Search found 392 matches

by FBN2014
Sun Aug 12, 2018 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 42
Views: 1910

Re: Trust Investment Policy Statement

If I were in the market for a trustee now I would contact Vanguard and Schwab and see how they reacted to a binding commitment to an all index 3 fund portfolio. Hopefully somebody will do this and report back. I am really curious what VG would say. With Vanguard, even if they will not commit to it,...
by FBN2014
Sat Aug 11, 2018 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 42
Views: 1910

Re: Trust Investment Policy Statement

But my earlier comments were about the difficulty of finding trustees who would run an index fund portfolio. Vanguard was the only one stop shop I found that would do this. Interesting that Vanguard said they would use an index fund portfolio for you. They told me that although they could use index...
by FBN2014
Sat Aug 11, 2018 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Should I accept a large cash gift from my mother?
Replies: 41
Views: 4646

Re: Should I accept a large cash gift from my mother?

They sell workbooks, titled charming ways like "Now That I'm Dead" that you can fill out to provide account numbers, insurance information, etc. While you might not want to shell out the $10 or so, it might be worthwhile to do something like this--have a computer or written file with all the pertin...
by FBN2014
Sat Aug 11, 2018 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 42
Views: 1910

Re: Trust Investment Policy Statement

Bsteiner, Have things changed? When I went through an attempt to find a corporate trustee a few years ago Vanguard was the only one that would even discuss investing in index funds. Other banks and trust companies would immediately launch into a sales pitch about how great their active management w...
by FBN2014
Fri Aug 10, 2018 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Should I accept a large cash gift from my mother?
Replies: 41
Views: 4646

Re: Should I accept a large cash gift from my mother?

Are there any other issues that I have missed? Suggestions on which way you would go, or other variables to consider? Thanks! Here's an issue that you missed. Your mom is in good health so I assume she is fairly active. She is a prime target for a gold digger who preys on lonely widows. I saw it ha...
by FBN2014
Fri Aug 10, 2018 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 42
Views: 1910

Re: Trust Investment Policy Statement

You'll note my prevous post qualified the mention of beneficiary as trustee with "assuming they are responsible and competent." That can obviously be a big assumption. There are ways to mitigate the concerns, but there is no perfect solution (at least not one without costs involved). If your heirs ...
by FBN2014
Fri Aug 10, 2018 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 42
Views: 1910

Re: Trust Investment Policy Statement

Please note, there is no easy answer here. If we all could hire Bruce or Gill to act as independent trustee for our beneficiaries, then none of this would likely be necessary. But, we can't. We may have a "well trusted local bank," but they could be merged into Megabank the day after I die and who ...
by FBN2014
Thu Aug 09, 2018 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Investment Policy Statement
Replies: 42
Views: 1910

Trust Investment Policy Statement

Bogleheads believe in low cost index funds and ETFs. Have you inserted an Investment Policy Statement in any estate planning trusts to reflect your desire to maintain a low cost, passive portfolio and give guidance to successor trustees? Can a trust protector enforce your wishes if the trustee stray...
by FBN2014
Sun Aug 05, 2018 11:47 pm
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3210

Re: What to do with a five figure "inherited" cash sum?

As mentioned before, DO NOT split the cash up into smaller amounts and then do multiple deposits. This could result in you being charged with a crime called structuring. Just make the deposit all at once. If the amount is over the yearly exclusion then fill out a gift tax return and have your relati...
by FBN2014
Sun Aug 05, 2018 11:16 pm
Forum: Investing - Help with Personal Investments
Topic: Whole Life - wish I knew then what I have learned now
Replies: 7
Views: 1410

Re: Whole Life - wish I knew then what I have learned now

Here is probably the clearest explanation of this policy you're going to find. :confused I couldn't find the actual cost of this policy, which makes me suspicious of the intentions of the article. https://bankingtruths.com/pacific-life-pdx-pacific-discovery-xelerator/ Oops, found another article-- ...
by FBN2014
Sun Aug 05, 2018 9:58 pm
Forum: Investing - Help with Personal Investments
Topic: Whole Life - wish I knew then what I have learned now
Replies: 7
Views: 1410

