Search found 1672 matches

by JGoneRiding
Sun Jun 16, 2019 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 52
Views: 3011

Re: Short-term money needs for Executor of Estate

That assumes you have heirs that can and will get along. Have you missed the 3 separate nightmare threads where one won't sell? At least many in here told an heir to walk away from a 50k inheritance rather than deal with an unreasonable sibling. I think tod is great if you have only 1 heir and othe...
by JGoneRiding
Sun Jun 16, 2019 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 52
Views: 3011

Re: Short-term money needs for Executor of Estate

I guess you are describing a situation where there are no liquid funds available in the estate, but there are expenses that need to be covered. I am assuming the estate has sufficient illiquid assets. I think the kosher thing to do is to arrange a loan to the estate. If I was the executor and had t...
by JGoneRiding
Sun Jun 16, 2019 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Should we retire in 4 years?
Replies: 31
Views: 3642

Re: Should we retire in 4 years?

If you retire and travel more will expenses go up? Are you considering down sizing? Is this a business you could sell? Even a basic service oriented business that has built up a good name and clientele is worth something. Especially if it includes a lot if special tools you have. People get loans fo...
by JGoneRiding
Fri Jun 14, 2019 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 52
Views: 3011

Re: Short-term money needs for Executor of Estate

"I have decided that the kindest thing you can do for estate planning is having dealt with the house ahead of time." Some states have TOD deeds that work just like a TOD bank account (the mechanics of that were that after the last parent died, we (the kids named as TOD beneficiaries) sold the house...
by JGoneRiding
Fri Jun 14, 2019 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Why are you NOT buying rental properties?
Replies: 420
Views: 35935

Re: Why are your NOT buying rental properties?

I want nothing to do with rental properties. In fact, we currently own 2 homes (1 inherited), and will dispose of that within 2 years at most. Being a landlord is not a fun task. If you had owned these properties in the housing crash, you'd be singing a different toon. I don't own REITs either. Nor...
by JGoneRiding
Thu Jun 13, 2019 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Got a refund today they only would put in back on the visa card. Later I found out that card has been closed nine months
Replies: 22
Views: 2406

Re: Got a refund today they only would put in back on the visa card. Later I found out that card has been closed nine mo

Well I knew my card was canceled (bank had an issue on their end and reissued a different card) I was able to get a manager over ride to put on a different card. I think you will get a check at some point.
by JGoneRiding
Thu Jun 13, 2019 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Currently Viable Refinance Options when 30-YR Mortgage is Currently at 3.875%?
Replies: 19
Views: 1178

Re: Currently Viable Refinance Options when 30-YR Mortgage is Currently at 3.875%?

OP. I could have written your post! I am looking so if I find something will let you know. I am looking at better right now on others recommendation. Rate is good but I haven't figured out cost yet. They are a bit annoying to get to the rate level. I am also checking with Costco refi options (I used...
by JGoneRiding
Thu Jun 13, 2019 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Is POD the best designation for Mom’s checking account?
Replies: 38
Views: 2663

Re: Is POD the best designation for Mom’s checking account?

I have expressed several time that this is a concern and people tend to ignore it! I have recently completed probate training for state of Oregon. They said intent matters so technically they should pay final expenses but reality matters more and the banks do not care about intent they will split ev...
by JGoneRiding
Thu Jun 13, 2019 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 52
Views: 3011

Re: Short-term money needs for Executor of Estate

I am co executor and power of attorney for my mom. All accounts are set up with me and my 2 siblings as beneficiaries. Her car is titled to her and TOD to me. Her funeral is prearranged and prepaid. Upon her passing, all assets will be divided equally by the financial institutions and mailed to the...
by JGoneRiding
Thu Jun 13, 2019 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 52
Views: 3011

Re: Short-term money needs for Executor of Estate

My wife is the beneficiary of all accounts in my name. As soon as the institutions have my death certificate, the money is hers. No probate would be needed. Nice way to avoid probate without the need for trusts to accomplish this transfer. Simplicity is usually a good thing. Yes but what happens wh...
by JGoneRiding
Wed Jun 12, 2019 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 52
Views: 3011

