Search found 680 matches

by ChrisC
Mon Sep 10, 2018 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: I think my father has a gambling problem
Replies: 78
Views: 6649

Re: I think my father has a gambling problem

Thanks for your responses. If I go with him to the casino, do you think he'll gamble like he would otherwise, or do you think he'll gamble less than he would normally to give off the impression that he's not addicted, or just because I would be around and make things different? You're not just look...
by ChrisC
Sun Sep 09, 2018 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: I think my father has a gambling problem
Replies: 78
Views: 6649

Re: I think my father has a gambling problem

I'm not sure the incidents of gambling portrayed here foreshadow a gambling problem or addition. They appear more like recreational gambling. But this could be the beginning of something else if (1) draws on financial accounts become excessive and irrational; (2) a compulsive, obsessive quality beco...
by ChrisC
Sat Sep 08, 2018 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Helping aging parents (in another state) with housing and care?
Replies: 11
Views: 1259

Re: Helping aging parents (in another state) with housing and care?

We had similar plans, despite good intentions, sound financial planning -- I would caution you to make sure that your parents really want to move out of their current residence and take up residence in another place. We had great plans for my MIL, and when push came to shove for the move -- she wasn...
by ChrisC
Thu Aug 30, 2018 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: high RMD withdraw from 401k question
Replies: 31
Views: 3290

Re: high RMD withdraw from 401k question

This to me sounds like - got lots of income (pension and/or delayed-SS), rather than whether to do RMD's. RMDs are inevitable, all you can do is reduce pre-tax portfolio size up until your next favorable tax bracket. Yes, good to tax optimize, but you also have to look at Net-cash-flow as well - th...
by ChrisC
Wed Aug 29, 2018 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: How to Pass on Money Against My Sister's Wishes (Ethics and Finance)
Replies: 74
Views: 7361

Re: How to Pass on Money Against My Sister's Wishes (Ethics and Finance)

Not going to get into the legal contours of this pool of money left to the OP, as it would be best for the OP to seek the advice of counsel. Nonetheless, I think it is clear that the intent of the mother who provided and titled the account is very unclear. She could have intended that:(1) the accoun...
by ChrisC
Sun Aug 05, 2018 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 7304

Re: "Skin in the game"

Define "the game" you think your children are playing. I think the answer is universally true and quite obvious if you're playing the game of life (not merely enrollment in a college).
by ChrisC
Sun Jul 29, 2018 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10948

Re: An argument against self-insuring for long-term care

That seems to me to be a curious choice when there is a government program that we all pay for through taxes that is available to assist with nursing home care, and there are lawful ways to shield assets and still qualify for the program. Is it a moral objection? That people don't fully grasp the n...
by ChrisC
Fri Jul 27, 2018 11:00 am
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10948

Re: An argument against self-insuring for long-term care

The reality is this: 2/3 of seniors who are sitting in nursing homes today are on Medicaid. In some lower cost of living states -- West Virginia, Mississippi, Georgia, etc. -- that number is much higher. There is a lot of fretting on these boards about LTC, and I am not sure it is really justified....
by ChrisC
Sat Jul 21, 2018 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Best Source for Travel Perks (Cruise)
Replies: 3
Views: 597

Re: Best Source for Travel Perks (Cruise)

It might sound counter-intuitive but booking with a reputable, competent travel agent frequently yields good results. Last two cruises, I booked with a TA and I negotiated on-board credits in one case and a cash rebate in another with the TA. I was able to get very favorable rates and up-grades as w...
by ChrisC
Tue Jul 10, 2018 6:57 pm
Forum: Personal Consumer Issues
Topic: Continuing Care Community versus 55 + (no LTC and modest assets)
Replies: 61
Views: 4100

Re: Continuing Care Community versus 55 + (no LTC and modest assets)

And I do not know why you would want a Type C contract especially if you had LTC insurance. Or maybe if you had enough funds to pay fee for service when the time comes. But you may not be on the priority list to get into an assisted unit when you need it. So Type C is not for us. There is also a hy...
by ChrisC
Tue Jul 10, 2018 5:07 pm
Forum: Personal Consumer Issues
Topic: Continuing Care Community versus 55 + (no LTC and modest assets)
Replies: 61
Views: 4100

Re: Continuing Care Community versus 55 + (no LTC and modest assets)

Entry fees in our area are in low to mid 6 figures depending on size of unit. Fee is much less if it a Type C contract which does not cover your health care when you need it, nor does it guarantee you a place in the assisted living or nursing sections. Type C is a fee for service when you need help...
by ChrisC
Fri Jul 06, 2018 7:57 am
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trusts-Homeowners-Umbrella Insurance
Replies: 10
Views: 1732