Re: Whole Life - wish I knew then what I have learned now

I suggest that you consult with a fee only insurance consultant to see what your best options are with the policy. Here is a list of consultants:

http://www.glenndaily.com/links.htm

I can highly recommend Scott Witt.
by FBN2014
Sun Aug 05, 2018 9:50 pm
Forum: Investing - Help with Personal Investments
Topic: Need advice on MEC/Non-qualified annuity
Replies: 4
Views: 255

Re: Need advice on MEC/Non-qualified annuity

I have a Modified Endowment Contract/LIfe Insurance Policy that is considered a non-qualified annuity. This statement is confusing to me. A MEC insurance policy means that loans taken against the policy are taxable. An life insurance policy is not an annuity. I would suggest that you consult with a...
by FBN2014
Sun Aug 05, 2018 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Members Trust Company
Replies: 1
Views: 224

Members Trust Company

Does anyone have any experiences using Members Trust Company as a corporate trustee?
by FBN2014
Sun Aug 05, 2018 4:00 pm
Forum: Investing - Theory, News & General
Topic: Using puts in portfolio
Replies: 4
Views: 559

Using puts in portfolio

Does anyone use a very aggressive asset allocation and then use puts to mitigate the losses when the bear market comes. What are the pros and cons of this strategy? Any good resources to learn how to do this (books, courses, etc.)
by FBN2014
Sun Aug 05, 2018 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a conscientious/competent estate attorney?
Replies: 49
Views: 3535

Re: How to find a conscientious/competent estate attorney?

It is worth reading all of bsteiner's posts. But please don't get the idea that doing so will make you an expert in estate planning. His comments are perfect for the lay audience he is addressing. Occasionally someone comes up with something that seems entirely consistent with what has has said so ...
by FBN2014
Sun Aug 05, 2018 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Durable Power of Attorney: Implementation Report
Replies: 21
Views: 1421

Re: Durable Power of Attorney: Implementation Report

I have been told by several attorneys that using a POA is very difficult many times for the reasons that others have posted. Much easier if you have a trust to name the child as a co-trustee and have the child sign all the signature cards and other forms required by the financial institutions up fro...
by FBN2014
Sun Aug 05, 2018 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning - Tax consequences of distributing inheitance at intervals
Replies: 5
Views: 428

Re: Estate Planning - Tax consequences of distributing inheitance at intervals

Qualified accounts can be stretched over the beneficiaries life in order to control distributions and mitigate income taxes owed. Assets left in trust can be protected from beneficiaries' creditors and from spouses in case of divorce.
by FBN2014
Sun Aug 05, 2018 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a conscientious/competent estate attorney?
Replies: 49
Views: 3535

Re: How to find a conscientious/competent estate attorney?

Hello again bsteiner, the commenter JPH mentioned your article about trusts and I asked him to send it to me but he said you had mentioned it in another thread. Could you please send it to me? Thanks so much. With things I see how they are about trusts one never has enough info on the matter. I thi...
by FBN2014
Sat Aug 04, 2018 11:25 am
Forum: Investing - Theory, News & General
Topic: How does one become a financial advisor?
Replies: 34
Views: 2248

Re: How does one become a financial advisor?

If you are a bogleheads disciple then it would be very hard to make a living as a financial advisor. They make their money from commission and actively managing a portfolio. There is no golden goose to make money from after you tell the client to buy 3 or 4 index funds and maybe rebalance once a year.
by FBN2014
Sat Aug 04, 2018 8:02 am
Forum: Personal Finance (Not Investing)
Topic: Additional income strategies
Replies: 9
Views: 1056

Re: Additional income strategies

I bought, rehabbed, and sold houses for many years while working full-time. It's doable if you are trained properly. I never did any of the work myself other than signing checks. Very lucrative if you know what your doing.
by FBN2014
Thu Aug 02, 2018 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Health and cognitive issues at age 80 and beyond...and managing finances
Replies: 17
Views: 2137

