Search found 3463 matches

by bsteiner
Mon Oct 15, 2018 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: CA vs NY: TAXES / BENEFITS
Replies: 10
Views: 400

Re: CA vs NY: TAXES / BENEFITS

You're taxable on the LLC's income in the same way as if the LLC didn't exist and you earned the income individually. Does this mean, even if the LLC is registered in CA and I live in NY, the NY State tax rates apply to this income? I thought it was the source of the income (the company issuing the...
by bsteiner
Mon Oct 15, 2018 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: CA vs NY: TAXES / BENEFITS
Replies: 10
Views: 400

Re: CA vs NY: TAXES / BENEFITS

You're taxable on the LLC's income in the same way as if the LLC didn't exist and you earned the income individually.
by bsteiner
Mon Oct 15, 2018 8:06 am
Forum: Investing - Help with Personal Investments
Topic: Best way to Invest 10 Million Portfolio at 40 without income
Replies: 56
Views: 8464

Re: Best way to Invest 10 Million Portfolio at 40 without income

There is no taxable estate with Trump's new policies until you are >10M for individual. I have trusts setup whereby part of the inheritance has been given to me already and the other is joint trusts that I will get upon second parent's death. ... inherited IRAs/401Ks and taxable accounts are "game ...
by bsteiner
Sun Oct 14, 2018 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 29
Views: 1355

Long-term Care Insurance

... the odds are around 75% that even if you need LTC that you'll need it for no more than three years. ... I would be interested in a policy that covered an unlimited duration, but not the first 3 years. Since many people will need care for 3 years of less, insurance for the first 3 years is more ...
by bsteiner
Sun Oct 14, 2018 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: If I retire to a State that has no State taxes...
Replies: 46
Views: 7202

Re: If I retire to a State that has no State taxes...

... Keep in mind that there is no free lunch. While a state may not have income taxes, it has to feed the monster somehow, so expect higher sales tax and higher real estate taxes. So you may no come out all that much better in reality. I'm sure there is someone out there who has done all the math, ...
by bsteiner
Sun Oct 14, 2018 11:51 am
Forum: Investing - Help with Personal Investments
Topic: Best way to Invest 10 Million Portfolio at 40 without income
Replies: 56
Views: 8464

Re: Best way to Invest 10 Million Portfolio at 40 without income

There is no taxable estate with Trump's new policies until you are >10M for individual. I have trusts setup whereby part of the inheritance has been given to me already and the other is joint trusts that I will get upon second parent's death. ... inherited IRAs/401Ks and taxable accounts are "game ...
by bsteiner
Sat Oct 13, 2018 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Will or Trust?
Replies: 8
Views: 755

Re: Will or Trust?

... @bsteiner We don't have any additional reasons to create a revocable trust. My mother's motivation was to simplify things for me (executor) and protect my sibling from creditors. ... It won't make things much simpler. Probating a Will entails having the lawyer (more likely the paralegal under t...
by bsteiner
Fri Oct 12, 2018 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Will or Trust?
Replies: 8
Views: 755

Re: Will or Trust?

Neither creditor protection nor probate is a factor in deciding whether she should create a revocable trust. There's no difference in the creditor protection. Your mother can provide for your sister either outright (no creditor protection) or in trust (creditor protection) under either a Will or und...
by bsteiner
Thu Oct 11, 2018 9:35 pm
Forum: Personal Consumer Issues
Topic: Which one: Lyft or Uber?
Replies: 44
Views: 2794

Re: Which one: Lyft or Uber?

Get both. It allows you to price compare. Both increase prices when demand outstrips supply but sometimes one is experience a higher surge in price than the other. If you are going to NYC, download Via also. It's a shared ride where you might be with other passengers (like Uber pool) and it picks u...
by bsteiner
Thu Oct 11, 2018 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 367
Views: 32358

Re: free dinner investing seminar

... Looks like he wanted 1% AUM to "help" people, which would not include the kickbacks he would get from referring clients to financial advisors, estate lawyers, insurance/annuity salespersons, etc. ... Lawyers aren't allowed to share fees with nonlawyers. If you go to the free dinner seminar and ...
by bsteiner
Thu Oct 11, 2018 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage vs. Cash
Replies: 28
Views: 2114

