Search found 3026 matches

by bsteiner
Tue Feb 20, 2018 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 245
Views: 15821

Re: free dinner investing seminar

pkcrafter wrote:
Tue Feb 20, 2018 4:08 pm
...
Read the review by Kathy S. here. We can relate to Kathy! Long post about 1/4 way down

https://www.yelp.com/biz/peak-financial ... -roseville
Even Kathy S. who seems otherwise knowledgeable bought an investment-type annuity.
by bsteiner
Tue Feb 20, 2018 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard as trustee
Replies: 34
Views: 4785

Re: Vanguard as trustee

The attorney said that the big advantage of banks over individual trustees was that banks don't steal. They may charge extremely high rates, but they do not take off over night with the money. They also don't die, get sick, go on vacation. They have the benefit of group judgment, perpetual existenc...
by bsteiner
Tue Feb 20, 2018 7:26 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard as trustee
Replies: 34
Views: 4785

Re: Vanguard as trustee

brennok wrote:
Mon Feb 19, 2018 11:13 pm
One thing to keep in mind with Vanguard is they have a 500k minimum per trustee.
Very few other banks or trust companies will take trusts smaller than $500,000.
by bsteiner
Mon Feb 19, 2018 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: $10k State and Local Tax Deduction Limit for Trust?
Replies: 1
Views: 229

Re: $10k State and Local Tax Deduction Limit for Trust?

There has been some discussion in the legal community (at least in the tax/estates bar) of having trusts own residences to get an additional $10,000 deduction for state and local taxes.

There would, however, be some cost and complexity to such a structure.
by bsteiner
Sat Feb 17, 2018 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 245
Views: 15821

Re: free dinner investing seminar

I just got an invitation to a free dinner seminar for a dentist. From the mailing he’s an implant dentist and also does crowns and orthodontist work. Except for what he does, the mailing looked much like the ones I get from annuity salespersons and occasionally from living trust salespersons.
by bsteiner
Fri Feb 16, 2018 9:03 am
Forum: Personal Finance (Not Investing)
Topic: Tax doubts for retirement and moving to the US from Brazil
Replies: 28
Views: 1778

Re: Tax doubts for retirement and moving to the US from Brazil

... so far we are looking more into the US or Canada. But if someone shows me that Australia is half the taxes, who knows! As in most countries, Income taxes in Australia are higher than in the U.S. It's hard to compare tax rates, since there are other taxes besides income taxes, and since some thi...
by bsteiner
Thu Feb 15, 2018 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Taking mortgage from a trust?
Replies: 13
Views: 678

Re: Taking mortgage from a trust?

bsteiner, If the trust is to protect trust assets from creditors, would that require the mortgage be at market rates? If the trust lent money to the beneficiaries at less than market rates, would that be evidence this was just them taking the difference from the trust? It sounds like they would hav...
by bsteiner
Thu Feb 15, 2018 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Taking mortgage from a trust?
Replies: 13
Views: 678

Re: Taking mortgage from a trust?

It’s an inherited trust so we comprise both the trustees and the beneficiaries. The trust would allow this kind of thing. My thought is that the amount we’d pay in capital gains from liquidating the assets we’d more than make up for in paying the mortgage interest back to the trust instead of payin...
by bsteiner
Thu Feb 15, 2018 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Lawyer Article Contradicts IRS Guidance on Prepaid Property Tax Deduction
Replies: 2
Views: 702

Re: Lawyer Article Contradicts IRS Guidance on Prepaid Property Tax Deduction

I'm sure the issue will eventually make its way to the courts. Stay tuned. Leslie Schneider, whom the author credits for his review of the article, was my professor when I took tax accounting in the summer of 1974. (Tax accounting has nothing to do with accounting -- it deals with things like cash v...
by bsteiner
Thu Feb 15, 2018 7:14 am
Forum: Personal Finance (Not Investing)
Topic: Tax doubts for retirement and moving to the US from Brazil
Replies: 28
Views: 1778

Re: Tax doubts for retirement and moving to the US

Consult with competent tax/estates counsel before coming to the U.S. regarding pre-immigration tax planning.
by bsteiner
Thu Feb 15, 2018 7:09 am
Forum: Personal Finance (Not Investing)
Topic: Taking mortgage from a trust?
Replies: 13
Views: 678

Re: Taking mortgage from a trust?

It sounds like you’re giving a mortgage to a trust rather than taking a mortgage from a trust.

