Search found 3170 matches

by bsteiner
Sat May 19, 2018 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Wells Fargo Advisors Transfer On Death (TOD)
Replies: 19
Views: 1254

Re: Wells Fargo Advisors Transfer On Death (TOD)

It would have been simpler without the transfer on death designation. With a death certificate and a court certificate evidencing their appointment, the executors could have collected the assets. Thanks bsteiner! I will consider that in my own planning! TODs are nice to avoid probate; I didn't know...
by bsteiner
Sat May 19, 2018 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need a trust?
Replies: 12
Views: 1470

Re: Do we need a trust?

... I am thinking more about a major lawsuit. We have a $3M umbrella which should cover almost anything that could happen. Nonetheless, would like to protect at least some of our assets from such things. ... You could create an asset protection trust in a state such as Alaska, Delaware, Nevada or S...
by bsteiner
Sat May 19, 2018 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Wells Fargo Advisors Transfer On Death (TOD)
Replies: 19
Views: 1254

Re: Wells Fargo Advisors Transfer On Death (TOD)

It would have been simpler without the transfer on death designation. With a death certificate and a court certificate evidencing their appointment, the executors could have collected the assets.
by bsteiner
Fri May 18, 2018 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need a trust?
Replies: 12
Views: 1470

Re: Do we need a trust?

Trusts are tools. In order to know whether you need a fork or a spoon or whether you can eat with your hands, we would need to know what food you're eating. Given your assets, you probably wouldn't be giving away assets to save estate taxes. Nor, given your assets, pension and Social Security, would...
by bsteiner
Fri May 18, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning Basics
Replies: 4
Views: 361

Re: Estate Planning Basics

My wife and I are about to turn 45 with two young children of ages 8 and 6 years, and we have started to think about estate planning issues in the unfortunate and hopefully unlikely event that we were both to die or both be incapacitated somehow in making financial decisions, e.g. through a grave i...
by bsteiner
Fri May 18, 2018 9:05 am
Forum: Investing - Help with Personal Investments
Topic: Fund picks for inherited non-qualified stretch annuity?
Replies: 3
Views: 181

Re: Fund picks for inherited non-qualified stretch annuity?

There's often no good solution to an investment-type annuity. If you keep it, you'll continue to incur the expenses of the annuity (though at a much reduced level if you move it to Vanguard), and you'll turn the future investment income and gains into ordinary income. If you cash it in, you'll accel...
by bsteiner
Thu May 17, 2018 10:50 am
Forum: Personal Finance (Not Investing)
Topic: LLC taxed as an S Corp
Replies: 5
Views: 454

Re: LLC taxed as an S Corp

We had one involving a sale of a building. If the buyer were taxable as a partnership, it would have been a sale between related partnerships, and the gain would have been ordinary income under Section 707(b)(2). So we wanted the buyer to be taxable as an S corporation. While it's usually easier to ...
by bsteiner
Thu May 17, 2018 8:04 am
Forum: Investing - Help with Personal Investments
Topic: Large Personal Injury Settlement
Replies: 58
Views: 4783

Re: Large Personal Injury Settlement

... I opted not to do a structured settlement. I believe I can get a higher return managing the money myself instead of being stuck with 4% a year gains. Inflation eats that up quickly. My lawyer suggested it, citing many people my age would hastily lose most of the money, but I'm confident with th...
by bsteiner
Mon May 14, 2018 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Trusts and Special Needs
Replies: 13
Views: 765

Re: Qualified Trusts and Special Needs

... Maybe our only option is to include language in the SNT that handles IRA distributions differently from other property — so that the retirement distributions the trustee receives will be held separately and never pass to a charitable or elderly beneficiary? That's the most common approach. Each...
by bsteiner
Mon May 14, 2018 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to define "rich"?
Replies: 32
Views: 2202

Re: Best way to define "rich"?

If you can afford to buy the Tropicana even if the other brand of orange juice is on sale.

If you can afford to order the special in a restaurant without having to ask how much it costs.