Re: Mortgage vs. Cash

The mortgage has a tax arbitrage to the extent you can deduct the mortgage interest against ordinary income but your investment income will largely be qualified dividends, long-term capital gain (not taxable until you sell) and tax-exempt interest (though the interest rates on tax-exempt bonds are l...
by bsteiner
Thu Oct 11, 2018 9:14 am
Forum: Investing - Help with Personal Investments
Topic: Lump sum vs pension
Replies: 14
Views: 1353

Re: Lump sum vs pension

If I do the math, my pension is paying a rate of 5.75% of my lump sum. I know there are many other factors to consider when making my choice, but am I crazy to think I could invest a lump sum and withdraw at a rate of 5.75%? ... You probably can. If you earn 5.75% and withdraw 5.75%, you'll still h...
by bsteiner
Wed Oct 10, 2018 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: Copy/paste from sister's Living Trust?
Replies: 18
Views: 1413

Re: Copy/paste from sister's Living Trust?

My sister and I spent a considerable amount of time discussing her Living Trust. My attorney friend then helped her put it all together into their "template". So basically, now my sister is done with her Living Trust. Our thinking and lives are similar--both have 2 kids, both want to give equal sha...
by bsteiner
Wed Oct 10, 2018 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Leaving house to kids with a surviving spouse
Replies: 16
Views: 1814

Re: Leaving house to kids with a surviving spouse

... A trust might be just the thing to protect him from himself but don't know if I can sell this. She's rather anti-lawyer her ex was a lawyer and was a royal pain for her so not sure if I will win this battle. .... Should we still do DIY wills in the meanwhile because as one of you smart people s...
by bsteiner
Wed Oct 10, 2018 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: Elder care tax question(s)
Replies: 23
Views: 1192

Re: Elder care tax question(s)

... 1. Step Doctrine/House transfer. She stated it is has been a common practice among residents and family -- with estate planning attorney approval -- in the past. Hmmmm . . . .I kinda think it would be a Step Transaction. ... Wouldn't that depend on the facts? So, just got off the phone with the...
by bsteiner
Wed Oct 10, 2018 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Leaving house to kids with a surviving spouse
Replies: 16
Views: 1814

Re: Leaving house to kids with a surviving spouse

... the house is maybe a third or less of the total assets she will leave to her son so unfortunately he will have money to blow even without selling it. His dad is well off too. I don't want to sound like a grumpy step father he is not a bad kid or an addict just parties a lot young and reckless e...
by bsteiner
Wed Oct 10, 2018 1:27 pm
Forum: Personal Finance (Not Investing)
Topic: Elder care tax question(s)
Replies: 23
Views: 1192

Re: Elder care tax question(s)

CRTR wrote:
Wed Oct 10, 2018 1:09 pm
...
1. Step Doctrine/House transfer. She stated it is has been a common practice among residents and family -- with estate planning attorney approval -- in the past. Hmmmm . . . .I kinda think it would be a Step Transaction. ...
Wouldn't that depend on the facts?
by bsteiner
Wed Oct 10, 2018 11:38 am
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9097

Re: Allan Roth doesn't like single premium annuities

... longinvest has pointed out that insurance companies are making perhaps a 5% profit on the premiums paid for SPIAs. ... While they serve a purpose, in addition to the 5% profit (if that's what the profit is), there are expenses in running the insurance company and paying the agents. Also, annuit...
by bsteiner
Tue Oct 09, 2018 3:55 pm
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9097

Re: Allan Roth doesn't like single premium annuities

... If one buys a 6% SPIA, they need to live 16 years an 8 months to get their principal back in nominal terms and far longer in real inflation adjusted terms. This is arithmetic (1/.06). It's not income and IMO, it shouldn't be legal to sell it as income in the same way as a CD paying 3% income. I...
by bsteiner
Tue Oct 09, 2018 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to NYC, self-employed, with a kid. How big will my tax hit be?
Replies: 21
Views: 2123

Re: Moving to NYC, self-employed, with a kid. How big will my tax hit be?

See page 8 of the instructions to the estimated tax forms for the NYS and NYC income tax rates: https://www.tax.ny.gov/pdf/2015/inc/it2105i_2015.pdf.

