Search found 2971 matches

by bsteiner
Mon Jan 15, 2018 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Owning house in a trust?
Replies: 8
Views: 597

Re: Owning house in a trust?

... Google Florida legal probate fees discussed in NOLO, for a brief explanation of the possible legal costs of probate in that state. Probating a Will in Florida is generally not particularly difficult, expensive or burdensome. We probate lots of Wills throughout Florida. The forms are the same th...
by bsteiner
Mon Jan 15, 2018 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: How to file distribution from one trust to another
Replies: 1
Views: 99

Re: How to file distribution from one trust to another

The income (and gains in the final taxable year) of the estate/formerly revocable trust will pass through to trusts 1 and 3 in the same way as if the revocable trust were payable to individual beneficiaries.
by bsteiner
Sun Jan 14, 2018 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Any negatives to children going on a parents deed via a lady bird deed?
Replies: 7
Views: 796

Re: Any negatives to children going on a parents deed via a lady bird deed?

It's a revocable transfer on death (TOD) deed, permitted in some states. Disadvantages include: 1. It makes a portion of your estate plan public during your lifetime, so if you revoke or change it, the adversely affected beneficiaries will know your previous plan. 2. It's more expensive, since you s...
by bsteiner
Sun Jan 14, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Uber experience as worker?
Replies: 16
Views: 1537

Re: Uber experience as worker?

You could see what the drivers say on uberpeople.net.
by bsteiner
Sat Jan 13, 2018 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: Firing real estate agent after offer made?
Replies: 29
Views: 3117

Re: Firing real estate agent after offer made?

Isn't the broker's or agent's job to find a buyer? He did his job. So he gets a commission. If it's a short sale the parties need to get the lender's approval. Why would the broker or agent be involved in that?
by bsteiner
Thu Jan 11, 2018 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: How much/little money to give kids in will so they continue to work
Replies: 95
Views: 7709

Re: How much/little money to give kids so they continue to work

I have not set up trusts yet for my minors (5 and 2), but will be shortly. I have slowly started thinking about this. Just curious for those in the know (ahem Bsteiner) can't you just stipulate money to be left in the trust and only be used for something like health and education. Other then that h...
by bsteiner
Tue Jan 09, 2018 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts for adult Children
Replies: 200
Views: 9419

Re: Trusts for adults Children

... I know a situation where a child who was set to inherit approx. $5,000,000 from dear old mother, whose trust mandated that all remaining property be distributed outright to the child at the magic age of ___ (which the child reached a year prior to mother's death). Child did not see a dime of th...
by bsteiner
Sun Jan 07, 2018 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning for non-citizen
Replies: 11
Views: 455

Re: Estate planning for non-citizen

It won't matter unless one of you is worth more than $11.2 million. If that's the case you'll want someone who who regularly deals with estates over $11.2 million, and such a person will know how to draft the necessary provisions for noncitizen spouses. Bsteiner, I know you are very experienced and...
by bsteiner
Sun Jan 07, 2018 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning for non-citizen
Replies: 11
Views: 455

Re: Estate planning for non-citizen

It won't matter unless one of you is worth more than $11.2 million. If that's the case you'll want someone who who regularly deals with estates over $11.2 million, and such a person will know how to draft the necessary provisions for noncitizen spouses.
by bsteiner
Sun Jan 07, 2018 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)
Replies: 110
Views: 7883

Re: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)

And worse, if you qualify as a NYS/NYC resident based on property ownership and working there, you may still count as a resident in NJ or CT were you spend 90%+ of your nights and were you actually live. This can lead to situations where your home state doesn't think you're a NY resident under thei...
by bsteiner
Fri Jan 05, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)
Replies: 110
Views: 7883

Re: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)

Correct. However, most often the taxpayer works in NYC. For example, I live in NJ and work in Manhattan. If I bought a home in the Hamptons and stayed there 20 days a year like Mr. Barker, I'd be taxable as a NYS resident. If I bought an apartment in NYC and stayed there when the weather was bad (l...
by bsteiner
Fri Jan 05, 2018 11:01 am
Forum: Personal Finance (Not Investing)
Topic: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)
Replies: 110
Views: 7883

Re: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)

... Having children in the city is A LOT different than living there as DINKS. We lived in NYC for 5 years, moved to TN and hated it. We took our toddler with us back to NYC and thought about moving back. Four days in the city with an 18mth old and we decided never. Not only just the logistics of g...
by bsteiner
Fri Jan 05, 2018 10:59 am
Forum: Personal Finance (Not Investing)
Topic: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)
Replies: 110
Views: 7883

Re: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)

... The only legal way to avoid city income tax is to spend less than 180 days a year there, not counting commutation. ... Commuting days count. Mr. Barker lived in Connecticut, worked in Manhattan, and had a home in the Hamptons where he spent about 20 days a year. That was enough to make him a NY...
by bsteiner
Fri Jan 05, 2018 9:13 am
Forum: Personal Finance (Not Investing)
Topic: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)
Replies: 110
Views: 7883

Re: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)

... The only legal way to avoid city income tax is to spend less than 180 days a year there, not counting commutation. ... Commuting days count. Mr. Barker lived in Connecticut, worked in Manhattan, and had a home in the Hamptons where he spent about 20 days a year. That was enough to make him a NY...
by bsteiner
Thu Jan 04, 2018 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Can one leave just part of an IRA to a Trust?
Replies: 27
Views: 1054

Re: Can one leave just part of an IRA to a Trust?

