Search found 3413 matches

by bsteiner
Thu Sep 20, 2018 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Living trusts and relabeling accounts
Replies: 24
Views: 1558

Re: Living trusts and relabeling accounts

bighatnohorse wrote:
Thu Sep 20, 2018 9:26 pm
Yes, real estate has to be re-titled with the trust name ie; Smith Family Trust, John and Jane Doe Family Trust, etc.
You will have to file a Quit Claim Deed to the Family Trust name with the assessor's office.
...
Why a quit claim deed?
by bsteiner
Wed Sep 19, 2018 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to Dallas, how to establish residency
Replies: 41
Views: 2100

Re: Moving to Dallas, how to establish residency

In addition to the paperwork, buy or rent a home in Texas, move into it, and make Texas the center of your life. See Matter of Blatt where the key fact was that the taxpayer moved his dog to Texas: https://www.dta.ny.gov/pdf/determinatio ... 04.det.pdf.
by bsteiner
Tue Sep 18, 2018 7:45 am
Forum: Personal Finance (Not Investing)
Topic: Are there professional trustees that charge by the hour?
Replies: 4
Views: 488

Re: Are there professional trustees that charge by the hour?

There are some trust companies, mainly in Alaska, Delaware, Nevada and South Carolina, that don't manage the assets, and charge a fixed annual fee (usually in the mid to high 4 figures to the low 5 figures annually). We mainly use them when we want to have a trust governed by the law of one of those...
by bsteiner
Mon Sep 17, 2018 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: Provding SSN for Estate Planning--Why?
Replies: 22
Views: 1602

Re: Provding SSN for Estate Planning--Why?

... The questionnaire is supposed to be brought with me to the first consultation (but not formal) meeting .... The first meeting is the most important part of the project. That's where you tell the lawyer about yourself and your family, your assets, and your objectives, and the lawyer recommends a...
by bsteiner
Mon Sep 17, 2018 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust vs. Will with Kids Trust
Replies: 5
Views: 517

Re: Revocable Living Trust vs. Will with Kids Trust

I have, as have about 90% of my clients. Except we only name beneficiaries for life insurance and retirement benefits. Revocable trusts make sense in some cases and in some states. Is there some particular reason one would make sense in your case?
by bsteiner
Mon Sep 17, 2018 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Provding SSN for Estate Planning--Why?
Replies: 22
Views: 1602

Re: Provding SSN for Estate Planning--Why?

I ask clients for their social security number the first time I do a gift tax return for them.
by bsteiner
Sun Sep 16, 2018 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Partner's Billboard Rights
Replies: 16
Views: 1779

Re: Buying Partner's Billboard Rights

There's a largely empty building on Times Square that brought in $23 million of revenue from billboards in 2012: http://www.thejournal.ie/new-york-times-square-building-light-ball-1857186-Dec2014/. There are "pay phones" in Manhattan that offer free phone calls. They generate revenue from advertisin...
by bsteiner
Sun Sep 16, 2018 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Living trusts and relabeling accounts
Replies: 24
Views: 1558

Re: Living trusts and relabeling accounts

... As part of our wills, my wife and I established a family trust since our assets are substantial (~5M). ... ... The attorney was a free service through work. You may or may not have gotten your money's worth. That service may be sufficient for most people, but may not be for someone worth $5 mil...
by bsteiner
Fri Sep 14, 2018 3:38 pm
Forum: Investing - Theory, News & General
Topic: Fee Only Variable Annuities
Replies: 2
Views: 306

Re: Fee Only Variable Annuities

In addition to the costs, in a taxable account the income and gains become ordinary income.
by bsteiner
Thu Sep 13, 2018 9:48 pm
Forum: Investing - Theory, News & General
Topic: Does Federal Step Up Basis Depend on State of Residence?
Replies: 2
Views: 290

Re: Does Federal Step Up Basis Depend on State of Residence?

