Search found 410 matches

by harmony
Mon Jan 22, 2018 12:01 am
Forum: Personal Finance (Not Investing)
Topic: Logistics of using I Bonds as Emergency Fund?
Replies: 3
Views: 360

Re: Logistics of using I Bonds as Emergency Fund?

Go to the Treasury Direct website and find the Savings Bonds section. There will be a Forms tab which will give a long list of forms. One of them is Form 5188, Durable Power of Attorney for Securities and Savings Bond Transactions. There are 3 levels of authority offered. Would any of these work for...
by harmony
Sat Jan 20, 2018 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Death Bed Donation: 1041 Charitable Deduction?
Replies: 0
Views: 188

Death Bed Donation: 1041 Charitable Deduction?

On his death-bed a relative made a verbal donation of five figures to a charity. This was witnessed by the executor of his will and by hospital staff. Though not recorded in his will, his heirs knew he was considering this and will sign off on this as the probate lawyer said will be required. His in...
by harmony
Mon Jan 01, 2018 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Benefits for special needs child
Replies: 5
Views: 684

Re: Disability Benefits for special needs child

1. So as I read it, to get SSDI, one adult, presumably the oldest, needs to file, so the sooner you file, the sooner he gets benefits, but obviously you will get reduced benefits vs regular or delayed retirement age. As I understand it, the child gets 50% of your retirement benefits at regular reti...
by harmony
Sun Dec 31, 2017 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Who should we appoint as executor?
Replies: 33
Views: 2706

Re: Who should we appoint as executor?

You might want to read “Beyond The Grave” by Jeffrey Condon to help you with your decision.
+1
by harmony
Sun Dec 31, 2017 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: How to take advantage of lowered property value?
Replies: 24
Views: 1560

Re: How to take advantage of lowered property value?

The rules for seller disclosure, at least in my state, are in some cases much more lenient for an estate. A realtor we hired to sell an estate property told the executor up front that one particular environmental problem would not be the estate’s responsibility to mitigate. It surprised us because w...
by harmony
Sat Dec 30, 2017 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Benefits for special needs child
Replies: 5
Views: 684

Re: Disability Benefits for special needs child

Our son qualified for SSI at age 18. When the first parent began taking Social Security benefits some years later, our son applied for SSDI and was seamlessly transitioned to that program with Medicare as his insurance. There was no 24-month wait since he was disabled prior to age 22. He still has l...
by harmony
Fri Dec 29, 2017 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Sell Ind. Stock during Probate or not?
Replies: 7
Views: 534

Re: Sell Ind. Stock during Probate or not?

I am not the executor, but I am often asked by the executor to research things for him, especially if he hasn’t gotten clear guidance from the estate attorney. The attorney said he wouldn’t be able to account for tax consequences since our individual tax brackets range from low to high; thus it isn'...
by harmony
Fri Dec 29, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Prepay 2018 property taxes to save STATE tax deduction?
Replies: 7
Views: 547

Re: Prepay 2018 property taxes to save STATE tax deduction?

Similar situation here: We are not going to use federal Schedule A because a late-in-the-year inheritance with tax consequences brought our taxable income so high that it will not be worth it to itemize, despite having very high medical expenses in 2017. I checked our state Schedule A which we are a...
by harmony
Thu Dec 28, 2017 5:50 pm
Forum: Investing - Theory, News & General
Topic: IRA question
Replies: 5
Views: 522

Re: IRA question

It’s not only the RMDs, but the taxation of Social Security that puts a squeeze on the tax bracket. Some relief may come in the form of the tax bill which doubles the standard deduction, but that is not set to be permanent. So there are three closing windows which could be navigated. An additional c...
by harmony
Thu Dec 28, 2017 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Sell Ind. Stock during Probate or not?
Replies: 7
Views: 534

Re: Sell Ind. Stock during Probate or not?

In case of any disagreement amongst the heirs, the will says that the executor is to distribute the property equitably. All of the brokerage accounts list the estate as the beneficiary. My relative held these stocks a long time and was pre-deceased by some heirs. Making the estate the beneficiary wa...
by harmony
Thu Dec 28, 2017 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Sell Ind. Stock during Probate or not?
Replies: 7
Views: 534

Sell Ind. Stock during Probate or not?

