Search found 699 matches

by plannerman
Tue Oct 29, 2019 4:04 pm
Forum: Personal Consumer Issues
Topic: CCRC Tippng?
Replies: 7
Views: 809

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: 1050

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: 1050

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: 1050

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: 3193

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: 7769

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: 4139

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: 2976

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: 2976

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: 4768

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: 6599

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: 1263

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: 1929

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: 3896

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: 1129

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: 481

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: 465

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: 465

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: 475

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: 475

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 ...
by plannerman
Thu Jan 10, 2019 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Suggestions on secular donations & time donations
Replies: 22
Views: 1359

Re: Suggestions on secular donations & time donations

I wire new houses one day a week for Habitat for Humanity. I think every family in this affluent country should have an affordable house and am pleased be able to help to make that a reality. Our local Habitat organization has volunteers doing framing, siding. roofing, windows and doors, flooring, k...
by plannerman
Sat Dec 08, 2018 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust Grantor Tax Reporting
Replies: 13
Views: 980

Re: Irrevocable Trust Grantor Tax Reporting

Gill,

Thanks for the clarification. I stand corrected.

plannerman
by plannerman
Sat Dec 08, 2018 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust Grantor Tax Reporting
Replies: 13
Views: 980

Re: Irrevocable Trust Grantor Tax Reporting

My wife and I established a Crummey Trust for our son several years ago. It is an irrevocable grantor trust with its own EIN. I am the trustee. We gift money to the trust annually and our son has 30 days to remove the gift or it becomes irrevocable. The trust income is taxed to our son, the grantor....
by plannerman
Fri Oct 05, 2018 6:35 am
Forum: Personal Consumer Issues
Topic: Black suit with dark brown shoes?
Replies: 59
Views: 4402

Re: Black suit with dark brown shoes?

What's the problem? They will just assume you are an engineer:)

plannerman
by plannerman
Tue Sep 25, 2018 10:06 am
Forum: Investing - Theory, News & General
Topic: Don't Fear the Reaper (RMDs) - White Coat Investor blog post
Replies: 65
Views: 7961

Re: Don't Fear the Reaper (RMDs) - White Coat Investor blog post

I hope to have the kind of "problems" that force me to pay taxes on money I don't need. That is all well and good until you find out you are paying hundreds of dollars a month in Medicare Part B and D IRMAAs, paying taxes in a higher bracket that you otherwise would be in, as well a phasing out of ...
by plannerman
Thu Sep 20, 2018 7:57 am
Forum: Personal Consumer Issues
Topic: Where do you buy CPAP replacement parts?
Replies: 50
Views: 3871

Re: Where do you buy CPAP replacement parts?

After paying a small co-insurance amount to Apria Healthcare, I read the bill and saw that as a Medicare member, I can get my supplies for free. I called them, and apparently my supplies will be provided from now on. Wheeee! Is this accurate? I have been on Medicare for 10 years and always paid a 2...
by plannerman
Mon Aug 13, 2018 7:40 am
Forum: Personal Finance (Not Investing)
Topic: How to have “what if” discussion with retired parents?
Replies: 48
Views: 4971

Re: How to have “what if” discussion with retired parents?

My parents are in their mid-70’s. No current financial concerns: • house is paid for • drawing SS • taking out RMD’s • not big spenders • Dad continues with a very part-time consulting business, to stay mentally active in his line of work • The vast majority of their assets are in individual stocks...
by plannerman
Wed May 09, 2018 7:06 am
Forum: Personal Consumer Issues
Topic: Do you know anyone unhappy in a CCRC?
Replies: 41
Views: 5748

Re: Do you know anyone unhappy in a CCRC?

Every CCRC is different. You have to do your homework. One of the more compelling reasons we chose the CCRC we did was because every resident we talked to was generally happy. We were fortunate because several acquaintances from our community had previously moved to the same CCRC and had shared thei...
by plannerman
Mon Apr 30, 2018 8:02 am
Forum: Investing - Theory, News & General
Topic: Kiplinger article "..Guaranteed Inheritance for Kids"
Replies: 53
Views: 7429

Re: Kiplinger article "..Guaranteed Inheritance for Kids"

"They could have done nothing and let the IRA stay in stocks and bonds, and maybe it would have doubled on its own over time." More likely to quadruple over time. We don't know how old Jim's wife is, but we know she's younger and healthy. A life expectancy of 20 years is reasonable. $600k at a conse...
by plannerman
Mon Apr 30, 2018 7:00 am
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage vs. Supplemental
Replies: 77
Views: 10122

