Search found 3115 matches

by bsteiner
Thu Apr 26, 2018 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: How to be a good executor to family
Replies: 41
Views: 2453

Re: How to be a good executor to family

Keep the beneficiaries informed as to what you're doing. Often when there's a problem it's because the executors haven't been keeping the beneficiaries informed as to what they're doing.

Doing it well is more important than doing it quickly.

Hire competent counsel.
by bsteiner
Thu Apr 26, 2018 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: how would you handle this--collecting life insurance
Replies: 21
Views: 1674

Re: how would you handle this--collecting life insurance

Things often fall between the cracks with low level employees. Just try again. They'll probably pay interest for the period from date of death to when the pay the proceeds. Some insurance companies will even offer to hold the proceeds at interest at an above market rate for as long as you want.
by bsteiner
Wed Apr 25, 2018 9:51 am
Forum: Personal Finance (Not Investing)
Topic: How long does a will last? [Time to settle the estate]
Replies: 43
Views: 3708

Re: How long does a will last? [Time to settle the estate]

... A revocable living trust would have avoided a lot of that mess. In most cases it won't make much difference. You still have to deal with the assets, debts, expenses, taxes, and often most important the people involved. ... A difference is the executor/trustee doesn't have to trundle over to the...
by bsteiner
Wed Apr 25, 2018 7:48 am
Forum: Personal Finance (Not Investing)
Topic: How long does a will last? [Time to settle the estate]
Replies: 43
Views: 3708

Re: How long does a will last? [Time to settle the estate]

... A revocable living trust would have avoided a lot of that mess. In most cases it won't make much difference. You still have to deal with the assets, debts, expenses, taxes, and often most important the people involved. In one case we're still litigating even though the decedent died about 7 yea...
by bsteiner
Tue Apr 24, 2018 10:34 pm
Forum: Investing - Help with Personal Investments
Topic: Ameriprise :(
Replies: 47
Views: 6849

Re: Ameriprise :(

justwondering wrote:
Thu Dec 14, 2017 2:02 am
...
We bought the entire farm; VULs, annuities, ....
Isn't buying both life insurance and an annuity like betting on both teams in the same game.
by bsteiner
Tue Apr 24, 2018 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: How long does a will last? [Time to settle the estate]
Replies: 43
Views: 3708

Re: How long does a will last? [Time to settle the estate]

NCSU1980 wrote:
Tue Apr 24, 2018 3:17 pm
... there is no "executor by committee" ....
A testator may name two or more persons to serve as executors together. Many people who have more than one capable child do that. There are other cases where people do that as well.
by bsteiner
Tue Apr 24, 2018 9:14 am
Forum: Personal Finance (Not Investing)
Topic: How long does a will last? [Time to settle the estate]
Replies: 43
Views: 3708

Re: How long does a will last?

The time needed to administer an estate can vary considerably from one estate to another. Doing is well is more important than doing it quickly. We had two that were open for about 20 years, though most were wound up shortly after the audit of the estate tax return was completed or the estate tax r...
by bsteiner
Mon Apr 23, 2018 8:42 am
Forum: Personal Finance (Not Investing)
Topic: How long does a will last? [Time to settle the estate]
Replies: 43
Views: 3708

Re: How long does a will last?

I think 9 months to a year is routine to settle an estate. Once a wills and estates attorney told me of his response to family members who nag him for "their" money during the estate settlement process. "If you are so desperate for this money, what would you have done if (loved one) had lived?" An ...
by bsteiner
Sat Apr 21, 2018 8:55 pm
Forum: Personal Finance (Not Investing)
Topic: Will question
Replies: 28
Views: 2382

Re: Will question

How much value should be placed on certification by the National Elder Law Foundation (or other certifications) in choosing an estate planning attorney? Which are true indicators of ability/knowledge? Zero. You would want an elder law attorney for a Medicaid planning matter, but you would want a tr...
by bsteiner
Sat Apr 21, 2018 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Question on successor trustee best practice
Replies: 8
Views: 595