The circumstances of this case apply to me but I have rounded the numbers for simplicity. A relative died in 2017 leaving $1 million of highly-appreciated individual stocks to his estate with 10 named heirs. He also left his heirs $1 million worth of prime farmland, and a negligible amount of person...
by harmony
Tue Dec 26, 2017 12:40 pm
Forum: Investing - Theory, News & General
Topic: NavyFed IRA CDs: 32-months 2.75% APY
Replies: 24
Views: 2214

Re: NavyFed IRA CDs: 32-months 2.75% API

Would a retired Navy veteran need to physically walk in to a Navy credit union branch to set up an account, or can one be set up remotely? Some of these military locations require clearance to enter and the nearest is quite some distance from where we live.
by harmony
Wed Dec 20, 2017 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Paying Medicare premiums a year at a time.
Replies: 2
Views: 497

Re: Paying Medicare premiums a year at a time.

When one of us was paying quarterly Medicare Part B premiums, then started taking Social Security, there would have been one odd month remaining. (The premium was not being taken from the person’s monthly benefit, because that benefit hadn’t been started yet.) CMS allowed that four months premium co...
by harmony
Wed Dec 20, 2017 1:59 am
Forum: Investing - Help with Personal Investments
Topic: If you hold CDs as part of your bond AA, can it be in an IRA?
Replies: 7
Views: 710

Re: If you hold CDs as part of your bond AA, can it be in an IRA?

In early 2009 I put my Roth IRA investment for the 2008 tax year in a CD at my credit union because I didn’t want to invest in a market that hadn’t reached bottom yet. Equities recovered, but my CD lagged. When the CD came due, I transferred it to an equity Roth account I had with a mutual fund comp...
by harmony
Mon Dec 18, 2017 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: ABLE accounts tax deduction timing
Replies: 1
Views: 211

ABLE accounts tax deduction timing

If you are from one of the states which allows a state tax deduction and you will be contributing to an ABLE account for someone, be aware that your contribution may need to arrive by Dec. 31, 2017; not just be postmarked by Dec. 31, 2017. There may be variations of the rules from state to state, so...
by harmony
Wed Dec 13, 2017 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct and alternatives
Replies: 109
Views: 8349

Re: TaxAct and alternatives

Thank you, 2015, for sharing your experience with your downloaded preview of TaxAct. That will help us greatly with our planning. Regarding the Roth re-characterization which you are attempting to model, have you checked to make sure that in your 1099-R dummy that you filled out that you put the cor...
by harmony
Wed Dec 13, 2017 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct and alternatives
Replies: 109
Views: 8349

Re: TaxAct and alternatives

2015, is this your preview copy of the download version of TaxAct which you ordered earlier this season? From what you see so far, are the tax tables updated to 2017 rates or are they still listed as 2016 rates? I ask because we and maybe some others on the forum would like to use the preview versio...
by harmony
Mon Dec 11, 2017 10:55 pm
Forum: Personal Finance (Not Investing)
Topic: States with tax-friendly policies for dividends/LTCG
Replies: 13
Views: 1653

Re: States with tax-friendly policies for dividends/LTCG

The Motley Fool has a list of states with zero tax and a color-coded map of all states showing these tax rates. https://www.fool.com/taxes/2014/10/04/the-states-with-the-highest-capital-gains-tax-rate.aspx Note: The article is over 3 years old and doesn't address taxes on dividends, only taxes on lo...
by harmony
Thu Dec 07, 2017 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Should I file taxes w/o her?
Replies: 54
Views: 3831

Re: Should I file taxes w/o her?

In many states it is allowed to itemize deductions on the state Schedule A even if itemizing won't work on federal taxes. Usually the standard deduction for a state return is a much lower bar than the standard deduction for the federal return. In my state the standard deduction is about 1/3 of what ...
by harmony
Wed Dec 06, 2017 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 23446

Re: Prepayment of SALT Taxes? [State and Local]

If you are thinking about paying your estimated state taxes before the last day of 2017, you may want to check out whether you would be filing your state taxes as MFJ or MFS. If filing separately (at least this is the case in my state) I was informed today that: Each spouse stands alone on their sta...
by harmony
Wed Dec 06, 2017 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Medicare Part D selection for my Mother in Law
Replies: 23
Views: 1508