Before 1982 the marital deduction was generally limited to 50% of the estate. Congress assumed that husbands earned money and had assets and wives didn't, and husbands died first. If the husband had the assets and died, his estate would get a basis step-up for all the assets, and a marital deduction...
by bsteiner
Thu Sep 13, 2018 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: How to set up my own Will
Replies: 5
Views: 484

Re: How to set up my own Will

Given that your beneficiaries are foreign nationals, I don't recommend trying to do this yourself due to the practical (how to get the money to them?) and tax issues that could be involved. You should see a qualified estate planning attorney. (Edited to add: Even an experienced estate planning atto...
by bsteiner
Sun Sep 09, 2018 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Home Buying Advice/Other Advice Needed
Replies: 5
Views: 558

Re: Home Buying Advice/Other Advice Needed

I'm not concerned about the student loans as long as your income remains low enough that you can deduct the interest. You may be able to afford the house (though as others have pointed out, there are lots of additional expenses with a house). But for the next few years you'll probably be taking the ...
by bsteiner
Thu Sep 06, 2018 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to decide if a trust should be an IRA beneficiary - Is this case the Yes? or No?
Replies: 9
Views: 750

Re: Trying to decide if a trust should be an IRA beneficiary - Is this case the Yes? or No?

... First, sorry, but I meant to make it clearer that my father is in PA and I am in MN. Also, another goal is to make my father's life as easy as possible so his assets remain titled in his name and only transfer to the trust through the will document. I will need to pay PA inheritance tax on the ...
by bsteiner
Thu Sep 06, 2018 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to decide if a trust should be an IRA beneficiary - Is this case the Yes? or No?
Replies: 9
Views: 750

Re: Trying to decide if a trust should be an IRA beneficiary - Is this case the Yes? or No?

... Is there a reason the taxable assets aren't already in the trust? It will be much easier for you if he becomes incapacitated and you need to handle his affairs while he is living. When he dies, it will also avoid probate and keep things private instead of having to go to probate. ... He would p...
by bsteiner
Thu Sep 06, 2018 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to decide if a trust should be an IRA beneficiary - Is this case the Yes? or No?
Replies: 9
Views: 750

Re: Trying to decide if a trust should be an IRA beneficiary - Is this case the Yes? or No?

If he's worth $2.5 million and you're 46 and in the top income tax bracket, there's a good chance you'll have a taxable estate. That cuts in favor of him leaving the IRA to you in trust rather than outright. Alternatively, he could leave the IRA to or in trust for your children to get a longer stret...
by bsteiner
Thu Sep 06, 2018 11:21 am
Forum: Personal Consumer Issues
Topic: My recent experience with buying custom window blinds
Replies: 27
Views: 2601

Re: My recent experience with buying custom window blinds

We've had Hunter Douglas in our last 3 homes and have been extremely pleased with them. They're not cheap, but they are very high quality and the customer service is outstanding. ... This comes up in lots of different contexts. People want the Hunter Douglas quality at the Lowes or Home Depot price.
by bsteiner
Wed Sep 05, 2018 3:19 pm
Forum: Personal Consumer Issues
Topic: US Visitor Health Insurance
Replies: 18
Views: 944

Re: US Visitor Health Insurance

They might check to see if their health insurance in their home country covers them while visiting the U.S.
by bsteiner
Tue Sep 04, 2018 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Living Revocable Trust - conveyance of assets
Replies: 37
Views: 2614

Re: Living Revocable Trust - conveyance of assets

... Thanks Bruce. ... Since you're on the line, do you have any perspective on how long a person might reasonably need title insurance on a residence? If their ownership were to be challenged, could it be done decades after they were recorded as the legal owner in their County of residence? That va...
by bsteiner
Tue Sep 04, 2018 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Living Revocable Trust - conveyance of assets
Replies: 37
Views: 2614

Re: Living Revocable Trust - conveyance of assets

... Thanks Bruce. ... Since you're on the line, do you have any perspective on how long a person might reasonably need title insurance on a residence? If their ownership were to be challenged, could it be done decades after they were recorded as the legal owner in their County of residence? That va...
by bsteiner
Tue Sep 04, 2018 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Living Revocable Trust - conveyance of assets
Replies: 37
Views: 2614

Re: Living Revocable Trust - conveyance of assets

...I've never really understood the title insurance requirement when buying from a builder anyways. When I buy a new car from my local dealer, I don't buy title insurance to cover me in the event that they've sold that car to three different people (or haven't paid the manufacturer for the invoice)...
by bsteiner
Tue Sep 04, 2018 10:31 am
Forum: Investing - Help with Personal Investments
Topic: Windfall in rubles: how should we invest it?
Replies: 22
Views: 1966

Re: Windfall in rubles: how should we invest it?

