Search found 3578 matches

by bsteiner
Wed Dec 12, 2018 11:16 pm
Forum: Investing - Help with Personal Investments
Topic: $10 million family trust - Vanguard PAS?
Replies: 3
Views: 955

Re: $10 million family trust - Vanguard PAS?

Is it possible to decant the trust so it can remain in further trust for the next generation, so as to keep the assets out of their estates for estate tax purposes?
by bsteiner
Wed Dec 12, 2018 7:41 am
Forum: Personal Finance (Not Investing)
Topic: Hiding Identity of Trust Owner: Registered Agent Services Needed?
Replies: 17
Views: 1423

Re: Hiding Identity of Trust Owner: Registered Agent Services Needed?

Trusts don’t have owners (except sometimes for tax purposes). They have trustees and beneficiaries. Nor do trusts have registered agents like corporations and LLCs in most states. Most celebrities don’t mind having things in their name. Perhaps they want the publicity. But sometimes someone has a re...
by bsteiner
Tue Dec 11, 2018 9:43 pm
Forum: Personal Consumer Issues
Topic: Hyatt Legal Plan for Will and Trust
Replies: 38
Views: 1686

Re: Hyatt Legal Plan for Will and Trust

We used Hyatt and were happy with the lawyer and his work. Please check your plan for copay as it varies based on the level your employer offers. The main reason for us to get the living trust was young kids. If something was to happen to us before they are adults, the funds remain in the trust and...
by bsteiner
Tue Dec 11, 2018 6:01 pm
Forum: Personal Consumer Issues
Topic: Hyatt Legal Plan for Will and Trust
Replies: 38
Views: 1686

Re: Hyatt Legal Plan for Will and Trust

The state bar provides a good primer on the probate process in Virginia if you are interested in learning more: https://www.vba.org/page/guide_estates There are a minimum of two filings that are required when probating an estate in Virginia, an inventory and either an accounting or a statement in l...
by bsteiner
Tue Dec 11, 2018 4:33 pm
Forum: Personal Consumer Issues
Topic: Hyatt Legal Plan for Will and Trust
Replies: 38
Views: 1686

Re: Hyatt Legal Plan for Will and Trust

You probate the Will, not the assets. Either you probate the Will or you don't probate the Will. As often as not, when someone tries to "avoid" probate, their Will has to be probated anyway for one reason or another. However, in most cases, in most states, that's not particularly difficult, expensi...
by bsteiner
Tue Dec 11, 2018 3:47 pm
Forum: Personal Consumer Issues
Topic: Hyatt Legal Plan for Will and Trust
Replies: 38
Views: 1686

Re: Hyatt Legal Plan for Will and Trust

... I could get the Hyatt Legal Plan from my employer for about $18 per month. I am looking to using this plan to set up a simple will and/or trust. I am doing my homework on will versus trust. My background: Married with 2 kids in college. Asset 400K house with a 300K mortgage 1.2 million across 4...
by bsteiner
Tue Dec 11, 2018 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Contingent Durable Power of Attorney
Replies: 14
Views: 793

Re: Contingent Durable Power of Attorney

... Most licensed professionals don't wish to get involved in Durable POA (at least in our case), but we will run it by our Attorney. ... A lawyer or accountant might or might not be willing to serve as agent under a general power of attorney or as trustee of a revocable trust (or of an irrevocable...
by bsteiner
Tue Dec 11, 2018 11:27 am
Forum: Personal Finance (Not Investing)
Topic: IRS on making QCD by check from IRA
Replies: 14
Views: 845

Re: IRS on making QCD by check from IRA

heerekj1 wrote:
Tue Dec 11, 2018 10:41 am
The Kiplinger article states that you need to be 70.5 in order to make a QCD. I looked at the tax document and I do not see it explicitly stated. Is it implicit somewhere?
See Section 408(d)(8): https://www.law.cornell.edu/uscode/text/26/408.
by bsteiner
Tue Dec 11, 2018 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Contingent Durable Power of Attorney
Replies: 14
Views: 793

