Search found 288 matches

by PatrickA5
Sat Apr 21, 2018 4:21 pm
Forum: Personal Consumer Issues
Topic: Medical alert "button"
Replies: 34
Views: 1968

Re: Medical alert "button"

I bought my dad one when he was 90 (and living alone). He basically wouldn't wear it - no matter how much I encourage it. Over the course of the next several years, he had numerous falls but always managed to eventually get to a phone. Until his last fall. I found him the next day laying on the floo...
by PatrickA5
Fri Apr 20, 2018 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Will question
Replies: 28
Views: 2570

Re: Will question

bsteiner, Thanks for the comments about tax vs estate planning attorneys. I know that some estate planning attorneys get masters degrees in tax. I realize that an estates and trusts lawyer has to know enough tax to account for the tax implications of the estate plan. I have imagined that there are ...
by PatrickA5
Thu Apr 19, 2018 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: Good Dad, Bad Dad [pay for son's driving expenses (or not)]
Replies: 49
Views: 3617

Re: Good Dad, Bad Dad

Each of my 3 kids got their license on the day they turned 16. We had already bought them a "throw away" car to use while they had their permits and learning to drive. The cars were good enough to be safe and reliable, but nothing we'd carry collision on and nothing we'd fix if it was wrecked (which...
by PatrickA5
Thu Apr 19, 2018 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Will question
Replies: 28
Views: 2570

Re: Will question

There is nothing in the facts presented that would suggest that a revocable trust would be appropriate in the original poster's situation. [/quote] After months of studying, reading books, going to seminars, etc I still don't know if we really need a Trust. Probably, the only reason I would go for ...
by PatrickA5
Tue Apr 03, 2018 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Retire at 55, what's the magic number
Replies: 90
Views: 10275

Re: Retire at 55, what's the magic number

“I think that since the OP is postulating retiring at 55, they wouldn't want to plan on 25x, that will only carry them to age 80, which probably is significantly below their life expectancy.“ How do you figure 25x expenses only gets you to 80? Even if you spend 1/25 of your savings per year you are...
by PatrickA5
Mon Apr 02, 2018 9:48 am
Forum: Personal Consumer Issues
Topic: Checklist for Parents of Incoming Freshmen/To-Be Adult
Replies: 67
Views: 4127

Re: Checklist for Parents of Incoming Freshmen/To-Be Adult

BHs - Any suggestions about dos and donts on college shopping? Or leave it up to her completely ? This may be different at other schools, but my advice is DON'T buy all the required books prior to class. My first semester I ordered all my books that were on the syllabus, all marked required texts, ...
by PatrickA5
Wed Mar 28, 2018 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: How Do You Value Your Home for Net Worth Purposes?
Replies: 150
Views: 9576

Re: How Do You Value Your Home for Net Worth Purposes?

I use Zillow. It's low, but good enough. The only reason I calculate Net Worth is to keep track of where I stand financially over the years. Having 20 years of Net Worth is interesting (at least to me). No other reason.
by PatrickA5
Wed Mar 28, 2018 1:23 pm
Forum: Investing - Theory, News & General
Topic: How old were you when you started spending your “principal”?
Replies: 90
Views: 8316

Re: How old were you when you started spending your “principal”?

Not sure what "principal" means. It sounds like most people are saying whatever their retirement savings balance was on the date they retired was their "principal". Of course, even that beginning balance contained money actually contributed (Principal) and money gained over the many years of pre-ret...
by PatrickA5
Wed Mar 28, 2018 8:29 am
Forum: Personal Finance (Not Investing)
Topic: Any reason to not file significant other as dependent
Replies: 7
Views: 1172

Re: Any reason to not file significant other as dependent

I suppose if your SO truly qualify as a qualifying relative, why not? I can't really think of anything that would come back to haunt you. It would get you an extra exemption (at least for 2017). Not relative, but apparently they don't need to be a relative. Who's the "they"? Do you have more than O...
by PatrickA5
Tue Mar 27, 2018 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition
Replies: 121
Views: 6891

Re: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition

khh wrote:
Mon Mar 26, 2018 10:42 pm
Call the IRS and ask.
Bad idea. The IRS person on the phone can tell anything they want, but it might not be right and it won't get you off the hook if the IRS later say's differently. I guess you could pay some bucks for a Private Letter Ruling.
by PatrickA5
Tue Mar 27, 2018 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Any reason to not file significant other as dependent
Replies: 7
Views: 1172

