Search found 3313 matches

by bsteiner
Thu Jul 19, 2018 9:04 am
Forum: Investing - Help with Personal Investments
Topic: Heresy: Is It Worth Converting tIRAs to Roth?
Replies: 39
Views: 3202

Re: Heresy: Is It Worth Converting tIRAs to Roth?

So, DH is now in his mid-50's, and has ~ $85k in tIRA and a SEP-IRA. We're in the 24% Fed bracket, and ~ 9% state tax bracket. 80%+ of our savings are in tax-deferred accounts. We had planned to convert the IRAs to his Roth, now that the Fed tax brackets are lower. However, we only have ~ 7 years b...
by bsteiner
Tue Jul 17, 2018 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Wills
Replies: 52
Views: 2301

Re: Wills

I don't have a lawyer. How do you find a good lawyer? ...Look for advserisements. ... That's a way not to find a good one. ... Go to a local legal aid society for a recommendation. That's another way not to find a good one. ... I've met some who couldn't correctly answer half the estate planning qu...
by bsteiner
Tue Jul 17, 2018 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Cost Basis of Funds to file Decedent's taxes
Replies: 6
Views: 428

Re: Cost Basis of Funds to file Decedent's taxes

The law firm handling the estate should get you the values. When I first started, the youngest lawyer would go to the library and look up the high and low prices on the valuation date. Then we had to find the ex-dividends. For bonds we would ask the broker to give us values (which may not have been ...
by bsteiner
Sun Jul 15, 2018 12:46 pm
Forum: Investing - Theory, News & General
Topic: Taylor's New Book: The Bogleheads' Guide to The Three-Fund Portfolio
Replies: 191
Views: 29927

Re: New York Times review of "The Lazy Person’s Guide to Successful Investing"

"The Lazy Person’s Guide to Successful Investing" New York Times review 7/15/2018 https://www.nytimes.com/2018/07/13/business/the-lazy-persons-guide-to-successful-investing.html ... Not only is there a half page review of "The Bogleheads' Guide to the Three-Fund Portfolio," but the review also cite...
by bsteiner
Sat Jul 14, 2018 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited retirement account
Replies: 12
Views: 1502

Re: Inherited retirement account

Would a Roth conversion be beneficial? It's likely to add substantial value if she has other assets with which to pay the tax on the conversion. She can only do that if she rolls it over into her own IRA. She can convert either all at once or over a number of years, though she has to convert, if at ...
by bsteiner
Sat Jul 14, 2018 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Lump Sum Tax Question
Replies: 4
Views: 595

Re: Lump Sum Tax Question

See Section 451, https://www.law.cornell.edu/uscode/text/26/451; Schlude v. Commissioner , 372 U.S. 128 (1963), https://scholar.google.com/scholar_case?case=3833159829484958167&q=schlude+v+commissioner&hl=en&as_sdt=3,31; American Automobile Association v. United States , 367 U.S. 687 (1961), https:/...
by bsteiner
Sat Jul 14, 2018 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Need BH's help finding a CPA
Replies: 6
Views: 527

Re: Need BH's help finding a CPA

... I believe that it has been suggested that, in some cases, the estate attorney themselves are the best option for preparation of the estate tax return. ... Estate tax returns should almost always be done by law firms. If the law firm handling the estate doesn't want to do it, they should bring i...
by bsteiner
Fri Jul 13, 2018 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Another Trust Question
Replies: 12
Views: 996

Re: Another Trust Question

... With DW unable to name any beneficiaries is the inherited IRA still the better approach for the tIRA even though it may need to be probated when she dies? You probate the Will, not the assets. Probating a Will is Texas is not difficult, expensive or burdensome. If you leave your IRA to your wif...
by bsteiner
Fri Jul 13, 2018 10:09 am
Forum: Personal Finance (Not Investing)
Topic: I Now Have a Revocable Trust and Have Questions
Replies: 14
Views: 1411

Re: I Now Have a Revocable Trust and Have Questions

... Our concern regarding credit protection is only with one child, our son. We are very comfortable in our daughter getting her inheritance directly without the need of a trust. ... I interpret your above statement to say that our case for a trust is marginal at $1.5M. However, we may only need to...
by bsteiner
Thu Jul 12, 2018 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?
Replies: 23
Views: 1065

Re: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?