Re: Health and cognitive issues at age 80 and beyond...and managing finances

Gill » Wed Aug 01, 2018 5:56 pm ralph124cf wrote: ↑Wed Aug 01, 2018 5:21 pm I understand that bank trust departments are not great, but they may be the only game in town. Ralph Sad to hear such a comment after spending my entire career managing the financial lives and many related personal matters ...
by FBN2014
Thu Aug 02, 2018 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Health and cognitive issues at age 80 and beyond...and managing finances
Replies: 17
Views: 2137

Re: Health and cognitive issues at age 80 and beyond...and managing finances

GAAP wrote:
Thu Aug 02, 2018 9:11 am
My mother had no issues managing money right up until her death at 88. I'm hoping that I'll do that well.
Good genes is a positive but you should have a backup plan in case it doesn't work out that way.
by FBN2014
Thu Aug 02, 2018 7:08 am
Forum: Investing - Theory, News & General
Topic: Annuity vs investment
Replies: 40
Views: 2456

Re: Annunity vs investment

The SPIA you want to buy is one with an installment refund which means that the named beneficiary gets what is left in the account if you die prematurely. The idea is to use the smallest amount of funds to buy a SPIA to cover your expenses and put the rest of your assets in a growth portfolio that ...
by FBN2014
Thu Aug 02, 2018 7:04 am
Forum: Investing - Theory, News & General
Topic: Annuity vs investment
Replies: 40
Views: 2456

Re: Annunity vs investment

It seems most people are talking about 3% or 4% withdrawal rate here. I am wondering why not just buy immediate annunity and get let's say 6% rate annunity. isn't it better rate than these so called safety withdrawal rate? Thanks. Single Premium Immediate Annuity: Pros: - Higher return than bonds. ...
by FBN2014
Thu Aug 02, 2018 3:15 am
Forum: Personal Finance (Not Investing)
Topic: Health and cognitive issues at age 80 and beyond...and managing finances
Replies: 17
Views: 2137

Re: Health and cognitive issues at age 80 and beyond...and managing finances

You mentioned that you have a special needs trust for one child. Are your assets in a Revocable Living Trust that becomes a testamentary trust when one spouse passes and has assets remain in trust for other children? Trust should have provisions to protect assets for remaining spouse from predators ...
by FBN2014
Thu Aug 02, 2018 2:43 am
Forum: Personal Finance (Not Investing)
Topic: If History says.... would you change 4% rule ?
Replies: 27
Views: 2702

Re: If History says.... would you change 4% rule ?

I've read Wade Phau says that a SWR of 2-3% is optimal to ensure you don't run out of money. If you have some negative return years early in retirement then sequence of return risk will blow up the portfolio.
by FBN2014
Thu Aug 02, 2018 2:16 am
Forum: Investing - Theory, News & General
Topic: Annuity vs investment
Replies: 40
Views: 2456

Re: Annunity vs investment

Gill wrote:
Wed Aug 01, 2018 7:27 pm
Yes, it is. Many of us have done just that. I have an annuity returning 12%, $12,000+ a year on a $100,000 purchase.
Gill
At what age was your purchase in order to get such a high payout percentage?
by FBN2014
Thu Aug 02, 2018 2:09 am
Forum: Investing - Theory, News & General
Topic: Annuity vs investment
Replies: 40
Views: 2456

Re: Annunity vs investment

The SPIA you want to buy is one with an installment refund which means that the named beneficiary gets what is left in the account if you die prematurely. The idea is to use the smallest amount of funds to buy a SPIA to cover your expenses and put the rest of your assets in a growth portfolio that o...
by FBN2014
Wed Aug 01, 2018 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a conscientious/competent estate attorney?
Replies: 49
Views: 3535

Re: How to find a conscientious/competent estate attorney?