Re: Question about Medicare Part D selection for my Mother in Law

Good points, Celia. Yes everything with health information sharing is improving, except our own memories. One of us is now in the mid-seventies. We recently buried an uncle who lived "sharp as a tack" half a year past his 84th birthday. We can see evidence now of how many things (financial and his o...
by harmony
Wed Dec 06, 2017 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Medicare Part D selection for my Mother in Law
Replies: 23
Views: 1508

Re: Question about Medicare Part D selection for my Mother in Law

If you scout around at the Q1Medicare site you can get more information about them. Here’s a link to their “About Us” screen: https://q1medicare.com/PartD-About-Us-About-Us-About-Us-About.php?utm_source=partd&utm_medium=textlink&utm_campaign=footer I am guessing that the .com site is part of the com...
by harmony
Wed Dec 06, 2017 1:59 am
Forum: Personal Finance (Not Investing)
Topic: Question about Medicare Part D selection for my Mother in Law
Replies: 23
Views: 1508

Re: Question about Medicare Part D selection for my Mother in Law

There is some extra information about deductibles on this site https://q1medicare.com/PartD-Medicare-PartD-Overview-by-State.php that I could not find at the Medicare.gov site. (If anyone has found this on Medicare.gov, please tell us where you found it.) When you go to the above site, click on your...
by harmony
Wed Dec 06, 2017 1:37 am
Forum: Personal Finance (Not Investing)
Topic: Question about Medicare Part D selection for my Mother in Law
Replies: 23
Views: 1508

Re: Question about Medicare Part D selection for my Mother in Law

The sequence of delays with mail order that we experienced twice were not the fault of the prescription drug insurance company. Once when my physician was out of the country on vacation, he had to approve a change in my prescription after a lab result had been produced and sent around the world to c...
by harmony
Tue Dec 05, 2017 11:53 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Medicare Part D selection for my Mother in Law
Replies: 23
Views: 1508

Re: Question about Medicare Part D selection for my Mother in Law

In our past experience with Medicare.gov and in planning for this coming year, just one drug accounted for a $100 difference in annual cost. It was a non-preferred generic in one plan and a preferred generic in the other plan. We have both been wanting to get back with Express Scripts since we quit ...
by harmony
Tue Dec 05, 2017 11:30 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Medicare Part D selection for my Mother in Law
Replies: 23
Views: 1508

Re: Question about Medicare Part D selection for my Mother in Law

Select several different pharmacies. This is could be a little tedious because you can only compare two pharmacies at a time. You won’t know which pharmacies might be “preferred retail pharmacies” unless you try each of them. For example in our county, the CVS which is housed in Target is not an Exp...
by harmony
Tue Dec 05, 2017 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 23446

Re: Prepayment of SALT Taxes? [State and Local]

If you want to reduce 2017 state taxes and if you are a resident of one of the six states which allows you to deduct federal taxes on your state return and you need to pay U.S. estimated taxes; make sure that you pay those estimated taxes in 2017 yet, rather than waiting until Jan. 15, 2018. What yo...
by harmony
Wed Nov 29, 2017 7:50 pm
Forum: Personal Consumer Issues
Topic: Best Home Blood-Pressure Monitor for Accuracy?
Replies: 6
Views: 631

Re: Best Home Blood-Pressure Monitor for Accuracy?

In answer to livesoft's question, the subject's beats per minute are programmed by a pacemaker to never go below 70 bpm.
by harmony
Wed Nov 29, 2017 7:23 pm
Forum: Personal Consumer Issues
Topic: Best Home Blood-Pressure Monitor for Accuracy?
Replies: 6
Views: 631

Best Home Blood-Pressure Monitor for Accuracy?

This is a consumer product question about blood pressure monitors for home use. Please refrain from asking questions about the patient’s diagnosis. This is for a person with borderline high blood pressure who also has orthostatic hypotension, with about 30 points difference between sitting and stand...
by harmony
Thu Nov 16, 2017 8:26 pm
Forum: Investing - Help with Personal Investments
Topic: Investing while on disability
Replies: 5
Views: 405

Re: Investing while on disability

ABLE is not an option due to age of onset, but there might be another option if your sister is on SSDI instead of SSI. If she has ever worked (which may be the case since the onset was in her forties), she may have earned enough work credits to qualify for SSDI in her own name. If she worked, but di...
by harmony
Thu Nov 02, 2017 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Legality of a proxy selling individual stock for an estate?
Replies: 1
Views: 174

Legality of a proxy selling individual stock for an estate?