Re: Any reason to not file significant other as dependent

I suppose if your SO truly qualify as a qualifying relative, why not? I can't really think of anything that would come back to haunt you. It would get you an extra exemption (at least for 2017).
by PatrickA5
Tue Mar 27, 2018 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Kiplingers Retirement Report
Replies: 17
Views: 3370

Re: Kiplingers Retirement Report

I've taken Kiplingers magazine for years - back when it was Changing Times magazine. I've been taking the Retirement Report for probably the last 5 years. I can't say that I really can recommend either. I read so much of this financial stuff, that I rarely read anything that could change my financia...
by PatrickA5
Tue Mar 27, 2018 9:48 am
Forum: Personal Finance (Not Investing)
Topic: How to Endorse a Check Made out to an Estate
Replies: 16
Views: 1361

Re: How to Endorse a Check Made out to an Estate

You shouldn't have any trouble. Endorse it as written and deposit it in the joint account. The bank will probably accept it, although I wouldn't raise the question with them. Gill Good idea. I went ahead and endorsed as suggested and deposited it using my mobile phone app. Hopefully, it will go thr...
by PatrickA5
Sun Mar 25, 2018 11:56 am
Forum: Personal Finance (Not Investing)
Topic: How to Endorse a Check Made out to an Estate
Replies: 16
Views: 1361

Re: How to Endorse a Check Made out to an Estate

You shouldn't have any trouble. Endorse it as written and deposit it in the joint account. The bank will probably accept it, although I wouldn't raise the question with them. Gill Good idea. I went ahead and endorsed as suggested and deposited it using my mobile phone app. Hopefully, it will go thr...
by PatrickA5
Sun Mar 25, 2018 11:44 am
Forum: Personal Finance (Not Investing)
Topic: How to Endorse a Check Made out to an Estate
Replies: 16
Views: 1361

Re: How to Endorse a Check Made out to an Estate

It is probably a matter of state law, but if there was no probate, were you ever appointed executor? When I settled an estate I did get letters of administration and opened a bank account for the estate. Before I had the bank account I did get hassles with checks made out to the deceased or to the ...
by PatrickA5
Sun Mar 25, 2018 10:43 am
Forum: Personal Finance (Not Investing)
Topic: How to Endorse a Check Made out to an Estate
Replies: 16
Views: 1361

How to Endorse a Check Made out to an Estate

I've been handling my fathers estate over the last couple of months. There was no probate. Everything (including house) was either TOD or jointly owned. We're down to the final few utility bills before the house closes this week. Anyway, I received a check made out to "The estate of Dad". How would ...
by PatrickA5
Thu Mar 15, 2018 8:07 pm
Forum: Investing - Help with Personal Investments
Topic: simplifying my financial life -- should i get rid of treasury direct?
Replies: 47
Views: 4565

Re: simplifying my financial life -- should i get rid of treasury direct?

Closed our TD accounts a couple of years ago as part of a major simplification plan.

We're down to one B&M Bank, Ally, Vanguard and a 529 plan. I don't think I can get it any simpler than that.
by PatrickA5
Thu Mar 15, 2018 7:55 pm
Forum: Investing - Help with Personal Investments
Topic: If you were to fully fund 2 Roths 22k tommorow.
Replies: 20
Views: 1484

Re: If you were to fully fund 2 Roths 22k tommorow.

cfs wrote:
Thu Mar 15, 2018 7:31 pm
Another vote for Vanguard LifeStrategy Moderate Growth.

https://personal.vanguard.com/us/funds/ ... true#tab=0

Good luck, y gracias por leer ~cfs~
Did you notice the ER went down to .13% Yee haw!
by PatrickA5
Thu Mar 15, 2018 7:53 pm
Forum: Investing - Help with Personal Investments
Topic: If you were to fully fund 2 Roths 22k tommorow.
Replies: 20
Views: 1484

Re: If you were to fully fund 2 Roths 22k tommorow.