... I'm trying to wrap my head around a scenario whereby a life estate tenant would/could put up their interest as collateral. ... Have you actually seen something like this in real life? Life estates are awkward, so we try to avoid them. What happens when the property needs major repairs? If the r...
by bsteiner
Thu Jul 12, 2018 9:49 pm
Forum: Investing - Help with Personal Investments
Topic: Financial adviser in Portland metro area
Replies: 11
Views: 1042

Re: Financial adviser in Portland metro area

... I need tax advice, but I also need someone who knows about Roth conversions, RMDs, ACA surtax, Medicare look back, etc to help me determine how to sell off stocks with a large amount of capital gains so I can move the proceeds into equity index funds. ... It may be easier to solve these one at ...
by bsteiner
Wed Jul 11, 2018 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?
Replies: 23
Views: 1065

Re: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?

It's similar to buying a building where there's a tenant with a lease at a rent that's less than what the rent would be for a new tenant, except in this case you don't know how long she'll live. So there's the risk that she could live longer than average (and the possibility that she could die soone...
by bsteiner
Wed Jul 11, 2018 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: I Now Have a Revocable Trust and Have Questions
Replies: 14
Views: 1411

Re: I Now Have a Revocable Trust and Have Questions

Absurd as it sounds to disagree with bsteiner on the subject of estate planning, here goes.... We don't disagree on this -- we just said it differently. In addition to keeping what they have (which sounds like it's a simple Will in the form of a revocable trust) or having a more elaborate estate pl...
by bsteiner
Wed Jul 11, 2018 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: I Now Have a Revocable Trust and Have Questions
Replies: 14
Views: 1411

Re: I Now Have a Revocable Trust and Have Questions

I think the additional few thousand dollars to get a more robust estate plan is worth it in the context of a $1.5 million estate, especially at your age. With more than one child, there's a reasonable chance that at least one child will get divorced, outlive his/her spouse and remarry, have a taxabl...
by bsteiner
Tue Jul 10, 2018 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Grandmas Living Trust... Need Advice
Replies: 22
Views: 1378

Re: Grandmas Living Trust... Need Advice

If she's in failing health, why would she consider buying annuities?
by bsteiner
Tue Jul 10, 2018 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts and asset protection
Replies: 8
Views: 1236

Re: Trusts and asset protection

As a follow up to an older post. Perhaps bsteiner can weigh in. Section 111 of the Massachusetts UTC allows for a non judicial settlement agreement. I am wondering if this would achieve the desired asset protection result by having all parties agree to remove the trust language that remainder benef...
by bsteiner
Tue Jul 10, 2018 8:40 am
Forum: Investing - Help with Personal Investments
Topic: Soon to retire Fed in the TSP
Replies: 20
Views: 1483

Re: Soon to retire Fed in the TSP

Assuming you're a CSRS employee, before you retire you can make a voluntary contribution of 10% of your lifetime earnings (your "paystub" will show your 7% CSRS contribution, which you can multiply by 10/7), which you can roll over to a Roth IRA tax-free. Any interest on the contribution between wh...
by bsteiner
Mon Jul 09, 2018 9:33 pm
Forum: Investing - Help with Personal Investments
Topic: Soon to retire Fed in the TSP
Replies: 20
Views: 1483

Re: Soon to retire Fed in the TSP

Assuming you're a CSRS employee, before you retire you can make a voluntary contribution of 10% of your lifetime earnings (your "paystub" will show your 7% CSRS contribution, which you can multiply by 10/7), which you can roll over to a Roth IRA tax-free. Any interest on the contribution between whe...
by bsteiner
Mon Jul 09, 2018 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning and Charity
Replies: 18
Views: 1315

Re: Estate Planning and Charity

The choice of charities is a personal choice. Some people favor the schools they went to. Others favor some worthy cause.