Re: Contingent Durable Power of Attorney

... your successor corporate trustee needs to be appointed co-trustee now before a crisis arises as bsteiner seems to imply. You need to have a conversation with the trust department that they would agree to handling bill paying, real estate matters, etc. since most corporate trustees would rather ...
by bsteiner
Tue Dec 11, 2018 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Wills, Estates and Trusts
Replies: 28
Views: 2546

Re: Wills, Estates and Trusts

... Interested to here what Bruce's clients do when they have arranged for trustees to cover most of their assets but they do not have a good choice of individuals for the things that would be handled under a DPOA. Who takes charge of their retirement assets, which cannot be in the trust? Who makes...
by bsteiner
Tue Dec 11, 2018 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Colorado Estate and Trust lawyer?
Replies: 7
Views: 409

Re: Colorado Estate and Trust lawyer?

fish8me wrote:
Mon Dec 10, 2018 1:22 pm
... I'm also looking for one in S.Florida area.
Where in South Florida?
by bsteiner
Tue Dec 11, 2018 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Contingent Durable Power of Attorney
Replies: 14
Views: 793

Re: Contingent Durable Power of Attorney

That’s a case where a revocable trust makes sense. Banks and trust companies are willing to serve as trustee but usually not as agent under a power of attorney. The effect is the same.
by bsteiner
Tue Dec 11, 2018 7:32 am
Forum: Personal Finance (Not Investing)
Topic: IRS on making QCD by check from IRA
Replies: 14
Views: 845

Re: IRS on making QCD by check from IRA

What if the check doesn’t clear by December 31? If the IRA custodian issues the check, the money will be out of the IRA as soon as they issue the check?
by bsteiner
Mon Dec 10, 2018 1:08 pm
Forum: Investing - Help with Personal Investments
Topic: Can US investor buy non-distributing mutual funds?
Replies: 8
Views: 360

Re: Can US investor buy non-distributing mutual funds?

The Vanguard Growth Index Fund (VIGAX) pays modest dividends, and little if any capital gains distributions. A similar fund with a higher expense ratio would pay less in dividends, but since the tax rate is less than 100% that wouldn't be better. The taxes shouldn't be a concern. Qualified dividends...
by bsteiner
Mon Dec 10, 2018 11:45 am
Forum: Personal Finance (Not Investing)
Topic: How will 80k inheritance affect medicaid, section 8, food stamp eligibility in PA?
Replies: 26
Views: 2889

Re: How will 80k inheritance affect medicaid, section 8, food stamp eligibility in PA?

The inheritance should have been in trust rather than outright. That way it would have been protected.

Medicaid varies from state to state, and sometimes within a state. She may want to consult with an attorney familiar with Medicaid where she is.
by bsteiner
Mon Dec 10, 2018 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Wills, Estates and Trusts
Replies: 28
Views: 2546

Re: Wills, Estates and Trusts

Bruce you stated: "Of course in order for the revocable trust to work for this purpose, the other person has to be a currently acting trustee, not merely a successor trustee. What should one do in the following scenario: 1.Husband and Wife are co-trustees. 2. Daughter is the successor trustee 3.Hus...
by bsteiner
Sun Dec 09, 2018 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Wills, Estates and Trusts
Replies: 28
Views: 2546

Re: Wills, Estates and Trusts

A major advantage of a living trust comes while you are alive. It can be far easier for the trustee of your trust to manage your affairs if you become incapacitated than for someone to do it under a durable power of attorney. ... .... What is the reason that it's easier for the trustee instead of u...
by bsteiner
Sun Dec 09, 2018 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust Grantor Tax Reporting
Replies: 13
Views: 881

Re: Irrevocable Trust Grantor Tax Reporting

At least until this year, most (though not all) trusts were grantor trusts while the grantor was living. By paying the income tax on the trust's income and gains, the grantor is effectively shifting additional wealth out of his/her estate, free of transfer taxes. Until 1995, irrevocable grantor tru...
by bsteiner
Sun Dec 09, 2018 11:40 am
Forum: Investing - Theory, News & General
Topic: Another Roth vs. Traditional question
Replies: 29
Views: 1641