Since I roll with a 60/40 asset allocation I would put all of it in Vanguard LifeStrategy Moderate Growth while I sorted out what I really wanted to do with it. Exactly what I did yesterday for our 2018 Roth contributions. But, then again 98% of our retirement is in that one fund. No reason to chan...
by PatrickA5
Thu Mar 15, 2018 10:54 am
Forum: Investing - Help with Personal Investments
Topic: 401K: Guaranteed 9.3% Return?
Replies: 43
Views: 5940

Re: 401K: Guaranteed 9.3% Return?

Remember, states without income tax have to pay the bills somehow. Check all of the other taxes before assuming you're going to make a 9.3% savings.
by PatrickA5
Thu Mar 08, 2018 2:58 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Target Date Funds
Replies: 25
Views: 2210

Re: Vanguard Target Date Funds

I "hate" them because: 1. They are advertised to be purchased by a date of retirement, which is bad financial advice being given by a mutual fund company that should not be giving advice to naive investors who should not be taking advice from a mutual fund company. 2. They have had a history of cha...
by PatrickA5
Thu Mar 08, 2018 2:30 pm
Forum: Investing - Help with Personal Investments
Topic: Switching to online bank. Keep brick/mortar bank account open?
Replies: 54
Views: 3189

Re: Switching to online bank. Keep brick/mortar bank account open?

While my primary bank is online, yes, I keep a local account too (actually 2). I could survive in online only mode, but it is not my preference. In spite of the fact that I actually only set foot in a local bank bank about twice per year. The size of account balances needed to keep this free is sma...
by PatrickA5
Mon Mar 05, 2018 9:53 am
Forum: Investing - Help with Personal Investments
Topic: Torn between Vanguard, Fidelity and Schwab
Replies: 169
Views: 16701

Re: Torn between Vanguard, Fidelity and Schwab

relative newbie to investing in general .... tomorrow get to sit down for my second session with an advisor in a nearby local Fidelity office While Fidelity and Schwab don't have reputations for doing everything they can to steal your money, they still need to make a profit. Please be careful about...
by PatrickA5
Fri Mar 02, 2018 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Why child care tax credit for double income families, but not single?
Replies: 32
Views: 3581

Re: Why child care tax credit for double income families, but not single?

I have wondered if my wife gets a seasonal job if we can write off dependent care all year. While technically you're supposed to be working at the time of the daycare, the only amounts that matter on the tax form are the amount of daycare expenses and the earned income of the lower spouse. There's ...
by PatrickA5
Mon Feb 26, 2018 2:22 pm
Forum: Personal Consumer Issues
Topic: Living will, medical directive, etc. -
Replies: 7
Views: 605

Re: Living will, medical directive, etc. -

Be sure your health care directive is up to date. I recently had to go through this with my dad. His directive was 20 years old and when the time came that we needed to use that directive, the state law had changed and the "circumstance" that we were needing to use wasn't included on the old directi...
by PatrickA5
Sun Feb 25, 2018 10:50 pm
Forum: Investing - Help with Personal Investments
Topic: Simple question regarding caring for elderly parents
Replies: 16
Views: 2370

Re: Simple question regarding caring for elderly parents

When my mom died in 2006, I had my dad set up POA, Will and healthcare directive. I basically had to do it for him and drove him to the attorneys office to sign the papers. If they haven't done this already, you need to help them do it now while they are still mentally capable of doing it. Dad lived...
by PatrickA5
Sun Jan 28, 2018 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: How much have kids added to your personal finance/expenses?
Replies: 111
Views: 8838

Re: How much have kids added to your personal finance/expenses?

Don't forget about those "braces" at $3K - $5k per kid. My three kids bought their orthodontist a very nice car!
by PatrickA5
Thu Jan 25, 2018 9:32 pm
Forum: Personal Consumer Issues
Topic: Buying This Week: IPhone X or IPhone 8 Plus
Replies: 35
Views: 3218

Re: Buying This Week: IPhone X or IPhone 8 Plus

I recently upgraded to an IPhone X from a 10 year old LG flip phone with an 2" screen. So far, I'm please with the upgrade. I'm hopeful it will also last 10 years, but my wife's IPhone 6 is already causing her problems and it's only 3 years old. As far as making actual phone calls, I still prefer my...
by PatrickA5
Thu Jan 25, 2018 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: H&R income tax class review
Replies: 17
Views: 794