Russia is only about 1% of the world's stock market by market capitalization.
by bsteiner
Mon Sep 03, 2018 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate Deed Question for Experts
Replies: 2
Views: 348

Re: Real Estate Deed Question for Experts

It's not new. About half the states permit a married couple to own property as tenants by the entirety. Most of them limit it to real estate, though some permit married couples to own personal property (property other than real estate) as tenants by the entirety. New York allows it for real estate a...
by bsteiner
Mon Sep 03, 2018 11:02 am
Forum: Personal Finance (Not Investing)
Topic: excess deduction pass-thru from schedule K-1
Replies: 7
Views: 563

Re: excess deduction pass-thru from schedule K-1

To clarify further, the question is whether beneficiary's share of final year deductions can still be included in beneficiary's itemized deductions, and if so what is the limitation. I am trying to go through the text of the Tax Cut and Jobs Act which is not a trivial task. Starting in 2018, miscel...
by bsteiner
Mon Sep 03, 2018 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Old trusts and step up in basis
Replies: 10
Views: 837

Re: Old trusts and step up in basis

No surviving spouse, beneficiaries are the children. I'm wondering if the trust was decanted with a power of appointment provision if that would allow the step up for the next in line beneficiaries. Assuming the trust may be decanted (if it's well-drafted, it probably may), and it's decanted to giv...
by bsteiner
Sun Sep 02, 2018 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Trust/Will needed? and Opening New Accounts
Replies: 4
Views: 369

Re: Trust/Will needed? and Opening New Accounts

If you have $1.6 million and you're children are 13 and 11, you'll probably want to provide for them to receive their inheritances in trust rather than outright.

Unless there's a particular reason to do otherwise, you can create their trusts in your Will.
by bsteiner
Sun Sep 02, 2018 3:54 pm
Forum: Investing - Theory, News & General
Topic: Possible Change to RMDs? [Executive order]
Replies: 47
Views: 6077

Re: Possible Change to RMDs? [Executive order]

As others have pointed out, it's been about 15 years since the tables were updated, so it might make sense to update them. If life expectancies have increased, that would reduce the required distributions. It might be complicated to provide for multiple employer retirement plans, but I think it's wo...
by bsteiner
Sun Sep 02, 2018 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Paying estimated tax on inheritance; tax bracket or marginal rate?
Replies: 11
Views: 1061

Re: Paying estimated tax on inheritance; tax bracket or marginal rate?

... All the accounts needed to be liquidated because they were left " to the estate of" rather than assigning each if us kids as beneficiaries. Thus, either the estate has to pay income tax on the earnings as income, or the heirs do. Estate income tax would have been 30%. I believe my mom's last wi...
by bsteiner
Sun Sep 02, 2018 7:51 am
Forum: Investing - Help with Personal Investments
Topic: Questions for those that set up a trust
Replies: 5
Views: 794

Re: Questions for those that set up a trust

... We do not have a trust but have a provision for one or more in our will. That's the case for lots of folks on this forum with younger kids. Trustees are family members (plural) for us. .. With the current $11,180,000 Federal estate tax exclusion amount, very few clients are creating trusts duri...
by bsteiner
Thu Aug 30, 2018 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Weird Announcement From PNC Bank
Replies: 16
Views: 2747

Re: Weird Announcement From PNC Bank

Losses on bad checks are well under 2%. Many years ago I had a client who had about 10 tire stores and had two prices, one for cash and one for credit cards. I think the difference was 2% but it may have been 3%. They gave the cash price for checks, and said that their losses from bad checks were so...
by bsteiner
Tue Aug 28, 2018 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Post Mortem Settlement
Replies: 59
Views: 4536

Re: Post Mortem Settlement

So OP's wife being executor, trustee, or anything else does not give her or him authority to sell the condo, right? Since all 4 siblings own it, all 4 have to agree to any sale, and all 4 would have to sign off on any sales contract, right? Now that sounds like a real mess. If it were owned by the ...
by bsteiner
Tue Aug 28, 2018 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Any Fix for Error on Inherited IRA?
Replies: 2
Views: 436

Re: Any Fix for Error on Inherited IRA?