Re: Another Roth vs. Traditional question

... The usual discussion that I’ve read, and the argument that the wiki makes, is that if you take taxes out ahead of time, you have less to invest and therefore the result comes out the same, compared to taking taxes out of the amount that has grown through investments. It occurred to me, however,...
by bsteiner
Sun Dec 09, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Wills, Estates and Trusts
Replies: 28
Views: 2546

Re: Wills, Estates and Trusts

It depends on various factors, including the level of the lawyer and his/her firm, the size of the firm, where you're located, where the firm is located, whether the plan is for one person or a couple, and how much time you need in the decision making process. The size and complexity of your estate...
by bsteiner
Sun Dec 09, 2018 8:22 am
Forum: Personal Finance (Not Investing)
Topic: Wills, Estates and Trusts
Replies: 28
Views: 2546

Re: Wills, Estates and Trusts

It depends on various factors, including the level of the lawyer and his/her firm, the size of the firm, where you're located, where the firm is located, whether the plan is for one person or a couple, and how much time you need in the decision making process. The size and complexity of your estate ...
by bsteiner
Sat Dec 08, 2018 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Teachers Who Have Net Worth of $1 million +
Replies: 137
Views: 18483

Re: Teachers Who Have Net Worth of $1 million +

Blair duQuesnay recently wrote an article saying that $1 million isn't what it used to be: http://blairbellecurve.com/one-million-dollars/.
by bsteiner
Sat Dec 08, 2018 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust Grantor Tax Reporting
Replies: 13
Views: 881

Re: Irrevocable Trust Grantor Tax Reporting

At least until this year, most (though not all) trusts were grantor trusts while the grantor was living. By paying the income tax on the trust's income and gains, the grantor is effectively shifting additional wealth out of his/her estate, free of transfer taxes. Until 1995, irrevocable grantor trus...
by bsteiner
Fri Dec 07, 2018 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: IRA trust
Replies: 5
Views: 351

Re: IRA trust

Our clients generally provide for their children in trust rather than outright, to keep the children's inheritances out of their estates, and to protect their inheritances against their creditors and spouses, and Medicaid. Question: if an inheritance is kept in a trust to protect it from a spouse, ...
by bsteiner
Fri Dec 07, 2018 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: IRA trust
Replies: 5
Views: 351

Re: IRA trust

Our clients generally provide for their children in trust rather than outright, to keep the children's inheritances out of their estates, and to protect their inheritances against their creditors and spouses, and Medicaid. The same reasons for leaving other assets in trust rather than outright apply...
by bsteiner
Thu Dec 06, 2018 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: A simple will (vs. trust) for a simple guy?
Replies: 11
Views: 1103

Re: A simple will (vs. trust) for a simple guy?

Probating a Will is Florida is generally not difficult, expensive or burdensome, so that shouldn't be a concern. If your siblings are concerned about estate taxes in their estates, or protection against their creditors and spouses (both current and future) and Medicaid, then you should provide for t...
by bsteiner
Mon Dec 03, 2018 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited IRA
Replies: 16
Views: 930

Re: Inherited IRA

... let's say I invest in individual stocks and build up a 3 million dollar portfolio. If this is in a taxable account, the only time I would be subject to taxes is on a capital gains basis when selling shares. Naturally, this is after-tax, so there is that, but my maximum annual IRA contribution i...
by bsteiner
Mon Dec 03, 2018 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited IRA
Replies: 16
Views: 930

Re: Inherited IRA

My father recently passed away, and he is leaving his heirs (children) his IRA. There is about 3 million in there. ... is it safe to say that it is a really bad idea to leave big retirement accounts to your wife and kids vs. simply having the money in taxable accounts (stocks, for instance) that ca...
by bsteiner
Sun Dec 02, 2018 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: LegalShield part of the company benefits for Will and Estate planning
Replies: 14
Views: 614

Re: LegalShield part of the company benefits for Will and Estate planning

LegalShield and the $1,200 and $1,500 lawyers are unlikely to be the same as the $4,000 lawyer. It can take $1,200 of time for the first meeting to decide what you want your Wills to say. Will Legal Shield or the $1,200 or $1,500 be sufficient for your needs? Or do you need the $4,000 one? How large...
by bsteiner
Sun Dec 02, 2018 8:10 am
Forum: Personal Consumer Issues
Topic: Why is Costco gas so much cheaper
Replies: 117
Views: 10075