Does the Will or trust agreement permit the trustees to make such a mortgage loan? If so, do the trustees think it’s appropriate?
by bsteiner
Wed Feb 14, 2018 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 245
Views: 15821

Re: free dinner investing seminar

itstoomuch wrote:
Wed Feb 14, 2018 7:21 pm
.., who is the best salesperson?
Parsley salespersons, since no one eats it.
by bsteiner
Wed Feb 14, 2018 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 245
Views: 15821

Re: free dinner investing seminar

I just skimmed the thread but one thing to watch out for is that one of the early signs of dementia can be making poor financial choices. This can happen before long before your family sees and can try to intervene. You could very well go to these free dinners for ten or more years and easily say n...
by bsteiner
Wed Feb 14, 2018 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Helping Mom with Taxes
Replies: 46
Views: 2361

Re: Helping Mom with Taxes

... Accrued investment income from a marital A/B trust (she is allowed to take proceeds each year). ... What is a "marital A/B trust"? "A" is an archaic term for a marital trust, and "B" is an archaic term for a credit shelter trust. If there's a marital trust then there also has to be a credit she...
by bsteiner
Wed Feb 14, 2018 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Set up a Bypass Trust or not?
Replies: 4
Views: 580

Re: Set up a Bypass Trust or not?

The Federal estate tax exclusion amount was $2 million in 2006-2008. If the mother died 10 years ago and her estate is $1.5 million now, presumably it was less than $2 million when she died. So the lawyer may have concluded that nothing was needed to "set up" the credit shelter (bypass) trust. In ot...
by bsteiner
Wed Feb 14, 2018 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Helping Mom with Taxes
Replies: 46
Views: 2361

Re: Helping Mom with Taxes

... Accrued investment income from a marital A/B trust (she is allowed to take proceeds each year). ... What is a "marital A/B trust"? "A" is an archaic term for a marital trust, and "B" is an archaic term for a credit shelter trust. If there's a marital trust then there also has to be a credit she...
by bsteiner
Wed Feb 14, 2018 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Federal Retiree Health Care with/Medicare
Replies: 206
Views: 15255

Re: Federal Retiree Health Care with/Medicare

... What are the richer FEHB plans? I don't know, but I don't think there is any benefit from using one once Medicare is your primary insurer. Medicare won't be the primary insurer if you don't take Medicare B. The issue for a high income couple who would pay the top Medicare B premium is comparing...
by bsteiner
Tue Feb 13, 2018 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Ramifications of naming your trust as your 401k beneficiary
Replies: 7
Views: 953

Re: Ramifications of naming your trust as your 401k beneficiary

It would have been better if she had named her children or trusts for her children as the beneficiaries.
by bsteiner
Tue Feb 13, 2018 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Spouse and "Spousal Refusal" in New York
Replies: 17
Views: 2639

Re: Spouse and "Spousal Refusal" in New York

This is an aside, but want to suggest caution when consulting an elder-care attorney. Do a reality check, especially if they propose significantly changing the investments. My dad, who had dementia, fell at home and needed to go into a nursing home (Indiana, 2012). Mom, who had POA over my dad's IR...
by bsteiner
Tue Feb 13, 2018 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Federal Retiree Health Care with/Medicare
Replies: 206
Views: 15255

Re: Federal Retiree Health Care with/Medicare

... I think you'd be better off financially with Aetna Direct or BCBS-Basic. I have GEHA-HDHP, family plan, and wife is covered with my plan and separately she has Medicare Part B. Aetna Direct and BCBS-Basic are very inexpensive plans, perhaps, as cheap as GEHA-HDHP, more importantly, they waive a...
by bsteiner
Tue Feb 13, 2018 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Spouse and "Spousal Refusal" in New York
Replies: 17
Views: 2639

Re: Spouse and "Spousal Refusal" in New York

... I don't understand why you think the monthly amount your father needs to pay out of his IRA will be limited to his RMDs. I would think that until his IRA is fully drained, your father will be expected to pay the entire monthly bill. So I would expect that his IRA distributions will be much grea...
by bsteiner
Sun Feb 11, 2018 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Legal Docs
Replies: 16
Views: 1306

Re: Legal Docs

I live in a medium cost of living (MCOL) area and I am having all my documents updated: Last Will and Testament (with a trust amendment), Health Care Proxy, Living Will, and Power of Attorney. It's going to cost me $500. I consider that money very well-spent to obtain a legally valid, up-to-date, a...
by bsteiner
Sat Feb 10, 2018 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Creation with Stepchild
Replies: 12
Views: 960