The NYC unincorporated business tax is 4%.
by bsteiner
Mon Oct 08, 2018 3:57 pm
Forum: Investing - Theory, News & General
Topic: Life insurance theory
Replies: 11
Views: 1007

Re: Life insurance theory

barnaclebob wrote:
Mon Oct 08, 2018 3:37 pm
When would either be good for someone? The only time I've heard of any type of permanent life insurance being useful has to do with inheriting farmland or something like that.
What is the connection between cash value life insurance and farmland?
by bsteiner
Sun Oct 07, 2018 8:30 pm
Forum: Investing - Help with Personal Investments
Topic: Best way to Invest 10 Million Portfolio at 40 without income
Replies: 56
Views: 8464

Re: Best way to Invest 10 Million Portfolio at 40 without income

I am currently a 39 y/o physician making >500K/year but am concerned that my income will decline in the next few years due to reimbursement pressures in a higher risk specialty. I am unsure whether I would like to stay in my current specialty, go into fellowship for another year to go into a lower ...
by bsteiner
Thu Oct 04, 2018 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Getting a will and trust setup (Ohio)
Replies: 17
Views: 1159

Re: Getting a will and trust setup (Ohio)

If it has some rules on how the funds are disbursed for care of your child, it's not worth $5,000. If it didn't have such rules it would probably be worth it. No one knows what the future will bring. Confused on this statement. So if it has rules on how funds are disbursed for the care of our child...
by bsteiner
Wed Oct 03, 2018 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Getting a will and trust setup (Ohio)
Replies: 17
Views: 1159

Re: Getting a will and trust setup (Ohio)

... Wouldn't we want some type of trust to handle the money for our child? We are having a baby in a month. Obviously you would provide for your children in trust rather than outright. The trusts for your children can be in a Will or in a separate trust instrument. From reading and talking to attor...
by bsteiner
Wed Oct 03, 2018 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Getting a will and trust setup (Ohio)
Replies: 17
Views: 1159

Re: Getting a will and trust setup (Ohio)

My wife and I are meeting with a family attorney tonight about a will and maybe a trust. We love in Ohio. We are in our early thirties and have a little one on the way (our first). We also have pets we want cared for. Our net worth is between $500k and $1M. We both have life insurance policies. If ...
by bsteiner
Sun Sep 30, 2018 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Cancer patient - Estate planning for minor beneficiary
Replies: 14
Views: 1474

Re: Cancer patient - Estate planning for minor beneficiary

I am a stage 4 cancer patient with slim chances of survival for more than a year. I am divorced and have joint custody for my son. My ex-wife is going to take care of our son full-time from now on. She does not have any other kids. I am looking for help on how pass on my assets(house, 401K, stocks ...
by bsteiner
Sun Sep 30, 2018 9:25 pm
Forum: Investing - Help with Personal Investments
Topic: Pay 22.85% taxes to diversify?
Replies: 26
Views: 1877

Re: Pay 22.85% taxes to diversify?

In addition to either selling the stock and paying $58,000 of capital gains tax (22.85% x $255,000) or continuing to hold the stock, there's a third possibility to consider that might make sense. She could contribute the stock to a charitable remainder trust. The trust is tax-exempt and can sell th...
by bsteiner
Sun Sep 30, 2018 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Minimize tax liability with inherited annuity via a Trust
Replies: 6
Views: 627

Re: Minimize tax liability with inherited annuity via a Trust

... a combination of a SPIA and life insurance can be used to totally eliminate the taxes due at death. ... Wouldn't buying both life insurance and an annuity be like betting on both teams in the same game? Wouldn't you come out even minus the transaction costs? How is either one relevant to the ta...
by bsteiner
Sun Sep 30, 2018 4:58 pm
Forum: Investing - Help with Personal Investments
Topic: using IRA distributions to buy munis
Replies: 17
Views: 1108

Re: using IRA distributions to buy munis

with tax rates very low and I have no state tax(thank you FLA), I am considering taking larger distributions from my 4.3 million ira to buy munis with our MASSIVE debt taxes have to INCREASE in due time what say you? If you're in a low tax bracket, you could do some Roth conversions to the extent y...
by bsteiner
Sun Sep 30, 2018 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Minimize tax liability with inherited annuity via a Trust
Replies: 6
Views: 627

Re: Minimize tax liability with inherited annuity via a Trust

... a combination of a SPIA and life insurance can be used to totally eliminate the taxes due at death. ... Wouldn't buying both life insurance and an annuity be like betting on both teams in the same game? Wouldn't you come out even minus the transaction costs? How is either one relevant to the ta...
by bsteiner
Sun Sep 30, 2018 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Would you roth or traditional in this case?
Replies: 16
Views: 1459

Re: Would you roth or traditional in this case?