Re: Why is Costco gas so much cheaper

RickBoglehead wrote:
Sun Dec 02, 2018 7:26 am
...
Where does the Costco website list actual gas prices?
You can check prices on gasbuddy.com. They also have an app.
by bsteiner
Sat Dec 01, 2018 10:21 pm
Forum: Personal Consumer Issues
Topic: Why is Costco gas so much cheaper
Replies: 117
Views: 10075

Re: Why is Costco gas so much cheaper

They're 10 cents lower than the next lowest one in my area as of this moment. Since they're only 3 miles from my home, I go there where possible, especially if I'm in the area and don't have to drive 6 miles round trip to get there.
by bsteiner
Sat Dec 01, 2018 5:55 pm
Forum: Investing - Theory, News & General
Topic: "The Steak Dinner Annuity Pitch"
Replies: 60
Views: 7160

Re: "The Steak Dinner Annuity Pitch"

If you go to the free dinner seminar, and you buy the annuity, the living trust, the timeshare, or the bridge, you paid for the free dinners for everyone else in the room.
by bsteiner
Thu Nov 29, 2018 9:04 am
Forum: Investing - Theory, News & General
Topic: TSP Unveils Plans for Expanding Withdrawal Options
Replies: 27
Views: 2266

Re: TSP Unveils Plans for Expanding Withdrawal Options

... They also removed the age 70 1/2 default forceout three months ago instead of in September/2019. Now if you fail to make an election, they will automatically begin RMD. ... How will it work? Annual or monthly? When in the month or year? By check or electronic? What is the default income tax wit...
by bsteiner
Wed Nov 28, 2018 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Trustee of inherited business
Replies: 62
Views: 2673

Re: Trustee of Inherited Business continued

... This is not complicated for a capable lawyer. Anonymous postings from bogleheads to you, even from those who are lawyers, are only marginally helpful at best. The lawyers are trying to be helpful, but if asked I’m sure they would admit that they are giving you suggestions based upon bits and pi...
by bsteiner
Tue Nov 27, 2018 11:28 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee of inherited business
Replies: 62
Views: 2673

Re: Trustee of Inherited Business continued

There are some special requirements for trusts to be able to own S corporation shares. Did the trust satisfy them?
by bsteiner
Mon Nov 26, 2018 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting accounts as a beneficiary - potential issues and practical tips?
Replies: 32
Views: 2176

Re: Inheriting accounts as a beneficiary - potential issues and practical tips?

... It won't be just a "beneficiary" getting death certificates and approaching these financial institutions, especially if you have multiple beneficiaries. It will probably be the person named in your will (you have one, right?) as executor, who will go to probate court to get official permission ...
by bsteiner
Mon Nov 26, 2018 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Real Estate upon death
Replies: 33
Views: 2030

Re: Real Estate upon death

New Jersey has a procedure for ejection, which is simpler than the procedure for eviction of a tenant. It's for occupants who aren't tenants. Examples include the super of an apartment building who was given the occupancy of an apartment in the building but resigns or is fired, or an ex-boyfriend or...
by bsteiner
Mon Nov 26, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Inheriting accounts as a beneficiary - potential issues and practical tips?
Replies: 32
Views: 2176

Re: Inheriting accounts as a beneficiary - potential issues and practical tips?

... if one of the beneficiaries does not want to contribute to the debts, taxes and expenses then I suppose there is nothing that can be done to force them to pay if they receive their inheritance as direct account beneficiaries as opposed to through probate. But that assumes that a direct account ...
by bsteiner
Mon Nov 26, 2018 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Federal Job Offer - Should I take it?
Replies: 58
Views: 3852

Re: Federal Job Offer - Should I take it?

I might have been tempted to stay in Fort Wayne if WOWO 1190 AM still played rock music. But now that it no longer does, I think San Francisco would be much more exciting, even if your money won't go as far in San Francisco as it would in Fort Wayne.
by bsteiner
Sun Nov 25, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting accounts as a beneficiary - potential issues and practical tips?
Replies: 32
Views: 2176

Re: Inheriting accounts as a beneficiary - potential issues and practical tips?