Re: Medicare Advantage vs. Supplemental

"One thing which has puzzled me is that they now describe a subtle pressure by the MA plan via phone calls and correspondence to schedule an in-home physical. I have read that MA plans try to arrange these physicals primarily in order to identify undiagnosed conditions, which increases the reimburse...
by plannerman
Wed Apr 11, 2018 7:15 am
Forum: Investing - Theory, News & General
Topic: Introduction to Treasury Inflation Protected Securities (TIPS)
Replies: 53
Views: 8215

Re: Introduction to Treasury Inflation Protected Securities (TIPS)

I think the presentation missed what I consider to be the best use for TIPS--that is for liability matching. As retirees withdrawing from our portfolio for living expenses, we are more concerned about predictable, real cash flow than income. As has been discussed on this board many times, nothing do...
by plannerman
Mon Apr 02, 2018 3:35 pm
Forum: Personal Investments
Topic: Residential Energy Credits-Non owned property
Replies: 14
Views: 1006

Re: Residential Energy Credits-Non owned property

Okay, here's the reference in the Code that corresponds to the 2005 Act, which I believe is the citation that applies to the OP's question. 26 U.S. Code § 25C - Nonbusiness energy property Quoting from that text (emphasis mine): (c) Qualified energy efficiency improvements For purposes of this sect...
by plannerman
Mon Apr 02, 2018 7:45 am
Forum: Personal Investments
Topic: Residential Energy Credits-Non owned property
Replies: 14
Views: 1006

Re: Residential Energy Credits-Non owned property

OP here. Based HueyLD's Code reference that clearly states that renters can take the Residential Energy Property Credit, I intend to take it. This leads me to a second question of what is included: The instructions for Form 5695 says "For purposes of figuring the credit, don't include amounts paid f...
by plannerman
Fri Mar 30, 2018 6:22 pm
Forum: Personal Investments
Topic: Residential Energy Credits-Non owned property
Replies: 14
Views: 1006

Re: Residential Energy Credits-Non owned property

Thanks you so much. The breadth of knowledge of the posters on this board is--impressive.

plannerman
by plannerman
Fri Mar 30, 2018 4:25 pm
Forum: Personal Investments
Topic: Residential Energy Credits-Non owned property
Replies: 14
Views: 1006

Re: Residential Energy Credits-Non owned property

You can't take the credit. From the instructions for F5695, page 2: Residential energy property costs. Residential energy property costs are costs of new qualified energy property that is installed on or in connection with your main home that you owned during 2017 located in the United States. Resi...
by plannerman
Fri Mar 30, 2018 4:13 pm
Forum: Personal Investments
Topic: Residential Energy Credits-Non owned property
Replies: 14
Views: 1006

Re: Residential Energy Credits-Non owned property

barberakb wrote:
Fri Mar 30, 2018 2:26 pm
The way I read it would be no.

Both the first and last sentence state "your home"

IMO it isn't your home unless you own it.

But that's my guess...
I understand what you are saying, but we refer to it as "our home". Have you ever heard the expression "your home is where you hang your hat"
by plannerman
Fri Mar 30, 2018 6:07 am
Forum: Personal Investments
Topic: Residential Energy Credits-Non owned property
Replies: 14
Views: 1006

Residential Energy Credits-Non owned property

We recently moved into an individual cottage in a Continuing Care Retirement Community (CCRC). We do not own the cottage; the CCRC owns it. Last year, we paid a contractor to add insulation to the cottage, and I am trying to figure out if we are eligible for the Residential Energy Credit. Here's the...
by plannerman
Tue Mar 27, 2018 12:30 pm
Forum: Investing - Theory, News & General
Topic: How old were you when you started spending your “principal”?
Replies: 90
Views: 10763

Re: How old were you when you started spending your “principal”?

I Retired in 1999 at age 56. On a nominal basis my portfolio went below its starting level for the first time in July 2002 and again in February 2009. Today it's 1.95 the nominal starting value. On a more important real basis, it went below the starting level on Sept 2001, June 2002, September 2008...
by plannerman
Mon Mar 26, 2018 4:11 pm
Forum: Investing - Theory, News & General
Topic: How old were you when you started spending your “principal”?
Replies: 90
Views: 10763

Re: How old were you when you started spending your “principal”?