If you can afford to retire.
by bsteiner
Mon May 14, 2018 8:32 am
Forum: Investing - Help with Personal Investments
Topic: Financial Advice for Federal Employee
Replies: 10
Views: 879

Re: Financial Advice for Federal Employee

A small change in the assumptions can result in a large change in the results over a very long time period.
by bsteiner
Sun May 13, 2018 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Trusts and Special Needs
Replies: 13
Views: 765

Re: Qualified Trusts and Special Needs

... Maybe our only option is to include language in the SNT that handles IRA distributions differently from other property — so that the retirement distributions the trustee receives will be held separately and never pass to a charitable or elderly beneficiary? That's the most common approach. Each...
by bsteiner
Sun May 13, 2018 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Special needs inheritance situation: whole life insurance?
Replies: 6
Views: 891

Re: Special needs inheritance situation: whole life insurance?

She'll come out better with the life insurance if she dies substantially before life expectancy. She'll be better off without the life insurance if she lives close to, to, or beyond life expectancy. She should (in her Will) provide for her children in trust rather than outright, to keep her children...
by bsteiner
Sun May 13, 2018 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Trusts and Special Needs
Replies: 13
Views: 765

Re: Qualified Trusts and Special Needs

...What I’m still not totally clear on, and it’s more of a Medicaid /SSI question vs a legal estate planning question, is how much of the RMD is considered as “income” for govt benefits purposes. From an attorney comment quoted above, it sounds like it is the unspent amount. With a decent size bala...
by bsteiner
Sun May 13, 2018 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: How to find reputable person for Will/Trust?
Replies: 41
Views: 3022

Re: How to find reputable person for Will/Trust?

In researching conduit vs accumulation for special needs trusts (other thread) i stumbled upon this site that purports to have a “toggle switch” between conduit and accumulation. http://ultimateestateplanner.com/2016/11/01/ira-trusts-conduit-or-accumulation/ I think this is what we've been discussi...
by bsteiner
Sun May 13, 2018 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Trusts and Special Needs
Replies: 13
Views: 765

Re: Qualified Trusts and Special Needs

Piggy backing off the side conversation about qualified trusts in the estate planning attorney thread, would the income from traditional IRA distributions in a conduit qualified SNT trust potentially endanger SSI and Medicaid eligibility, since the RMD income is recognized by the beneficiary outsid...
by bsteiner
Sun May 13, 2018 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: How to find reputable person for Will/Trust?
Replies: 41
Views: 3022

Re: How to find reputable person for Will/Trust?

... If the goal is to have retirement account RMDs go to the benefit of the beneficiary but with the beneficiary never owning the money, then an accumulation trust is the way to go. Just recognize that 1. You need estate attorneys who know what they are doing 2. There is some risk that the IRS may ...
by bsteiner
Sun May 13, 2018 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Moving Assets into an Irrevocable Trust
Replies: 5
Views: 485

Re: Moving Assets into an Irrevocable Trust

The trustee is the legal owner, in his/her capacity as trustee. The beneficiaries of the trust are the beneficial owners. Revocable trusts make sense in some cases, and in some states, though for most people in most states they're not necessary. They're not commonly used in New York. In most cases, ...
by bsteiner
Sun May 13, 2018 10:02 am
Forum: Personal Finance (Not Investing)
Topic: How to find reputable person for Will/Trust?
Replies: 41
Views: 3022

Re: How to find reputable person for Will/Trust?

There is no litmus test or easy answer. Several people have suggested one credential or another. There are good lawyers with each of these credentials (and others not mentioned in this thread), but there are also lawyers with each of these credentials whom I would prefer to have an an adversary than...
by bsteiner
Sat May 12, 2018 10:27 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on building a timeless mens wardrobe?
Replies: 65
Views: 4636

Re: Advice on building a timeless mens wardrobe?

The high end stores have major sales in June/July and in December/January.
by bsteiner
Thu May 10, 2018 10:54 am
Forum: Personal Finance (Not Investing)
Topic: How to pass life insurance proceeds from my parents' second to die policy on to my children tax free?
Replies: 17
Views: 1059

Re: How to pass life insurance proceeds from my parents' second to die policy on to my children tax free?