Re: Short-term money needs for Executor of Estate

I sent the heirs an email (I have 6 to deal with) informing them there was no funds to pay the June mortgage. They decided to pay it together. Do you mean as you are setting up the estate? My aunt (i am probating it now) had everything set to auto pay! Despite informing the bank with in 7 days of he...
by JGoneRiding
Tue Jun 11, 2019 10:34 am
Forum: Personal Consumer Issues
Topic: Tips for new pet owner [puppy]
Replies: 71
Views: 3721

Re: Tips for new pet owner

I am a vet. My dogs eat Costco and I am very happy with their maintenance. There have been some recent issues with "fancy" boutique expensive foods so cost doesn't nessisitate quality. Vaccine depend a lot on your area and exposure risk. Basic vaccine do not. Expect about $100 for the first visit an...
by JGoneRiding
Tue Jun 11, 2019 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Planning for potential second home purchase
Replies: 8
Views: 1111

Re: Planning for potential second home purchase

Maybe I miss understood the question. I thought it was how to or if you should sell to maintain liquidity for a vague future move. I might do some but I wouldn't bother with all of it. I would instead set aside the next 2 years saving for it and sell slowly as it might make sense. I would try to spl...
by JGoneRiding
Tue Jun 11, 2019 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Late Life/End of Life Expenses
Replies: 38
Views: 3673

Re: Late Life/End of Life Expenses

My family experience: grandpa died fast from chf and declined advanced intervention, as a result he spent 4 days in the hospital and had otherwise been at home (this cost was covered by standard Medicare insurance) His wife has out lived him by 25 years, due to a fall and thinking she might not live...
by JGoneRiding
Mon Jun 10, 2019 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Home Loan from Parents
Replies: 38
Views: 4400

Re: Home Loan from Parents

If they give you a lower-than-market rate, the difference is considered a gift. That might not be a problem as long as their estate won't owe inheritance taxes. That isn't exactly true. IRS has a base rate dependent on length of loan. It changes regularly so you need to look it up. Every time I hav...
by JGoneRiding
Mon Jun 10, 2019 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Efficiently giving to an individual
Replies: 32
Views: 2519

Re: Efficiently giving to an individual

I'm seeking advice on efficiently giving money to another individual with a terminal illness. I've searched around the forum but haven't come across any similar posts; this is my first post, though I wish it were under different circumstances. A friend of mine (30s, married, no kids) is entering en...
by JGoneRiding
Mon Jun 10, 2019 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Please critique my budget
Replies: 8
Views: 865

Re: Please critique my budget

Critique or brag??

You are "living" on 15% of your take home.pay (everything else is debt or savings) are you living enough? It would take a very high income for me to be happy at that level. Are you kids getting what they need to thrive? Is your wife content?
by JGoneRiding
Mon Jun 10, 2019 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Paying for rent is throwing away money...myth?
Replies: 302
Views: 18485

Re: Paying for rent is throwing away money...myth?

I am sure it's been said, but the fact is most Americans do not save much of anything their entire net worth is in the home. My aunt did not need to save. She had an awesome government pension and SSA between the 2 she made significant more than I do as a professional working. She didn't save out of...
by JGoneRiding
Mon Jun 10, 2019 10:30 am
Forum: Personal Finance (Not Investing)
Topic: W/O comp and collision, how does reimbursement from a not at fault accident work?
Replies: 20
Views: 1247

Re: W/O comp and collision, how does reimbursement from a not at fault accident work?

If the other driver doesn’t have insurance, then you could sue, small claims court if relatively low damage, regular court otherwise. But unless they have no insurance due to extenuating circumstances [ forgot to mail check, etc) most likely they have no money, so even if you win good luck getting ...
by JGoneRiding
Sun Jun 09, 2019 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Notify insurance or not?
Replies: 22
Views: 2111

Re: Notify insurance or not?

Call insurance company even if you are not at fault and there are no visible damages. Next time, call the police no matter how small the incident, and get a police report. Ask me how I know. You can get a police report (and should required in most states after $600 in damage) without calling them! ...
by JGoneRiding
Sun Jun 09, 2019 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: 22 Years Old - Which credit card to begin with?
Replies: 44
Views: 2859

Re: 22 Years Old - Which credit card to begin with?

