Search found 866 matches

by FBN2014
Tue Feb 20, 2024 10:27 pm
Forum: Personal Finance (Not Investing)
Topic: High yield savings/checking account
Replies: 29
Views: 3369

Re: High yield savings/checking account

gotoparks wrote: Tue Feb 20, 2024 10:09 pm
FBN2014 wrote: Tue Feb 20, 2024 9:02 pm I should qualify that sometimes I need to deposit cash or get cash. I can't do that with Fidelity or Vanguard or Ally if they aren't local.

What's the point of asking if you want a local bank?
I didn't realize that I could link a remote high yield account with a checking account that is local.
by FBN2014
Tue Feb 20, 2024 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: High yield savings/checking account
Replies: 29
Views: 3369

Re: High yield savings/checking account

I should qualify that sometimes I need to deposit cash or get cash. I can't do that with Fidelity or Vanguard or Ally if they aren't local.
by FBN2014
Tue Feb 20, 2024 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: High yield savings/checking account
Replies: 29
Views: 3369

High yield savings/checking account

Any recommendations for a high yield savings and checking account that doesn't charge fees. BOA recently sent out a notice that they require a minimum of $20,000 in combined accounts or the customer will incur a $25/month service fee. 🤬🤬🤬
by FBN2014
Sat Jan 20, 2024 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing Income from Trust
Replies: 3
Views: 562

Re: Distributing Income from Trust

The way I do it is to have the income from the investment account linked to the checking account. The income automatically is transferred each month into the checking account and distributed from there.
by FBN2014
Sat Jan 20, 2024 7:06 am
Forum: Personal Finance (Not Investing)
Topic: House in trust/step up in basis
Replies: 2
Views: 512

Re: House in trust/step up in basis

increment wrote: Fri Jan 19, 2024 8:59 pm
FBN2014 wrote: Fri Jan 19, 2024 8:29 pm Spouses usually title their house in their revocable trust if they have one. When they die, do the heirs still get a step up in basis if the house remains in trust because the heirs need or want to use the house as their residence?
Yes, because a revocable trust does not affect the tax treatment.
When the heirs die, will the remainder beneficiaries get a new step up in basis for the value at the original heirs date of death?
Likely not, if the now-irrevocable trust (which does not die) is the owner of record.
How can this be corrected so that the remainder beneficiaries get a step up? House can't be distributed to original beneficiary since he is incapable of handling financial affairs.
by FBN2014
Fri Jan 19, 2024 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: House in trust/step up in basis
Replies: 2
Views: 512

House in trust/step up in basis

Spouses usually title their house in their revocable trust if they have one. When they die, do the heirs still get a step up in basis if the house remains in trust because the heirs need or want to use the house as their residence? When the heirs die, will the remainder beneficiaries get a new step up in basis for the value at the original heirs date of death?
by FBN2014
Thu Jan 18, 2024 5:10 am
Forum: Personal Finance (Not Investing)
Topic: Direct transfer between trust accounts
Replies: 0
Views: 426

Direct transfer between trust accounts

I am trustee for two trusts with the same beneficiary. The trusts hold identical mutual funds, ETFs, and cash. If I do a direct in kind transfer from one trust to the other, does that trigger a taxable event? No assets are being sold, only transferred.
by FBN2014
Tue Jan 16, 2024 7:35 am
Forum: Personal Finance (Not Investing)
Topic: When Exactly to Apply for a Medicare Supplement Policy?
Replies: 12
Views: 1355

Re: When Exactly to Apply for a Medicare Supplement Policy?

There is a Facebook group called Boomer Benefits Medicare Q&A. You will get great advice there. Timeline is critical as to when to get a supplement plan or you will be shut out.
by FBN2014
Mon Jan 15, 2024 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Merging trusts and tax ramifications
Replies: 2
Views: 389

Merging trusts and tax ramifications

I am the trustee for 2 trusts for my sibling. I have appointed my daughter as co-trustee which the trusts aIlow. She would become the successor trustee at my death. I want to simplify as much as I can the administrative work (such as filing 1 tax return, 1 accounting, keeping 1 bank account, etc.) for her in the event that I can't serve as trustee. The trusts have wording to the effect that if the trustee deems it to be appropriate that the trust can be terminated. Massachusetts law also allows trusts to be merged. So, my question is if I merge the trusts by retitling the assets from one of the trusts into the other, do the mutual fund and ETF positions have to be sold and then re-purchased, which would possibly create a taxable event? Or i...
by FBN2014
Thu Jan 11, 2024 2:43 pm
Forum: Investing - Theory, News & General
Topic: Floating Rate Funds
Replies: 23
Views: 3209