... Are you suggesting that it is better to let all of your accounts and assets go through the time and expense of probate, i.e. the court system? ... In most cases, yes. You probate the Will, not the assets. In most states, it's not difficult, expensive or burdensome, nor does it take very long. A...
by bsteiner
Sun Nov 25, 2018 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Inheriting accounts as a beneficiary - potential issues and practical tips?
Replies: 32
Views: 2176

Re: Inheriting accounts as a beneficiary - potential issues and practical tips?

It's usually better not to designate beneficiaries except for life insurance and retirement benefits. Designating beneficiaries for everything will make it more difficult for your final income tax returns to be filed and the taxes paid, for someone to advance the money for your funeral and be reimbu...
by bsteiner
Fri Nov 23, 2018 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited Tax Loss
Replies: 10
Views: 988

Re: Inherited Tax Loss

You didn't provide enough facts to answer your question. ,,, Bruce, isn’t OP talking about a loss that is being passed out from a REIT via a K-1?l I didn't think a REIT could pass losses through. I assumed that the investment became worthless, so that there would be a capital loss to the extent, if...
by bsteiner
Fri Nov 23, 2018 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale
Replies: 257
Views: 18300

Re: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale

... an accrual choice plus careful choice of tax year may enable the filing of a 1041 that maximizes the ability to make use of deductible legal and accounting expenses paid by the estate administrator that otherwise would have gone to waste. (E.g., if the estateś income all arrives within a few mo...
by bsteiner
Fri Nov 23, 2018 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale
Replies: 257
Views: 18300

Re: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale

Premium & Business (which includes, among other things, Form 1041 for estates and trusts, and all of the state forms for estates and trusts, is $40 on Amazon today. The offer includes a 5% Amazon bonus on tax refunds. That is a great deal for those who know ahead of time they will need it! In my ca...
by bsteiner
Fri Nov 23, 2018 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale
Replies: 257
Views: 18300

Re: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale

Premium & Business (which includes, among other things, Form 1041 for estates and trusts, and all of the state forms for estates and trusts, is $40 on Amazon today. The offer includes a 5% Amazon bonus on tax refunds. I have been using Turbotax Premium for my personal taxes (federal and state) and ...
by bsteiner
Fri Nov 23, 2018 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited Tax Loss
Replies: 10
Views: 988

Re: Inherited Tax Loss

You didn't provide enough facts to answer your question. If your father owned shares individually, his estate and beneficiaries would take a new basis at his death equal to the date of death value. Likewise, if the trust was included in his estate for estate tax purposes (the most likely situation w...
by bsteiner
Fri Nov 23, 2018 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale
Replies: 257
Views: 18300

Re: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale

Premium & Business (which includes, among other things, Form 1041 for estates and trusts, and all of the state forms for estates and trusts, is $40 on Amazon today. The offer includes a 5% Amazon bonus on tax refunds.
by bsteiner
Wed Nov 21, 2018 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Why I plan on buying a life annuity - even if it is a stupid idea
Replies: 117
Views: 10738

Re: Why I plan on buying a life annuity - even if it is a stupid idea

... buying an annuity you have given up the likelihood of some terminal value(for your heirs) versus the ability to spend more now with no risk of running out, but have also assumed more inflation risk. Trade offs everywhere. If you reinvest the principal portion of each annuity payment, and you li...
by bsteiner
Wed Nov 21, 2018 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Need a financial check up
Replies: 10
Views: 1200

Re: Need a financial check up

Given the low interest rate on the mortgage, and the zero interest rate on the car, I would put retirement plan contributions ahead of prepaying the loans.
by bsteiner
Wed Nov 21, 2018 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Why I plan on buying a life annuity - even if it is a stupid idea
Replies: 117
Views: 10738

Re: Why I plan on buying a life annuity - even if it is a stupid idea

inbox788 wrote:
Sun Nov 18, 2018 6:31 pm
... on average, you're better off waiting and NOT annuitizing at start of retirement. The main thing that's better is that it guarantees the amount you ...
That's what insurance does. On average you're better off without it, but it guarantees the result.