I personally wouldn't pay for an official score in this situation. But would run the credit report and also check credit karma. You need a company likely to approve you. Only apply for one card! If you are turned down multiple times you may find it impossible to get a card! Capital one is a good car...
by JGoneRiding
Fri Jun 07, 2019 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Failed land investments and what to do with it?
Replies: 139
Views: 8967

Re: Low ball offer to buy my useless land, take it or leave it?

I wouldn't do anything until I well understood the mineral situation. https://www.thelandspot.com/ This is the website of the company that wrote me the offer. As you can see in their land listings, they acquire land at low ball prices from regretful land owners like me and sell them for 6k to 7k to...
by JGoneRiding
Fri Jun 07, 2019 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Debt: Student loan or cabin
Replies: 36
Views: 2793

Re: Debt: Student loan or cabin

Posting for my brother and his new wife! Their goal is reduce debt aggressively before purchasing a home and starting a family. Recently married with combined income in low 200k range. Student loans: 90k @ 5.8% Lake cabin: 175k @ 4.2% Cash savings 80k I advised to tackle highest interest debt first...
by JGoneRiding
Fri Jun 07, 2019 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: Tell us your side hustle success stories.
Replies: 68
Views: 6843

Re: Tell us your side hustle success stories.

My side hustle: residential rela estate rentals has done well for us for most part. Prices are to high right now though. Horse boarding, obviously this is location and land ownership dependent, we have great return in this but It does cost 1 to 2 months of board for every pen I set up. And then abou...
by JGoneRiding
Fri Jun 07, 2019 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Tell us your side hustle success stories.
Replies: 68
Views: 6843

Re: Tell us your side hustle success stories.

I'll give a side-hustle failure story. General carpentry is a terrible side hustle IMO. I tried it for a while and wasted so many hours trying to properly price jobs that I wouldn't get anyway, loading up and setting up/taking down tools for odd jobs, running to the hardware store for that one thin...
by JGoneRiding
Fri Jun 07, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Would you buy a house without a garage?
Replies: 95
Views: 5916

Re: Would you buy a house without a garage?

No, I wouldn't buy a house without a garage or a basement. Agree. Cars go in a garage. Keeps them clean and better inside temperature. I agree about a garage but in many locals basement is rare. I can't even think of a house in my whole county I have seen with a real basement or even a walk out. Fo...
by JGoneRiding
Fri Jun 07, 2019 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Close to making an offer on a home
Replies: 65
Views: 5216

Re: Close to making an offer on a home

Thank you @olemiss540 and @barnaclebob for further inputs to guide our thinking. Interestingly in our case after signing the accepting the counteroffer, we lost interest in the home, so to speak. As in not looking at the pictures and talking anything about the home and doing everything else. Your i...
by JGoneRiding
Fri Jun 07, 2019 10:06 am
Forum: Personal Finance (Not Investing)
Topic: HELOC vs contingency offer
Replies: 5
Views: 445

Re: HELOC vs contingency offer

My advice is to never out right lie but it's ok to hedge. And allow all funds to settle 90 days before you spend. That is because 90 days is when they are no longer required to ask questions about funds source.

Short answer is legally they are required to ask but they don't really actually care!
by JGoneRiding
Wed Jun 05, 2019 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Should All Grandkids Be Treated as Equal Members of Same Class?
Replies: 104
Views: 8007

Re: Should All Grandkids Be Treated as Equal Members of Same Class?

In my opinion, if the inheritance per grandkid is small, then go ahead and leave them equal parts. If it is big, then don’t leave the grandkids anything - just give it to the parents in equal shares. Otherwise, there is room for argument on who gets what and whether it is fair. For example, having ...
by JGoneRiding
Wed Jun 05, 2019 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off Mortgage or Save for Down Payment
Replies: 12
Views: 573

Re: Pay off Mortgage or Save for Down Payment

You should save the down payment money not make extra payments. You don’t want to be in a situation where you’ll need the sun, stars, and moon to align for the old house to close as you move into the new house. True, but I'm not planning to save $100k in a bank account. That'll take too long. I wan...
by JGoneRiding
Tue Jun 04, 2019 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Can I retire at 56?
Replies: 34
Views: 5976

Re: Can I retire at 56?