If you're in your 40s and have a modest estate and no one you want to provide for, why do you want to create a trust?
by bsteiner
Mon Jul 09, 2018 5:16 pm
Forum: Investing - Help with Personal Investments
Topic: Financial Planner meeting
Replies: 17
Views: 1888

Re: Financial Planner meeting

There are a few states where annuities are exempt from creditors. Whether it's worth paying 2% to 3% a year (less at Vanguard) for an annuity, and turning your qualified dividends and capital gains into ordinary income, for this protection (if you're in a state where annuities are protected from cre...
by bsteiner
Fri Jul 06, 2018 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Cheapest quality online tax preparation software?
Replies: 8
Views: 366

Re: Cheapest quality online tax preparation software?

H&R Block, formerly TaxCut, is a bit less expensive. I've been using it for many years.
by bsteiner
Thu Jul 05, 2018 8:03 am
Forum: Investing - Help with Personal Investments
Topic: Morgan Stanley Wealth Management Thoughts
Replies: 27
Views: 2142

Re: Morgan Stanley Wealth Management Thoughts

You can: 1. Keep the J&J stock for the basis step-up at death, bearing the risk of the concentrated position. 2. Sell it and pay the capital gains tax (23.8% Federal, plus state and local if any). 3. Put it into a charitable remainder trust. You, and your wife after your death, would get anywhere be...
by bsteiner
Wed Jul 04, 2018 9:59 pm
Forum: Investing - Theory, News & General
Topic: Do Advisers Add $$$ Value?
Replies: 71
Views: 5472

Re: Do Advisers Add $$$ Value?

... these are things that good advisors provide at no charge in addition to setting your AA: -Trust and Estate planning ... -Referrals to service providers; specifically CPAs and attorneys ... Is there any reason to think that a stockbroker or other investment advisor will know who the better lawye...
by bsteiner
Tue Jul 03, 2018 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust
Replies: 31
Views: 2215

Re: Special Needs Trust

Does a special needs trust specify the disposition of remaining assets in trust upon the death of the special needs person? Are assets typically left to surviving siblings? As with a trust for a child without a disability, the balance of the trust assets upon the child's death has to go somewhere. ...
by bsteiner
Mon Jul 02, 2018 10:19 am
Forum: Personal Consumer Issues
Topic: Recommend a vehicle for $24,000 or less
Replies: 47
Views: 3771

Re: Recommend a vehicle for $24,000 or less

Totota Camry or Honda Accord are around $24,000.
by bsteiner
Mon Jul 02, 2018 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust Final Year Tax Question
Replies: 2
Views: 260

Re: Irrevocable Trust Final Year Tax Question

dowse wrote:
Mon Jul 02, 2018 8:06 am
... what entity will be taxed on the undistributed income? ...
What does the trust (or your father's Will) say? Does it say the undistributed income as of her death is payable to her estate? Or does it say the undistributed income as of her death is payable to you?
by bsteiner
Mon Jul 02, 2018 7:51 am
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust
Replies: 31
Views: 2215

Re: Special Needs Trust

... I understand your desire to reconcile the points of view. I was referring to a Third-Party Supplemental Special Needs Trust, for which the language used in creating the trust is important to ensure that the assets of the trust are not considered resources that would make the beneficiary ineligi...
by bsteiner
Sun Jul 01, 2018 8:16 am
Forum: Investing - Theory, News & General
Topic: Do Advisers Add $$$ Value?
Replies: 71
Views: 5472

Re: Do Advisers Add $$$ Value?