Re: H&R income tax class review

After I quit megacorp in 2008, I figured I needed something to do part time to get out of the house. Being a CPA already, I figured I'd like to do some taxes so I signed up for the Block class in 2009 and worked for Block from 2010 - 2016 on a seasonal basis. The class back then was very comprehensi...
by PatrickA5
Wed Jan 24, 2018 9:46 pm
Forum: Personal Consumer Issues
Topic: Lawn service etiquette
Replies: 36
Views: 3887

Re: Lawn service etiquette

$700 might be high. Or not. Depends on how much area is being mulched and how long it took. My flower beds take about 100 3cf bags of pine bark mulch every time I get it mulched. The wholesale price my lawn guys pay is $3 per bag ($4.95 if I bought it retail), so just the mulch alone is $300. Most l...
by PatrickA5
Wed Jan 24, 2018 10:34 am
Forum: Investing - Help with Personal Investments
Topic: am I crazy to do a lump sum investment with my entire retirement in this current stock market?
Replies: 47
Views: 6112

Re: am I crazy to do a lump sum investment with my entire retirement in this current stock market?

my husband has some retirement also, maybe $100,000 or so. He has maybe 75% of it in a self-directed Roth IRA that he uses to issue personal loans (the borrowers being coworkers and their acquaintances), and the rest in his employer-sponsored 401K. He hasn't been reading all the info on the stock m...
by PatrickA5
Wed Jan 24, 2018 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Support test for college student filing Indepently
Replies: 32
Views: 1096

Re: Support test for college student filing Indepently

There are special rules for the refundable portion of the AOTC that you might want to look into. Basically, the student has to provide over half of his own support from earned income from working (i.e. a job). That lasts until age 24. With your DS still being in high school until the Fall, I'd think...
by PatrickA5
Wed Jan 24, 2018 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Is it better to include spouse on car title?
Replies: 27
Views: 2296

Re: Is it better to include spouse on car title?

Check with your state and see if it's easy to inherit a car without probating it. We always put both names on the title but use "and/or" on the title. That way either of us can sell the car.
by PatrickA5
Wed Jan 17, 2018 11:12 am
Forum: Personal Finance (Not Investing)
Topic: [How to reserve funds for final expenses]
Replies: 10
Views: 631

Re: [How to reserve funds for final expenses]

I know my dad has a pre-paid plan at the cemetery. I'm pretty sure it is in some kind of account since he gets a statement each year from the cemetery showing how much interest he's earned. I have no idea how much he put in - maybe $5K. DW and I are thinking about doing something similar. Anybody go...
by PatrickA5
Tue Jan 16, 2018 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: How long do you save tax returns?
Replies: 39
Views: 3467

Re: How long do you save tax returns?

When in doubt, throw it Out! We keep a couple years only. +1 Having had to go through a deceased relative's 40 years of paper work and determine what needed to be shredded and what needed to be kept, do your heirs a favor and clean up. It took WEEKS to shred everything and we still had three banker...
by PatrickA5
Tue Jan 16, 2018 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: How long do you save tax returns?
Replies: 39
Views: 3467

Re: How long do you save tax returns?

When in doubt, throw it Out! We keep a couple years only. +1 Having had to go through a deceased relative's 40 years of paper work and determine what needed to be shredded and what needed to be kept, do your heirs a favor and clean up. It took WEEKS to shred everything and we still had three banker...
by PatrickA5
Tue Jan 16, 2018 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Reason for Power of Attorney?
Replies: 12
Views: 998

Re: Reason for Power of Attorney?

Make sure you know what your POA will be accepted for. For many things a General POA will not be accepted, life changing items require specific POA. Example. "I authorize my wife to buy this house at this address for this price and sign things in my name related to that specific purchase." I'm not ...
by PatrickA5
Tue Jan 16, 2018 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Reason for Power of Attorney?
Replies: 12
Views: 998

Re: Reason for Power of Attorney?

In OP situation, a Durable POA cannot hurt. For example, in the case of the absence or incapacity of one, there may be financial matters (such as payments to one party) where a joint account may not be completely satisfactory. Let's say an insurance settlement check to a disabled/incapacitated pers...
by PatrickA5
Tue Jan 16, 2018 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy - 1M or 2M
Replies: 43
Views: 4250

Re: Umbrella Policy - 1M or 2M

Currently I have 1M umbrella policy. I pay $390 per year. Insurance agent quoted $610 for $2m policy. Should I upgrade my policy? Is there any additional advantage of having 1M vs 2M policy? - We will have a new teen driver this year. - Net Assets crossed 2M this year. Thanks, Tom tommormile, Seems...
by PatrickA5
Mon Jan 15, 2018 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: Reason for Power of Attorney?
Replies: 12
Views: 998

Re: Reason for Power of Attorney?

