Search found 896 matches

by ChrisC
Mon Jun 29, 2020 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Joint HSA/Medicare
Replies: 13
Views: 497

Re: Joint HSA/Medicare

I don't think there is a recognizable "joint HSA." HSAs are individual accounts, but there are family HDHPs, which permit HSA contributions up to the family contribution limits for HSAs, to be made into accounts maintained by family members. I'm sure someone will post and clarify this up for the OP,...
by ChrisC
Sat Jun 20, 2020 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property -> Umbrella vs LLC
Replies: 29
Views: 1770

Re: Rental Property -> Umbrella vs LLC

I have an umbrella insurance policy and an LLC for a 4 tenant apartment building, which is debt free. The umbrella insurer would not add our apartment building or any non-owner occupied property (we tried to add a condo rental and it also said no) to the umbrella policy. Jez saying that here because...
by ChrisC
Tue Jun 16, 2020 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Depreciation Recapture
Replies: 7
Views: 846

Re: Depreciation Recapture

One more question: Are there any circumstances under which I won't have to pay tax on depreciation recapture? I keep telling my tax accountant about this, but he insists that form Unrecaptured Section 250 Gain Worksheet does not apply to me and is using the Qualified Dividends and Capital Gains Tax...
by ChrisC
Mon Jun 08, 2020 3:35 pm
Forum: Personal Consumer Issues
Topic: Looking at buying house with in-ground pool. What questions should we ask?
Replies: 62
Views: 3803

Re: Looking at buying house with in-ground pool. What questions should we ask?

replace pool robotic cleaners (twice so far over 7 years). Folks, robotic cleaners should not be replaced this often. Robotic cleaners have wear and tear items that get replaced from time to time and they then run like a champ. Replacing robotic cleaners twice a 7 year period is like replacing a 3-...
by ChrisC
Mon Jun 08, 2020 12:08 pm
Forum: Personal Consumer Issues
Topic: Looking at buying house with in-ground pool. What questions should we ask?
Replies: 62
Views: 3803

Re: Looking at buying house with in-ground pool. What questions should we ask?

We didn't go looking for an in-ground pool when we relocated in retirement in 2013, but the house we purchased had everything we wanted (except for the pool). Thus far, we've actually enjoyed the pool, especially when other family members use the pool. Our pool, with added spa, is over 15 years old,...
by ChrisC
Sat Jun 06, 2020 5:11 pm
Forum: Personal Consumer Issues
Topic: Should we keep LTCI policy
Replies: 11
Views: 877

Re: Should we keep LTCI policy

I’ll punt on your exact question, but I don’t think you have a Type A contract with your CCRC. My understanding is that a Type A contract covers the entire cost of assisted living or nursing care a resident might need at the CCRC as part of the initial entrance fee — there’s no pay-as-you-go cost at...
by ChrisC
Fri May 29, 2020 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Put checking accounts in living revocable trusts?
Replies: 48
Views: 8472

Re: Put checking accounts in living revocable trusts?

As an elderly couple, we have all of our checking, savings and CD accounts titled in our revocable living trusts. These are all joint accounts, anyway, and the checking accounts still bear our names, not the trust, on issued checks. We also have POAs; we titled these bank accounts in the trust simpl...
by ChrisC
Thu May 28, 2020 6:15 pm
Forum: Investing - Theory, News & General
Topic: Bogleheads: What is your largest single stock holding? (if any)
Replies: 79
Views: 4213

Re: Bogleheads: What is your largest single stock holding? (if any)

Starbucks (SBUX) that I purchased in late 2008 or early 2009 very cheaply although not at it's low as it was getting beat up pretty badly. Seems like my buy in was around $9.00-10.00?? Last year I joked with my advisor who manages the account it's in that I'll sell it in my early years of retiremen...
by ChrisC
Sun May 03, 2020 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Please help me unravel my parents mess
Replies: 55
Views: 6703

Re: Please help me unravel my parents mess

Your parents made at least 3x the US median income all their life, and have something like 2MM plus a paid off house. What exactly is the problem here? Even if they got sold some less than ideal investments, they are better off than 95% of their peers. Unless they have asked for help I’d stay out o...
by ChrisC
Sun Apr 26, 2020 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: Interest only mortgage: the conservative choice?
Replies: 87
Views: 8016

Re: Interest only mortgage: the conservative choice?