One Ping wrote:
Thu Jan 04, 2018 2:13 pm
...
Can a 'pour over will' put IRAs into a trust?
No. IRAs pass by beneficiary designation. You can name trusts under a Will, or trusts under a separate instrument, as beneficiaries of an IRA (on the beneficiary designation).
by bsteiner
Wed Jan 03, 2018 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Can one leave just part of an IRA to a Trust?
Replies: 27
Views: 1054

Re: Can one leave just part of an IRA to a Trust?

... 1) So, even if IRAs are passed via beneficiary designation they end up being considered as 'in the estate'? 2) Would you put all beneficiaries shares in the same trust or would each individual beneficiary have their own individual trust? 3) Do these trusts need to be funded before the death of ...
by bsteiner
Wed Jan 03, 2018 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: Can one leave just part of an IRA to a Trust?
Replies: 27
Views: 1054

Re: Can one leave just part of an IRA to a Trust?

... I suspect maybe Bruce Steiner, a Boglehead estate lawyer who chimes in often, can give better info. ... Thanks for the kind words. It's no different from leaving an IRA to more than one individual. For example, just as you could leave an IRA x% to A, y% to B and Z% to C (so long as x. y and z a...
by bsteiner
Wed Jan 03, 2018 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Living Trust - Will
Replies: 55
Views: 4035

Re: Living Trust - Will

Why do some consider it so important to have assets, particularly houses, pass via trusts rather than via a will and probate? I ask this not as a challenge but simply for information. The attorneys we dealt with for our last 3 wills (occasioned by moves to different states) seemed to think a trust ...
by bsteiner
Wed Jan 03, 2018 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Question on wills and advanced medical directives
Replies: 18
Views: 1215

Re: Question on wills and advanced medical directives

... if I pass, everything goes to my spouse, and likewise if she passes before me. If we both pass, then proceeds would be split up between parents. ... Given no children, are trusts even necessary assuming the above? ... Perhaps. If your parents might (with this inheritance) have an estate large e...
by bsteiner
Tue Jan 02, 2018 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Wiki - Tax law changes
Replies: 8
Views: 2478

Re: Wiki - Tax law changes

Keep in mind that the bill is over 500 pages long and the Conference Report is also over 500 pages long. It's only been out for a short time and the 2018 changes have only been in effect for a shorter time. As people peruse it, they'll find things that may not have been discussed. People will think ...
by bsteiner
Tue Jan 02, 2018 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning and Wills
Replies: 3
Views: 535

Re: Estate Planning and Wills

My wife and I are turning 35 this year, are likely done having kids (2 now) and want to start to think about drafting a will and planning for the future. She is a Big Law attorney and I work for a wall street firm. The T&E attys at her firm are looking for bigger fish than us - so we are instead lo...
by bsteiner
Tue Jan 02, 2018 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)
Replies: 110
Views: 7883

Re: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)

Something else to consider. When we lived in Tennessee, my husband worked in NYC around a week a month and stayed in the company apartment in the city. NY State and NYC came after us for income taxes for every day he worked in New York, it didn't matter that his name wasn't on any lease in the city...
by bsteiner
Tue Jan 02, 2018 11:32 am
Forum: Personal Finance (Not Investing)
Topic: SALT Tax Deduction Max of $10K is NOT indexed to Inflation
Replies: 29
Views: 4250

Re: SALT Tax Deduction Max of $10K is NOT indexed to Inflation

... Tax brackets were indexed in the Economic Recovery Tax Act of 1981 . SS benefits were first taxed in the 1983 Amendments to the Social Security Act . Harlon's razor says this isn't proof it was intentional, but it is suggestive. Without indexing, the high inflation of the 1970s pushed people in...
by bsteiner
Tue Jan 02, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Who should we appoint as executor?
Replies: 32
Views: 2439

Re: Who should we appoint as executor?

Bruce, What would be your recommendation for a book? I don't know if there is one. William Zabel is a prominent lawyer and his book tells some interesting stories but doesn't provide enough guidance. I know Deborah Jacobs, who used to write for Forbes. I haven't read her book but from what I know o...
by bsteiner
Tue Jan 02, 2018 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Who should we appoint as executor?
Replies: 32
Views: 2439

Re: Who should we appoint as executor?