If they want to give each child the option of taking his/her share or letting his/her share go to his/her children, they could name their issue per stirpes as the beneficiaries. That way, if a child disclaims, his/her share would go to his/her children. If they're elderly, do they still need life i...
by bsteiner
Thu May 10, 2018 10:39 am
Forum: Personal Finance (Not Investing)
Topic: How to pass life insurance proceeds from my parents' second to die policy on to my children tax free?
Replies: 17
Views: 1059

Re: How to pass life insurance proceeds from my parents' second to die policy on to my children tax free?

If they want to give each child the option of taking his/her share or letting his/her share go to his/her children, they could name their issue per stirpes as the beneficiaries. That way, if a child disclaims, his/her share would go to his/her children. If they're elderly, do they still need life in...
by bsteiner
Wed May 09, 2018 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: Lost Beneficiaries - T. Rowe Price
Replies: 24
Views: 1634

Re: Lost Beneficiaries - T. Rowe Price

That's backwards. It's usually best to name beneficiaries for retirement benefits but not for taxable accounts (so the taxable accounts pass under the Will). What is the benefit of this? Piecemeal or asset by asset planning creates lots of problems. Different assets can change in value over time, o...
by bsteiner
Wed May 09, 2018 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: Lost Beneficiaries - T. Rowe Price
Replies: 24
Views: 1634

Re: Lost Beneficiaries - T. Rowe Price

That's backwards. It's usually best to name beneficiaries for retirement benefits but not for taxable accounts (so the taxable accounts pass under the Will).
by bsteiner
Wed May 09, 2018 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: Will/Trust question for kids
Replies: 23
Views: 1879

Re: Will/Trust question for kids

You don't know what the future will bring. The best you can do is to select trustees whose judgment you trust, and give them discretion to do what they think best from time to time. Whenever someone mandates or restricts distributions, it's likely to cause a problem they couldn't anticipate.
by bsteiner
Wed May 09, 2018 1:29 pm
Forum: Investing - Help with Personal Investments
Topic: Pension. Lump sum or monthly payments.
Replies: 10
Views: 938

Re: Pension. Lump sum or monthly payments.

... The reasonable comparison is what an equivalent SPIA purchased on the open market would bring. Assuming you might otherwise consider buying one. I'm not sure I understand the point. The MIL has to choose either a pension or a lump sum. She is considering one or the other. You are correct that s...
by bsteiner
Wed May 09, 2018 1:14 pm
Forum: Investing - Help with Personal Investments
Topic: Pension. Lump sum or monthly payments.
Replies: 10
Views: 938

Re: Pension. Lump sum or monthly payments.

Earl Lemongrab wrote:
Wed May 09, 2018 1:03 pm
...
The reasonable comparison is what an equivalent SPIA purchased on the open market would bring.
Assuming you might otherwise consider buying one.
by bsteiner
Wed May 09, 2018 9:31 am
Forum: Personal Consumer Issues
Topic: Rental Cars:National, Budget, Alamo or Thrifty
Replies: 33
Views: 1458

Re: Rental Cars:National, Budget, Alamo or Thrifty

Some of them are under common ownership.

Which is less expensive will vary.

There are often discounts: Costco, BJs (similar to Costco but not in every part of the country), AARP, professional organizations.
by bsteiner
Tue May 08, 2018 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking proactive suggestions for Successor Trustee and scattered stocks
Replies: 3
Views: 306

Re: Seeking proactive suggestions for Successor Trustee and scattered stocks

There was probably no need for the revocable trust. Unlike some states, probating a Will in Florida is not particularly difficult, expensive or burdensome. We probate lots of Wills throughout Florida from our office in New York. The papers are the same in all counties, and they're filed electronical...
by bsteiner
Tue May 08, 2018 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Will/Trust question for kids
Replies: 23
Views: 1879

Re: Will/Trust question for kids

... We also set up that they would receive any proceeds at age 25, but I've been meaning to change that to 30 or 35. Instead of mandating distribution, you might provide that each child gets to control his/her trust at that point. For this purpose, control means that the child can become a trustee,...
by bsteiner
Tue May 08, 2018 11:35 am
Forum: Investing - Theory, News & General
Topic: Don't leave your non-spouse heirs TIRAs with basis, unless you hate them!
Replies: 84
Views: 7480

Re: Don't leave your non-spouse heirs TIRAs with basis, unless you hate them!