Re: Trust Creation with Stepchild

You and your wife might also go to one of those presentations by lawyers who are looking for more business. This is a very bad idea. ... It is far more reliable to get an expert attorney who does NOT do these dinner presentations. ... I agree. I think you would have a better chance if you selected ...
by bsteiner
Sat Feb 10, 2018 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 245
Views: 15821

Re: free dinner investing seminar

... In another thread ... someone is recommending finding an estate planning lawyer through seminars. Not using the seminars for a few free dinners, mind you, but actually going to them as a strategy for finding a good attorney??!! A better method would probably be to select one at random out of al...
by bsteiner
Fri Feb 09, 2018 4:14 pm
Forum: Investing - Help with Personal Investments
Topic: Can I assume Chase earns fees when purchasing/selling munis for an advised portfolio, in addition to the AUM fee?
Replies: 17
Views: 532

Re: Can I assume Chase earns fees when purchasing/selling munis for an advised portfolio, in addition to the AUM fee?

neurosphere wrote:
Fri Feb 09, 2018 2:26 pm
... And never, in many years, did the advisor think to suggest a backdoor Roth IRA, which is a no-brainer in her case.
Was he/she an advisor or a broker?
by bsteiner
Fri Feb 09, 2018 12:03 pm
Forum: Investing - Help with Personal Investments
Topic: Can I assume Chase earns fees when purchasing/selling munis for an advised portfolio, in addition to the AUM fee?
Replies: 17
Views: 532

Re: Can I assume Chase earns fees when purchasing/selling munis for an advised portfolio, in addition to the AUM fee?

A 1% annual fee is substantial for municipal bonds. The yield to call on the second one is under 2%, so if that's representative, the fee is more than half of the income.
by bsteiner
Fri Feb 09, 2018 11:33 am
Forum: Investing - Help with Personal Investments
Topic: Can I assume Chase earns fees when purchasing/selling munis for an advised portfolio, in addition to the AUM fee?
Replies: 17
Views: 532

Re: Can I assume Chase earns fees when purchasing/selling munis for an advised portfolio, in addition to the AUM fee?

... -- Here's an existing bond in the portfolio, purchased Dec 29 2016, price listed as 119.202. ... -- And here is one bond which was recently sold. Sell date Dec 15, Price 114.343. They wouldn't be worth the same, since they have different maturity dates and different call dates. You could value ...
by bsteiner
Fri Feb 09, 2018 9:42 am
Forum: Personal Finance (Not Investing)
Topic: Performance-based trust fund
Replies: 7
Views: 352

Re: Performance-based trust fund

As a general reply I found this book thought provoking for those contemplating leaving inheritances: ... It provides some useful information. But it doesn't deal with tax issues (though this is less important with the current estate tax exclusion amount). It's geared to community property states, i...
by bsteiner
Fri Feb 09, 2018 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Performance-based trust fund
Replies: 7
Views: 352

Re: Performance-based trust fund

Mandating or limiting distributions may cause unanticipated problems. What if a child does well and has a taxable estate and doesn't want distributions, or has a creditor problem, or might get divorced, or might outlive his/her spouse and remarry? What if a child has a high income spouse and stays h...
by bsteiner
Thu Feb 08, 2018 11:39 pm
Forum: Personal Finance (Not Investing)
Topic: Tenants want to break lease early and is pregnant
Replies: 105
Views: 8635

Re: Tenants want to break lease early and is pregnant

When I was a renter (many years ago), it was common that, after the first year, renters would go on a month to month lease. When I was a tenant I negotiated that in the renewals after the first year I could terminate the lease on 2 months’ notice. The landlord wouldn’t be any worse off if I left at...
by bsteiner
Thu Feb 08, 2018 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Would You Recommend Living Revocable Trusts? Married, Retired, No Kids.
Replies: 10
Views: 1265

Re: Would You Recommend Living Revocable Trusts? Married, Retired, No Kids.

... The last time we had wills done was in 2015 in PA and included DPA's and health care directives - cost was $300. ... bsteiner - thanks for responding. Not sure I understand your comment if you’re providing for your beneficiaries in trust rather than outright and none of the trustees are in Penn...
by bsteiner
Thu Feb 08, 2018 8:51 am
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA - Schedule A Miscellaneous Deduction Going Away - What to do?
Replies: 11
Views: 1376

Re: Inherited IRA - Schedule A Miscellaneous Deduction Going Away - What to do?