... We have ordered the book that two of you recommended ... That book is popular here, and It has some useful information. However, it has very little on taxes (which may not matter for most people now that the estate tax exclusion amount is $11.2 million (indexed) for the next 8 years and then $5...
by bsteiner
Mon Jan 01, 2018 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)
Replies: 110
Views: 7883

Re: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)

If you're doing well, and you had been in New York, you might have been subject to the alternative minimum tax, so you might not have gotten any benefit from deducting state and local taxes. Under the new law very few people will be subject to the AMT. So you could end up with an additional $10,000 ...
by bsteiner
Mon Jan 01, 2018 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Tax Law - Estate Plan considerations?
Replies: 7
Views: 709

Re: 2018 Tax Law - Estate Plan considerations?

... At the high end, some people will give away another $5.6 million ($11.2 million for a married couple) to take advantage of the increased exclusion amount. ... If a couple gives away $11.2 million now, then the estate tax exemption returns in 2025 to its previous (2017) level, will that couple h...
by bsteiner
Mon Jan 01, 2018 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Tax Law - Estate Plan considerations?
Replies: 7
Views: 709

Re: 2018 Tax Law - Estate Plan considerations?

The new law hasn't even been in effect for 24 hours yet, so as people have a chance to think about it we may have a better sense of what people will do. At the high end, some people will give away another $5.6 million ($11.2 million for a married couple) to take advantage of the increased exclusion ...
by bsteiner
Mon Jan 01, 2018 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Who should we appoint as executor?
Replies: 32
Views: 2439

Re: Who should we appoint as executor?

If your children got along well, you would probably name both of them as executors and they would probably work things out. I've been involved in several protracted litigations where one or more of the children were the executors and the children didn't get along. To minimize the chances of that, I ...
by bsteiner
Mon Jan 01, 2018 12:45 am
Forum: Investing - Help with Personal Investments
Topic: Cheapest Tender Offer Broker?
Replies: 6
Views: 599

Re: Cheapest Tender Offer Broker?

Vanguard doesn't charge, at least for Flagship clients.
by bsteiner
Sun Dec 31, 2017 11:51 am
Forum: Investing - Theory, News & General
Topic: Tax Law Sunset 2025 - Roth vs Traditional
Replies: 74
Views: 5386

Re: Tax Law Sunset 2025 - Roth vs Traditional

As to my income, my wife and I (that's still weird to me to say, I got married this month), make a total of 110k/yr I'm actually doing pure traditional 401k and she's doing a tira Since you just got married I'm guessing you're relatively young. There's no way to predict what your situation and the ...
by bsteiner
Sat Dec 30, 2017 6:28 pm
Forum: Investing - Theory, News & General
Topic: Tax Law Sunset 2025 - Roth vs Traditional
Replies: 74
Views: 5386

Re: Tax Law Sunset 2025 - Roth vs Traditional

The major changes are the widening of the 24% bracket for joint returns to $315,000, twice the width of the single bracket, and the changes to the AMT whereby very few taxpayers will be subject to the AMT. As a result, many more IRA owners will be able to convert at 24% or less. While that may not b...
by bsteiner
Thu Dec 28, 2017 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: AMT: is it black and white like being pregnant or not?
Replies: 15
Views: 1370

Re: AMT: is it black and white like being pregnant or not?

At any point you're either in the AMT or you're not in the AMT. However, any additional income or deductions can put you into or out of the AMT. For example, suppose you're in the AMT and above the AMT exemption phaseout, so that your AMT rate is 28% and your regular tax rate is 39.6%. You earn addi...
by bsteiner
Wed Dec 27, 2017 9:29 am
Forum: Personal Finance (Not Investing)
Topic: Living Trust - Will
Replies: 55
Views: 4035

Re: Living Trust - Will

My wife has been suggesting we do a living trust/will for a while.... a couple of lawyers quoted ~$1,500-3,000 and then we found Suzie Orman's version of living trust & will and then Nolo has some online documents to fill out with guides. ... I wouldn't mind saving money but I also want to get it r...
by bsteiner
Tue Dec 26, 2017 6:48 pm
Forum: Personal Consumer Issues
Topic: What computer should I get?
Replies: 36
Views: 3224

What computer should I get?

I have an old Dell OptiPlex at home that I need to replace. Since i was happy with the Dell OptiPlex that's what I would look at first. I use it for Word, Excel, internet, one old DOS program (Andrew Tobias' Managing Your Money) and connecting to my office computer from home via Citrix. So as to min...
by bsteiner
Mon Dec 25, 2017 5:48 pm
Forum: Investing - Help with Personal Investments
Topic: 529 optimization given new tax law
Replies: 6
Views: 1349

Re: 529 optimization given new tax law

The increase in the estate tax exclusion amount makes the 529 attractive to more people. If you expect to have a taxable estate, you can probably get a better benefit by paying for your children's education and also making annual exclusion gifts ( which can be in trusts that are grantor trusts for i...
by bsteiner
Sun Dec 24, 2017 3:18 pm
Forum: Investing - Help with Personal Investments
Topic: Are Roth IRAs overrated?
Replies: 77
Views: 7228

Re: Are Roth IRAs overrated?