... there are a lot of investors out there that could benefit by a low cost asset allocation check with someone who knows what they are doing and who wouldn't abuse the account. Those people are hard to find because they can't make much money, I suspect. I agree as to both points. There are a few s...
by bsteiner
Sat Jun 30, 2018 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Adding Spouse to Real Estate Deed
Replies: 2
Views: 429

Re: Adding Spouse to Real Estate Deed

You might want to consult with a lawyer if you're considering using a quitclaim deed.
by bsteiner
Sat Jun 30, 2018 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Business valuation opinions
Replies: 17
Views: 1233

Re: Business valuation opinions

It's worth what someone will pay for it. But if you want something more helpful, you could have one of the appraisal firms value it.
by bsteiner
Fri Jun 29, 2018 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Step to revoke RLT ; / define 'extensive changes' Trust
Replies: 7
Views: 450

Re: Step to revoke RLT ; / define 'extensive changes' Trust

Hello, so trying to be proactive in my 50s, I created a RLT mostly on my own, which included using VNTC as the successor(sp); and a "child's subtrust" for my nephew till age 35, (boy is currently 15yo). Part 1: I am no longer confident in having VNTC as the successor, though I could leave the child...
by bsteiner
Fri Jun 29, 2018 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Deed of Trust on Condo, how can borrower get a release if lender dies?
Replies: 26
Views: 1320

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

Sure. The executor/Trustee issues a quitclaim deed or Release of Lien. The title company can help you with the documents to get the wording correct. You can also use a lawyer to prepare the deed but it's not that difficult of a task. Looking at the wording of a Deed of Release, it looks like it has...
by bsteiner
Fri Jun 29, 2018 10:50 am
Forum: Personal Finance (Not Investing)
Topic: States that are investments/tax unfriendly?
Replies: 27
Views: 3191

Re: States that are investments/tax unfriendly?

Notwithstanding its income tax, about 40 million people, or about 1/8 of the population of the United States, live in California. California can sometimes be a tax haven. For people who are bicoastal, dividing their time between NYC and California, there's a tax benefit to being domiciled in Califor...
by bsteiner
Thu Jun 28, 2018 9:41 pm
Forum: Investing - Help with Personal Investments
Topic: Annuities from employer
Replies: 8
Views: 702

Re: Annuities from employer

... My wife works for a large Fortune 500 company) 1. As we are planning her retirement (at least from this company), she found out from HR that the company self funds the annuity for their annuitants. I am having all sorts of alarm bells going off. Is it me being paranoid or?? I didn't realize com...
by bsteiner
Thu Jun 28, 2018 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Will? Trust? Other?
Replies: 12
Views: 612

Re: Will? Trust? Other?

... delamer, we have a Vanguard deferred annuity that has enjoyed terrific run-up in value. We She will annuitize it eventually, probably if/when I pass. bsteiner, wife and I, as well as all daughters live in Florida. Both of us turn(ed) 65 this year, she is one month older than I am. I always tell...
by bsteiner
Thu Jun 28, 2018 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Will? Trust? Other?
Replies: 12
Views: 612

Re: Will? Trust? Other?

... Because of my wife's absolute disinterest in matters of the financial persuasion, I am looking for an estate vehicle that will accomplish a few things: 1. Protect wife from opportunistic individuals, while making sure she lives in comfort and security. 2. Protect possible legacy eyed for childr...
by bsteiner
Thu Jun 28, 2018 9:29 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning
Replies: 15
Views: 1955

Re: Estate Planning

... What specific circumstances are you referring to when saying that it could cost the son $2.8 million and why is it 40% of the entire $7M? Ignoring any other assets and any changes in values, if the son's other assets are at least equal to the exclusion amount, and you add $7 million to his esta...
by bsteiner
Thu Jun 28, 2018 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Quit claim deed gift tax
Replies: 17
Views: 1547

Re: Quit claim deed gift tax

... The reason I wanted to do a quitclaim deed is because insurance companies are giving me grief trying to add an additional insured on the HO policy. ... My question was why a quitclaim deed rather than a bargain and sale deed with covenants, or a special warranty deed, or its equivalent in the a...
by bsteiner
Thu Jun 28, 2018 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning
Replies: 15
Views: 1955

Re: Estate Planning

Yes, in the situation where my wife and I die simultaneously or in close proximity, our son would get everything but we had our attorney write the the document so that the assets are doled out over a period of years. When you update your planning, you may want to leave his inheritance to him in a t...
by bsteiner
Tue Jun 26, 2018 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Quit claim deed gift tax
Replies: 17
Views: 1547