Re: Revocable Living Trusts-Homeowners-Umbrella Insurance

Can someone explain this topic? Homeowner owns a home that is placed in a revocable living trust. What is the requested modification to the homeowners policy? Why? The requested modification is to add the Trust as an additional insured under the policy, for two reasons. If the Trust is not added, i...
by ChrisC
Thu Jul 05, 2018 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Excess Roth IRA conversion resulting MAGI over 170K
Replies: 27
Views: 2224

Re: Excess Roth IRA conversion resulting MAGI over 170K

So, the tax free growth in the Roth IRA might be a better deal when converting now at 25% as opposed to keeping those same funds in the tIRA and paying 25% in taxes on RMDs and other withdrawals[/color] What I'm saying is that paying 25% now doing a Roth conversion results in the exact same amount ...
by ChrisC
Thu Jul 05, 2018 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Excess Roth IRA conversion resulting MAGI over 170K
Replies: 27
Views: 2224

Re: Excess Roth IRA conversion resulting MAGI over 170K

Maybe I misunderstood what you meant, but it sounds like you think that money in Roth IRA grows faster or compounds more than money in tIRA. Sorry if I gave you that impression. In fact, converting now at 25% vs paying tax later at 25% ends up with you having the exact same amount of money. The poi...
by ChrisC
Wed Jul 04, 2018 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Excess Roth IRA conversion resulting MAGI over 170K
Replies: 27
Views: 2224

Re: Excess Roth IRA conversion resulting MAGI over 170K

I believe that IRMAA is reasonably small potatoes compared to the potential savings on taxes on tIRA RMDs due to Roth conversions. Please correct me if I am wrong. I am planning getting myself into IRMAA territory by doing Roth conversions in the near future so I'll be crunching the numbers. I thin...
by ChrisC
Mon Jul 02, 2018 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Excess Roth IRA conversion resulting MAGI over 170K
Replies: 27
Views: 2224

Re: Excess Roth IRA conversion resulting MAGI over 170K

Thank you Alan S. for you quick response and suggestions. I will think about QCD and the additional conversion into Roth and still remaining within the next level of IRMAA of 214K. In the meantime one more question. Since Medicare Part B premium may not increase till 2020, as IRS lookup would lookb...
by ChrisC
Sat Jun 30, 2018 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Deed of Trust on Condo, how can borrower get a release if lender dies?
Replies: 26
Views: 1381

Re: Deed of Trust on Condo, how can borrower get a release if lender dies?

You may be looking at the wrong clause in the deed of trust. The release clause is for her to release it while she is alive, such as if you pay the note off in full to her. You should be looking at the successor and or assigns clause, which should include language similar to the note that it termin...
by ChrisC
Sat Jun 30, 2018 12:03 am
Forum: Personal Finance (Not Investing)
Topic: Deed of Trust on Condo, how can borrower get a release if lender dies?
Replies: 26
Views: 1381

Re: Deed of Trust on Condo, how can borrower get a release if lender dies?

Well, there isn't an easy answer to this question. The short answer is "whatever the title insurance company would require when the property is later sold." This doesn't seem like a probate or estate law question but it's largely a real estate transactional issue. Let's say, the OP keeps the condo a...
by ChrisC
Fri Jun 29, 2018 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Deed of Trust on Condo, how can borrower get a release if lender dies?
Replies: 26
Views: 1381

Re: Deed of Trust on Condo, how can borrower get a release if lender dies?

Is there a reason why you don't just get a mortgage to buy the property? Basically didn't consider this because we were figuring to buy on payments via the carry back loan, and this would be a cheaper and less complicated approach. You mean less complicated for you, rather than her. Not being judgm...
by ChrisC
Fri Jun 29, 2018 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Deed of Trust on Condo, how can borrower get a release if lender dies?
Replies: 26
Views: 1381

Re: Deed of Trust on Condo, how can borrower get a release if lender dies?

Is there a reason why you don't just get a mortgage to buy the property? Basically didn't consider this because we were figuring to buy on payments via the carry back loan, and this would be a cheaper and less complicated approach. You mean less complicated for you, rather than her. Not being judgm...
by ChrisC
Fri Jun 29, 2018 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Deed of Trust on Condo, how can borrower get a release if lender dies?
Replies: 26
Views: 1381

Re: Deed of Trust on Condo, how can borrower get a release if lender dies?