Under Section 402(c)(3)(B), the IRS has discretion to waive the 60-day deadline "where the failure to waive such requirement would be against equity or good conscience, including casualty, disaster, or other events beyond the reasonable control of the individual subject to such requirement." Revenue...
by bsteiner
Mon Aug 27, 2018 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Wills and children
Replies: 25
Views: 2845

Re: Wills and children

My spouse and I are updating our will. Our oldest is 20, the next is 16, and the youngest 5. I'm looking for advice on how to structure what our children would inherit if something happened to both of us. For example, the oldest's college is almost fully funded, but we haven't even started funding ...
by bsteiner
Sun Aug 26, 2018 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Potential Claw-Back from IRS of Gifted Assets
Replies: 13
Views: 1782

Re: Potential Claw-Back from IRS of Gifted Assets

The gift tax exemption decreased again in 1942 to $30,000, where it remained through 1976. I never had any cases where someone used the $40,000 or $50,000 exemption pre-1942. The Tax Cuts and Jobs Act added Section 2001(b)(1) which provides for no clawback. But in your example, if you give away $6 m...
by bsteiner
Sat Aug 25, 2018 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard as trustee
Replies: 64
Views: 9108

Re: Vanguard as trustee

... There is a very good publication on the website on provisions to include in a trust. One of the items mentioned is the inclusion of incentive language in the trust. I am curious to hear from attorneys and trust officers who contribute to the forums whether incentive language in trusts is common...
by bsteiner
Thu Aug 23, 2018 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Any suggestions on which approach for a Will
Replies: 4
Views: 735

Re: Any suggestions on which approach for a Will

After your father dies, your mother can't update your father's Will (and if your father updates his Will after he dies, we won't know about it).

They should consider providing for their beneficiaries in trust rather than outright.
by bsteiner
Thu Aug 23, 2018 1:12 pm
Forum: Investing - Help with Personal Investments
Topic: Variable Annuity- Alternative Investments
Replies: 11
Views: 657

Re: Variable Annuity- Alternative Investments

You would want to look up "private placement life insurance". ... Interesting. But what are the costs for the insurance wrapper? You can do either private placement life insurance or a private placement annuity. The cost of the wrapper is less than if you bought a retail insurance policy or annuity...
by bsteiner
Thu Aug 23, 2018 8:02 am
Forum: Personal Finance (Not Investing)
Topic: Are payments from a trust to a charity deductible as charitable contributions?
Replies: 22
Views: 1276

Re: Deductibility of charitable contribution made by trust

... I'm disappointed others haven't chimed in on this thread. I've run out of explanations. There's not much more to say. The original poster asked 4 accountants a question that accountants might not be familiar with, but that should be a routine matter for a good trusts and estates lawyer, but doe...
by bsteiner
Wed Aug 22, 2018 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: "By not having a will, Aretha Franklin likely left her heirs with lots of headaches"
Replies: 31
Views: 2492

Re: "By not having a will, Aretha Franklin likely left her heirs with lots of headaches"

maybe thats what she wanted. also a will does not necessarily mean you will bypass probate. A will does not bypass probate. It just allows you to decide where your assets go vs probate judge. State law decides how your estate will go if you don't have a Will, not the court. She left 4 children but ...
by bsteiner
Mon Aug 20, 2018 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Trust as Beneficiary OF ROTH and Traditional IRA
Replies: 18
Views: 1502

Re: Trust as Beneficiary OF ROTH and Traditional IRA

It may not matter if the trust runs out of beneficiaries. See PLR 201320021: https://www.irs.gov/pub/irs-wd/1320021.pdf. I wrote an article on this in the November 2013 issue of Trusts & Estates: https://www.kkwc.com/wp-content/uploads/2015/04/uf_IRS_Rules_No_Problem_If_IRA_Trust_Runs_Out_of_Ben.pd...
by bsteiner
Mon Aug 20, 2018 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Trust as Beneficiary OF ROTH and Traditional IRA
Replies: 18
Views: 1502

Re: Trust as Beneficiary OF ROTH and Traditional IRA

... If a person has three children, and the difference in age between the oldest and youngest is four years, then yes the youngest will be "penalized" by the age of the oldest, if the oldest is a successor beneficiary. I was referring to asset protection more so than maximizing stretch payouts. Con...
by bsteiner
Mon Aug 20, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Trust as Beneficiary OF ROTH and Traditional IRA
Replies: 18
Views: 1502

Re: Trust as Beneficiary OF ROTH and Traditional IRA

If a Roth IRA is left directly to an heir, since taxes were already paid on the funds by deceased parents, please post an example of possible tax ramifications ? Does a trust remove any/all of them ? Assume modest balance, ie. 100k and heir with income below 20k/year. With limited exceptions not li...
by bsteiner
Mon Aug 20, 2018 8:21 am
Forum: Personal Finance (Not Investing)
Topic: Leave an IRA through a Trust?
Replies: 22
Views: 3944

Re: Leave an IRA through a Trust?