informal guide wrote:
Sun Apr 26, 2020 9:35 pm
My ARM adjusts each month based on 1 month LIBOR; next month my rate will likely be around 1.75%.
I've never heard of a product that has these attributes -- there's isn't a floor or cap on interest rate adjustments? Was this a loan made by an FDIC-insured bank or made by a mortgage banker?
by ChrisC
Sat Apr 18, 2020 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance
Replies: 159
Views: 4522

Re: Long Term Care Insurance

The arguments for having long term care insurance are at least as compelling as the arguments for having liability insurance or life insurance. You're actually more likely to spend a few hundred $K on a nursing home stay than on a lawsuit settlement, and you're more likely to end up in a nursing ho...
by ChrisC
Sat Mar 21, 2020 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Father in law died- things to do
Replies: 30
Views: 3617

Re: Father in law died- things to do

Sorry for your loss. As your FIL was a Federal annuitant with a survivor’s benefit for MIL, you’ll have to run this by US OPM to get things squared away, including any FEGLI life insurance benefits (many keep this benefit in retirement which gets reduced after age 65 and the insured pays no premium...
by ChrisC
Sat Mar 21, 2020 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Father in law died- things to do
Replies: 30
Views: 3617

Re: Father in law died- things to do

Sorry for your loss. As your FIL was a Federal annuitant with a survivor’s benefit for MIL, you’ll have to run this by US OPM to get things squared away, including any FEGLI life insurance benefits (many keep this benefit in retirement which gets reduced after age 65 and the insured pays no premiums...
by ChrisC
Sun Mar 08, 2020 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Applying for Spousal Benefits
Replies: 7
Views: 822

Re: Applying for Spousal Benefits

I just applied on-line to start my SS retirement benefits in July (I'll be almost 70). My wife started retirement benefits on her own earning record at age 62 (she's 68). Her spousal benefits should be more than she is getting on her own record. My dumb question: Does she need to apply separately f...
by ChrisC
Fri Mar 06, 2020 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Savings Account
Replies: 16
Views: 1238

Re: Trust Savings Account

Could depend on the type of Trust you have. A few weeks ago, Fifth Third Bank permitted us to open CDs and an interest bearing checking account for an Irrevocable Trust, with a $550 bonus for opening up the accounts. We couldn’t open up similar accounts for an Irrevocable Trust at Wells Fargo and Na...
by ChrisC
Fri Mar 06, 2020 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: T. Rowe Price beneficiary designation
Replies: 8
Views: 449

Re: T. Rowe Price beneficiary designation

I can add, delete or change my beneficary designations online through the T.Rowe Price Workplace Retirement portal for a 401K plan with my previous employer. I have a primary and contingent beneficiary designations. I don't see the issue for me.
by ChrisC
Fri Mar 06, 2020 1:58 pm
Forum: Personal Investments
Topic: An HSA catch up contribution question - Please help!
Replies: 8
Views: 507

Re: An HSA catch up contribution question - Please help!

From 2008 to 2018, I had a family HDHP and I made the maximum family HSA contribution and my own catch-up contributions to my HSA account. During that time, my wife started her own HSA account funded solely each year by her catch-up contributions of $1000, until she went on Medicare when we then pro...
by ChrisC
Thu Mar 05, 2020 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: Is "buy in" to a CCRC deductible as a medical expense?
Replies: 57
Views: 2791

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

Besides the CCRC statement, I presume you also need a doctor’s statement saying you need it medically, before you can take the deduction. Correct? Not so sure about that. Here we’re talking about an entrance fee and monthly maintenance fees for a CCRC, most of which require a medical certification ...
by ChrisC
Tue Mar 03, 2020 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Is "buy in" to a CCRC deductible as a medical expense?
Replies: 57
Views: 2791

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

I'm confused by part of the question. Suppose TN_Boy enters a CCRC at age 70 and puts down 200k for the initial entrance fee. Five years later, TN_Boy needs to move to assisted living within the CCRC. Are you asking if any of the 200k entrance fee paid years before the need for assisted living is d...
by ChrisC
Sat Feb 29, 2020 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare vs IRMAA vs health care coverage
Replies: 37
Views: 2028

Re: Medicare vs IRMAA vs health care coverage

Go to Sun City Arizona or some other low cost retirement community. You will meet older widows or widowers or older single adults who have lived long rich lives and spent all their money or never made enough in their lives. They are living in their paid for home on a single small Social Security ch...
by ChrisC
Sat Feb 29, 2020 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Medicare vs IRMAA vs health care coverage
Replies: 37
Views: 2028

Re: Medicare vs IRMAA vs health care coverage

Some older adults get along fine without any Medicare Group B or D insurance. They get Medicare Part A for free so they are covered for bad hospitalization events. Then they just shop for cheap drugs and negotiate low cash prices from the few Doctors they visit. If they are sorta healthy they do no...
by ChrisC
Mon Feb 24, 2020 8:58 am
Forum: Personal Finance (Not Investing)
Topic: using HSA as investment account - do you need to store receipts?
Replies: 6
Views: 736

Re: using HSA as investment account - do you need to store receipts?