Re: Floating Rate Funds

My elderly mother owned FFRHX since 2005. We recently completely exited her position in 2023. In equity down markets, this fund is very volatile and follows stocks. Look at the long term performance (look at 2009 & 2020 especially) on the Fidelity website. During bull markets, it is fine, but in down markets, the NAV declines heavily... Note sure what you are saying here. Is it news that the fund goes up and down? What is "declines heavily"? FFRHX is much less volatile than an S&P500 index fund (less than a quarter as volatile according to my fund newsletter). As for correlations, the same source (my fund newsletter) says there is about a 55% correlation with FXAIX, which is about the same as most bond funds. So it doesn'...
by FBN2014
Thu Jan 11, 2024 12:49 pm
Forum: Investing - Theory, News & General
Topic: Floating Rate Funds
Replies: 23
Views: 3209

Re: Floating Rate Funds

exodusNH wrote: Thu Jan 11, 2024 12:23 pm
FBN2014 wrote: Thu Jan 11, 2024 12:17 pm Are floating rate funds a good choice for a bond fund substitute? What are the risks? Which do you like? What percentage of the portfolio is okay to use floating rate?
You mean something like the Treasury's floating rate notes? They're not very liquid. It's not something that an individual would usually buy unless you can live with it to maturity.
I was thinking of something like the Fidelity Floating Rate High Income Fund FFRHX, yielding over 8%, returned over 12% in 2023.
by FBN2014
Thu Jan 11, 2024 12:17 pm
Forum: Investing - Theory, News & General
Topic: Floating Rate Funds
Replies: 23
Views: 3209

Floating Rate Funds

Are floating rate funds a good choice for a bond fund substitute? What are the risks? Which do you like? What percentage of the portfolio is okay to use floating rate?
by FBN2014
Fri Dec 29, 2023 10:58 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2023 offer
Replies: 282
Views: 50643

TurboTax on sale now

[Thread merged into here --admin LadyGeek]

TurboTax just went on sale at BJs Warehouse. Save $20-30 depending on version you use.😃
by FBN2014
Mon Dec 18, 2023 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Age limits to open tax deferred accounts
Replies: 5
Views: 627

Age limits to open tax deferred accounts

Are the any maximum age limits to start an IRA, or Solo 401K, or HSA?
by FBN2014
Fri Dec 08, 2023 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity free Turbotax 2023
Replies: 435
Views: 154029

Re: Fidelity free Turbotax 2023

Does Fidelity offer the Home & Business version for self employed? Do they offer the Business version for trust returns?
by FBN2014
Thu Dec 07, 2023 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited IRA rules pre-Secure Act
Replies: 3
Views: 518

Inherited IRA rules pre-Secure Act

I inherited an IRA from my father in 2013. Since then I have been taking RMDs based on my life expectancy every December per IRS rules in effect pre-Secure Act. I am 70 years old. Does the Secure Act change the RMD rules for old Inherited IRAs or are the old rules grandfathered? Can I stop taking RMDs (which is what I would like). Also when I die, what are the rules that apply for the beneficiary I named on the Inherited IRA? TIA
by FBN2014
Mon Oct 16, 2023 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Thwarting Credit Card Charges for Unwanted Automatic Renewals
Replies: 5
Views: 1099

Re: Thwarting Credit Card Charges for Unwanted Automatic Renewals

Hi BH'ers. I just thought I would share a useful tip if your credit card company supports virtual accounts. I don't carry dental insurance anymore. Instead I have a dental savings plan that luckily my regular dentist accepts. Just over a year ago, I was referred out to a specialist who did not accept that plan, but instead accepted a different plan. So, I signed up for the second plan for a year, knowing that the plan provider saves credit card numbers and uses them to process automatic renewals. Just last week, a day before my plan was set to renew, I remembered that I needed to cancel the plan. The plan provided an email method of cancellation, which I utilized, and I got a confirmation back from the company. Despite that, today I got a ...
by FBN2014
Thu Oct 05, 2023 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Massachusetts Estate Tax
Replies: 25
Views: 2482

Re: Massachusetts Estate Tax

fsrph wrote: Thu Oct 05, 2023 6:42 pm I think it's sad how only a few states sees an opportunity to tax you on your passing. If you think Massachusetts estate/inheritance tax is bad take a look at Pennsylvania's. No exemption, every dollar is taxed. Spouse 0%, children 4.5%, siblings 12%, others 15%.