Would a private annuity make sense where you agree to pay her a certain amount monthly as long as she lives? Gill Better yet; let her sell the condo on the open market and use the proceeds to pay her expenses. And Bank of Son provides her assistance on an “as needed as able basis.” If OP/Son does n...
by ChrisC
Fri Jun 29, 2018 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Deed of Trust on Condo, how can borrower get a release if lender dies?
Replies: 26
Views: 1381

Re: Deed of Trust on Condo, how can borrower get a release if lender dies?

If Medicaid has paid for her care before her death they may put a lien on her estate to recover those costs. If the debt is structured so they can't do that, they may refuse to pay for her care at all. Make sure you are consulting with an attorney familiar with the Medicaid laws in the state where ...
by ChrisC
Thu Jun 28, 2018 4:07 pm
Forum: Personal Consumer Issues
Topic: Any Reason to Keep My "Landline" Phone?
Replies: 65
Views: 4244

Re: Any Reason to Keep My "Landline" Phone?

neilpilot wrote:
Thu Jun 28, 2018 4:04 pm
ChrisC wrote:
Thu Jun 28, 2018 4:00 pm
My home security system is tied to a landline. And so is the elevator in my home. I think I need my landline.
I tend to agree. We lead a simple life: no landline, no CTV, no security system and no elevator. :D
And why not have no internet and no car, too? Just read books and walk. 8-)
by ChrisC
Thu Jun 28, 2018 4:00 pm
Forum: Personal Consumer Issues
Topic: Any Reason to Keep My "Landline" Phone?
Replies: 65
Views: 4244

Re: Any Reason to Keep My "Landline" Phone?

My home security system is tied to a landline. And so is the elevator in my home. I think I need my landline.
by ChrisC
Tue Jun 26, 2018 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing condo from elderly Mom with carry back loan -- Deed of Trust or just a Promissory Note?
Replies: 14
Views: 1091

Re: Purchasing condo from elderly Mom with carry back loan -- Deed of Trust or just a Promissory Note?

This is only true if the Quitclaim Deed reflects a gift of the property, i.e. no fair market value consideration is exchanged for the property. The references you cite are missing the point, as they assume there is no fair market value (in cash or like kind consideration) being exchanged and that t...
by ChrisC
Tue Jun 26, 2018 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing condo from elderly Mom with carry back loan -- Deed of Trust or just a Promissory Note?
Replies: 14
Views: 1091

Re: Purchasing condo from elderly Mom with carry back loan -- warranty deed or not?

Seriously, I think you might be overthinking this situation. You want to play Bank of Son to help mother's assisted living expenses. Buy the condo from her at FMV -- no seller financing if you have the cash to help her. You now own the Condo and she has cash to pay for her assisted living expenses....
by ChrisC
Tue Jun 26, 2018 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing condo from elderly Mom with carry back loan -- Deed of Trust or just a Promissory Note?
Replies: 14
Views: 1091

Re: Purchasing condo from elderly Mom with carry back loan -- warranty deed or not?

In Minnesota, if Medicaid is involved, the loan would not be forgiven, but would be used to recover Medicaid expenses. If money is left over , heirs would receive it. Don’t plan on loan forgiveness until you check facts. This is income stream coming from the son to the mother, with the son as the b...
by ChrisC
Tue Jun 26, 2018 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing condo from elderly Mom with carry back loan -- Deed of Trust or just a Promissory Note?
Replies: 14
Views: 1091

Re: Purchasing condo from elderly Mom with carry back loan -- warranty deed or not?

Seriously, I think you might be overthinking this situation. You want to play Bank of Son to help mother's assisted living expenses. Buy the condo from her at FMV -- no seller financing if you have the cash to help her. You now own the Condo and she has cash to pay for her assisted living expenses. ...
by ChrisC
Tue Jun 26, 2018 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing condo from elderly Mom with carry back loan -- Deed of Trust or just a Promissory Note?
Replies: 14
Views: 1091

Re: Purchasing condo from elderly Mom with carry back loan -- warranty deed or not?

Thanks for your advice. You are correct that I screwed up the terminology reference to "warranty deed". I'm conducting this transaction via a FSBO contract handled by a Title Company in Arizona. My understanding that this sort of seller-financed purchase is recorded as a Deed of Trust (not a warran...
by ChrisC
Tue Jun 26, 2018 4:11 pm
Forum: Personal Consumer Issues
Topic: Family dynamics/in laws/am I being petty?
Replies: 143
Views: 7577

Re: Family dynamics/in laws/am I being petty?

