Search found 5059 matches

by bsteiner
Sun Sep 27, 2020 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: detailed questions on federal and Maryland estate tax
Replies: 1
Views: 221

Re: detailed questions on federal and Maryland estate tax

Parent 1 was a resident of Washington state and passed away in 2006. The value of his estate (irrevocable trust) was $2 million and was passed on to his spouse. A federal and Washington state tax return was filed the year that he passed away. The value of that trust is now $6 million and will be pa...
by bsteiner
Sun Sep 27, 2020 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Avoiding Estate Tax
Replies: 39
Views: 2989

Re: Avoiding Estate Tax

The main thing is to get on the calendar of a good estate attorney before the election. I would also PM bsteiner for his advice if he doesn't jump into this thread soon. Phil: thanks for the kind words. I think that trusts and estates lawyers and appraisers will be busy the next few months. While w...
by bsteiner
Sun Sep 27, 2020 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Starting Medicare & never ending phone calls from uhc
Replies: 21
Views: 1757

Re: Starting Medicare & never ending phone calls from uhc

You may want to check with Medicaid to see if they’ll pay for Medicare B. They do in some states for Medicaid recipients but I don’t know if they do in all states.
by bsteiner
Sat Sep 26, 2020 5:13 pm
Forum: Personal Investments
Topic: Is a Trust really needed today?
Replies: 18
Views: 1882

Re: Is a Trust really needed today?

My trust, suggested by a AUM advisor who definitely got a referral fee, cost my wife and I, age 40s adults with no kids, a month's pay in about year 2000. Now she has passed and a new lawyer has charged me a month's income, mentioning that some parts of the trust are irrevocable, but with no furthe...
by bsteiner
Fri Sep 25, 2020 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Should I have an estate plan at this point in my life?
Replies: 25
Views: 1503

Re: Should I have an estate plan at this point in my life?

... Am I required to create my will and/or trust with an attorney licensed to practice in Nevada? I’ve reached out to a couple attorneys here in the Huntsville, AL area and they all say they can create anything I need since I own a home here. They charge about $1500 for 2x wills, testamentary trust...
by bsteiner
Fri Sep 25, 2020 4:42 pm
Forum: Personal Investments
Topic: Trust investment question
Replies: 7
Views: 609

Re: Trust investment question

My wife has an irrevocable trust ... What do you mean by this? Is she the trustee, the income beneficiary or an eventual remainderman (which I guess younger lawyers call remainder persons)? I no longer qualify as a younger lawyer, but if there's only one and it's a woman I would call her a remainde...
by bsteiner
Fri Sep 25, 2020 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Should I have an estate plan at this point in my life?
Replies: 25
Views: 1503

Re: Should I have an estate plan at this point in my life?

.... I entered Active Duty over ten years ago from Nevada so that is listed as my home of record and is used for income tax purposes. I’m not sure if I should have a full up estate plan at this point in my life or if I should wait until I’m retired in about 9 more years. ... Married w/ 4 children (...
by bsteiner
Thu Sep 24, 2020 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 80
Views: 5054

Re: Should I go for online Will making software?

... Yes, mostly we will have less than $5M. So the lawyer's fees are $1750 + title charges. Since I came via referral he is doing it for $1500 + title charges. When I told him about old estate plan, he right away said he will do reinstation. What would be the fees on the higher side? I also had a q...
by bsteiner
Tue Sep 22, 2020 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Beneficiary Modification
Replies: 54
Views: 2296

Re: Trust Beneficiary Modification

Most if not all Uniform Trust Code states allow a court to modify a trust based on changed circumstances or to accomplish the grantor's tax objectives. (New York hasn't enacted the UTC yet, and doesn't have those provisions.) While one could argue whether there are sufficient changed circumstances ...
by bsteiner
Tue Sep 22, 2020 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Trust Beneficiary Modification
Replies: 54
Views: 2296

Re: Trust Beneficiary Modification

I'm wondering, in general, if all beneficiaries and all trustees agree to a change, after the trust grantor is dead, will that change be legal? Is this common practice. Good question, thanks for asking. I'm also curious. The ability to change the terms would be both reassuring (that flexibility is ...
by bsteiner
Mon Sep 21, 2020 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Beneficiary Modification
Replies: 54
Views: 2296