Re: Quit claim deed gift tax

There is no gift because they provided none of the consideration for the purchase. Even if the facts were different a gift tax is of no concern. Go ahead and make the transfer. Putting an account in joint tenancy, at least outside New York, isn't a gift because as between the parties the account be...
by bsteiner
Mon Jun 25, 2018 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Florida Estate Planning
Replies: 8
Views: 594

Re: Florida Estate Planning

So can the person you are leaving your money to administer the trust to one self in order to save on attorney fees? It's up to the executors or personal representatives to decide what things they want to do themselves and what things they want to have lawyers, accountants, real estate brokers, or o...
by bsteiner
Mon Jun 25, 2018 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Florida Estate Planning
Replies: 8
Views: 594

Re: Florida Estate Planning

Probating a Will is Florida is generally not particularly difficult, expensive or burdensome. We probate lots of Wills throughout Florida from our office in New York. The papers are the same throughout Florida, and they're filed electronically (except we send in the Will and the death certificate by...
by bsteiner
Mon Jun 25, 2018 11:18 am
Forum: Investing - Help with Personal Investments
Topic: Hire financial advisor?
Replies: 25
Views: 1673

Re: Hire financial advisor?

musicteacher wrote:
Mon Jun 25, 2018 11:15 am
... I am making arrangements to meet with firm that does both tax and estate planning. ....
What is a "firm that does both tax and estate planning?" Is it a law firm?
by bsteiner
Mon Jun 25, 2018 8:15 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning
Replies: 15
Views: 1955

Re: Estate Planning

Thank you for your informative response. Regarding your question of why we created revocable trusts, I am really not sure (a good question for the attorney) but the general notion is to preserve the lifetime estate tax exemption in the event that becomes relevant and then to create some guiderails ...
by bsteiner
Mon Jun 25, 2018 8:13 am
Forum: Investing - Help with Personal Investments
Topic: Hedging annuity with life insurance
Replies: 6
Views: 543

Re: Hedging annuity with life insurance

Does anybody hedge an annuity with a term life policy? It would seem to guard against the situation where you accidentally die within a couple years of buying the annuity. Isn't that like betting on both teams in the same game? There are usually many annuity payout options available. "Life" just pa...
by bsteiner
Sun Jun 24, 2018 8:53 pm
Forum: Investing - Help with Personal Investments
Topic: Garrett Planning Network experiences
Replies: 14
Views: 1363

Re: Garrett Planning Network experiences

I know Sheryl. I think she has a good concept.

The couple of hundred people in her program are all different, so some may be better than others. However, since they work on a time basis, they shouldn't have any conflicting interests, and the cost of working with them should be modest.
by bsteiner
Sun Jun 24, 2018 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Wanted: Trust theory and administration book recommendation
Replies: 6
Views: 562

Re: Wanted: Trust theory and administration book recommendation

... Beyond annual premiums on a 2nd to die policy owned by the trust, there have been no distributions until this year. That will probably change as the beneficiary's family situation changes. ... Do you need an insurance trust? Are you rich enough to pay estate taxes but poor enough to need life i...
by bsteiner
Sun Jun 24, 2018 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning
Replies: 15
Views: 1955

Re: Estate Planning

It sounds like you have the usual marital and credit shelter trusts and trusts for your son. While there's portability for estate tax, there's no portability for GST tax. Given the size of your estate, and your likely age based on the age of your son, you or your wife could live for a long time, and...
by bsteiner
Sun Jun 24, 2018 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Wanted: Trust theory and administration book recommendation
Replies: 6
Views: 562

Re: Wanted: Trust theory and administration book recommendation

Can you recommend a book or similar that provides an overview of trusts? We’ve had a irrevocable trust for several years. I’m looking for general guidance on how to think about trust investments, how to manage the trust to minimize capital gains when making distributions, how much to keep in cash-l...