plannerman
Tue Oct 22, 2019 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Humana Part D - ILLINOIS - premiums up up up
Replies: 94
Views: 9902

Re: Humana Part D - ILLINOIS - premiums up up up

I got the following email this morning. "The premium for your current Medicare drug plan, Humana Walmart Rx Plan (PDP), will increase from $30.30 to $61.00 in 2020 in 2020. Take advantage of Open Enrollment until December 7, 2019 to compare numerous other Medicare drug plans and see if there's a bet...
by plannerman
Tue Jul 02, 2019 8:18 am
Forum: Investing - Theory, News & General
Topic: Allan Roth: Probabilities, Truth, and Consequences
Replies: 40
Views: 4408

Re: Allan Roth: Probabilities, Truth, and Consequences

Why 90%. Why not 100%. 100% seems more likely to me than 90%. For either to happen would mean there was some catastrophic event that left every business in world (assuming we all invest internationally) essentially worthless. So other than guns and peanut butter, what do you all suggest we invest in...
by plannerman
Sun Jun 23, 2019 6:28 am
Forum: Personal Finance (Not Investing)
Topic: Opening a trust for child's annual gifted amount
Replies: 37
Views: 3155

Re: Opening a trust for child's annual gifted amount

Google Crummey Trust. Briefly you gift, up to the annual exclusion limit, to the trust. The beneficiary of the trust has 30 days or so to withdraw the gift. After that time period, he cannot withdraw it. To keep the gift out of your taxable estate neither you nor your wife can have the power to dis...
by plannerman
Sat Jun 22, 2019 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Opening a trust for child's annual gifted amount
Replies: 37
Views: 3155

Re: Opening a trust for child's annual gifted amount

Google Crummey Trust. Briefly you gift, up to the annual exclusion limit, to the trust. The beneficiary of the trust has 30 days or so to withdraw the gift. After that time period, he cannot withdraw it. To keep the gift out of your taxable estate neither you nor your wife can have the power to dist...
by plannerman
Sun Jun 16, 2019 5:59 am
Forum: Personal Consumer Issues
Topic: Radon levels in home
Replies: 50
Views: 5375

Re: Radon levels in home

Here radon tests are pretty much a standard part of home inspections. When you eventually want to sell your house, you will probably have to remediate the radon to sell it--regardless of whether it's a significant health hazard or not. You might as well do it now and get it over-with.

plannerman
by plannerman
Mon Jun 03, 2019 6:06 am
Forum: Personal Finance (Not Investing)
Topic: Older retirees: Are your expenses lower now than in early retirement?
Replies: 49
Views: 6780

Re: Older retirees: Are your expenses lower now than in early retirement?

Ages 76, retired 21 years, our expenses have roughly doubled since early retirement. The biggest contributors to the increase are taxes, medical, gifts and housing. RMDs increased taxes, IRMAAs increased medical expenses, grandkids in college increased our gifting, and move to CCRC increased our hou...
by plannerman
Thu May 30, 2019 4:54 am
Forum: Personal Finance (Not Investing)
Topic: Another Trustee/trust Question
Replies: 16
Views: 1371

Re: Another Trustee/trust Question

... For this purpose, control means the right to become a trustee, the right to remove and replace his/her co-trustee (provided the replacement trustee is not a close relative or subordinate employee), and the power to appoint (give or leave) the trust assets to anyone he/she wants (other than the ...
by plannerman
Tue May 28, 2019 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to a Continuing Care Retirement Community
Replies: 24
Views: 2007

Re: Moving to a Continuing Care Retirement Community

The only thing I can add to the above excellent advice is, if you are planning to use the equity in your current house to pay the buy-in fee, you need to apply for the HELOC before you list your house for sale.

plannerman
by plannerman
Thu May 23, 2019 10:37 am
Forum: Personal Finance (Not Investing)
Topic: How to be an executor
Replies: 22
Views: 4034

Re: How to be an executor

This thread prompted me to look into our state's estate procedures. As was mentioned above, our state requires the personal representative to submit an asset inventory to the court. Here's the relevant section from the court's instructions "Within three (3) months from the date of qualification, the...
by plannerman
Mon May 13, 2019 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone have experience with directors and officers and other insurance for a small non-profit?
Replies: 16
Views: 1154

Re: Anyone have experience with directors and officers and other insurance for a small non-profit?

I am an officer of a small 501c(7) social club. We carry a substantial liability policy, a worker's compensation policy, and property insurance on our buildings and vehicles. We looked into D&O insurance a few years ago and determined it was not warranted. Our state provides statutory protections fo...
by plannerman
Sun Apr 14, 2019 7:38 am
Forum: Personal Finance (Not Investing)
Topic: Mail Summary of Form 1099-B
Replies: 4
Views: 549

Re: Mail Summary of Form 1099-B

Here's the guidance we got from headquarters: "1099-INT, DIV, and OID Some states require the payer EIN and address for Forms 1099-INT/DIV/OID. Those fields on the TaxSlayer entry pages are not required for the federal return and can be ignored unless your state requires that information. Please let...
by plannerman
Sat Apr 13, 2019 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Contributions to grandchild's IRA
Replies: 6
Views: 478

Re: Contributions to grandchild's IRA

She's a teenager.
by plannerman
Sat Apr 13, 2019 7:42 am
Forum: Personal Finance (Not Investing)
Topic: Contributions to grandchild's IRA
Replies: 6
Views: 478

Contributions to grandchild's IRA

Can I setup a Roth IRA account for a grandchild and then directly contribute, an amount that does not exceed his or her's earned income, to that account? In this case, the grandchild does not owe any income taxes. But if they did, would they be eligible for the Retirement Income Tax Credit? Should I...
by plannerman
Sat Mar 16, 2019 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Ownership--Transfer on Death?
Replies: 7
Views: 509

Re: Life Insurance Ownership--Transfer on Death?

A secondary beneficiary would be for the insured not the owner.
plannerman
by plannerman
Sat Mar 16, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Ownership--Transfer on Death?
Replies: 7
Views: 509

Life Insurance Ownership--Transfer on Death?

My understanding is that if the owner of a life insurance policy dies before the insured, the policy generally ends up in the owner's estate. Almost all financial accounts now have pay on death or transfer on death options. Does this option exist for life insurance policies? It would be nice not to ...