Everyone else has said it well. Have you thought about starting simple changes right now with the idea you will retire fully in a year? Effective immediately stop working Friday? Eat in more, pack a lunch? Look around the house and start selling stuff that you don't want/need and won't fit in a smal...
by JGoneRiding
Mon Jun 03, 2019 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Should All Grandkids Be Treated as Equal Members of Same Class?
Replies: 104
Views: 8007

Re: Should All Grandkids Be Treated as Equal Members of Same Class?

It is a puzzle. I remember one day decades ago when someone was reviewing some provision of some kind of trust, and we both realized that the way it had been set up, we now each had a motive for murdering the other. Here's another way to frame the puzzle, though not to solve it. How can you write a...
by JGoneRiding
Sun Jun 02, 2019 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Buying an investment property while renting an apartment?
Replies: 24
Views: 1730

Re: Buying an investment property while renting an apartment?

If you want investment real estate income with no hassle just buy some REITs this makes the most sense in the situation you describe
by JGoneRiding
Sun Jun 02, 2019 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off debt or create passive income?
Replies: 12
Views: 1040

Re: Pay off debt or create passive income?

I agree with the wife. And I get it! I am a dvm and have sfr but I never carried cc debt drag. Eventually the game will hit the wall. Throw everything at it and then invest. I did keep my SL a lot longer then strictly nec in order to invest else where. For example I am an employee so getting match f...
by JGoneRiding
Sun Jun 02, 2019 11:54 am
Forum: Personal Finance (Not Investing)
Topic: Buying a home and renting out the extra bedrooms
Replies: 22
Views: 2415

Re: Buying a home and renting out the extra bedrooms

I did it. Though more for company then need. Which it sounds like you are in. I would go stretches without just because I didn't want one. I also only ever did one roommate even though 3 bed. I just thought 2 was 2 crowded and creates more tension but that may just be me. It is annoying to account f...
by JGoneRiding
Wed May 29, 2019 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning - can I require only RMDs for inherited Roth IRA?
Replies: 46
Views: 2261

Re: Estate planning - can I require only RMDs for inherited Roth IRA?

Doesn't having a Roth IRA placed into a trust upon death negate the Roth? That would be counterproductive, as the goal is to have the money grow tax free for two generations. At this point, no estate tax implications. Current estate value (doesn't include wife's assets) is ~$1.7M ... $1.2M in Roth ...
by JGoneRiding
Wed May 29, 2019 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Fun paid jobs after FIRE
Replies: 171
Views: 14873

Re: Fun paid jobs after FIRE

one of my clients works summer only for the local parks dept. There are strict hours though but its basically a fun job.
by JGoneRiding
Wed May 29, 2019 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Deferring taxable income for ACA
Replies: 10
Views: 445

Re: Deferring taxable income for ACA

It might be helpful if you listed how much income you need and how much you are getting and from what sources.

Different sources have different implications to the ACA. Not totally seeing why you don't qualify noe.
by JGoneRiding
Wed May 29, 2019 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Elderly Parent's Home In Need of Major Repairs
Replies: 44
Views: 3831

Re: Elderly Parent's Home In Need of Major Repairs

I am dealing with estate where the estate is essentially the house. I am sure the step up basis is nice tax wise but other than that it's a total pain compared to what ot would be if all I had where stocks and bonds! If neither sibling is going to try and buy out the other and live there by far and ...
by JGoneRiding
Tue May 28, 2019 11:25 pm
Forum: Personal Finance (Not Investing)
Topic: For Sale by Owner or RE Agent???
Replies: 38
Views: 2233

Re: For Sale by Owner or RE Agent???

A local broker that I'm personal friends with quoted 4%. That does seem to be a low price, but 4% of 250k, it's still a considerable piece of money. If she can broker a better price than I could simply because of the MLS exposure, I assume it would be worth hiring her. For me with selling houses th...
by JGoneRiding
Sun May 26, 2019 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for feedback on rough retirement calculations.
Replies: 6
Views: 749

Re: Looking for feedback on rough retirement calculations.