We have been investing in our HSAs from the get-go. Current value: $170,000. Tax Free amount: $71,000. Tax Free is tax free because we keep receipts. Every year we designate a folder to that year's receipts. So, it is easy to produce receipts if prompted. Plus, we keep a running spread-sheet of all...
by ChrisC
Sun Feb 23, 2020 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Receipts for HSA reimbursement years down the road
Replies: 54
Views: 3096

Re: Medical Receipts for HSA reimbursement years down the road

I don't believe we've ever found conclusive IRS language that a spouse beneficiary of an HSA can make withdrawals from the HSA tax free to reimburse for historical medical expenses of a decedent. I don't think you have it correct re inherited HSAs and non-spouse beneficiaries of an HSA. See, https:...
by ChrisC
Sun Feb 23, 2020 9:29 am
Forum: Personal Finance (Not Investing)
Topic: Medical Receipts for HSA reimbursement years down the road
Replies: 54
Views: 3096

Re: Medical Receipts for HSA reimbursement years down the road

Seriously! I'm a retired Fed lawyer and know how the Gumint rolls, especially since I had relatives who used to work in the IRS Intelligence Division, which they re-named to something else because it belied the character of the office. :oops: If you're going to claim mega-reimbursements for medical...
by ChrisC
Sat Feb 22, 2020 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Receipts for HSA reimbursement years down the road
Replies: 54
Views: 3096

Re: Medical Receipts for HSA reimbursement years down the road

So, what happens when the IRS says electronic files on google drive or some other application are not acceptable because they are susceptible to being easily manipulated and photo-shopped? Paper documents are just as susceptible to being photo-shopped with the help of a "printer". If you are this p...
by ChrisC
Sat Feb 22, 2020 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Interest only mortgage: the conservative choice?
Replies: 87
Views: 8016

Re: Interest only mortgage: the conservative choice?

I understand the financial equation this thread is proposing. But I do not understand why anyone would chose a interest only loan and take on a risk of house as an asset. Why not rent? Alternatively this seems like a way to get non callable loan to invest even though it did not start that way. Prob...
by ChrisC
Sat Feb 22, 2020 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Receipts for HSA reimbursement years down the road
Replies: 54
Views: 3096

Re: Medical Receipts for HSA reimbursement years down the road

I don't think there was any sufficient data to gather any conclusions but I imagine the HSA audit red flag is withdrawing more than your OOP max in a given year. And to the OP, once you read a few of these threads you will quickly see that there are differing opinions on record keeping. I can snap ...
by ChrisC
Sat Feb 22, 2020 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Options FEHB Vs Original Medicare Vs Medicare Advantage
Replies: 37
Views: 2073

Re: Medicare Options FEHB Vs Original Medicare Vs Medicare Advantage

I have GEHA standard (self plus 1) and it works well with my wife's Medicare Part B (which I don't have). My BIL has BCBS-Basic and Medicare Part B and it works fabulously well with his expensive drug treatments for MS. The annual retail bills for his drug treatment is around $210K, all paid by Medi...
by ChrisC
Sat Feb 22, 2020 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Receipts for HSA reimbursement years down the road
Replies: 54
Views: 3096

Re: Medical Receipts for HSA reimbursement years down the road

I don't think there was any sufficient data to gather any conclusions but I imagine the HSA audit red flag is withdrawing more than your OOP max in a given year. And to the OP, once you read a few of these threads you will quickly see that there are differing opinions on record keeping. I can snap ...
by ChrisC
Sat Feb 22, 2020 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Receipts for HSA reimbursement years down the road
Replies: 54
Views: 3096

Re: Medical Receipts for HSA reimbursement years down the road

The idea that I would leave my spouse 35 years of receipts and spreadsheets after I have a sudden heart attack at 65 is a non-starter. But I'm close to retirement, will have only 6-8 years of such records. I keep receipts, proof of payment, and EOBs. For some offices and prescriptions, I can get an...
by ChrisC
Sat Feb 22, 2020 10:32 am
Forum: Personal Finance (Not Investing)
Topic: How Many Accounts for Cash?
Replies: 52
Views: 3973

Re: How Many Accounts for Cash?

