Search found 1240 matches

by NotWhoYouThink
Thu Oct 19, 2017 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 212
Views: 24036

Re: Retirement Account Stolen by Identity theft

Sounds like things are moving along, and that you are using the right level of polite persistence to ensure that they continue to move. Maybe the attorneys can chime in, but I suspect that if you hire an attorney that Transamerica will immediately stop communicating with you, and will only communica...
by NotWhoYouThink
Thu Oct 19, 2017 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Grandparents want to give to grandkids
Replies: 31
Views: 2471

Re: Grandparents want to give to grandkids

I don't want to come across as unappreciative but as someone who "paved" their own way without an inheritance along the way I feel that I have benefited tremendously relative to close friends who squabbled their inheritance and/or did not developer a proper work ethic in the real world. I am convin...
by NotWhoYouThink
Thu Oct 19, 2017 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance
Replies: 22
Views: 788

Re: Whole Life Insurance

They intend to hold the policy until death but paying the premium instead of POP would increase the death benefit by ~70k also. There is a lot of missing information. How old are they? What other investments do they have? Do they even have $30K to spend on premiums, or do they need their money for ...
by NotWhoYouThink
Thu Oct 19, 2017 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Gifted Realestate Question
Replies: 15
Views: 783

Re: Gifted Realestate Question

viewtopic.php?f=2&t=199231&p=3047671#p3047671

Reading through previous thread, it looks like OP is no more open to advice now than before.
by NotWhoYouThink
Thu Oct 19, 2017 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Gifted Realestate Question
Replies: 15
Views: 783

Re: Gifted Realestate Question

Since the gift of the house and the promissory note are not connected, then - Grandpa needs to report the gift of the house to the IRS - OP needs to report the gift of the promissory note to the IRS. If we're saying this is an exchange of gifts and not a sale, both gifts should be reported. Also, OP...
by NotWhoYouThink
Tue Oct 17, 2017 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Help picking apart whole life insurance cash value
Replies: 37
Views: 1235

Re: Help picking apart whole life insurance cash value

What need are you trying to fill with whole life insurance? Analyzing the benefits of it means comparing whole life to other ways to accomplish the same goal. Are you trying to provide for your family if something happens to you? If so, do you see a permanent need for this protection, long after you...
by NotWhoYouThink
Tue Oct 17, 2017 4:13 pm
Forum: Personal Consumer Issues
Topic: First time ever received a collection agency letter
Replies: 3
Views: 689

Re: First time ever received a collection agency letter

You might want to wait a couple of days before you call the hospital, to make sure they have had time to process the payment from the insurance company. And don't worry about this. There is no shame in getting caught up in a tiff between the hospital and the insurer, nothing bad will happen to you b...
by NotWhoYouThink
Tue Oct 17, 2017 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting modest assets (house/IRA) from Medicaid/taxes
Replies: 9
Views: 532

Re: Protecting modest assets (house/IRA) from Medicaid/taxes

Based on my understanding Medicaid eligibility, my father should not have anything to worry about since he basically doesn't have anything to lose or spend. If he were to need assisted living, with < $10k net assets and only SS income, I would assume he is fully eligible and all it would cost him i...
by NotWhoYouThink
Tue Oct 17, 2017 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Grandparents want to give to grandkids
Replies: 31
Views: 2471

Re: Grandparents want to give to grandkids

I am talking about maintaining parental control and knowledge of a savings account; people can't access an account that they aren't aware exists. It doesn't have anything to do with the child's level of responsibility. Do the kids do their own taxes? After age 18, they are adults and no one should ...
by NotWhoYouThink
Tue Oct 17, 2017 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Grandparents want to give to grandkids
Replies: 31
Views: 2471

Re: Grandparents want to give to grandkids

I wouldn't worry about it too much. If your kid turns out to be impulsive or irresponsible just don't tell them that they have control of the account until they start doing their own taxes. I did my own taxes at 16. Back when you went to the library or post office to get the paper forms. This is a ...
by NotWhoYouThink
Tue Oct 17, 2017 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Grandparents want to give to grandkids
Replies: 31
Views: 2471

Re: Grandparents want to give to grandkids

The concern about your kids getting control of the money at 21 is overblown. My kids knew that there was money set aside for their college costs. They did not know that some was in UTMA accounts that they could access themselves. There was no need to volunteer that information, and they never asked...
by NotWhoYouThink
Tue Oct 17, 2017 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Grandparents want to give to grandkids
Replies: 31
Views: 2471

Re: Grandparents want to give to grandkids

You have come to the right place. There is total and universal agreement on this forum about the best way for grandparents to give money to grandkids, and keep everyone happy. Also overwhelming consensus on 529s and UTMAs. Oh, wait. Ok, enter "grandparents" in the search bar and see the old debates....
by NotWhoYouThink
Tue Oct 17, 2017 8:52 am
Forum: Investing - Help with Personal Investments
Topic: Help w/ parents investments
Replies: 22
Views: 846