Re: Trust Beneficiary Modification

... Bruce, yes, a power of appointment might suffice or decanting might be a possibility but we still don’t know what this “modification” says or by what authority it is being utilized. Agreed. The second half of the original post didn't seem to follow from first half. If the grandmother created th...
by bsteiner
Mon Sep 21, 2020 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Beneficiary Modification
Replies: 54
Views: 2296

Re: Trust Beneficiary Modification

My grandma passed away a little over a year ago a left a trust to be split equally among her three kids, one of them being my dad. The way it was originally set up was such that if he passed away, it would be split equally between my sibling and I. My dad recently called asking if we could modify t...
by bsteiner
Fri Sep 18, 2020 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Failure to go through probate
Replies: 3
Views: 802

Re: Failure to go through probate

You can't probate the Will if there isn't a Will. However, she can bring an administration proceeding, which is similar. Jointly owned property passes to the surviving joint owner by operation of law. Property in his name alone passes in accordance with the state's intestacy law. If he also lived in...
by bsteiner
Thu Sep 17, 2020 10:29 am
Forum: Personal Finance (Not Investing)
Topic: ethics concern with trust
Replies: 68
Views: 4206

Re: ethics concern with trust

The client picks the executors and trustees. The executors and trustees pick their lawyers. The lawyers don't pick the executors or the trustees. bsteiner, other threads have discussed trusts with a "trust protector" that can change trustee or veto changes to trustee. When the protector is a lawyer...
by bsteiner
Thu Sep 17, 2020 9:52 am
Forum: Personal Finance (Not Investing)
Topic: ethics concern with trust
Replies: 68
Views: 4206

Re: ethics concern with trust

... From the outset the trust attny or is staff made errors such as assigning the wrong people as trustees. My own attny, who once worked for them, said they were smart but disorganized. I am not up to detailing mistakes but there were lots of ooops, we forgot, redos as if they had never read the t...
by bsteiner
Wed Sep 16, 2020 7:35 pm
Forum: Personal Consumer Issues
Topic: Tiffany Quality
Replies: 35
Views: 2692

Re: Tiffany Quality

anon_investor wrote: Tue Sep 15, 2020 8:13 pm How about a nice check? That is what I give now for wedding gifts, people seem to like that better.
I can't remember ever giving anything other than a check as a wedding present.
by bsteiner
Wed Sep 16, 2020 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Will and living trust
Replies: 7
Views: 641

Re: Will and living trust

Living trusts make sense in some cases and in some states, but not in most cases in most states. You haven't provided any information that would suggest that it would be appropriate in your case. As for guardians, you know your friends and family better than anyone else. Do you or does your children...
by bsteiner
Wed Sep 16, 2020 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Bypass-trust seems to be no longer feasible for inherited IRA?
Replies: 28
Views: 2032

Re: Bypass-trust seems to be no longer feasible for inherited IRA?

2. It was common to have a series of beneficiaries before the 10% requirement (for the actuarial value of the charity's interest) came into effect in 1997. However, the 10% requirement limits how many beneficiaries you may have. For example, with two children a year apart, they would have to be at ...
by bsteiner
Tue Sep 15, 2020 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Bypass-trust seems to be no longer feasible for inherited IRA?
Replies: 28
Views: 2032

Re: Bypass-trust seems to be no longer feasible for inherited IRA?

... Thank you Bruce. I hope this discussion will help others who are exploring CRUT’s in light of recent tax changes. 1. I should have acknowledged that you had been clear about the age 27 requirement in your article. Our new estate plan may be the first such CRUT/t-IRA inheritance strategy that ou...
by bsteiner
Mon Sep 14, 2020 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Bypass-trust seems to be no longer feasible for inherited IRA?
Replies: 28
Views: 2032

Re: Bypass-trust seems to be no longer feasible for inherited IRA?