... but I would assume that whenever you do a QCD from an IRA that has a nonzero basis, you would still have to prorate that basis. ... I haven't checked the Code, Regulations, legislative history or other IRS guidance. However, Publication 590-B says (on page 13) that you don't prorate. The QCD co...
by bsteiner
Tue May 08, 2018 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Will/Trust question for kids
Replies: 23
Views: 1879

Re: Will/Trust question for kids

A guardian might or might not be a good choice for trustee, and vice versa.
by bsteiner
Tue May 08, 2018 9:40 am
Forum: Investing - Theory, News & General
Topic: Don't leave your non-spouse heirs TIRAs with basis, unless you hate them!
Replies: 84
Views: 7480

Re: Don't leave your non-spouse heirs TIRAs with basis, unless you hate them!

... but I would assume that whenever you do a QCD from an IRA that has a nonzero basis, you would still have to prorate that basis. ... I haven't checked the Code, Regulations, legislative history or other IRS guidance. However, Publication 590-B says (on page 13) that you don't prorate. The QCD co...
by bsteiner
Tue May 08, 2018 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Means of Titling/Re-Titling [checking acct into] my RLT?
Replies: 20
Views: 1064

Re: Means of Titling/Re-Titling [checking acct into] my RLT?

... You actually bring up a larger and more difficult issue. In "olden" times, the answer to your question was simple--you threw the old will in the fireplace to burn after you executed the new one. There was nothing "old" to present. With the (1) advent of the use of RLTs for everyday estate plann...
by bsteiner
Tue May 08, 2018 7:51 am
Forum: Personal Finance (Not Investing)
Topic: DAF with <$5k minimum contribution?
Replies: 17
Views: 1109

Re: DAF with <$5k minimum contribution?

If you're under 30, the Jewish Communal Fund will reduce its minimum to $1,800 instead of their usual $5,000. https://www.jcfny.org/establish-a-jcf-f ... year-olds/.
by bsteiner
Mon May 07, 2018 9:18 am
Forum: Personal Finance (Not Investing)
Topic: What career for smartest kid in the class?
Replies: 132
Views: 7851

Re: What career for smartest kid in the class?

We need more smart people in politics. Politics is like sports or entertainment in the sense that there are very few spots at the top. It's also difficult because whichever side you're on there are people on the other side. However, we need good people in politics. You don't have to be the smartest...
by bsteiner
Sun May 06, 2018 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable Brokerage Account in Trust?
Replies: 9
Views: 627

Re: Taxable Brokerage Account in Trust?

,,, do the trusts for the children satisfy the special requirements for trusts that receive retirement benefits? In other words, none of the retirement benefits accumulated in the trust can ever go to anyone older than the person whose life expectancy will determine the required distributions (for ...
by bsteiner
Sun May 06, 2018 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance Beneficiary information
Replies: 5
Views: 631

Re: Insurance Beneficiary information

Perhaps a disclaimer trust to give the spouse the option to disclaim in favor of a trust for his/her benefit. Next after the disclaimer trust, or after the spouse if there's no disclaimer trust, to the children, equally, with the share for a deceased child going to his/her issue, except that each pe...
by bsteiner
Sun May 06, 2018 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable Brokerage Account in Trust?
Replies: 9
Views: 627

Re: Taxable Brokerage Account in Trust?

Yes, contingent is the correct terminology vs. secondary I think. I edit my original post to reflect that terminology. That wasn't what I meant. I was suggesting that you have the trusts for your children (rather than the revocable trust itself) as the beneficiaries of the retirement benefits upon ...
by bsteiner
Sun May 06, 2018 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable Brokerage Account in Trust?
Replies: 9
Views: 627

Re: Taxable Brokerage Account in Trust?