Here's some info about ACTEC from an attorney's blog: ACTEC I'm a member of three of the organizations this financial planner listed, ACTEC, NAELA and the Boston Estate Planning Council. ACTEC stands for the American College of Trusts and Estates Counsel. It is the most selective of these groups and...
by FBN2014
Wed Aug 01, 2018 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a conscientious/competent estate attorney?
Replies: 49
Views: 3535

Re: How to find a conscientious/competent estate attorney?

Here are some websites that I have found useful in finding competent estate planning attorneys:
Martindale.com - you want one that has an AV rating by their peers
Superlawyer.com
Wealthcounsel.com
Eldercounsel.com
by FBN2014
Wed Aug 01, 2018 11:18 am
Forum: Investing - Theory, News & General
Topic: Retirees: How to add $340,000 to retirement savings
Replies: 77
Views: 10979

Re: Retirees: How to add $340,000 to retirement savings

Rick Ferri should chime in. After he left his company he traveled the US in an RV, I believe, and had a blog detailing his adventures
by FBN2014
Mon Jul 30, 2018 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Boy's first job
Replies: 38
Views: 3491

Re: Boy's first job

That was my first job also but I was a bag boy also, ha-ha. Fifty years ago now and I made $1.65/hour. Congrats to your son that he sees the value in work and saving for the future, not sitting at home playing video games. My daughter started working at age 14 scooping ice cream at the mall. She le...
by FBN2014
Mon Jul 30, 2018 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Use attorney or software for simple will
Replies: 35
Views: 2485

Re: Use attorney or software for simple will

Get a trust from an estate attorney. Its not that much money and it makes it easy for the children if something happens to both of you. Agreed, with that amount I would get a trust. It will protect your kids' inheritance from potential creditors and divorce in the future. You need durable POA and h...
by FBN2014
Sun Jul 29, 2018 3:02 pm
Forum: Investing - Help with Personal Investments
Topic: 64 yrs old should I get into the stock market
Replies: 10
Views: 1538

Re: 64 yrs old should I get into the stock market

I would use a 40/60 or 30/70 equities to bonds asset allocation using a 3 or 4 fund portfolio. Even in a 2008 type crash your max drawdown would be around 15% which you can probably weather.
by FBN2014
Sun Jul 29, 2018 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Boy's first job
Replies: 38
Views: 3491

Re: Boy's first job

That was my first job also but I was a bag boy also, ha-ha. Fifty years ago now and I made $1.65/hour. Congrats to your son that he sees the value in work and saving for the future, not sitting at home playing video games. My daughter started working at age 14 scooping ice cream at the mall. She lea...
by FBN2014
Sun Jul 29, 2018 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Assisted Living Expenses
Replies: 30
Views: 2037

Re: Assisted Living Expenses

Here's what I was told by my attorney. Buy a hybrid LTC insurance policy that will pay benefits for up to 5 years which is the lookback period for Medicaid. If you die suddenly and never use the benefits then your heirs get a death benefit. If your are starting to decline and will probably need assi...
by FBN2014
Fri Jul 27, 2018 12:46 pm
Forum: Investing - Theory, News & General
Topic: Small caps are getting crushed today
Replies: 20
Views: 2943

Re: Small caps are getting crushed today

David Jay wrote:
Fri Jul 27, 2018 12:38 pm
FBN2014 wrote:
Fri Jul 27, 2018 12:30 pm
Looks like small cap correction may have started.
Based on one day?
Yeah, I'm probably a little over reacting.
by FBN2014
Fri Jul 27, 2018 12:30 pm
Forum: Investing - Theory, News & General
Topic: Small caps are getting crushed today
Replies: 20
Views: 2943

Small caps are getting crushed today

Looks like small cap correction may have started. Russell 2000 down almost 2% today.
by FBN2014
Fri Jul 27, 2018 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Declining Years
Replies: 22
Views: 4671

Re: Declining Years

You should set up a trust and appoint a third party independent corporate trustee to manage your portfolio. Vanguard has a trust service at very low cost. At the very least you need a durable power of attorney document so that a trusted friend or relative could make financial decisions in cash you o...
by FBN2014
Fri Jul 27, 2018 8:39 am
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10303

