Search found 24 matches

by letsmakesomething
Wed Apr 13, 2016 8:51 pm
Forum: Personal Investments
Topic: Living Trust Advice
Replies: 12
Views: 1788

Re: Living Trust Advice

Thanks, Peter. What about taking title of my primary residence in a trust?
by letsmakesomething
Tue Apr 12, 2016 3:19 pm
Forum: Personal Investments
Topic: Living Trust Advice
Replies: 12
Views: 1788

Re: Living Trust Advice

Thank you all! Now it seems to be: 1. Living trust or just a will? - I was thinking living trust to place the condo in a trust in case something happened to me and my wife who currently live in CA holding title are husband and wife with right of survival (CA is a community property state) 2. The living trust is not needed if each account I have has a listed beneficiary (ie wife or newborn)? I could simply leave a list of accounts I have with each financial institution? 3. Is an attorney really required to set up a will or trust (simply looking at this from a cost perspective if I can do it myself to save the costs I would prefer to. Please let me know if I am off base or missing something. I am looking basically to ensure my wife and newbor...
by letsmakesomething
Tue Apr 12, 2016 3:06 pm
Forum: Personal Investments
Topic: 529 college savings plan (a good idea)?
Replies: 38
Views: 5526

Re: 529 college savings plan (a good idea)?

All, I really appreciate the feedback!

My take away is that until I max my companies 401k at $18k/yr., max my Roth IRA at $5.5k/year (not traditional as do to our income we do not qualify for a tax deduction) and my wife's SEP (which we just opened yesterday), the 529 should not be something we are looking at. From my understanding I can just withdraw my contributions into the 401K, Roth IRA and my wife's SEP (not gains) without a penalty and that this is the way to go. Does this sound about right?
by letsmakesomething
Mon Apr 11, 2016 8:13 pm
Forum: Personal Investments
Topic: 529 college savings plan (a good idea)?
Replies: 38
Views: 5526

529 college savings plan (a good idea)?

Hello,

I recently had a child 3 weeks ago! In what situations is a 529 college savings plan beneficial?

I have started to do some research and it seems some advice is first to contribute to retirement accounts and max them out before contributing to a 529. I have been contributing to IRA's, but stopped this year as I no longer receive a tax benefit. I do contribute 10% to my companies 401k that does not have the best investment options and also does not have a company match. As I started to look into 529 saving accounts it also seems you can select a plan from a different state even if you don't live in that state.

Any advice/guidance is appreciated!
by letsmakesomething
Mon Apr 11, 2016 8:06 pm
Forum: Personal Investments
Topic: Living Trust Advice
Replies: 12
Views: 1788

Re: Living Trust Advice

The purpose of the trust is to outline all assets and if something were to happen to me for my wife and child to avoid probate
by letsmakesomething
Mon Apr 11, 2016 7:41 pm
Forum: Personal Investments
Topic: Living Trust Advice
Replies: 12
Views: 1788

Living Trust Advice

Hello,

My wife and I recently had our first child. I have savings, checking, brokerage accounts, multiple IRA's and a 401k. I also own a condo. I would like to set up a living trust to include all of my assets in case something were to happen to me (though I am still young, early thirties).

I am seeking advice to setting up a living trust from those that have done it. Obviously I would like to set my living trust up correctly and also keep costs for setting it up to a minimum.

Thank you in advance.
by letsmakesomething
Sun Jun 28, 2015 5:31 pm
Forum: Personal Investments
Topic: Employer 401k/Roth IRA/Traditional IRA
Replies: 5
Views: 1051

Employer 401k/Roth IRA/Traditional IRA

Hello,

I have a Roth IRA as well as a Traditional IRA. My employer just introduced a 401k plan for the company (start up). The fund options are not the best for the 401k and do not offer low cost ETFs or index funds, if I were to select one it would be a planned retirement date plan, (ie retire in 2050 or 2055). I am currently 32 years old.

My specific question is this, since I have my traditional and roth IRA's, does it even make sense to invest in the employers 401k plan at all, or would it only really become an option once I have maked out my IRA's for the year, ie wanted to invest more than $5,000 for the year in a tax defered retirement plan? I don't like the expense ratios for the 401k options which are near 1%.

Thank you in advance!
by letsmakesomething
Sun Feb 08, 2015 4:29 pm
Forum: Personal Investments
Topic: Traditional IRA Rollover (I have a Roth already) Advice
Replies: 4
Views: 455

Re: Traditional IRA Rollover (I have a Roth already) Advice

BL wrote:If you have decided upon the Lazy Portfolio, why do you want to change? The whole idea is that you don't have to do much with it. Adding more would just complicate, and not necessarily improve the portfolio.

I don't have any need for Reit, so I would have chosen the 3-Fund Portfolio (search in Wiki).
Some prefer a tilt to Small value instead of Reit, but no one knows which (if any) will do better from now on.

Simple is good!