Francis
Am I reading this right? You think it's a good idea to tax estates? Why?
by FBN2014
Thu Oct 05, 2023 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Life/LTC insurance price
Replies: 45
Views: 3434

Re: Life/LTC insurance price

I don't like the traditional LTC policy because the premium is not guaranteed and I guarantee that they will increase in the future to where you will end up dropping it or agree to reduced benefits. Securian Secure Care and Nationwide Care Matters are excellent hybrid policies where the premium doesn't change. You don't have to pay it all at once, although that is an option. You can do a 10 year pay also to spread out the premium. I own Secure Care.
by FBN2014
Thu Oct 05, 2023 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: Estate tax change in MA - trust question
Replies: 25
Views: 1529

Re: Estate tax change in MA - trust question

... If the trust owns the insurance policy then it should pay the premium. You have given up any control of the policy so I doubt that the ownership can be changed. If you make the premium payments directly then you have effectively caused the death benefit to now be included in your estate since you have incidents of ownership. The federal estate tax laws will change in a few years when the current law expires. If Democrats control all branches of government they could drastically lower the estate tax exemption. If it was me, I would maintain the status quo with respect to the ILIT. We're not creating many insurance trusts now. There are very few people poor enough to need life insurance but rich enough to pay estate tax. Even in a state ...
by FBN2014
Thu Oct 05, 2023 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Estate tax change in MA - trust question
Replies: 25
Views: 1529

Re: Estate tax change in MA - trust question

As part of our estate planning and trust creation a couple of years ago we created an ILIT because my life insurance proceeds would make up most of our net worth if I passed right now. The insurance beneficiary is the trust with payments being made out of a trust checking account my MIL (a trustee) manages. As of yesterday, a new estate tax limit and some rule changes were passed in MA. Does it make sense to just pay the insurance premiums directly from my account and forget the ILIT to make things simpler now that the estate tax has been significantly reduced? If you pay the premiums wouldn't that be a gift in the same way as if you contributed cash to the trust and the trustee paid the premiums? I thought I was covered if the trust accou...
by FBN2014
Thu Oct 05, 2023 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Estate tax change in MA - trust question
Replies: 25
Views: 1529

Re: Estate tax change in MA - trust question

simplesimon wrote: Thu Oct 05, 2023 6:56 am As part of our estate planning and trust creation a couple of years ago we created an ILIT because my life insurance proceeds would make up most of our net worth if I passed right now. The insurance beneficiary is the trust with payments being made out of a trust checking account my MIL (a trustee) manages.

As of yesterday, a new estate tax limit and some rule changes were passed in MA. Does it make sense to just pay the insurance premiums directly from my account and forget the ILIT to make things simpler now that the estate tax has been significantly reduced?
You should go back to your attorney that did your estate plan to ask this question. No one here knows your overall financial picture.
by FBN2014
Wed Oct 04, 2023 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Massachusetts Estate Tax
Replies: 25
Views: 2482

Massachusetts Estate Tax

For those who live in the Bay State, the Massachusetts estate tax exemption has been increased to $2,000,000.
by FBN2014
Sat Sep 30, 2023 5:18 pm
Forum: Investing - Theory, News & General
Topic: Help poke holes? Roger Ibbotson recommends a Fixed Index Annuity as a partial bond alternative.
Replies: 50
Views: 6334

Re: Help poke holes? Roger Ibbotson recommends a Fixed Index Annuity as a partial bond alternative.

Tdubs wrote: Sat Sep 30, 2023 4:10 pm Seeking to revive this thread from 2018. Five years later, has any study "poked holes" in Ibbotson's work?