Re: Question on successor trustee best practice

Teague wrote:
Sat Apr 21, 2018 11:37 am
... there are also contingent beneficiaries named in case the primary beneficiaries have expired when the funds are distributed. ...
That's an unusual contingency. Usually the contingency is surviving the testator, grantor, or a previous beneficiary. Are you sure it's as you describe?
by bsteiner
Fri Apr 20, 2018 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Will question
Replies: 28
Views: 2382

Re: Will question

celia wrote:
Thu Apr 19, 2018 2:08 pm
...
We recently had ours amended/restated ..... it was over 100 pages. ....
Why over 100 pages? Do they charge based on number of pages rather than time?
by bsteiner
Thu Apr 19, 2018 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Defined Benefit Plan -- Self Directed/Checkwriting?
Replies: 1
Views: 224

Re: Defined Benefit Plan -- Self Directed/Checkwriting?

You have more control in a qualified plan than in an IRA. In an IRA, a financial institution is the trustee or custodian. But in a qualified plan, you (or you and another person of your choice) can be the trustees. The financial institution is merely the place where the trustees have an account.
by bsteiner
Thu Apr 19, 2018 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign taxation of tax-advantaged accounts [US expat]
Replies: 4
Views: 277

Re: Foreign taxation of tax-advantaged accounts [US expat]

You are on the right track. If the other country recognizes the status of the retirement account, if it’s a traditional, the foreign tax credit will usually be sufficient to prevent double taxation. The real issue is the one you point out. If the other country treats it like a taxable account they c...
by bsteiner
Thu Apr 19, 2018 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Will question
Replies: 28
Views: 2382

Re: Will question

bsteiner, Thanks for the comments about tax vs estate planning attorneys. I know that some estate planning attorneys get masters degrees in tax. I realize that an estates and trusts lawyer has to know enough tax to account for the tax implications of the estate plan. I have imagined that there are ...
by bsteiner
Thu Apr 19, 2018 9:09 am
Forum: Investing - Help with Personal Investments
Topic: Is this annuity really as bad as I think it is? (Symetra Select 7)
Replies: 6
Views: 1111

Re: Is this annuity really as bad as I think it is? (Symetra Select 7)

In one sense it's worse than it sounds because all of the investment income and gains will be ordinary income.

In another sense it's not as bad as it sounds since they can cash it in now and get about 92% of their money back.
by bsteiner
Thu Apr 19, 2018 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Will question
Replies: 28
Views: 2382

Re: Will question

... I suggest you read 2 Nolo Press books before consulting an attorney. "8 Ways to Avoid Probate" and "Make Your Own Living Trust" ... There is nothing in the facts presented that would suggest that a revocable trust would be appropriate in the original poster's situation. You need an estate plann...
by bsteiner
Wed Apr 18, 2018 10:25 pm
Forum: Investing - Help with Personal Investments
Topic: Help getting started [dual citzenship - US and Israel]
Replies: 17
Views: 1572

Re: Help getting started [dual citzenship - US and Israel]

I think some of the responses are making this more complicated than it is. While you're taxable in the U.S. on your worldwide income, you get a credit for the taxes you pay to your home country. Since the tax rates in many countries are higher than the tax rates in the U.S., you may end up with litt...
by bsteiner
Wed Apr 18, 2018 7:47 am
Forum: Personal Finance (Not Investing)
Topic: Will question
Replies: 28
Views: 2382

Re: Will question

You can provide whatever terms you want. Most of our clients give the trustees complete discretion as to distributions, and give the child control over his/her trust at a specified age. For this purpose, control means the right to become a trustee, the power to remove and replace his/her co-trustee ...
by bsteiner
Mon Apr 16, 2018 2:16 pm
Forum: Investing - Help with Personal Investments
Topic: Registered agent for LLC?
Replies: 5
Views: 449

Re: Registered agent for LLC?