If you won't be having children, will you be leaving your estates to friends and family, or to charity? We're not sure yet. We figure our preferences on that will change over the next bunch of years. At this point we figure minimizing taxes for ourselves (should we want to spend most of it at some ...
by bsteiner
Sun Sep 30, 2018 1:10 pm
Forum: Investing - Help with Personal Investments
Topic: Pay 22.85% taxes to diversify?
Replies: 26
Views: 1877

Re: Pay 22.85% taxes to diversify?

She has $255K in capital gains. So that's a a good problem. $255k in capital gains? So she has $272,000 in DCI and $255,000 of that is capital gains? That does not sound right to me. Maybe there is more to know about that holding. Yes, $255K capital gains. She retired after a 30yr career having nev...
by bsteiner
Sun Sep 30, 2018 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Would you roth or traditional in this case?
Replies: 16
Views: 1459

Re: Would you roth or traditional in this case?

If you won't be having children, will you be leaving your estates to friends and family, or to charity?
by bsteiner
Sun Sep 30, 2018 11:18 am
Forum: Investing - Help with Personal Investments
Topic: Pay 22.85% taxes to diversify?
Replies: 26
Views: 1877

Re: Pay 22.85% taxes to diversify?

Reducing the expenses in the IRA is easy. She can change her investments in the IRA without incurring capital gains taxes. In considering what to do with the DCI (Donaldson Company, Inc.) stock, keep in mind that if the unrealized appreciation is only 30% of the value, the tax would only be about 7%...
by bsteiner
Sat Sep 29, 2018 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: Pension plan choice of annuity or cash payout
Replies: 27
Views: 2799

Re: Pension plan choice of annuity or cash payout

You might take a look at this website: https://www.immediateannuities.com/ From what I could see, I don't think you could get $1700 per month, 10 years certain, with a survivor benefit, for $285K. I could not find an exact match for your offer, but it looks like a life benefit just for one with no ...
by bsteiner
Sat Sep 29, 2018 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Minimize tax liability with inherited annuity via a Trust
Replies: 6
Views: 627

Re: Minimize tax liability with inherited annuity via a Trust

If the basis of the annuity is almost 100% of the value, then you can cash it in and only pay tax on the difference between the basis and the value. That will avoid the future costs of the annuity, as well as turning the future income and gains from the annuity into ordinary income. Had there been s...
by bsteiner
Thu Sep 27, 2018 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Short/Long Term Planning for Young Child with Special Needs
Replies: 7
Views: 676

Re: Short/Long Term Planning for Young Child with Special Needs

... set up a special needs trust but don't fund it? ... You can put that trust in your Will. While you're alive you'll provide whatever you want to provide for him. You probably won't have a taxable estate so you don't need to make gifts now. You can revisit that if you expect to have a taxable est...
by bsteiner
Thu Sep 27, 2018 10:49 am
Forum: Investing - Help with Personal Investments
Topic: Secondary beneficiary for JTWROS brokerage account
Replies: 24
Views: 1297

Re: Secondary beneficiary for JTWROS brokerage account

The scenario indicated by Ken is quite problematic for those with blended families. I will start my writing campaign today. For blended families, it seems like a joint account is a problem from the beginning. I wouldn't want more than current working funds (e.g., enough to pay bills, etc.) in ANY j...
by bsteiner
Tue Sep 25, 2018 6:48 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee for sixty something sister
Replies: 22
Views: 2158

Re: Trustee for sixty something sister

Better to pay high management fees to a corporate trustree than to stress yourself out about your sister’s behavior. ... A bank or trust company will charge about 1% a year. If you can't deal with it, or you don't want to deal with it, there are some banks or trust companies that will take trusts o...
by bsteiner
Sun Sep 23, 2018 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care
Replies: 92
Views: 4674

Re: Long Term Care

It looks like National Guardian has a lifetime policy (though not in New York), but the maximum deductible is only 6 months. It looks like One America's policies are hybrids with life insurance or an annuity, which means you have to also buy something that you probably won't need or want. Can you ge...
by bsteiner
Sun Sep 23, 2018 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care
Replies: 92
Views: 4674