An executor for an estate is not comfortable selling the deceased’s individual stock in a self-directed estate account, though this would result in the lowest trading fees. Phone-assisted trades cost 5 times as much, and an independent local discount broker who offered to make these sales would char...
by harmony
Fri Oct 13, 2017 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Circumstances in which a freeze needs to be lifted
Replies: 34
Views: 2877

Re: Circumstances in which a freeze needs to be lifted

I had read somewhere (since the Equifax breach) that having frozen credit might cause insurance companies to not let you keep the customary discounts. I asked State Farm whether this was true. It took a week before I got this eye-opening response: If you have a security freeze in place at the time o...
by harmony
Thu Oct 12, 2017 11:37 am
Forum: Personal Finance (Not Investing)
Topic: What is the process for liquidating inherited individual stocks?
Replies: 17
Views: 1316

Re: What is the process for liquidating inherited individual stocks?

Thanks for helpful responses so far. The executor doesn’t want the beneficiaries to feel intimidated by the high-pressured sales talk from WF. Not all the beneficiaries want new accounts. The executor told me this morning there are no named beneficiaries on the stocks. My relative had it all go to h...
by harmony
Thu Oct 12, 2017 12:23 am
Forum: Personal Finance (Not Investing)
Topic: What is the process for liquidating inherited individual stocks?
Replies: 17
Views: 1316

What is the process for liquidating inherited individual stocks?

A Wells Fargo advisor at a brokerage firm holding an account owned by a recently-deceased relative called the executor of the estate and offered to “research” the deceased’s individual stocks (held for many decades) at no charge. He said if the probate lawyer were to do it, it would cost the estate ...
by harmony
Sat Sep 16, 2017 11:37 am
Forum: Personal Consumer Issues
Topic: Rimless Roll-Your-Own Online Eyeglasses Sources
Replies: 3
Views: 502

Re: Rimless Roll-Your-Own Online Eyeglasses Sources

Thank you for responding. EyeBuyDirect provides precise measurements in an easy-to-visualize format in mm and inches for its rimless glasses, but I didn’t find a possibility for selecting a particular lens size/shape to pair with a chosen bridge/temple style. We have a local eyeglass shop which carr...
by harmony
Fri Sep 15, 2017 9:33 pm
Forum: Personal Consumer Issues
Topic: Rimless Roll-Your-Own Online Eyeglasses Sources
Replies: 3
Views: 502

Rimless Roll-Your-Own Online Eyeglasses Sources

Are there online eyeglass stores other than Zenni which offer rimless eyeglasses where you choose a bridge/temple combination that will fit you; then you select a lens shape/size HxW that you will put with that? Several years ago I could find other stores than just Zenni which offered this. Currentl...
by harmony
Tue Sep 05, 2017 6:09 pm
Forum: Investing - Theory, News & General
Topic: Christine Benz: "Laboring Longer: What You Need to Know"
Replies: 4
Views: 1667

Re: Christine Benz: "Laboring Longer: What You Need to Know"

Self-employment can be a good work-around against age discrimination in a twilight career. However, the high minimum cost of professional or contractor’s liability insurance can be an issue particularly for a self-employed person who wants to slow down to some version of part time, yet needs to avoi...
by harmony
Mon Sep 04, 2017 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Maximum Medical Deduction
Replies: 8
Views: 828

Re: Maximum Medical Deduction

I'm paying for a private room so I can stay with her overnight and she won't be bothered by roommate's noisy visitors. I'm assuming the IRS won't allow me to deduct the private room cost, but will allow me to deduct the cost of the lowest priced double room in the same facility instead. Is this cor...
by harmony
Tue Aug 15, 2017 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Schedule A Tax Modeling for 2017 >age65
Replies: 9
Views: 1173

Re: Schedule A Tax Modeling for 2017 >age65

Thank you for many and varied ideas to explore. The “what-if-worksheet” is especially intriguing. We switched away from Turbo Tax a couple of years ago and have been using TaxAct ever since. So I wondered if TaxAct had anything similar. It didn't take me very long to find it. I clicked on the “Tools...
by harmony
Mon Aug 14, 2017 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Schedule A Tax Modeling for 2017 >age65
Replies: 9
Views: 1173