... Businesses who do this regularly (just act as registered agents) charge about $50 a year .... Are there any that do it for that price. The usual suspects are more expensive. ... Is it better to register in another state than where in residence, am curious why any small business would do that? S...
by bsteiner
Mon Apr 16, 2018 9:23 am
Forum: Investing - Help with Personal Investments
Topic: "Safe" funds for a life insurance proceeds
Replies: 15
Views: 931

Re: "Safe" funds for a life insurance proceeds

Be sure to check the interest rate on the account at the insurance company. If this policy had been in effect for several years prior to 2008 the rate may be much higher than anything you will find now. I have policies with 4% and 5% guaranteed taken out around 2005- 2007. An excellent point. Some ...
by bsteiner
Sun Apr 15, 2018 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts and "managed" accounts
Replies: 5
Views: 509

Re: Trusts and "managed" accounts

It's up to the trustees to decide (though if you're creating the trust now, you can retain the power to remove and replace the trustees, provided the replacement trustee is not a close relative or subordinate employee). If the trustees don't want to handle the investments, they can hire Vanguard for...
by bsteiner
Sun Apr 15, 2018 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: "New" wrinkles on domestic asset protection trusts?
Replies: 4
Views: 532

Re: "New" wrinkles on domestic asset protection trusts?

It sounds like lawyers want to sell expensive trusts to people who don't need them and that probably won't work if they do need them. DAPTs have been around since 1997. If they worked to protected residents in a non-DAPT state, you would think there would be at least one success case in court by no...
by bsteiner
Sat Apr 14, 2018 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: New York State income tax bracket is not a marginal rate?
Replies: 30
Views: 1894

Re: New York State income tax bracket is not a marginal rate?

While the benefit of the lower brackets is recaptured and itemized deductions are phased out, remember that the New York income tax rates used to go up to 15%, and for a few years there was a temporary surcharge that brought it up to 15.375%.
by bsteiner
Sat Apr 14, 2018 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Account benificiary vs will beneficiary....
Replies: 18
Views: 1226

Re: Account benificiary vs will beneficiary....

If his Will is 25 years old, it probably no longer reflects his current wishes or current law. He might want to change the executors and the trustees for his daughter. His Will wouldn't have the current provisions for the trust for his daughter that will receive his retirement benefits since the cur...
by bsteiner
Thu Apr 12, 2018 4:34 pm
Forum: Investing - Help with Personal Investments
Topic: Why traditional IRA better than Roth IRA
Replies: 87
Views: 6835

Re: Why traditional IRA better than Roth IRA

The Roth contribution or conversion generally makes sense to the extent you can do so at a tax rate less than, equal to, or not too much higher than the tax rate that would otherwise apply to the distributions. For more on this, see my article in the April 2013 issue of Trusts & Estates: https://www...
by bsteiner
Wed Apr 11, 2018 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion Strategy post TCJA
Replies: 9
Views: 761

Re: Roth Conversion Strategy post TCJA

The lower rates and the widening of more of the joint return brackets to double the width of the single brackets will allow more IRA owners (especially those filing joint returns) to convert at relatively low tax rates in 2018-2025. In particular, the 24% bracket on a joint return goes up to $315,00...
by bsteiner
Wed Apr 11, 2018 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One 360 no beneficiary option
Replies: 9
Views: 712

Re: Capital One 360 no beneficiary option

Hi guys, 26 - single Siblings and cousins Parents well off Don’t have a will Live in Ohio I asked Capital One about listing beneficiaries on my account and was told they currently don’t offer a beneficiary option on accounts. I don’t have a joint account with anyone. This would ultimately force the...
by bsteiner
Wed Apr 11, 2018 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Owners Title Insurance - Super Heavy Handed Pitch
Replies: 101
Views: 5772

Re: Owners Title Insurance - Super Heavy Handed Pitch

Does the Buyer in Boston always pay for the Owners Title Insurance? Or whas this negotiated in the deal? Everywhere I have bought property (3 states) the Seller always paid it. Real estate procedures vary from state to state, and sometimes within a state. Everything else being the same, wouldn't th...
by bsteiner
Tue Apr 10, 2018 4:31 pm
Forum: Investing - Help with Personal Investments
Topic: SPIA Return - Am I calculating this correctly?
Replies: 72
Views: 2740

Re: SPIA Return - Am I calculating this correctly?

The annuity protects against the risk that you would earn a lower rate of return.

The cost of the annuity would be less (in other words, you would get the "mortality credits") if the annuity payments were to end at your death if you were to die before the end of the 15 years.
by bsteiner
Tue Apr 10, 2018 4:24 pm
Forum: Investing - Theory, News & General
Topic: Why not annuitize most of portfolio?
Replies: 104
Views: 8092

Re: Why not annuitize most of portfolio?