Re: An argument against self-insuring for long-term care

I would use a hybrid LTCi policy. Payout for nursing home or in home care. If you don't need these benefits then the policy pays a death benefit to your heirs. Get coverage for 3-5 years. Once you are in a long term care situation then it's time to visit an elder law attorney and set up an asset pro...
by FBN2014
Fri Jul 27, 2018 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Need more excitement
Replies: 48
Views: 4397

Re: Need more excitement

Gambling is not investing, it is recreational, unless you can't control yourself. In that case seek professional help.
by FBN2014
Fri Jul 27, 2018 8:22 am
Forum: Personal Finance (Not Investing)
Topic: Medicare supplement policy G -does it offer guaranteed issue rights if insurance company goes bankrupt or ends?
Replies: 23
Views: 1838

Re: Medicare supplement policy G -does it offer guaranteed issue rights if insurance company goes bankrupt or ends?

It's important to go with a company that has a high rating by Standard & Poor, AM Best, Comdex. Guaranteed issue is applicable only during a 7 month window, 3 months before your birthday month, your birthday month, and the 3 months following your birthday month. If you enroll outside this period the...
by FBN2014
Fri Jul 27, 2018 4:02 am
Forum: Personal Finance (Not Investing)
Topic: Career advice
Replies: 20
Views: 1610

Re: Career advice

I would go with the part time MBA at a top 10 school as long as your GMAT and GPA is high enough. Your earning potential will be much higher in the long run. I had the opportunity to do something similar in the early 80s and passed. I have regretted it ever since.
by FBN2014
Tue Jul 17, 2018 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Wills
Replies: 54
Views: 3050

Re: Wills

I have been advised that I should have a will. However I don't know where to start with regards to learning about what I actually need. I am married with 3 children. At this life stage, what is the recommended things to have in place, and what's the best way to get there? I searched the wiki and co...
by FBN2014
Tue Jul 17, 2018 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Wills
Replies: 54
Views: 3050

Re: Wills

The biggest hurdle for us (and the reason we waited so long), was deciding who we wanted to become guardians for our children. This has always been our problem and the reason, to this day that we don't have a will. Our youngest turns 18 in 2 months, so I'm actually completely happy with how our sta...
by FBN2014
Mon Jul 16, 2018 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Monte Carlo simulator
Replies: 3
Views: 329

Monte Carlo simulator

Does anyone know of a free Monte Carlo simulator where you can enter different portfolio allocations of various index funds or ETFs to see the probability of the portfolio lasting to various ages with varying withdrawal percentages?
by FBN2014
Sun Jul 15, 2018 10:24 pm
Forum: Investing - Help with Personal Investments
Topic: My Annuity Plan..as of now.
Replies: 14
Views: 1734

Re: My Annuity Plan..as of now.

Here's my thoughts on this dilemma. You'll probably take a big hit on the surrender charges. Look at your contract and it will tell you what the surrender charge penalty is for early withdrawal. Your 4 years into it, so the 5 year annuity will mature next year, the others have a few more years to ru...
by FBN2014
Sun Jul 15, 2018 8:17 pm
Forum: Investing - Help with Personal Investments
Topic: My Annuity Plan..as of now.
Replies: 14
Views: 1734

Re: My Annuity Plan..as of now.

It's obvious that you are confused about what you have with these annuities. You haven't stated what you are trying to accomplish as far as how much income you need in retirement, what your other if any assets are, whether you want to leave a legacy to heirs, etc. As stated before, the salesman made...
by FBN2014
Sun Jul 15, 2018 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Fixed Indexed Annuity
Replies: 17
Views: 3137

Re: Fixed Indexed Annuity

Here's a Forbes column I did some time ago on these lousy products. Run, don't walk. https://www.forbes.com/2010/08/10/truth-about-equity-indexed-annuities-personal-finance-bogleheads-view-lindauer.html#1a47cada1257 But, if you're looking for an income stream that you can't outlive, then consider, ...