A FIA salesperson sent me the study as proof of the value of their product.
Ibbotson is paid by the insurance companies to issue a "white paper." FIAs have no contractual guarantees. The caps can change, the index can change, the participation rate can change. The only thing that is guaranteed is that the insurance company will make a nice return. As Stan the Annuity Man says on his YouTube channel, "Only buy what an annuity can do, not what it might do."
by FBN2014
Tue Aug 29, 2023 4:04 pm
Forum: Personal Investments
Topic: Floating rate and high yield funds
Replies: 12
Views: 1231

Re: Floating rate and high yield funds

Any opinions on floating rate funds/ETFs and high yield corporate funds/ETFs for income? Are they worth the risk for a higher yield than money market funds? Which ones do you like? What portion of a fixed income allocation is advisable? I personally prefer non callable LT individual well diversified corporate bonds for IRAs. For taxable preferred stock which throw qualified dividends. They have 6.5% yield and YTM is 7.5%. This is 7.5% is guaranteed as long as these bonds don't default. Vanguard is projecting next 10 years stock market will have 2-4.5% returns. Do you buy individual preferred stocks or funds/ETFs? Any you can recommend? For folks who don't want to do the work there is always VCLT etf and PFFD etf for these. What criteria do...
by FBN2014
Tue Aug 29, 2023 3:41 pm
Forum: Personal Investments
Topic: Floating rate and high yield funds
Replies: 12
Views: 1231

Re: Floating rate and high yield funds

invest2bfree wrote: Tue Aug 29, 2023 3:30 pm
FBN2014 wrote: Tue Aug 29, 2023 7:54 am Any opinions on floating rate funds/ETFs and high yield corporate funds/ETFs for income? Are they worth the risk for a higher yield than money market funds? Which ones do you like? What portion of a fixed income allocation is advisable?
I personally prefer non callable LT individual well diversified corporate bonds for IRAs. For taxable preferred stock which throw qualified dividends.

They have 6.5% yield and YTM is 7.5%.

This is 7.5% is guaranteed as long as these bonds don't default.

Vanguard is projecting next 10 years stock market will have 2-4.5% returns.
Do you buy individual preferred stocks or funds/ETFs?
Any you can recommend?
by FBN2014
Tue Aug 29, 2023 7:54 am
Forum: Personal Investments
Topic: Floating rate and high yield funds
Replies: 12
Views: 1231

Floating rate and high yield funds

Any opinions on floating rate funds/ETFs and high yield corporate funds/ETFs for income? Are they worth the risk for a higher yield than money market funds? Which ones do you like? What portion of a fixed income allocation is advisable?
by FBN2014
Mon Aug 28, 2023 3:10 pm
Forum: Personal Investments
Topic: Target Maturity Date Bond ETFs
Replies: 5
Views: 582

Re: Target Maturity Date Bond ETFs

Stinky wrote: Mon Aug 28, 2023 1:58 pm Is this previous thread useful?

viewtopic.php?t=374405
That's very helpful! Thanks 😊
by FBN2014
Mon Aug 28, 2023 10:00 am
Forum: Personal Investments
Topic: Target Maturity Date Bond ETFs
Replies: 5
Views: 582

Target Maturity Date Bond ETFs

Has anyone used Target Maturity Date Bond ETFs to generate income in retirement? Which ones and what maturities? How can you ladder them?
by FBN2014
Wed Aug 23, 2023 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 48755

Re: Rethinking "Keep Your Car for Ten Years"

Toyotas and Lexus should last at least 300K miles with routine maintenance unless you buy a hybrid. The battery will need replacement which is very expensive.
by FBN2014
Wed Aug 23, 2023 7:22 am
Forum: Personal Finance (Not Investing)
Topic: New FDIC insurance rule for trusts
Replies: 6
Views: 1176

Re: New FDIC insurance rule for trusts

Geologist wrote: Wed Aug 23, 2023 6:31 am Forum policies suggest "refrain from posting naked links - all links should include an explanation or excerpt unless its meaning is clear from the context".