... I do have a living trust ,,, Is it the right setup to have my spouse listed as the primary beneficiary at 100% of all of my retirement accounts (and me as primary for her accounts) and the trust listed as the secondary beneficiary at 100%? Figure we wouldn't directly list the children until the...
by bsteiner
Sun May 06, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: What career for smartest kid in the class?
Replies: 132
Views: 7851

Re: What career for smartest kid in the class?

Medicine (Physician as well as Surgeons) is a great career provided one is motivated enough to spend years in studies and training. Rewards will pay it over. Average doctor makes decent money. $200K is not a big deal for non specialist. Most specialists will make north of $400K. Now it is difficult...
by bsteiner
Sun May 06, 2018 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Elder Care Advice
Replies: 26
Views: 2099

Re: Elder Care Advice

With close to $4 million and Social Security benefits this is more of a traditional estate planning matter for a trusts and estates lawyer than a Medicaid planning matter for an elder law attorney. He can afford to pay for his care. If their income including required distributions isn't enough to us...
by bsteiner
Sat May 05, 2018 9:19 pm
Forum: Investing - Help with Personal Investments
Topic: New Member Seeking Estate and Portfolio Planning Help
Replies: 6
Views: 631

Re: New Member Seeking Estate and Portfolio Planning Help

Roth conversions are generally beneficial to the extent you can convert at a tax rate less than, equal to, or not too much higher than the tax rate that would otherwise apply to the distributions. You'll probably have a window to do Roth conversions in a low bracket between when you retire and when ...
by bsteiner
Fri May 04, 2018 2:11 pm
Forum: Investing - Help with Personal Investments
Topic: How do I find an IRA that can hold Publix stock?
Replies: 16
Views: 915

Re: How do I find an IRA that can hold Publix stock?

There are several trust companies that will hold nontraditional investments in an IRA. The cost and complexity is less than described in the other thread.
by bsteiner
Fri May 04, 2018 9:50 am
Forum: Investing - Help with Personal Investments
Topic: New Member Seeking Estate and Portfolio Planning Help
Replies: 6
Views: 631

Re: New Member Seeking Estate and Portfolio Planning Help

... Our revocable trust ... the NJ inheritance/estate tax laws have changed since then. ... Revocable trusts are rarely used in New Jersey. I've been doing estate planning for over 30 years and I don't think I've ever seen one in New Jersey. It takes about an hour to probate a Will in New Jersey, a...
by bsteiner
Thu May 03, 2018 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Hiring an executor
Replies: 7
Views: 685

Re: Hiring an executor

Spouse. Children. Other family members if appropriate. A bank or trust company.
by bsteiner
Thu May 03, 2018 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: estate gain and fees in different years
Replies: 2
Views: 255

Re: estate gain and fees in different years

The passthrough of excess deductions in the final year of an estate is not available for 2018 through 2026. At the end of 2017 we went through our list of estates to see whether there were any that we could terminate by the end of 2017 to obtain this deduction. I've never done it, and I suspect it w...
by bsteiner
Wed May 02, 2018 9:30 am
Forum: Personal Finance (Not Investing)
Topic: How to find out the beneficiaries, if any, of a 401K
Replies: 12
Views: 1424

Re: How to find out the beneficiaries, if any, of a 401K

BigOldBear wrote:
Tue May 01, 2018 8:28 am
... There was no will. Whether it will be simple to settle things for an estate under $150,000, or it needs to go through probate may affect who is willing to take this on. ...
You can't probate the Will if there's no Will.
by bsteiner
Wed May 02, 2018 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Asked to be Executor - What questions to ask
Replies: 39
Views: 3342

Re: Asked to be Executor - What questions to ask

A lay person should be able to do the job. You can always hire lawyers, accountants, real estate brokers, appraisers, or anyone else you think appropriate. You should find out: 1. Who has custody of the original Will. 2. The family tree, and their contact information. 3. How you can get a key to the...