How can it not be about keeping score to some? I tend not to do this with family members or very close friends. And there’s always the possibility that while one is keeping score on restaurant events, others are keeping score on other events or family matters. This score keeping can leave people ups...
by ChrisC
Tue Jun 26, 2018 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing condo from elderly Mom with carry back loan -- Deed of Trust or just a Promissory Note?
Replies: 14
Views: 1091

Re: Purchasing condo from elderly Mom with carry back loan -- warranty deed or not?

I want to buy my mother's condo with monthly payments to her in order to provide her with needed funds to pay for her assisted living, rather than just selling the condo to a 3rd party. However, this raises an issue that concerns me and I'd like some advice. I've discussed this with a title company...
by ChrisC
Mon Jun 18, 2018 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Timeshare ever worth it? Please share details
Replies: 123
Views: 11330

Re: Timeshare ever worth it? Please share details

Seems like timeshares only work for you if: 1) You are able to take regular week-long (or more) vacations every year to an arbitrary location of your choosing. Personally, I haven't been able to do such a thing in almost 10 years. There's always weddings, funerals, graduations, family reunions, etc...
by ChrisC
Mon Jun 18, 2018 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Timeshare ever worth it? Please share details
Replies: 123
Views: 11330

Re: Timeshare ever worth it? Please share details

Dunno, to me, it sounds like a lot of effort that I’d raher spend on other things to figure out how to make a timeshare worthwhile. Mostly it’s just H and me traveling. Mostly we are visiting loved ones or attending meetings and conferences and honestly want to stay at or near the conference hotel ...
by ChrisC
Mon May 28, 2018 1:23 pm
Forum: Investing - Help with Personal Investments
Topic: Does Wells Fargo Advisors Require Medallian Signature Guarantee
Replies: 15
Views: 1313

Re: Does Wells Fargo Advisors Require Medallian Signature Guarantee

I've made multiple transfers in and out of Wells Fargo Accounts (on the bank and securities side) and never has Wells Fargo, NA, or Wells Fargo Advisors, as sender or recipient, required a Medallion Signature Guarantee. And these were all 6 figure transfers. The only institution that required a Meda...
by ChrisC
Sun May 20, 2018 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts and Bank Accounts
Replies: 17
Views: 1357

Re: Trusts and Bank Accounts

I haven’t had this problem recently with my bank and credit union. My old checking accounts became our trust checking accounts on the bank and credit union records; I continue to use the same checks, but on my bank and credit union statements and on our online portals with the bank and credit union ...
by ChrisC
Sun May 20, 2018 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Helping Adult Children (but not too much)
Replies: 152
Views: 13145

Re: Helping Adult Children (but not too much)

Some seem to want to continuing to teach a lesson, like you should save for retirement, or manage your money responsibly, even when it may already have been learned. If the life lessons you care about have been learned, why make them wait till you die? (if you can afford to help now). That’s a fair...
by ChrisC
Sun May 20, 2018 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Helping Adult Children (but not too much)
Replies: 152
Views: 13145

Re: Helping Adult Children (but not too much)

We fund our daughters Roth. We see this as matching her work income and it means she’ll be compounding for years to come. So, I don't understand the point, Point. I know it would provide a nice tax free nest egg that you're funding for children, but why not make them fund their own Roths, especiall...
by ChrisC
Sun May 20, 2018 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Helping Adult Children (but not too much)
Replies: 152
Views: 13145

Re: Helping Adult Children (but not too much)

So, I think helping fund your children's investments is not spoiling them but parents adapting to a changing safety net environment that their children and grand children are likely to face. What some might consider spoiling others might think it is looking out for your loved ones. If you can affor...
by ChrisC
Sun May 20, 2018 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Helping Adult Children (but not too much)
Replies: 152
Views: 13145

Re: Helping Adult Children (but not too much)

We fund our daughters Roth. We see this as matching her work income and it means she’ll be compounding for years to come. So, I don't understand the point, Point. I know it would provide a nice tax free nest egg that you're funding for children, but why not make them fund their own Roths, especiall...
by ChrisC
Sat May 19, 2018 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Assisted Living tax deduction as medical expense
Replies: 23
Views: 2087

Re: Assisted Living tax deduction as medical expense

i'm about to enter into the situation with an elder entering Assisted Living, and it is all new to me. may i introduce a new variable for insight: if long term care insurance is providing benefit (from a tax qualifying plan), does one have to deduct allowable expenses and report correlating benefit...
by ChrisC
Sat May 19, 2018 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Helping Adult Children (but not too much)
Replies: 152
Views: 13145

Re: Helping Adult Children (but not too much)

To the OP, I say continue helping and being there for your kids, no doubt they appreciate it. Ignore people like me who, at times, have a chip on their shoulder because their parents chose not to help them financially. I find it to be somewhat of a social barricade, those who get help can’t seem to...
by ChrisC
Fri May 18, 2018 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Would you send your children to private school in my situation?
Replies: 93
Views: 6890

Re: Would you send your children to private school in my situation?