Re: Help w/ parents investments

He is not 100% stocks. He has $300K in money market, out of $2.3M invested. That's maybe 87/13. Maybe he's 90/10 if you count his rental real estate. What part of this is he unhappy with? You said he wanted to be 100% stocks for maximum growth. No, the CPA probably can't help him with investment adv...
by NotWhoYouThink
Sun Oct 15, 2017 12:20 pm
Forum: Investing - Help with Personal Investments
Topic: Little as possible for govt
Replies: 9
Views: 1318

Re: Little as possible for govt

Your CPA should talk to you about setting up a Donor Advised Fund (DAF) so that you can make a large tax-deductible gift from the one-time payment. Use the search term DAF to see how posters here have handled that.
by NotWhoYouThink
Sat Oct 14, 2017 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Annuities - how does insurance company know you died?
Replies: 49
Views: 2589

Re: Annuities - how does insurance company know you died?

As mentioned above, Insurance companies check the SS master death file regularly. They got in trouble a few years ago, because although they were scrupulous about stopping annuity payments for deceased customers, they were pretty relaxed about tracking down beneficiaries of life insurance policies.
by NotWhoYouThink
Fri Oct 13, 2017 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Intentionally Defective Grantor Trust to avoid estate tax limit?
Replies: 20
Views: 1640

Re: Trust to avoid estate tax limit?

You can enter "IDGT" or "defective trust" in the search bar on this forum to get a start on what the experts here have to say about that. edited to add: Here's one from Gill from 2015. Sounds like taking the money out of the estate can have some interesting tax consequences. Whether that is a good t...
by NotWhoYouThink
Fri Oct 13, 2017 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Intentionally Defective Grantor Trust to avoid estate tax limit?
Replies: 20
Views: 1640

Re: Trust to avoid estate tax limit?

Whose estate? Giving a large ($1M?) gift to you won't take the money out of your mother's estate. It might take future earnings on that money out of her estate. It might keep the $1M out of your estate. Maybe it's a good idea, maybe not. If she likes control, and not sure whether she trusts the peop...
by NotWhoYouThink
Thu Oct 12, 2017 4:08 pm
Forum: Personal Consumer Issues
Topic: Going First Class
Replies: 42
Views: 2350

Re: Going First Class

"People say" that no one pays full price for college, either, but some people do. Others get need based aid or merit aid, but many more pay full price than is commonly assumed. Don't let it worry you. You can shop for bargains if you like, but if your priority is going at a certain time and date to ...
by NotWhoYouThink
Thu Oct 12, 2017 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: What is the process for liquidating inherited individual stocks?
Replies: 17
Views: 1103

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

The WF account scandal was in the banking side, not the Advisors side. Still, I'd avoid dealing with the advisors, they have their own issue. I had a similar situation and I do not understand what there is to research. Each of the beneficiaries has inherited a certain number of a number of stocks. N...
by NotWhoYouThink
Fri Oct 06, 2017 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 212
Views: 24036

Re: Retirement Account Stolen by Identity theft

In Missouri I've never had a notary ask for more than a Driver's license. No thumbprint.
by NotWhoYouThink
Fri Oct 06, 2017 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 212
Views: 24036

Re: Retirement Account Stolen by Identity theft

...these account hijackings makes one think that there is real value in working with a local outfit. Yes instead of an unknown criminal stealing your money from your retirement account, the local "financial adviser" legally steals your money with high ERs funds, frequent trading, and various insura...
by NotWhoYouThink
Fri Oct 06, 2017 3:50 pm
Forum: Personal Consumer Issues
Topic: Sent to collections by a hospital we've never been to?
Replies: 40
Views: 3315

Re: Sent to collections by a hospital we've never been to?

Thanks for updating to board on the outcome. Glad it worked out. And thanks for pointing out that it doesn't hurt to make a call, as long as you are careful about not giving out information. The reactions I see to posts about calls from debt collectors remind me of the cartoons about the housewife s...
by NotWhoYouThink
Thu Oct 05, 2017 7:32 pm
Forum: Investing - Help with Personal Investments
Topic: Transferring Account from ML to Vanguard
Replies: 12
Views: 703

Re: Transferring Account from ML to Vanguard

You don't even have to contact ML. Just call Vanguard, and they'll tell you the paperwork to fill out. By the way, you may need to get a Medallion signature, so look up some threads on that. Anyway , once Vanguard agrees to make the transfer, they'll contact ML, and direct them to liquidate anything...
by NotWhoYouThink
Thu Oct 05, 2017 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating merit scholarships
Replies: 32
Views: 1988