Lots of cash under the mattress and hidden in the house for emergencies and treasure hunting for grandkids if we abruptly depart from this world Do you plan to leave a treasure map where “X marks the spots” with your estate documents? We went through such a treasure hunt when my grandfather passed....
by ChrisC
Sat Feb 22, 2020 9:25 am
Forum: Personal Finance (Not Investing)
Topic: How Many Accounts for Cash?
Replies: 52
Views: 3973

Re: How Many Accounts for Cash?

1 checking account at Navy Federal CU, primary for all bills 1 checking account at Wells Fargo NA as secondary for some bills and transfers 1 checking account for BIL we manage at PNC 1 checking account for Trust we manage at Wells Fargo 1 checking account for Trust we manage at Fifth-Third Bank 3 f...
by ChrisC
Sat Feb 22, 2020 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Interest only mortgage: the conservative choice?
Replies: 87
Views: 8016

Re: Interest only mortgage: the conservative choice?

I had an 10 year interest only ARM in 2006 with a rate of 2.75% on a condo we purchased at the beginning of the real estate bust back then. We badly overpaid for the condo which was originally purchased for my MIL but we wound up living there for 7 years. It was pointless for us to build additional ...
by ChrisC
Sat Feb 22, 2020 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Medical Receipts for HSA reimbursement years down the road
Replies: 54
Views: 3096

Re: Medical Receipts for HSA reimbursement years down the road

No time bars on reimbursement of medical expenses properly incurred (and documented in case of an audit) under an HSA. We’ve had HSAs since 2008. This month, I will be reimbursing from my HSA over $9k in eligible medical expenses (mainly LTCi premiums, dental implants, and HDHP deductibles/co-paymen...
by ChrisC
Fri Feb 21, 2020 7:36 pm
Forum: Personal Investments
Topic: ROTH Conversion at 32% Tax Bracket?
Replies: 17
Views: 2635

Re: ROTH Conversion at 32% Tax Bracket?

In general, doing a Roth conversion at 32% is not a good choice. There are exceptions. For example, if the tiRA is very small and doing the Roth conversion gets you something you want....probably OK. Why are you interested? What are you trying to accomplish by doing a Roth conversion? The other exc...
by ChrisC
Sat Feb 15, 2020 12:23 pm
Forum: Personal Investments
Topic: TSP Allocations in Retirement
Replies: 29
Views: 2403

Re: TSP Allocations in Retirement

If one doesn't have anything better to do with ones income than voluntarily pay higher taxes at ones top marginal rate or even higher several decades prior to when taxes "might" be an issue, that's fine. But it's an equation that if implemented carries enough very substantial present tax costs that...
by ChrisC
Mon Feb 10, 2020 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: long term care insurance versus self-insuring
Replies: 98
Views: 5356

Re: long term care insurance versus self-insuring

A lot of good points being mentioned in this thread. Just as a point of reference, back in 2018 on it was costing $230 a day for semi private room in a assisted living for my mother. When she graduated to a full on nursing home the price quickly jumped to $478 per day. The level of care she receive...
by ChrisC
Mon Feb 10, 2020 10:21 am
Forum: Personal Finance (Not Investing)
Topic: long term care insurance versus self-insuring
Replies: 98
Views: 5356

Re: long term care insurance versus self-insuring

Take aging in place. I sometimes have to laugh at this phrase, though I understand almost everybody (including TN_Boy) wants to "age in place." And having a home that is handicap accessible, no steps required, etc helps a lot. This type of housing situation, plus a bit of paid help now and again, c...
by ChrisC
Sat Feb 08, 2020 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Handling the HSA, Post Retirement?
Replies: 2
Views: 358

Re: Handling the HSA, Post Retirement?

I'm retiring in a couple of months, so obviously my employer will no longer be making contributions from my salary to my HSA. Is it as easy as me making them myself in retirement (up to the annual max) and then taking a tax deduction for doing so? Also, I can transfer my existing HSA account to a d...
by ChrisC
Sat Feb 08, 2020 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: long term care insurance versus self-insuring
Replies: 98
Views: 5356

Re: long term care insurance versus self-insuring

That being said, I think that there's a good chance that we'll buy a type A contract (i.e. guaranteed lifetime care) with a local CCRC in our 60s using proceeds from the sale of our home, which basically eliminates the forward financial risk of LTC. An interesting plan - what are your thoughts on t...
by ChrisC
Sat Feb 01, 2020 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Why do so many people quote "You will likely be in a lower tax bracket in retirement"
Replies: 756
Views: 65785