Schedule A Tax Modeling for 2017 >age65

Often we give/take advice to do tax planning using the previous year's tax software. I want to model the effects of some much larger than usual 2017 potential deductions on Schedule A. This presents a challenge since there will be a significant change in the 2017 Schedule A calculation compared to 2...
by harmony
Fri Aug 11, 2017 11:47 pm
Forum: Investing - Theory, News & General
Topic: "When's the Right Time to Take RMDs?" – (Christine Benz's Latest Column)
Replies: 34
Views: 4907

Re: "When's the Right Time to Take RMDs?" – (Christine Benz's Latest Column)

She doesn't mention one advantage of waiting till year end, eliminate the need for estimated taxes by paying your tax bill via the rmd. However, one could take partial withdrawals earlier in the year and pay taxes with one later in the year. Another variation of this would be to take a mid-year sin...
by harmony
Fri Jul 21, 2017 7:51 am
Forum: Personal Finance (Not Investing)
Topic: Kicking the net worth habit
Replies: 47
Views: 5910

Re: Kicking the net worth habit

There is an unknown future expenditure which may be nearly impossible to predict at any stage of retirement. That is the cost of long-term care. Instead of changing a lifetime of frugal habits, consider saving as before for this possibility. Then when the time comes, you can select the kind of care ...
by harmony
Thu Jul 20, 2017 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Should we bird dog our probate lawyer?
Replies: 15
Views: 2238

Re: Should we bird dog our probate lawyer?

I told the executor I couldn't sign a waiver until we check over all of the tax returns submitted for the estate and in our names for inheritance tax. He called the legal staff and asked for them. They said they thought the lawyer had given them to the executor. They will be mailing copies to him. T...
by harmony
Wed Jul 19, 2017 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Should we bird dog our probate lawyer?
Replies: 15
Views: 2238

Re: Should we bird dog our probate lawyer?

How can a tax return be filed in your name without you seeing it? Doesn't the Executor have to sign it? Executors in our state sign the inheritance tax forms for heirs. Yes, he perused it at the time and thought it looked OK, but now that we see other documents that report on the same facts for the...
by harmony
Wed Jul 19, 2017 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Should we bird dog our probate lawyer?
Replies: 15
Views: 2238

Re: Should we bird dog our probate lawyer?

The executor signed a state inheritance tax return, after perusing it. He received no copy for his file. He signed and was given copies of state and federal 1040s. The federal 1040 was the one with the gross error which was corrected. He signed the 1041 (state and federal) but did not receive a copy...
by harmony
Wed Jul 19, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Should we bird dog our probate lawyer?
Replies: 15
Views: 2238

Re: Should we bird dog our probate lawyer?

bird dog

verb: search out or pursue with dogged determination.

P.S. I could have written a longer title, but I hoped to get the title to fit on just one line. Sorry, and thanks for pointing that out.
by harmony
Wed Jul 19, 2017 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Should we bird dog our probate lawyer?
Replies: 15
Views: 2238

Should we bird dog our probate lawyer?

A mutual heir whom I am a confidante of is the executor of an estate. The probate lawyer made a biggish error several months ago which we caught before some tax returns were filed. When the executor pointed it out to him, the lawyer quickly corrected it and seemed to imply his office staff was the c...
by harmony
Tue Jun 27, 2017 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: Elderly Relative Reluctant to give POA
Replies: 30
Views: 2885

Re: Elderly Relative Reluctant to give POA

I am busy tonight preparing for my own minor surgery tomorrow morning so I won't be following comments if there are any more tomorrow. I will read and respond again as soon as I am able. Thank you very much to everyone who has continued to respond. I am not sure, but isn't there a type of POA that t...
by harmony
Tue Jun 27, 2017 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Elderly Relative Reluctant to give POA
Replies: 30
Views: 2885

Re: Elderly Relative Reluctant to give POA

His nieces and nephews (he has no children) all want him to be cared for near the end of his life of frugality and selective avoidance of some medical care. We have seen the pain that his mistrust of medicine, postponing care, and hoarding of financial assets have caused him. We are worried that his...
by harmony
Mon Jun 26, 2017 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Elderly Relative Reluctant to give POA
Replies: 30
Views: 2885

Elderly Relative Reluctant to give POA

A relative is helping an elderly uncle who has been a nursing-home resident for three months now. To his doctor he appears to have a good mind yet, so Power of Attorney has not been authorized so far. Some of his sizable vulnerable assets were sold at his direction at the beginning of his most recen...