Re: Long Term Care

Are there any long-term care policies? The ones I've seen are called long-term but are really short-term, only covering the first few years. A long-term policy would cover an unlimited amount of time, but not the first few years.
by bsteiner
Sun Sep 23, 2018 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Tax consequence of inheriting international property
Replies: 16
Views: 1585

Re: Tax consequence of inheriting international property

47percent, you appear very knowledgeable about the tax treaty with India. Are you certain there is a stepup in basis for an India decedent? Gill You are right. There is no step-up in India for inheritance.. but you do get the benefit of the inflation indexing right from the time of original purchas...
by bsteiner
Sun Sep 23, 2018 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee for sixty something sister
Replies: 22
Views: 2158

Re: Trustee for sixty something sister

Bsteiner, Based on your experience, would permitting the beneficiary to replace trustees be a good idea in this case? As described it sounds like the start of a disaster. Do you find beneficiaries become more responsible when given this power? Is it less risky than I am assuming? Based solely on th...
by bsteiner
Sun Sep 23, 2018 12:41 pm
Forum: Investing - Theory, News & General
Topic: Allocating 1/3 of Investable Assets to Roth Accounts
Replies: 35
Views: 2068

Re: Grabiner, what does this mean?

I think you are saying the rates will go back up to exactly the old rates if the law is not changed. For example 24% will revert to 28%, not something slightly less than 28%. However, the numbers at the bottom and top of each bracket will be slightly smaller than they would have been without the ch...
by bsteiner
Sun Sep 23, 2018 10:33 am
Forum: Investing - Theory, News & General
Topic: Allocating 1/3 of Investable Assets to Roth Accounts
Replies: 35
Views: 2068

Re: Grabiner, what does this mean?

The tax brackets are indexed for inflation. The Tax Cuts and Jobs Act of 2017 changed the way the inflation adjustments are calculated, so that the adjustments are slightly less than they were under prior law. While the tax rate reductions are temporary, the change in the way the inflation adjustmen...
by bsteiner
Sun Sep 23, 2018 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Trustee for sixty something sister
Replies: 22
Views: 2158

Re: Trustee for sixty something sister

... My understanding is that as trustee I have broad discretion on managing and dispersing funds, including changing the timeline of payout. ... Whether to accept the position of trustee will depend mainly on family relationships. Sometimes it works well for one sibling to be the trustee for anothe...
by bsteiner
Sun Sep 23, 2018 7:04 am
Forum: Personal Finance (Not Investing)
Topic: Living trusts and relabeling accounts
Replies: 33
Views: 2488

Re: Living trusts and relabeling accounts

... My understanding is that if I own an individual VG taxable brokerage account and my spouse is the primary beneficiary and I pass, he can inherit the funds at step up basis cost on the date of my death. That's how it worked from my Dad's inheritance to us kids. And the trust names my son so it's...
by bsteiner
Sat Sep 22, 2018 7:31 pm
Forum: Investing - Theory, News & General
Topic: Has anyone gone to a Retirement Wealth Academy seminar?
Replies: 17
Views: 1710

Re: Has anyone gone to a Retirement Wealth Academy seminar?

If you go to the free dinner seminar, and you buy the annuity, the living trust, the timeshare, or the bridge, not only did you pay for your free dinner, but you paid for the free dinners for everyone else in the room.
by bsteiner
Sat Sep 22, 2018 7:27 pm
Forum: Investing - Help with Personal Investments
Topic: Mom's Estate: Can you help please?
Replies: 44
Views: 2061

Re: Mom's Estate: Can you help please?

put her beneficiaries onto various accounts to simplify estate processing On the other hand, if the reason for the living trust was to avoid California's probate process, it might be better to have these accounts put into the trust instead. It would. That would allow the assets to pass to the child...
by bsteiner
Sat Sep 22, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning Attorney Says Putting tIRA in a Revocable Trust is "Complicated" - True?
Replies: 45
Views: 3218

Re: Estate Planning Attorney Says Putting tIRA in a Revocable Trust is "Complicated" - True?

You can't "put" an IRA into a revocable trust, though an IRA is in effect a revocable trust. You can name a trust as a beneficiary of an IRA. Even if you have a revocable trust, you wouldn't usually the revocable trust as a beneficiary of an IRA since after your death the revocable trust winds up an...