Some might split them up so you wouldn't have all in each one, but still have the same over-all portfolio.
Why don't you have a need for reit? What small caps would you use to tilt the core 3?
by letsmakesomething
Sun Feb 08, 2015 4:27 pm
Forum: Personal Investments
Topic: Traditional IRA Rollover (I have a Roth already) Advice
Replies: 4
Views: 455

Re: TRADITIONAL IRA ROLLOVER (I HAVE A ROTH ALREADY) ADVICE!

LAlearning wrote:Just because you change location of money, doesn't mean you change strategy or add funds. Two separate lazy plans do not beat a single one...
I am changing my investments bc when the funds were in my 401k I had limited options and had a single target fund selected. So you are suggesting to keep to the same Lazy portfolio with the %'s of allocation now taking into consideration my Roth plus my Traditional IRA?
by letsmakesomething
Sun Feb 08, 2015 12:54 pm
Forum: Personal Investments
Topic: Traditional IRA Rollover (I have a Roth already) Advice
Replies: 4
Views: 455

Traditional IRA Rollover (I have a Roth already) Advice

Hello All, I recently changed employers and need to move my 401k with my previous employer to a traditional IRA. The reason for the move to a traditional IRA is the 401K provider from my preious employer charges a .75 management fee, though I have a targeted Index funds plan selected. I am no longer contributing to this 401k bc I am no longer with the employer. I want to eliminate the management fee (which was a bout $600 this last year) bc they didn't do anything for me and this is still a fee I had to pay. My current employer is more of a start up comapany and does not yet have a 401k plan set up, but will in the future. In the meantime I am looking to roll my 401k into a traditional IRA. I already have about 1/3 of my retirement funds in...
by letsmakesomething
Mon Mar 10, 2014 9:29 pm
Forum: Personal Investments
Topic: Ahh Missed It! [market timing]
Replies: 20
Views: 3517

Re: Ahh Missed It! [market timing]

Thank you for the insight, all. DCA seems to be the appropriate approach. Once it is in its in, I will not be timing the market. Will probably take the 80/20 AA given my time horizon. Hindsight is 20/20, just need to focus on the next 20-30 years and ride the waves and rebalance annually.

I currently have a 401k which I am not contributing to at the moment (laid off) and a roth which I max every year.
by letsmakesomething
Sat Mar 08, 2014 9:55 pm
Forum: Personal Investments
Topic: Ahh Missed It! [market timing]
Replies: 20
Views: 3517

Ahh Missed It! [market timing]

So I'm in my early 30's and have a lot of cash sitting on the sidelines. I want to start to get it into the market, basically taking the passive approach and investing in the CORE FOUR. I want to get my money in the market in phases over the next 12 months.

My problem, I feel like I missed out on the market run up (which I did) and don't want to take positions seeing as the market is now potentially over valued. I know over the long haul (30 + years) a few bumps in the road are minor and I need to look longer term here, but can anyone help me as I am gun shy, but also want to "get in the game."

Any advise is welcome.

Thank you and cheer!
by letsmakesomething
Fri Apr 12, 2013 8:26 pm
Forum: Personal Investments
Topic: Smart to contribute to Roth and Traditional IRA??
Replies: 6
Views: 2455

Smart to contribute to Roth and Traditional IRA??

Hello all,

I'm 30 and have about $30k in a roth IRA and about $60k in a 401k. I recently started a new job and want to roll my 401k into my Roth IRA. I was told I would need to roll my 401k into a traditional IRA first before rolling it into my Roth. My question is this, if I don't want the 401k to be taxed, would it be a wise decision to hedge my bet and contribute 50% of the max IRA contribution to my Roth IRA and the other 50% into a traditional IRA (after rolling my 401k into a traditional IRA)?

The reason I don't want to keep my 401k with my previous employer is limited/ poor investment options.


Thanks in advance.
by letsmakesomething
Thu Feb 28, 2013 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Where can I find a CA purchase contract?
Replies: 1
Views: 383

Where can I find a CA purchase contract?

Hello,

Looking to purchase a property in CA without a real estate agent. I have searched for a blank CA purchase contract but keep coming across PDF's that cannot be edited.

Can anyone please help provide a link for a blank editable CA purchase contact?

Thank you!!!
by letsmakesomething
Tue Jan 29, 2013 4:27 pm
Forum: Personal Investments
Topic: Bank Of America and forclosure
Replies: 1
Views: 559

Bank Of America and forclosure

My grandmother passed away and she had a reverse mortgage on her home. The loan is now greater than the value of the house. Held in a trust. BOA will sell the property for 95% of the CURRENT appraised value. With extensions you are allowed to have up to 1 year from the death to decide what to do with the property. The year mark is coming up and I still need more time.

Question: I know sometimes the foreclosure process takes a really long time. How does one know if the bank is bluffing or not? I know in some cases they won't even forclose bc it is more costly to do bc of legal fees ect. Than letting the property sit. Please advise on anyone who experienced something similar with BOA.