Re: Negotiating merit scholarships

A National Merit Semifinalist is not necessarily an outstanding student. And he did not make that. Finalists are the cream of the crop and in my high school days were recruited heavily. Huh??? North of 95% of semifinalists become finalists. The only requirements are scoring at a similar level on th...
by NotWhoYouThink
Thu Oct 05, 2017 5:00 pm
Forum: Investing - Help with Personal Investments
Topic: Trying to convince my sister not to use a financial advisor
Replies: 59
Views: 3972

Re: Trying to convince my sister not to use a financial advisor

They feel sorry for you because you don't have an investment guy. They are trying to decide whether to intervene, and which one's guy they are going to suggest that you speak with.
by NotWhoYouThink
Thu Oct 05, 2017 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating merit scholarships
Replies: 32
Views: 1988

Re: Negotiating merit scholarships

Check out collegeconfidential.com for detailed help. In general, you have some negotiating room with private colleges if the student is highly desirable and got a higher aid offer from a school that the one you are negotiating with considers a peer or higher. I'm not sure what your negotiating lever...
by NotWhoYouThink
Thu Oct 05, 2017 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Do you foresee a drop in housing prices in the next 5 years
Replies: 53
Views: 5332

Re: Do you foresee a drop in housing prices in the next 5 years

I don't see the crystal ball answers as sarcastic, I see them as instructive. It's hard to admit that there are things that are unknowable, but important to accept that fact. Many people are able and willing to give you an answer about the forecast for housing prices, in general or in a specific are...
by NotWhoYouThink
Thu Oct 05, 2017 4:29 pm
Forum: Investing - Help with Personal Investments
Topic: Trying to convince my sister not to use a financial advisor
Replies: 59
Views: 3972

Re: Trying to convince my sister not to use a financial advisor

And don't worry about it. She is doing better than most, in that she has set aside money to invest, and she is doing something better than throwing darts to invest it. For decades, the kind of relationship she is about to start with her advisor was pretty much the gold standard. Sure, she can do bet...
by NotWhoYouThink
Thu Oct 05, 2017 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Is a death certificate needed for direct transfer?
Replies: 7
Views: 606

Re: Is a death certificate needed for direct transfer?

Ask. Better yet, if you are ready to transfer, initiate the transfer without asking. Assume you won't need it, and see if they do.

Since you are not retitling the account, you are transferring it as it is already titled, I don't expect you would need a death certificate.
by NotWhoYouThink
Thu Oct 05, 2017 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 212
Views: 24036

Re: Retirement Account Stolen by Identity theft

Who has access to his mail? Could someone be intercepting mail coming to his address?
by NotWhoYouThink
Thu Oct 05, 2017 12:21 pm
Forum: Investing - Help with Personal Investments
Topic: Help with In-Laws Request to Review their Portfolio from LPL Advisor
Replies: 8
Views: 778

Re: Help with In-Laws Request to Review their Portfolio from LPL Advisor

They probably want you to tell them that everything is alright. Just fine, no need to worry. Unless they are ready to move everything to Vanguard PAS, for example, on your recommendation, you should probably keep most of your aggravation with the fees to yourself. Is all of this after-tax? Do they h...
by NotWhoYouThink
Thu Oct 05, 2017 8:23 am
Forum: Investing - Theory, News & General
Topic: Throwing Down with a Primerica Advisor
Replies: 45
Views: 3219

Re: Throwing Down with a Primerica Advisor

Piling on here.... If she can't find some Primerica funds, and combinations of funds, that outperformed funds like TSM or a 60/40 or 80/20 mix if stocks and bonds over the last 5, 10, and 20 years, she is incompetent and will soon be fired. There is a back office at all these places that puts togeth...
by NotWhoYouThink
Thu Oct 05, 2017 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity: can no longer use first initial, middle name
Replies: 30
Views: 2516

Re: Fidelity: can no longer use first initial, middle name

I'm with Gill on not calling kids by their middle names. I thought I'd solve the problem when I got married, changing my name from Mary Ann Smith to Ann Smith Jones. Nope. Actually it was ok with the IRS and my employer, but the state would not allow it. Mary Smith Jones would have been OK. Mary Ann...
by NotWhoYouThink
Thu Oct 05, 2017 7:53 am
Forum: Personal Finance (Not Investing)
Topic: That blank stare... ?
Replies: 49
Views: 2855

Re: That blank stare... ?