So, please provide a brief explanation of what this rule is.
Done
by FBN2014
Wed Aug 23, 2023 6:08 am
Forum: Personal Finance (Not Investing)
Topic: New FDIC insurance rule for trusts
Replies: 6
Views: 1176

New FDIC insurance rule for trusts

New rule effective in 2024 expands FDIC coverage beyond $250,000/account for trusts.

httpqs://www.wealthmanagement.com/estate-plannin ... k-accounts
by FBN2014
Thu Aug 10, 2023 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: 401K and IRAs when divorced
Replies: 3
Views: 784

401K and IRAs when divorced

Do 401K and IRAs get divided in a divorce?
by FBN2014
Sat Jul 08, 2023 10:35 am
Forum: Personal Finance (Not Investing)
Topic: How to select estate planning attorney (in MA)
Replies: 26
Views: 1669

Re: How to select estate planning attorney (in MA)

Check out these books by MA estate attorney Harry Margolis: Get Your Ducks in a Row and Baby Boomers Guide to Trusts.
by FBN2014
Thu Jul 06, 2023 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: How to select estate planning attorney (in MA)
Replies: 26
Views: 1669

Re: How to select estate planning attorney (in MA)

Hi all - I am in MA. We are in the process of trying to select an estate planning attorney for our family to update our estate plans, create trusts if appropriate, and also be available to help us as things arise going forward. We created an estate plan once before, when our first child was born, but our assets have grown significantly and our children are also now ~ age of majority, so seems like a good time to go through this again. For various reasons we do not want to use the same attorney who prepared our basic plans ~20 years ago (wills, POA, etc). I will be doing an informational/intro call with the first firm today (recommended by a friend.) Any suggestions for what to listen for / questions to ask about process/fees/philosophy? Al...
by FBN2014
Thu Jul 06, 2023 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Need help understanding trust options for an inherited trust
Replies: 7
Views: 746

Re: Need help understanding trust options for an inherited trust

Harry Margolis, a Boston estate planning attorney, has an excellent book on trusts.
by FBN2014
Thu Jul 06, 2023 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Did Step Up Basis Rules Really Change?
Replies: 12
Views: 2182

Re: Did Step Up Basis Rules Really Change?

Last week there was a thread regarding gifting a 50% interest in a house to a child as JTWROS. At the parent's death the child gets a step up in basis for 100% of the value.
viewtopic.php?p=7335459#p7335459
by FBN2014
Sat Jul 01, 2023 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Is this move to NYC worth it?
Replies: 109
Views: 9238

Re: Is this move to NYC worth it?

NYC is not what it once was before the pandemic. I would reevaluate.
by FBN2014
Thu Jun 29, 2023 8:57 am
Forum: Personal Finance (Not Investing)
Topic: How did you teach your children about money?
Replies: 50
Views: 3910

Re: How did you teach your children about money?

Any financial literacy books or courses geared to middle school to high school kids?
by FBN2014
Wed Jun 28, 2023 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited house and step up in basis
Replies: 9
Views: 1618

Re: Inherited house and step up in basis

by bsteiner » Tue Jun 27, 2023 1:32 pm FBN2014 wrote: ↑Tue Jun 27, 2023 12:48 pm ... So, are you saying that when the mother dies that the son will get a new basis for the entire value of the property at the date of death? Therefore, if he sold it the gain would be the difference between the sales price and the date of death valuation? The estate would still need to be probated though, so can that be avoided by now putting the house into a revocable trust with the son as beneficiary? Yes, he would get a new basis equal to the entire value of the property at his mother's death (or the alternate valuation date, if applicable). Since the house is owned jointly, it would pass to him by operation of law. It wouldn't be a probate asset. For fede...
by FBN2014
Tue Jun 27, 2023 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited house and step up in basis
Replies: 9
Views: 1618

Re: Inherited house and step up in basis

You are correct that she probably got bad advice. There are many disadvantages to doing this. However, this isn't one of them. See Internal Revenue Code Section 2040(a): https://www.law.cornell.edu/uscode/text/26/2040. She should file a gift tax return to report the transfer of the one-half interest. But she won't be taxed twice. When she dies, if they still own the property, it will be included in her estate (so he'll get a new basis). However, the gift won't be added back as an adjusted taxable gift. So, are you saying that when the mother dies that the son will get a new basis for the entire value of the property at the date of death? Therefore, if he sold it the gain would be the difference between the sales price and the date of death...
by FBN2014
Tue Jun 27, 2023 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Inherited house and step up in basis
Replies: 9
Views: 1618