More problems when annuitizing: * You and your spouse could both die next year and your heirs would get nothing from that money that went into the annuity. Isn't this solved with a return of premium annuity which provides at least the premium is paid out. This seems to me to be a reasonable cost to...
by bsteiner
Tue Apr 10, 2018 3:55 pm
Forum: Investing - Theory, News & General
Topic: Why not annuitize most of portfolio?
Replies: 104
Views: 8092

Re: Why not annuitize most of portfolio?

There are several reasons not to annuitize most of your assets. There's an economic cost. The present value of the expected payments is less than the cost of the annuity because it costs something (usually quite a bit) to run the insurance company and pay the agents. There's a tax cost. The income a...
by bsteiner
Tue Apr 10, 2018 9:37 am
Forum: Personal Consumer Issues
Topic: Anyone tried a sunrise alarm clock?
Replies: 42
Views: 3236

Re: Anyone tried a sunrise alarm clock?

A rooster?
by bsteiner
Tue Apr 10, 2018 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Tax basis for an inherited property
Replies: 10
Views: 659

Re: Tax basis for an inherited property

... Probate was done in 1989 by my wife's sister who is now deceased. She gave my wife information about the property before her death but she provided nothing about probate or property value. We will check with Clerk's Office for probate records. This was a small estate with total property at the ...
by bsteiner
Tue Apr 10, 2018 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Tax Questions Concerning Trust and Net Operating Losses
Replies: 8
Views: 541

Re: Tax Questions Concerning Trust and Net Operating Losses

The term "net operating loss" is defined in Internal Revenue Code Section 172(c): https://www.law.cornell.edu/uscode/text/26/172. See in particular Section 172(d)(4).
by bsteiner
Mon Apr 09, 2018 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Tax basis for an inherited property
Replies: 10
Views: 659

Re: Tax basis for an inherited property

Was there an estate tax return? The Federal exempt amount was only $600,000, and some states had lower exempt amounts, or had inheritance taxes. If not, was there a probate court inventory? Some states have them but others don't. If not, whether the property tax assessment is a good approximation of...
by bsteiner
Mon Apr 09, 2018 11:41 am
Forum: Personal Finance (Not Investing)
Topic: State Taxes on SS
Replies: 5
Views: 489

Re: State Taxes on SS

... The thing that makes this thread actionable is a reminder that all tax implications need to be considered when thinking of relocating in retirement. Individual experience with SS taxes would be instructional in responses. That's an excellent point. We've had cases where clients saved taxes by m...
by bsteiner
Sun Apr 08, 2018 9:20 pm
Forum: Investing - Help with Personal Investments
Topic: Asset Allocation w/ Special Needs Child
Replies: 16
Views: 807

Re: Asset Allocation w/ Special Needs Child

... Way down the road you may want to look into special needs trusts .... The trust for the child with special needs is largely the same as the trust for the child without special needs, except that, depending on the nature of the child's disability, the child with special needs may have less contr...
by bsteiner
Sun Apr 08, 2018 7:23 pm
Forum: Investing - Help with Personal Investments
Topic: Asset Allocation w/ Special Needs Child
Replies: 16
Views: 807

Re: Asset Allocation w/ Special Needs Child

... Way down the road you may want to look into special needs trusts .... The trust for the child with special needs is largely the same as the trust for the child without special needs, except that, depending on the nature of the child's disability, the child with special needs may have less contr...
by bsteiner
Sun Apr 08, 2018 10:00 am
Forum: Personal Finance (Not Investing)
Topic: DIY trust word placement
Replies: 16
Views: 835

Re: DIY trust word placement

If you are about these issues, you should pay $1,500 to a lawyer to sort it out. Otherwise, hope for the best. At that price range, LegalZoom may be just as good. With such a small estate, why do you need a trust? ... She's probably in California where revocable trusts are commonly used. ... "Beyon...
by bsteiner
Sat Apr 07, 2018 8:58 pm
Forum: Investing - Help with Personal Investments
Topic: What is the best way to inherit a large IRA amount
Replies: 7
Views: 833

Re: What is the best way to inherit a large IRA amount

... Calling Gill and Bruce Steiner. ... Thanks for the mention. They might do Roth conversions to the top of the 24% bracket, assuming they have cash or high basis assets outside the IRA to pay the tax on the conversion. To the extent the children won't need the IRAs, they could leave them in trust...
by bsteiner
Thu Apr 05, 2018 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a quality Estate Planning Attorney?
Replies: 12
Views: 895

Re: How to find a quality Estate Planning Attorney?