If I understand the tax revisions correctly, then gone is the ability for beneficiaries to claim deductions in excess if income from an estate’s final tax return? These fell under the miscellaneous subject to 2% of AGI reduction. Does this interpretation seem accurate? Yes. Excess deductions on ter...
by bsteiner
Wed Feb 07, 2018 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Recommend Living Revocable Trusts? Married, Retired, No Kids.
Replies: 10
Views: 1265

Re: Would You Recommend Living Revocable Trusts? Married, Retired, No Kids.

Not for Pennsylvania. Creating a revocable trust is probably more work than probating a Will in Pennsylvania. What is the other state? Does it require ancillary probate? (Some do and some don’t.) If so, is it difficult? Is there a small estate procedure and would you qualify for it? The exception pe...
by bsteiner
Fri Feb 02, 2018 11:39 am
Forum: Personal Consumer Issues
Topic: shall I buy Toyota prepaid maintenance service for 2018 Camry
Replies: 37
Views: 3099

Re: shall I buy Toyota prepaid maintenance service for 2018 Camry

They also offer prepaid maintenance up to 4 years or 45,000 miles for $329: https://di-uploads-pod11.dealerinspire.com/swopetoyota/uploads/2017/02/ToyotaCare-Plus-Calculation.pdf. It used to be $299. I bought it when it was $299. I'm not sure I saved any money with it, but it gave me an incentive to...
by bsteiner
Thu Feb 01, 2018 9:40 am
Forum: Investing - Help with Personal Investments
Topic: Immediate Annuity
Replies: 20
Views: 1655

Re: Immediate Annuity

... The tradeoffs are fairly obvious. SPIAs aren't magic but I would call them a more "efficient" way to make sure that you are able to spend more of your own money yourself, as opposed to leaving a large and uncertain amount of money "on the table" for your heirs to inherit. ... No matter how you ...
by bsteiner
Wed Jan 31, 2018 3:41 pm
Forum: Investing - Help with Personal Investments
Topic: What to do with Ameriprise annuities
Replies: 37
Views: 2050

Re: What to do with Ameriprise annuities

Now bsteiner, you brought up something to consider... income. Ordinary vs long term. WOW, the 43k/yr from the 700k annuity is a mix of principle and gain, may be indeed considered ordinary income. Didn’t know that is important but now I guess it is. So I need to consider this before I annuitizing. ...
by bsteiner
Wed Jan 31, 2018 2:03 pm
Forum: Investing - Help with Personal Investments
Topic: What to do with Ameriprise annuities
Replies: 37
Views: 2050

Re: What to do with Ameriprise annuities

... ANUITY: NONQUALIFIED RAV4 Advantage Variable invested $525,000, now $700,000 as of 1/28/18. I paid plenty for the Guaranteed lifetime income rider about $4000/year, I plan to start annuitization at 66yr. with a lifetime guaranntee of $43,000/year. ... $43,000 a year on $700,000 is about 6%. The...
by bsteiner
Tue Jan 30, 2018 10:07 am
Forum: Personal Finance (Not Investing)
Topic: FAFSA--Do SS Survivor Benefits (in Trust) Count Against?
Replies: 10
Views: 574

Re: FAFSA--Do SS Survivor Benefits (in Trust) Count Against?

Zigadenus wrote:
Mon Jan 29, 2018 9:24 pm
I am concerned that my son's SS Survivor Benefits that are held in Trust for him will be considered on the FAFSA. ...
How can a trust get Social Security benefits?
by bsteiner
Tue Jan 30, 2018 9:27 am
Forum: Investing - Help with Personal Investments
Topic: Revisiting Annuity vs. Lump Sum decision
Replies: 10
Views: 665

Re: Revisiting Annuity vs. Lump Sum decision

I get 2271.00 per month from ImmediateAnnuity.com for 571,000 as 100% joint at age 59/56 so your 2614 per month sounds much better. ... The insurance company has to pay its expenses and make a profit. The employer plan should give you a better price than an insurance company. The purpose of an annu...
by bsteiner
Mon Jan 29, 2018 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Apportioning State Taxes based on Part-time Telecommuting
Replies: 3
Views: 356

Re: Apportioning State Taxes based on Part-time Telecommuting

I’ve heard Professor Zelinsky (the subject of one of the cases cited in the article) speak. He teaches tax Law at Cardozo Law School. Interesting. In researching this topic, I definitely got the impression that unless you were making in the seven figure range the hassle of apportioning to New York ...
by bsteiner
Mon Jan 29, 2018 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Trust or Probate Question for FL
Replies: 5
Views: 390

Re: Trust or Probate Question for FL

No time is spent in court. We file the papers electronically, except we send in the original Will and the death certificate by FedEx.