Re: Inherited house and step up in basis

You are correct that she probably got bad advice. There are many disadvantages to doing this. However, this isn't one of them. See Internal Revenue Code Section 2040(a): https://www.law.cornell.edu/uscode/text/26/2040. She should file a gift tax return to report the transfer of the one-half interest. But she won't be taxed twice. When she dies, if they still own the property, it will be included in her estate (so he'll get a new basis). However, the gift won't be added back as an adjusted taxable gift. So, are you saying that when the mother dies that the son will get a new basis for the entire value of the property at the date of death? Therefore, if he sold it the gain would be the difference between the sales price and the date of death...
by FBN2014
Tue Jun 27, 2023 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Inherited house and step up in basis
Replies: 9
Views: 1618

Inherited house and step up in basis

My daughter's, husband's grandparents died in 2015 and 2016. His mother inherited their home after the estate was probated in Maryland. The deed was transferred to her name in 2017 and we just found out that she at the same time added my son-in-law on the deed as joint owner with right of survivorship. We are concerned that she got some bad advice since the home's value in 2016 was approximately $450,000 and it is now in 2023 approximately $700,000. Are we correct in that when the MIL dies that my son-in-law's cost basis will be the same as when his mother inherited the house at $450,000? Then when he goes to sell the house will he owe capital gains taxes on the difference between the value at her death and his cost basis of $450,000? How c...
by FBN2014
Mon Jun 12, 2023 11:32 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286963

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

I'm surrendering my Oceanview policy (non-qualified funds) on maturity at the end of this month. There is no option online for me to make this request. So I called them. First call I was told I need to complete a full surrender request form and either mail or fax it in. The rep told me that it will take 3 to 5 business days to process the request. The form itself does not have the option to indicate that this is a surrender on maturity without fees. So I just wrote a note on the form that this surrender is to be processed on maturity date 6/30/23. I also wrote on the form to request them to ACH the money to me since I had previously submitted my bank information. Second call About a week later, I called them to make sure that everything is...
by FBN2014
Fri Apr 07, 2023 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Dissolving Ric-E Trust
Replies: 68
Views: 12659

Re: Dissolving Ric-E Trust

I wonder if any complaints were filed with FINRA and SEC against Edelman for selling this garbage.😡
by FBN2014
Sun Feb 12, 2023 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Filing for Social Security/Getting government employment records
Replies: 5
Views: 836

Re: Filing for Social Security/Getting government employment records

I have checked but we have no records from that long ago. We have contacted OPM by phone, email, and regular mail and have received nothing. Perhaps an attorney could take some sort of legal action to force OPM to produce the records.
by FBN2014
Sun Feb 12, 2023 4:11 am
Forum: Personal Finance (Not Investing)
Topic: Filing for Social Security/Getting government employment records
Replies: 5
Views: 836

Re: Filing for Social Security/Getting government employment records

My wife worked for the federal government from 1973-1982. She took a lump sum pension payout when she left that was a little less than $10,000. She applied for spousal social security benefits last September. She was told that before her application can be approved that she had to produce a document from the Office of Personnel Management (OPM) showing her dates of employment and what the exact amount of the pension payout was. She didn't keep any records from 1982? The OPM records are stored on paper in a mine in Pennsylvania. There is no way to track anything. If you're lucky, the file is sitting on someone's desk and will turn up when they get to it. If you're unlucky, the file was misplaced and will never be found. The Social Security ...
by FBN2014
Sat Feb 11, 2023 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Filing for Social Security/Getting government employment records
Replies: 5
Views: 836

Filing for Social Security/Getting government employment records

My wife worked for the federal government from 1973-1982. She took a lump sum pension payout when she left that was a little less than $10,000. She applied for spousal social security benefits last September. She was told that before her application can be approved that she had to produce a document from the Office of Personnel Management (OPM) showing her dates of employment and what the exact amount of the pension payout was. So we called OPM and made the request over the phone and the rep said it would take 45-60 days for the records to be sent. In December we called again and they said they didn't have any information on when the records would be sent. So we wrote to our Congresswoman requesting her help. Her office forwarded the reques...
by FBN2014
Sat Feb 11, 2023 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Is this [Facebook solicitation] too good to be true? No capital gains tax on sale of business?
Replies: 12
Views: 1079

Re: Is this [Facebook solicitation] too good to be true? No capital gains tax on sale of business?

So I asked the Facebook poster if he had any references to a tax attorney who has reviewed this magic trust, or an article in a professional tax publication, or an IRS private ruling. He then proceeded to block me!😂 I wonder if he has actually sold this trust to anyone. Does the IRS have a way to report abusive tax avoidance schemes?