When you go to amend your POA documents, make sure: 1. Your POA powers are effective immediately, not triggered by some contingency. You don't want it turning into a legal battle to determine if an event was triggered or not, based upon what the banks or any healthcare institution might argue. Make...
by PatrickA5
Mon Jan 15, 2018 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Reason for Power of Attorney?
Replies: 12
Views: 998

Re: Reason for Power of Attorney?

Doing a little more research I found out that if one is incapacitated it would be difficult for a spouse to sell a jointly owned property. Basically, they wouldn't have the right to sign the deed for the incapacitated person without having a POA (or trust). So, that reason by itself is probably a go...
by PatrickA5
Mon Jan 15, 2018 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Our 'cure' for emergency expenses
Replies: 96
Views: 11193

Re: Our 'cure' for emergency expenses

We used to do something similar. We basically had a separate checking account that we paid monthly as well as quarterly/annual expenses from. We'd direct deposit an amount equal to 1/24th of theses expenses each payday. Then the bills would be direct debited from the account automatically. It wasn't...
by PatrickA5
Mon Jan 15, 2018 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Reason for Power of Attorney?
Replies: 12
Views: 998

Reason for Power of Attorney?

Mine and DW POA's are old and outdated and we're thinking of replacing them. But, I got to thinking if there is even a reason to do so? We're joint on all bank accounts, houses, cars, etc. We have full agent authority on all of our retirement accounts. So, I'm having a hard time figuring out why we ...
by PatrickA5
Mon Jan 15, 2018 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Trustee vs POA
Replies: 27
Views: 1672

Re: Trustee vs POA

Can anybody think of a reason why DW and I would want a trust instead of POA when all of our accounts are jointly owned anyway? I'm talking about when I'm incapacitated - not the benefits of a trust for inheritance purposes.
by PatrickA5
Mon Jan 15, 2018 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Executor/Trustee question
Replies: 20
Views: 1422

Re: Executor/Trustee question

California has a Small Estates Affidavit for $150,000. So if your nontrust assets total less than $150,000 and are documented on the Small Estates Affidavit, you avoid probate proceedings. This is such a reasonable law and efficient process for those of us who are going to unwind our families estat...
by PatrickA5
Sun Jan 14, 2018 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: effect of authorized user on credit report?
Replies: 8
Views: 607

Re: effect of authorized user on credit report?

I recently added my DD to about 5 of my accounts. Didn't give her a card, but thought it might help her terrible credit score. Her score went from 523 to 730 in a couple of months. Basically, it gave her credit where she had none before. I assume taking her off my accounts would drop the score back ...
by PatrickA5
Sun Jan 14, 2018 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Uber experience as worker?
Replies: 16
Views: 1765

Re: Uber experience as worker?

Don't forget Income Taxes and Self Employment taxes. If you're doing Uber as a side gig with a full time job, I could easily see Fed, State and SE taxes combining for 35 - 40% of your net income. Back when I was doing taxes, I did several Uber drivers. Most said "not worth it" once I told them what ...
by PatrickA5
Sat Jan 13, 2018 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning (Input Requested)
Replies: 14
Views: 1333

Re: Estate Planning (Input Requested)

Just to be clear what type of trust is this. Is it a revocable living trust? If you wanted to revoke the trust, it should be relatively straightforward to move the brokerage accounts out of the trusts and the real estate is already out of the trusts ( so nothing to do). But maybe its some other typ...
by PatrickA5
Sat Jan 13, 2018 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: What information should my heirs have just in case
Replies: 12
Views: 765

Re: What information should my heirs have just in case

You might want to get some kind of planner book to record everything. I recently completed the Get it Together Planner (see Amazon). It's a notebook that contains everything from my Will, POA, Bank Accounts, Funeral directions, Insurance, all the way down to my magazine subscriptions. It took me qui...
by PatrickA5
Fri Jan 12, 2018 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: 529 gift limits
Replies: 11
Views: 1073

Re: 529 gift limits

I believe it's up the 15K for 2018 gifts