You should focus on the substance (who gets what, and how), rather than on the procedure.
by bsteiner
Sun Jan 28, 2018 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: Trust or Probate Question for FL
Replies: 5
Views: 390

Re: Trust or Probate Question for FL

Gill is correct. Probating a Will in Florida is not particularly difficult, expensive or burdensome. We probate lots of Wills throughout Florida. The forms are filled electronically. The more important issues are (i) whether to provide for the relative In trust (under his Will) to keep the assets ou...
by bsteiner
Sun Jan 28, 2018 4:37 pm
Forum: Personal Consumer Issues
Topic: Should I Do My Own Taxes Or Pay A CPA $500?
Replies: 64
Views: 5538

Re: Should I Do My Own Taxes Or Pay A CPA $500?

At one time NYC was a separate return. When the city enacted its income tax, I think in the 1960s, the state insisted that it be a separate return so taxpayers wouldn’t blame the state for the city tax. During the city’s fiscal crisis in the 1970s, the state took over the administration of the city ...
by bsteiner
Sun Jan 28, 2018 4:30 pm
Forum: Personal Consumer Issues
Topic: Should I Do My Own Taxes Or Pay A CPA $500?
Replies: 64
Views: 5538

Re: Should I Do My Own Taxes Or Pay A CPA $500?

Another way to try is to buy the 2016 software on Amazon or eBay and input your information and see how the result compares with the returns your accountant prepared. The H&R Block (formerly TaxCut) is less expensive than TurboTax so you might try that one. You’ll need the version that does both Fed...
by bsteiner
Sun Jan 28, 2018 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Apportioning State Taxes based on Part-time Telecommuting
Replies: 3
Views: 356

Re: Apportioning State Taxes based on Part-time Telecommuting

I’ve heard Professor Zelinsky (the subject of one of the cases cited in the article) speak. He teaches tax Law at Cardozo Law School.
by bsteiner
Fri Jan 26, 2018 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Software Recommendations
Replies: 28
Views: 1797

Re: Tax Software Recommendations

I've been using TaxCut (now H&R Block) since around 1990, and have been happy with it.
by bsteiner
Fri Jan 26, 2018 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Liquidate or distribute stocks in settling an estate?
Replies: 15
Views: 698

Re: Liquidate or distribute stocks in settling an estate?

There are a few possible tax considerations, which may or may not be meaningful. Since the market has gone up in recent months most likely the stocks have gone up since the date of death. If the estate's administration expenses are more than its income, by having the estate sell the stocks you'll be...
by bsteiner
Tue Jan 23, 2018 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: CA wouldn't tax a trust just because I'm the trustee...would they?
Replies: 5
Views: 608

Re: CA wouldn't tax a trust just because I'm the trustee...would they?

About as many states tax trusts based on the residence of the trustees or where the trust is administered as tax trusts based on the residence of the grantor or testator. California taxes trusts, among other things, based on the residence of the trustees. There are two solutions. The simplest is to ...
by bsteiner
Mon Jan 22, 2018 5:23 pm
Forum: Investing - Theory, News & General
Topic: Cost basis on stocks in trust distributed at beneficiary's death
Replies: 2
Views: 217

Re: Cost basis on stocks in trust distributed at beneficiary's death

Upon the gift, the basis for gain would be the same as the grantor's basis, increased by the pro rata portion of the gift tax attributable to the appreciation, and the basis for loss would be the lower of the grantor's basis or the value as of the date of the gift. Absent something that would cause ...
by bsteiner
Fri Jan 19, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Per Stirpes
Replies: 21
Views: 3040

Re: Per Stirpes

I see Vanguard does not allow per stirpes in taxable account. I wonder if I/we could enter small percentages for our grandchildren to insure against a "per capita" settlement of the Vanguard, Ed Jones TOD's, and the Nationwide 457(b)(Nationwide also, like Vanguard does not allow per stirpes). Or pe...