When you interview the attorney, ask them how much their probate fees are. Some PA attorneys follow the “Johnson estate” rules which take a percentage of the estate & can be very expensive. ... Here's a more detailed explanation of the Johnson case: http://evans-legal.com/dan/estfees.html. Most law...
by bsteiner
Thu Apr 05, 2018 11:42 am
Forum: Personal Finance (Not Investing)
Topic: How to find a quality Estate Planning Attorney?
Replies: 12
Views: 895

Re: How to find a quality Estate Planning Attorney?

I am currently in the process of getting my financial house in order and plan on meeting with an Estate Planning Attorney in the next 12 months. However, what resources are available for finding a competent, reasonably priced attorney. Is there a good list somewhere. For reference, I live in the Ph...
by bsteiner
Thu Apr 05, 2018 10:42 am
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 5653

Re: NY passes law to get around SALT limit

... In NY, the top 10% earners are responsible for 67% of tax revenue. ... That's the case in many states. New York has a relatively large number of high income taxpayers, and many extremely high income taxpayers, so in this case of New York this isn't surprising. ... High income residents are movi...
by bsteiner
Wed Apr 04, 2018 8:31 am
Forum: Personal Finance (Not Investing)
Topic: How did you file your income taxes?
Replies: 77
Views: 3815

Re: How did you file your income taxes?

I prepare it on H&R Block (formerly TaxCut).

I send it in by regular mail if there's a refund or a small amount due, or by certified mail if there's a large amount due.
by bsteiner
Wed Apr 04, 2018 7:48 am
Forum: Personal Finance (Not Investing)
Topic: Executor Dilemma - Disposition of Gold Assets
Replies: 10
Views: 1159

Re: Executor Dilemma - Disposition of Gold Assets

You probate the Will (if there is one), not the assets.
by bsteiner
Tue Apr 03, 2018 10:10 pm
Forum: Investing - Theory, News & General
Topic: Which Cost Basis to Use
Replies: 14
Views: 1301

Re: Which Cost Basis to Use

The answer to your primary question is that you don’t have a choice on basis. If the assets were his, the date of death value becomes your basis. Gill She most likely does have the choices of the FMV at the date of death or FMV as of six months after the date of death. She really needs to talk to a...
by bsteiner
Tue Apr 03, 2018 11:51 am
Forum: Personal Consumer Issues
Topic: Physcian specialty question - not advice
Replies: 12
Views: 1556

Re: Physcian specialty question - not advice

Depends on the setting too. In a large urban/academic center, surgeons are so hyperspecialized you could probably find an actual left ear surgeon vs right ear surgeon. ... I see an ENT in NYC for ear and sinus matters. I went to him for a throat matter, and after a couple of visits he referred me t...
by bsteiner
Tue Apr 03, 2018 8:57 am
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 10734

Re: What age is the best to give a child control of an inheritance?

I'm curious what the consensus would be around here in terms of the amount of money needed for it to be "worth it" to set up a trust, as opposed to just a straight inheritance (obviously talking about a situation once a child is 18+ and you're no longer worried about formative care). Absent any spe...
by bsteiner
Tue Apr 03, 2018 8:06 am
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 10734

Re: What age is the best to give a child control of an inheritance?

I'm curious if there is any consensus approach for handling a death before control occurs. That is, if control is to be at age 35, what happens in the event of an accidental death at age 33? Realizing there are many considerations as to whether they had a spouse, kids, etc....but basically how do m...
by bsteiner
Mon Apr 02, 2018 9:56 am
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 10734

Re: What age is the best to give a child control of an inheritance?

Definitely need to re-do our will, thanks to this conversation. For full control of a lot of money, 35-40 sounds about right. By that time, they will have established themselves in a career, possibly started a family, been able to make smaller financial mistakes on their own that they (hopefully) l...