I Retired in 1999 at age 56. On a nominal basis my portfolio went below its starting level for the first time in July 2002 and again in February 2009. Today it's 1.95 the nominal starting value. On a more important real basis, it went below the starting level on Sept 2001, June 2002, September 2008...
by plannerman
Mon Mar 26, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 70
Views: 14304

Re: Review of tax software for trusts and estates

[/quote]

1) TurboTax Business changed my Trust type in 2016 without warning which changed the exemption amount from $4,050 to $100 (big affect on tax owed).
[/quote]

Simple trusts get $300 exemptions
Complex trusts get $100 exemptions

What kind of trusts get $4,050 exemptions?

plannerman
by plannerman
Mon Mar 26, 2018 7:17 am
Forum: Personal Finance (Not Investing)
Topic: Costs, Pros, & Cons of CCRC - Continuing Care Retirement Communities - Aging in Place. Pitfalls?
Replies: 26
Views: 5117

Re: Costs, Pros, & Cons of CCRC - Continuing Care Retirement Communities - Aging in Place. Pitfalls?

The initial buy-in price at our CCRC was based on the choice of dwelling--cottage, villa or, different sizes of apartment. In addition, our CCRC had multiple buy-in options. For example, these are made up numbers, $500k with no return, $750k for a 50% return, or $1M for a 90% return of the buy-in. T...
by plannerman
Sun Mar 25, 2018 4:57 pm
Forum: Investing - Theory, News & General
Topic: How old were you when you started spending your “principal”?
Replies: 90
Views: 10763

Re: How old were you when you started spending your “principal”?

I Retired in 1999 at age 56. On a nominal basis my portfolio went below its starting level for the first time in July 2002 and again in February 2009. Today it's 1.95 the nominal starting value. On a more important real basis, it went below the starting level on Sept 2001, June 2002, September 2008 ...
by plannerman
Tue Mar 06, 2018 7:29 pm
Forum: Investing - Theory, News & General
Topic: Medicare IRMAA
Replies: 21
Views: 2654

Re: Medicare IRMAA

Can't you simply wait until 2024 to cash them in. Or just cash in enough in 2022 and '23 to get you up to the IRMAA cliff.

plannerman
by plannerman
Tue Mar 06, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Another "Should I self-insure" for LTC Question
Replies: 119
Views: 9755

Re: Another "Should I self-insure" for LTC Question

I don't want to sound like a broken record, but there is another alternative. If you are a 71 year old widow, and not already in a retirement community situation, you need a plan on where you are going to live out your remaining golden years. I suggest you look into CCRCs with "Life care". The commu...
by plannerman
Tue Mar 06, 2018 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Do I really need umbrella insurance?
Replies: 21
Views: 1939

Re: Do I really need umbrella insurance?

There have been lots of discussions about umbrella insurance here. I personally don't subscribe to the notion you need an amount of liability insurance that matches your networth. I subscribe to the idea you need enough coverage for the insurance company to put up a spirited defense. I recently move...
by plannerman
Wed Feb 21, 2018 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding 2017 ACA Insurance >> Alternative to ACA until age 65 >>Possible Solutions??
Replies: 115
Views: 10476

Re: Need Help Understanding 2017 ACA Insurance Bill for $28,690 and tax liabilities? Confused? Help?

$3,053/month for ACA medical insurance coverage which covers very little seems unreasonable. Each of my infusion treatments for my cancer costs over $21,000. In the past two months, I've had 6 so far. Over the next year, I'll have at least 4 more. And that's not even counting all the doctor visits,...
by plannerman
Mon Feb 05, 2018 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: How can we find the occupancy rate of a Continuing Care Retirement Community
Replies: 6
Views: 1100

Re: How can we find the occupancy rate of a Continuing Care Retirement Community

In this area, if a CCRC doesn't have a waiting list, you probably don't want to move there. The better CCRCs, those with the nicest facilities, good staffing and excellent financials all have occupancies in the high 90%s and multiyear waiting lists. The CCRC we are in, for example, has over 1000 peo...
by plannerman
Sun Jan 28, 2018 8:33 am
Forum: Personal Finance (Not Investing)
Topic: The biggest problem in retirement is spending (not)
Replies: 118
Views: 12663

Re: The biggest problem in retirement is spending (not)

Too early in the morning to wade through the details of this study, but two questions that come to mind that I didn't find the answer to in my quick read: 1) Are the assets reported real or nominal? 2) Are they adjusted for taxes--i.e., Roth IRA assets are worth more that Traditional IRA assets? pla...
by plannerman
Sun Jan 21, 2018 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Insurance - Replacement Cost
Replies: 9
Views: 877

Re: Insurance - Replacement Cost

Just keep in mind, that if a State Farm agent comes out, his or her primary mission will not be the calculate the replacement cost of your house but rather to sell you something you probably don't need.

planneman