When the children reach age 27, you might name charitable remainder trusts for the children as the beneficiaries of the IRAs after the spouse and the disclaimer trust. See my article on this in the April 2020 issue of Trusts & Estates: https://www.kkwc.com/wp-content/uploads/2020/06/Charitable_rema...
by bsteiner
Mon Sep 14, 2020 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Elder Abuse/Neglect/Inheritance Theft - lawsuit or mediation?
Replies: 71
Views: 5959

Re: Financial Elder Abuse/Neglect/Inheritance Theft - lawsuit or mediation?

Condolences on the loss of your father, and sympathy for what you are now dealing with. The situation is rotten. Been there, done that with my mother's SS (surviving spouse). His shenanigans included: - a couple of forged signatures, one on the day she died ... We once contested a Will on the groun...
by bsteiner
Mon Sep 14, 2020 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Financial Elder Abuse/Neglect/Inheritance Theft - lawsuit or mediation?
Replies: 71
Views: 5959

Re: Financial Elder Abuse/Neglect/Inheritance Theft - lawsuit or mediation?

Did Dad have the right to amend the trust?

If so, does an amendment need to be notarized under the terms of the trust or under the applicable state law?
by bsteiner
Mon Sep 14, 2020 5:54 am
Forum: Personal Finance (Not Investing)
Topic: IRS tax payments thru RMD's
Replies: 9
Views: 891

Re: IRS tax payments thru RMD's

The penalty for underpayment of estimated tax isn’t very much. So if you don’t otherwise need to take a distribution you could just pay the penalty.
by bsteiner
Sun Sep 13, 2020 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: [Legacy insurance trusts]
Replies: 4
Views: 221

Re: [Legacy insurance trusts]

When the estate tax exclusion amount was much lower (it was $675,000 as recently as 2001), many upper middle class people were poor enough to need life insurance but rich enough to pay estate tax. To reduce the size of their estates, they would create trusts for their spouse and issue (descendants) ...
by bsteiner
Fri Sep 11, 2020 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Old friend joined Northwestern Mutual -- how to politely explain they're awful
Replies: 87
Views: 6697

Re: Old friend joined Northwestern Mutual -- how to politiely explain they're awful

It would be hard to justify using term insurance in an ILIT. If the insured had a normal life duration the premiums would become prohibitive. Very few insurance trusts are created these days. There aren't very many people rich enough to pay estate tax but poor enough to need life insurance. When th...
by bsteiner
Fri Sep 11, 2020 6:56 pm
Forum: Personal Investments
Topic: Unitrust advice??
Replies: 21
Views: 742

Re: Unitrust advice??

One of the benefits of a unitrust is that it doesn't matter what would otherwise be considered income and what would otherwise be considered principal. It will be difficult to maintain the real value of the portfolio if the trust distributes 5% a year. However, the original poster presumably wanted ...
by bsteiner
Thu Sep 10, 2020 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning
Replies: 10
Views: 1088

Re: Estate planning

A poster above noted that aggressive Roth conversions will reduce the size of the (potentially) taxable estate. How indeed is that possible? I can see where tIRA to Roth IRA would reduce the tax burden to the beneficiary, but the amount of the estate is the amount of the estate irrespective of the ...
by bsteiner
Wed Sep 09, 2020 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning
Replies: 10
Views: 1088

Re: Estate planning

My wife and I have no children and are planning on leaving everything equally to siblings her 4 me 8.We are setting up a trust for our home and taxable holdings. What is the best and most tax efficient way to leave the retirement accounts? If each sibling's share is sufficient to warrant administer...
by bsteiner
Tue Sep 08, 2020 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: House sale quandary - under contract!
Replies: 66
Views: 8609

Re: House sale quandary - got offer from neighbor before agent listed house

I'm assuming the neighbor is making you an all-cash offer with a short inspection period and a quick close, in which case I would make a deal, but still let the realtor handle the mechanics. .... What mechanics do you think someone should be a real estate agent tens of thousands of dollars to execu...
by bsteiner
Tue Sep 08, 2020 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: House sale quandary - under contract!
Replies: 66
Views: 8609

Re: House sale quandary - got offer from neighbor before agent listed house

davemanjam wrote: Tue Sep 08, 2020 2:14 pm ...
It;s really not that hard to sell or buy a house without an agent.
The broker's job is to find a buyer. Some people who want to sell their houses can't find a buyer, and need an agent to find them one.
by bsteiner
Tue Sep 08, 2020 9:56 am
Forum: Personal Investments
Topic: ROTH vs. Traditional - How Did You Choose?
Replies: 34
Views: 2072

Re: ROTH vs. Traditional - How Did You Choose?