Re: Why do so many people quote "You will likely be in a lower tax bracket in retirement"

Big limitations. If qualified LTC premiums (combined with other medical expenses) are over 10% of AGI (for 2020) you can deduct the part OVER that 10% threshold. Then there is a cap for what portion of LTC premiums are qualified based on age. Unlikely to be deductible or substantial for the vast ma...
by ChrisC
Sat Feb 01, 2020 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Why do so many people quote "You will likely be in a lower tax bracket in retirement"
Replies: 756
Views: 65785

Re: Why do so many people quote "You will likely be in a lower tax bracket in retirement"

LTC premiums are deductible as medical expenses, subject to some limitations. I wasn't aware of this. What are the limitations? Big limitations. If qualified LTC premiums (combined with other medical expenses) are over 10% of AGI (for 2020) you can deduct the part OVER that 10% threshold. Then ther...
by ChrisC
Wed Jan 29, 2020 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Conservatorship? Not sure what to do...
Replies: 15
Views: 1242

Re: Conservatorship? Not sure what to do...

In the states where we considered this for my brother-in-law, this would have been an expensive (and perhaps contested) legal proceeding. This would have been very drastic to us, when other alternatives such as a Power of Attorney with direct management of all financial affairs, were available to us...
by ChrisC
Sun Jan 26, 2020 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: HSA receipts
Replies: 64
Views: 3723

Re: HSA receipts

I don't understand why Bogleheads would even accept any HSA "debit cards." It seems that they would just make things more confusing. Actually the opposite. For most people who are just using the HSA as a vehicle to make their medical expenses tax-deductible, and aren't trying to game the system by ...
by ChrisC
Sat Jan 25, 2020 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: TIRA => ROTH Conversion Strategies and SS Taxes
Replies: 81
Views: 3798

Re: TIRA => ROTH Conversion Strategies and SS Taxes

It’s not “extra taxes” but an advance payment of taxes that would eventually be due if the tax rates are the same at conversion and at the time you would have drawn the funds out post RMD. Am I missing something?
by ChrisC
Sat Jan 25, 2020 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: TIRA => ROTH Conversion Strategies and SS Taxes
Replies: 81
Views: 3798

Re: TIRA => ROTH Conversion Strategies and SS Taxes

I am NOT saying that this option will give the most spending money over the life of the couple but all I am saying that the couple (and their children) will have NEVER ever worry about spending money and paying taxes. Since nobody takes that option, I am missing something really fundamental but log...
by ChrisC
Sat Jan 25, 2020 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: HSA receipts
Replies: 64
Views: 3723

Re: HSA receipts

This thread gets me thinking. I've had a Fidelity HSA for several years now. We have been paying most medical / dental receipts out of other taxable funds. I have been saving the larger receipts, in case we decide to take some of the HSA $$ out before age 65. Fidelity did give me a debit Visa card....
by ChrisC
Sat Jan 25, 2020 8:10 am
Forum: Personal Finance (Not Investing)
Topic: HSA receipts
Replies: 64
Views: 3723

Re: HSA receipts

Deductibles, co-pays, and other non-covered medical and dental expenses can add up in your later years. We started our HDHP/HSAs in 2008 (when first offered by my employer) and have kept medical and dental receipts since then. When we retired in 2013, I started directly paying for LTCi premiums (now...
by ChrisC
Fri Jan 24, 2020 10:53 pm
Forum: Personal Finance (Not Investing)
Topic: TIRA => ROTH Conversion Strategies and SS Taxes
Replies: 81
Views: 3798

Re: TIRA => ROTH Conversion Strategies and SS Taxes

Finally, I came across somebody who has even worse ratio of pre-tax vs post-tax money! OP did not provide the SS numbers but given the assets, I am suspecting many years of max SS taxes paid in to the system and I suspect close to maximum dual SS numbers about $45K each. Congratulations! Don't forg...
by ChrisC
Mon Jan 13, 2020 9:20 am
Forum: Personal Finance (Not Investing)
Topic: drop Part B Medicare and use FEHB instead?
Replies: 13
Views: 1407

Re: drop Part B Medicare and use FEHB instead?

For a high income person who doesn't want Medicare Part B due to the premiums. which FEHB plans have the most comprehensive coverage, the lowest deductibles and co-pays, and ideally a modest out-of-pocket cap? The Consumer Checkbook link referenced earlier would probably provide you with the best g...