I have often thought people making less than the national average would do very well to just max a Roth account every year. The amount you can out in will increase with inflation so just make that your goal and you will be doing better than 89% of anyone else you know! You will get ss too so that pl...
by JGoneRiding
Sun May 26, 2019 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Deer hit car near kid's school...file claim back home?
Replies: 27
Views: 1658

Re: Deer hit car near kid's school...file claim back home?

I would file with insurance company immediately. Were the police called? If not, make sure lots of pictures to prove your case. It's not typical to call the police after a collision with a deer, nor it is a good use of police resources to do so. You are kidding right? There is now a deer carcus lyi...
by JGoneRiding
Fri May 24, 2019 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Two Mortgages Heading into Retirement
Replies: 13
Views: 1605

Re: Two Mortgages Heading into Retirement

Well the good news is when they can't afford it they can sell th toys and they have the other house to move back too?? It sounds like they will spend till all their money is gone :oops: but trust me nothing you say will mater. When it is all gone they will can down size. NEVER offer them money "just...
by JGoneRiding
Fri May 24, 2019 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Payable On Death Account to Complement Will
Replies: 66
Views: 3454

Re: Payable On Death Account as Will Substitute

If he owns a home he needs a will. Typically a deed has no beneficiary/POD option beyond a home purchased in husband and wife's name automatically going to surviving spouse, protected from probate (in some states, forget the legal term). Many states allow Transfer on Death Deeds for real estate. ht...
by JGoneRiding
Fri May 24, 2019 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Payable On Death Account to Complement Will
Replies: 66
Views: 3454

Re: Payable On Death Account as Will Substitute

If he owns a home he needs a will. Typically a deed has no beneficiary/POD option beyond a home purchased in husband and wife's name automatically going to surviving spouse, protected from probate (in some states, forget the legal term). And in that case he needs some sort of probate assets to deal...
by JGoneRiding
Sat May 18, 2019 11:28 pm
Forum: Personal Finance (Not Investing)
Topic: At what NW do I have disposable income?
Replies: 85
Views: 5966

Re: At what NW do I have disposable income?

Call me cheap. Disposable income or fun money begins after I've maxed out all tax advantages accounts. That's 38k for me. (6k his Roth, 6k her Roth, 19k 401k, and 7k HSA). Like paying AMT, I would love to have the problem of too much money. I would much rather have issues spending it than not havin...
by JGoneRiding
Sat May 18, 2019 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: HOW to pay off a mortgage
Replies: 18
Views: 3880

Re: HOW to pay off a mortgage

The bankruptcy should have no impact, ditech is the servicer of the loan. The loan is in a security and the servicer only collects the money and passes it on to the investor. When she calls they will give a payoff amount and how long the payoff amount is good for. I would wire the money to ensure i...
by JGoneRiding
Fri May 17, 2019 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning - Structure and schedule of financial support for heirs
Replies: 7
Views: 1035

Re: Estate Planning - Structure and schedule of financial support for heirs

I am super confused. You mention children, nephew, parent. Who/what is most important and in need currently of your support and income? If you have multiple young children then I would focus solely on them. 2.1 million sounds like a lot but if it needed to be primary support for 20 yr to launch your...
by JGoneRiding
Fri May 17, 2019 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Multi owner property sale with missing owners
Replies: 12
Views: 1503

Re: Multi owner property sale with missing owners

This is a really great example of why probate is helpful to force sells of real estate rather than transfer ownership to all the heirs and create a mess!
by JGoneRiding
Fri May 17, 2019 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: Property Tax vs. Income Tax vs. Sales Tax in Retirement
Replies: 27
Views: 2086

Re: Property Tax vs. Income Tax vs. Sales Tax in Retirement

Probably because I have lived almost my whole life in one of those income tax free states (at least for now) I would put that high on the list. While we have sales tax it isn't that much higher than a lot of states that have both. If you live in the lower populated areas of an income tax free state ...