As Niels Bohr and Yogi Berra said, it's hard to make predictions about the future. However, a good starting point is that Roth contributions and conversions generally make sense to the extent you can do so at a tax rate less than, equal to, or a little higher but not too much higher than the tax rat...
by bsteiner
Tue Sep 08, 2020 8:53 am
Forum: Personal Investments
Topic: MPI—Indexed Universal Life Insurance Plan— Scam?
Replies: 22
Views: 1028

Re: MPI—Indexed Universal Life Insurance Plan— Scam?

Stinky wrote: Mon Sep 07, 2020 9:31 pm ... do you know who or what is "MPI"?
In the trusts and estates world, MPI is Management Planning, Inc., a major appraisal firm.
by bsteiner
Sat Sep 05, 2020 6:33 pm
Forum: Investing - Theory, News & General
Topic: How do you *say* "ERISA"
Replies: 37
Views: 2118

Re: How do you *say* "ERISA"

zaboomafoozarg wrote: Sat Sep 05, 2020 12:34 pm Like "Marisa Tomei", but without the "M" and the "Tomei".
That's the best answer so far since it's easiest for people to follow.

That's how the professor pronounced it when I took a class on it, and how everyone I've heard say it has pronounced it since then.
by bsteiner
Thu Sep 03, 2020 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act effect on descendant IRA and trust
Replies: 8
Views: 616

Re: SECURE Act effect on descendant IRA and trust

I can’t tell what the facts are from the information provided. The original poster may want to consult with competent counsel.
by bsteiner
Thu Sep 03, 2020 11:34 am
Forum: Personal Finance (Not Investing)
Topic: SECURE Act effect on descendant IRA and trust
Replies: 8
Views: 616

Re: SECURE Act effect on descendant IRA and trust

The term "parents trust" in the initial post suggests it was a California-type joint revocable trust. Is that correct? Did they live in California? They probably wouldn't have had a single trust unless there were in a community property state (or someone in another state used a California form). Upo...
by bsteiner
Thu Sep 03, 2020 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Skipping a Buyer's Real Estate Agent
Replies: 53
Views: 3027

Re: Skipping a Buyer's Real Estate Agent

Can anyone provide an actual example of a buyer's agent actually "saving their bacon"? By that I don't mean simply negotiating a little better deal, but providing information that caused you to not make an offer, or offer substantially less $$ than you were originally planning on offering? Someone ...
by bsteiner
Thu Sep 03, 2020 9:43 am
Forum: Personal Finance (Not Investing)
Topic: College financial advice for undecided rising high school senior
Replies: 71
Views: 3754

Re: College financial advice for undecided rising high school senior

If she wants to go to Cornell, she should apply for early decision. Being on crew may help in that regard. If she doesn't go to medical school, but studies economics and computer science, she might run a hedge fund or do something in the financial world. As for the comment about art history, someone...
by bsteiner
Wed Sep 02, 2020 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Need Help with Life Insurance Question
Replies: 23
Views: 1031

Re: Need Help with Life Insurance Question

If you have to pay more for life insurance for health reasons, but you can get life insurance at group rates through your employer, you might want to buy the group insurance through your employer (in addition to, not in place of, the insurance you're buying individually). A good agent might be able ...
by bsteiner
Tue Sep 01, 2020 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing Remainder to Charities at the end of a CRUT
Replies: 3
Views: 197

Re: Distributing Remainder to Charities at the end of a CRUT

That depends on the state. The lawyer who handles your estate planning should know how it works in the applicable state.
by bsteiner
Tue Sep 01, 2020 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing Remainder to Charities at the end of a CRUT
Replies: 3
Views: 197

Re: Distributing Remainder to Charities at the end of a CRUT

It will take some time to get receipts and releases from the charities, and depending on the applicable state, approval or a no objection letter from the attorney general. The trustees should consult with competent trusts and estates counsel in connection with the winding up of the trust.
by bsteiner
Mon Aug 31, 2020 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Suggestions for reducing estate issues?
Replies: 22
Views: 1477

Re: Suggestions for reducing estate issues?