Seriously, what are the odds that the private school education is ONE MILLION DOLLARS better? It probably depends on the school. Look at the list of notable alumni from Exeter. I worked for one who made $100M but wasn't notable, so he missed the list. Seriously, I think the top magnet public high s...
by ChrisC
Mon May 14, 2018 10:44 am
Forum: Personal Finance (Not Investing)
Topic: 1031 Exchange- Complex question
Replies: 9
Views: 986

Re: 1031 Exchange- Complex question

I am no accountant (so could be completely wrong), but I think you could probably pull this off with the right amount of planning.... Say you live in Northeast and you have a rental property and a primary residence. Rental property has been depreciated to zero. You sell your rental property and buy...
by ChrisC
Thu May 10, 2018 1:55 pm
Forum: Personal Consumer Issues
Topic: Do you know anyone unhappy in a CCRC?
Replies: 41
Views: 5003

Re: Do you know anyone unhappy in a CCRC?

My aunt is in a CCRC and likes it very much. She is ninety and mentally alert, but needs some help physically. It seems like a clean, nice, bright place to me, with cheerful staff. I would be miserable there, because the activities they have, and there seem to be a lot of them, are things like play...
by ChrisC
Thu May 10, 2018 1:26 pm
Forum: Personal Consumer Issues
Topic: Do you know anyone unhappy in a CCRC?
Replies: 41
Views: 5003

Re: Do you know anyone unhappy in a CCRC?

I do worry about the lifetime buy-in required by CCRCs. You pay a very large up-front sum that you can't redeem. I know this is handled differently by different CCRCs. In the one I looked at, you must purchase your independent-living apartment up-front for a large amount and there is no equity shar...
by ChrisC
Thu May 10, 2018 8:41 am
Forum: Personal Consumer Issues
Topic: Do you know anyone unhappy in a CCRC?
Replies: 41
Views: 5003

Re: Do you know anyone unhappy in a CCRC?

We are in our early 70's. The wait list is very long for 2 BR apts. Why not get on the list and just decline if you are not ready? Some facilities let you stay at the top of the list, and some give you 2 chances, then you move to the bottom of the list. All are refundable deposits that I know of. D...
by ChrisC
Wed May 09, 2018 4:48 pm
Forum: Personal Consumer Issues
Topic: Do you know anyone unhappy in a CCRC?
Replies: 41
Views: 5003

Re: Do you know anyone unhappy in a CCRC?

Our only hesitation is that we are about 5 years younger that the average age, but we are also concerned that if we wait, we could get a nasty medical surprise in the next few years. I've been told that "it's better to be 5 years early than 5 minutes late" when deciding to enter a CCRC that may off...
by ChrisC
Mon May 07, 2018 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Means of Titling/Re-Titling [checking acct into] my RLT?
Replies: 20
Views: 1298

Re: Means of Titling/Re-Titling [checking acct into] my RLT?

We never retitled our checking accounts into our RLT. Unless it normally has several tens of thousands of dollars in it I didn’t really see the point. I know that Vanguard Trust Services required me to send the entire trust document before they would agree to be successor trustee. I've retitled all...
by ChrisC
Mon May 07, 2018 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Means of Titling/Re-Titling [checking acct into] my RLT?
Replies: 20
Views: 1298

Re: Means of Titling/Re-Titling [checking acct into] my RLT?

I'm involved with three trusts (two RLT and the other an Irrevocable Trust), in each case, our lawyer prepared a Certificate of Trust, which is a short summary of the legal identify of the Trust (date of Trust, where Trust organized, initial Trustees, taxpayer ID No., address of Trust, authorization...
by ChrisC
Thu May 03, 2018 10:18 am
Forum: Personal Finance (Not Investing)
Topic: Continuing Care facility - shielding some assets for the kids
Replies: 37
Views: 4127

Re: Continuing Care facility - shielding some assets for the kids

We don’t know what the minimum required assets are. All they have told us is that our assets are more than required. As for the trust, our attorney says that it would be “very expensive” to set up a trust. Very expensive is all relative, but I can't imagine that setting up a simple irrevocable trus...