... What has been others’ experience setting up or using Vanguard or Fidelity to administer a beneficiary trust for a minor beneficiary, specifically after a parent’s death? Have they answered detailed questions before getting the trust documents? I was not able to get them to answer any questions,...
by bsteiner
Mon Aug 20, 2018 7:59 am
Forum: Personal Finance (Not Investing)
Topic: Trust as Beneficiary OF ROTH and Traditional IRA
Replies: 18
Views: 1502

Re: Trust as Beneficiary OF ROTH and Traditional IRA

bsteiner wrote:It would be easier to name a trust for child A as the beneficiary of 50% and a trust for child B as the beneficiary of 50%. Alternatively, you could name a trust for child A as the beneficiary of the traditional and a trust for child B as the beneficiary of the Roth (with appropriate...
by bsteiner
Thu Aug 16, 2018 9:49 pm
Forum: Investing - Help with Personal Investments
Topic: Inheritance question - beneficiary is a spend thrift
Replies: 13
Views: 1656

Re: Inheritance question - beneficiary is a spend thrift

Asking this for a friend. He is 58, single, one son (25) who would blow through any inheritance. ... Does anyone have any thoughts on the best way to help him accomplish his goals? ... He should provide (in his Will) for his son in trust rather than outright. He may want to give his son some degree...
by bsteiner
Thu Aug 16, 2018 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Refusing a Portion of Inherited IRA
Replies: 8
Views: 916

Re: Refusing a Portion of Inherited IRA

Your husband can disclaim some or all of the IRA. If he disclaims, unless the beneficiary designation says otherwise, the disclaimed portion will go as if he predeceased the IRA owner, in other words to you as the contingent beneficiary. We do disclaimers for various reasons in a substantial portion...
by bsteiner
Thu Aug 16, 2018 7:51 am
Forum: Personal Finance (Not Investing)
Topic: Are Roth conversions a no-brainer for me?
Replies: 22
Views: 2162

Re: Are Roth conversions a no-brainer for me?

See my article on Roth conversions under the Tax Cuts and Jobs Act in the June 2018 issue of Trusts & Estates: https://www.kkwc.com/wp-content/uploads ... ations.pdf.
by bsteiner
Wed Aug 15, 2018 8:53 am
Forum: Personal Finance (Not Investing)
Topic: What to ask agent when seeking to cash out of Whole-Life policy?
Replies: 28
Views: 1987

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

FunnelCakeBob wrote:
Mon Aug 13, 2018 7:38 pm
...At age 61 and 59, no viatical company will want to buy them out. ...
If they're in sufficiently poor health (not merely average minus health), a rational buyer ought to pay more than the cash surrender value.
by bsteiner
Tue Aug 14, 2018 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance tax on UK assets owned by non-UK residents?
Replies: 15
Views: 939

Re: Inheritance tax on UK assets owned by non-UK residents?

... More generally, even for UK-domiciled assets, I can't believe that the British happily fork over 40% of everything above GBP 325,000 to the government when they pop off. Happily? No, not at all. It's a ridiculously low exemption, and hasn't been uprated for inflation in decades .... Here's the ...
by bsteiner
Fri Aug 10, 2018 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Draft a will with legalzoom or other online legal help
Replies: 104
Views: 10461

Re: Draft a will with legalzoom or other online legal help

I went to the group workshop given by another attorney yesterday. ... One of the topics she emphasized a lot is Medicaid Planning for nursing home payment. ... She also mentioned the importance of LTC insurance, which we don’t carry at this time and are not sure whether we should buy one. ... At th...
by bsteiner
Fri Aug 10, 2018 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Estate plan question
Replies: 2
Views: 377

Re: Estate plan question

You could set aside some amount in trust for them, with remainder at their deaths to be added to your children's trusts. Or you could include them as beneficiaries of your children's trusts, so that the trustees of each child's trust would have discretion to make distributions to that child and his/...