... At least in California a trust is always the recommendation to avoid probate but I have heard other states are less onerous than California so I can't speak to that. ... There are probably about 49 other states where probating a Will and dealing with the probate court are less difficult than in...
by bsteiner
Mon Aug 31, 2020 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Suggestions for reducing estate issues?
Replies: 22
Views: 1477

Re: Suggestions for reducing estate issues?

I've been handling my Mom's finances (at her request) since the death of my Dad a number of years ago. After the recent death of a close friend, my Mom starting asking questions about wills and estates. To be honest, that is my weakest area in personal finance. My sister and I are currently estrang...
by bsteiner
Mon Aug 31, 2020 8:59 am
Forum: Personal Consumer Issues
Topic: (MS Applied Economics?) Help a Random Internet Stranger Decide
Replies: 20
Views: 1490

Re: (MS Applied Economics?) Help a Random Internet Stranger Decide

... you should be aware that there is a fairly substantial perceived gap between Economics and Applied Economics in terms of the intellectual rigor of the two fields ..t. Would people generally be aware of this? Someone I know got a master's in economics (I don't know whether regular or applied) an...
by bsteiner
Sun Aug 30, 2020 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: What are the drawbacks to an Immediate Annuity (SPIA)?
Replies: 47
Views: 2981

Re: What are the drawbacks to an Immediate Annuity (SPIA)?

The advantage is that you protect against the risk of living too long and running out of money, or living meagerly for fear of living too long and running out of money. The tradeoffs are that there's some economic cost (the present value of the expected payments is less than the purchase price becau...
by bsteiner
Sun Aug 30, 2020 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: adult child moving back
Replies: 52
Views: 11027

Re: adult child moving back

My daughter almost 23 wants to move back with me, work part-time at minimum wage job, take classes at community college. ... She has several disabilities/challenges, hope she will use accessibility programs at school. She seems to be maturing but has struggled academically and has hurdles. She even...
by bsteiner
Sun Aug 30, 2020 9:12 am
Forum: Personal Finance (Not Investing)
Topic: 100k Loophole Question
Replies: 16
Views: 2717

Re: 100k Loophole Question

The $100,000 exception isn't a loophole. It was intended. If you could make interest-free loans without any tax consequences, you could shift a good deal of wealth to younger generations free of transfer tax. For many years, the IRS was unsuccessful in trying to combat it. They tried to tax the borr...
by bsteiner
Fri Aug 28, 2020 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with "easy" refinance
Replies: 6
Views: 455

Re: Need help with "easy" refinance

You might check the websites of the local savings banks, as well as a few national lenders such as Wells Fargo, Third Federal and Pentagon Federal.
by bsteiner
Fri Aug 28, 2020 8:27 am
Forum: Personal Finance (Not Investing)
Topic: State taxes for remote work
Replies: 6
Views: 855

Re: State taxes for remote work

See Reg. § 132.18: https://govt.westlaw.com/nycrr/Document/I50e80e3acd1711dda432a117e6e0f345?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)#:~:text=132.18%20Earnings%20of%20nonresident%20employees%20and%20officers.&text=However%2C%20any%20a...
by bsteiner
Fri Aug 28, 2020 8:21 am
Forum: Personal Finance (Not Investing)
Topic: Do I need to fund a revocable trust while I am alive?
Replies: 9
Views: 833

Re: Do I need to fund a revocable trust while I am alive?

bsteiner Please note that I said nothing about revocable trusts. The OP stated that he and his spouse were working with an attorney "to draft a will and a trust." I asked a question regarding why a trust was being considered. Knowing more about the couple's circumstances would likely provide better...