Regards.
by letsmakesomething
Thu Jan 10, 2013 12:11 am
Forum: Personal Investments
Topic: Seeking your wisdom!
Replies: 7
Views: 764

Re: Seeking your wisdom!

I'm tired of thinking about this and want to put a plan into action. I understand compound interest and feel like I am letting more and more time slip away while I remain indecisive with $ on the sidelines.

Please chime in!!
by letsmakesomething
Thu Jan 10, 2013 12:08 am
Forum: Personal Investments
Topic: Seeking your wisdom!
Replies: 7
Views: 764

Seeking your wisdom!

Hello! Total Assets $230,000. 30 yrs old, no debt. Looking to shape a portfolio for the long haul. I have about $55,000 in my 401k currently as follows and I am no longer contributing to my 401k as there isn't a match and the expense ratios are ugly: TEDIX- Mutual Global Discovery A- $22,000 ER 1.31% FKCGX- Franklin Flex Cap Growth A- $4,000 ER .98% FRSGX- Franklin Small-Mid Cap Growth A- $4,000 ER .99% TEQIX- Mutual Quest A-$22,000 Er 1.16% FKUSX- Franklin US Govt Secs A- $3,000 I am looking to invest about $100k in the core four. BND- Vanguard total Bond Market Index- $20,000 ER .11% VTI- Vanguard Total Stock Market Index- $48,000 ER .07% VXUS- Vanguard Total Stock Market Index- $24,000 ER .18% VNQ- Vanguard Reit Index- $8,000 ER .10% The...
by letsmakesomething
Thu Dec 20, 2012 9:41 pm
Forum: Personal Investments
Topic: Turning 30, please help with my portfolio!
Replies: 1
Views: 773

Turning 30, please help with my portfolio!

Hello all, I am new to the forum and look forward to hearing from and contributing to the community! As I mentioned in the subject line, I am turning 30 at the end of the year and want to put myself in a position to reach a goal of accumulating a million dollars. I think I am ready to get off the sideline and get in the game. I am a heavy saver and conservative spender and live below my means. I feel the best plan to reach my goal is by using a portfolio of low cost, diversified, index funds/ETF's and through regular contributions and dollar cost averaging. I feel that my conservative holdings (as you will see below) have set me back and that inflation will continue to eat away at what I have thus far if I don't set up a better portfolio. H...
by letsmakesomething
Thu Dec 20, 2012 12:07 am
Forum: Personal Finance (Not Investing)
Topic: Who Needs A Prenup?
Replies: 46
Views: 6193

Re: Who Needs A Prenup?

What I have deducted is anything in a taxable investment account (obviously the 401k and Roth IRA do not qualify) could go into the irrevocable trust. Seems to be the best option given all of the valuable information you have shared with me. Does that sound about right?

1. How much does one cost to set up?
2. DO you happen to have one?
by letsmakesomething
Wed Dec 19, 2012 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: Who Needs A Prenup?
Replies: 46
Views: 6193

Re: Who Needs A Prenup?

If as you explain you and the trustee mutually decide to dissolve the trust while still married (hypothetically something catostrophic happens and you need access to the funds), those funds then become marital property, correct?
by letsmakesomething
Wed Dec 19, 2012 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Who Needs A Prenup?
Replies: 46
Views: 6193

Re: Who Needs A Prenup?

Might be a dumb question, but if I am the beneficiary, I cant also direct the investments in the revocable trust correct? How would I ever gain access to the funds at a later date?
by letsmakesomething
Wed Dec 19, 2012 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Who Needs A Prenup?
Replies: 46
Views: 6193

Re: Who Needs A Prenup?

comptalk

Thank you for all of the useful information. If going with an irrevocable trust, can retirement accounts be placed in such trust ie IRA, 401K, in additional to individual retirement accounts? The problem then becomes you are no longer able to direct/reallocate such assets? Is that correct?

Also, who names the beneficiary?
by letsmakesomething
Tue Dec 18, 2012 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Who Needs A Prenup?
Replies: 46
Views: 6193

Who Needs A Prenup?

Live in CA, attempting to be realistic and plan for the future. Everyone hopes for the best, but it would not be wise in my opinion if you are not prepared for the worst. While I understand the overall divorce rate is over 50%, I also understand that number goes down significantly if those getting married choose to wait(I fall into that category) vs getting married at 19. I have about a quarter of a million dollars in assets, she does not have any assets. 1. Has anyone been in this situation and did you have a prenup? If so how did that go? Advice is appreciated. 2. Is there a way around getting a prenup in terms of documenting what was in the account prior to marriage or does the fact CA is a community property state wipe that thought proc...
by letsmakesomething
Thu Nov 22, 2012 3:37 am
Forum: Personal Investments
Topic: .
Replies: 3
Views: 814

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