Roth IRAs aren't overrated. They're underrated. But many people in high tax brackets should wait until they retire before considering Roth conversions.
by bsteiner
Sat Dec 23, 2017 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: cost basis of inherited home sold after 18 months
Replies: 7
Views: 943

Re: cost basis of inherited home sold after 18 months

We've had several cases where the property sold for more than the appraised value. The IRS estate tax attorney (or occasionally the state) wanted to use the sales price. We tried to show there was a change in the market, or the buyer wanted that particular property (for example, the buyer owned an a...
by bsteiner
Fri Dec 22, 2017 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Do you see a meaningful change in your income with new Tax Bill?
Replies: 260
Views: 19902

Re: Do you see a meaningful change in your income with new Tax Bill?

Taxpayers who've been in the AMT couldn't get personal exemptions or state and local taxes. Many of them will no longer be in the AMT, and will now get $10,000 of state and local taxes. The joint return brackets will be twice the width of the single brackets through the 24% bracket (up to $315,000 j...
by bsteiner
Thu Dec 21, 2017 7:34 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversions, younger retirees, new (temporary) tax brackets
Replies: 6
Views: 818

Re: Roth conversions, younger retirees, new (temporary) tax brackets

It's hard to know what the tax rates will be in 2026.

The widening of the 24% bracket up to $315,000 on a joint return will give many married couples a wider window to do Roth conversions at 24% or less.
by bsteiner
Wed Dec 20, 2017 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 878
Views: 48465

Re: Tax Bill Omnibus Thread

... Did anyone else notice the differences between single and MFJ rates? ... For some time, the joint brackets were double the width of the single brackets for the lower brackets. That will now be the case up through the 24% bracket. That will allow more IRA owners filing joint returns to convert w...
by bsteiner
Wed Dec 20, 2017 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 878
Views: 48465

Re: Tax Bill Omnibus Thread

Are the new estate tax exemptions permament, or do they grandfather in some future year? Are they adjusted for inflation? The estate and gift tax exclusion and the GST exemption are doubled for 2018 through 2025, and revert to current law in 2026. They are adjusted for inflation. So we're recommend...
by bsteiner
Wed Dec 20, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: 1031 Exchange vs Charitable Remainder Trust
Replies: 9
Views: 632

Re: 1031 Exchange vs Charitable Remainder Trust

... you're going to have to find a charity with experience managing planned gifts (especially if you go the CRT route). .... That's not correct. The charitable beneficiaries need not be involved in the management of the trust. You can select whomever you want as trustee(s). You can also retain the ...
by bsteiner
Sun Dec 17, 2017 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: tax management: taking full advantage of AMT sweet spot
Replies: 15
Views: 1926

Re: tax management: taking full advantage of AMT sweet spot

It's an opportunity to do Roth conversions at 28%.
by bsteiner
Sun Dec 17, 2017 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: What are the negatives of inheriting a Roth IRA - if any? (Non Spousal)
Replies: 11
Views: 1144

Re: What are the negatives of inheriting a Roth IRA - if any? (Non Spousal)

If they need money, the trustees could make distributions to them out of the nonretirement assets so far they don't have to take more than the required distributions from the retirement assets.
by bsteiner
Sun Dec 17, 2017 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Preparing to hire lawyer to write will - any advice?
Replies: 12
Views: 1766

Re: Preparing to hire lawyer to write will - any advice?

Don't mandate or limit distributions. You don't know what the future will bring. Focus on the choice of trustees.

If appropriate, give each child control over his/her trust at an appropriate age.
by bsteiner
Fri Dec 15, 2017 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning in PA with Revocable Living Trust? Special Needs?
Replies: 14
Views: 830

Re: Estate Planning in PA with Revocable Living Trust? Special Needs?

... Do you have an opinion on whether establishing trusts for individual heirs would be prudent? Except possibly as set forth in the next paragraph, you would provide in your Will that each child would have a separate trust (actually two trusts, one for his/her share of the retirement assets and on...
by bsteiner
Fri Dec 15, 2017 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning in PA with Revocable Living Trust? Special Needs?
Replies: 14
Views: 830

Re: Estate Planning in PA with Revocable Living Trust? Special Needs?

... hopeful bsteiner can chime in as his insight seem especially knowledgeable.... Thanks for the kind words. The trust for the child with special needs is similar to the trusts for the other children. The difference is that, depending on the nature of the disability, the child with special needs m...