You don't have to understand it, you just have to accept it and plan accordingly.
by NotWhoYouThink
Wed Oct 04, 2017 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Renting to parent vs. inheriting
Replies: 13
Views: 1049

Re: Renting to parent vs. inheriting

There have been a thousand threads on this forum about paying off the mortgage vs. investing, and there is no clear winner. In your mother's case, is it better for her to spend the money from the sale of her house paying off a new house, or investing the money and paying rent? I don't know. It depen...
by NotWhoYouThink
Wed Oct 04, 2017 9:10 am
Forum: Investing - Theory, News & General
Topic: Shooting for the moon as a young investor
Replies: 19
Views: 1993

Re: Shooting for the moon as a young investor

Wow, a bunch of old curmudgeons are out today. I'm old enough to be a curmudgeon, but don't think everybody needs to be one. If you bet at a casino, the casino is trying to make you lose your money. You might win some, but the odds are against you by design. If you invest in a risky start-up, at lea...
by NotWhoYouThink
Tue Oct 03, 2017 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9159

Re: Senior citizens can lose everything [to professional guardians via court rulings]

It is probably much more common for family members to fleece the elders than for strangers to barge in and do it. Just like child kidnapping. But what a mess to unravel, if it can even be done.
by NotWhoYouThink
Tue Oct 03, 2017 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9159

Re: Senior citizens can lose everything [to professional guardians via court rulings]

Keep a network of friends (and family, if possible). Know people in the community. This abuse will be easier to pull off if the senior is isolated. These people don't want a group of family and friends to band together and take them to court, they want to pick off the mostly forgotten, isolated, wea...
by NotWhoYouThink
Tue Oct 03, 2017 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Senior citizens can lose everything [to professional guardians via court rulings]
Replies: 111
Views: 9159

Re: Senior citizens can lose everything [to professional guardians via court rulings]

One question I have: what are the things that make one look like a good prospect for a victim? What can you do to look like a bad prospect? Look poor. If your parents need in-home caregivers, get the financial paperwork out of the house or securely locked up and hidden. Have the bills sent to you, ...
by NotWhoYouThink
Tue Oct 03, 2017 7:04 am
Forum: Investing - Help with Personal Investments
Topic: FAFSA question; Fidelity 0.5% pension mgmt fee
Replies: 6
Views: 599

Re: FAFSA question; Fidelity 0.5% pension mgmt fee

Retirement contributions do not lower your income for FAFSA purposes. The calculation treats those contributions as income you could have spent on college. Starting the calendar year that starts when the student is a sophomore - so 2018 for this year's sophomores - FAFSA treats all retirement contri...
by NotWhoYouThink
Mon Oct 02, 2017 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Trust or ?
Replies: 13
Views: 1207

Re: Trust or ?

Sounds like you need to sit down with your kids and explain to them that the money you and your wife have saved for retirement is needed to support you and her, and that they are not to expect or accept any large gifts from her after you die. Make sure they understand it is not just about not asking...
by NotWhoYouThink
Mon Oct 02, 2017 8:33 am
Forum: Personal Finance (Not Investing)
Topic: trust issues vs. will
Replies: 2
Views: 290

Re: trust issues vs. will

Is it common for strangers to try to get to estate assets that are revealed through the probate process, or are there some specific individuals you are worried about? I've never heard of it, but maybe it happens. It is necessary for the executor to make sure debts of the estate are paid. Maybe some ...
by NotWhoYouThink
Thu Sep 28, 2017 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: What best to do with 150k cash in medical school?
Replies: 14
Views: 1247

Re: What best to do with 150k cash in medical school?

The loan has strings attached. You are the one who can decide whether to be bound by those strings. Some families use intra-family loans and gifts as a binding agent. It allows the lender to feel the pride of being a provider, giver, sponsor. It obligates the borrower to stay close to the family in ...
by NotWhoYouThink
Thu Sep 28, 2017 8:15 am
Forum: Personal Consumer Issues
Topic: Estate liquidation company in Northern Virginia
Replies: 4
Views: 468

Re: Estate liquidation company in Northern Virginia

You could check out estatesales.net and the zip code of the house you are trying to empty. Look for companies running sales with the kinds of items you are trying to sell. Pictures are good. Then you can call a few and ask about scheduling. Where I am companies charged 25-35% of the proceeds to run ...
by NotWhoYouThink
Wed Sep 27, 2017 12:16 pm
Forum: Investing - Help with Personal Investments
Topic: Best way to build wealth
Replies: 32
Views: 4477

Re: Best way to build wealth

Really, what you save is a function of what you make and spend - while someone with a six figure salary can focus on what they spend someone at 30k really should be focusing on how they can make more if their goal is to build wealth. Amen. This is not to contradict any of the savings and investment...
by NotWhoYouThink
Wed Sep 27, 2017 10:49 am
Forum: Investing - Help with Personal Investments
Topic: I'm shocked! [Mother 100% in bonds and annuities]
Replies: 67
Views: 6366

Re: I'm shocked!

Focus on what you need to know now. I'm inferring from your posts that your parents are still married to each other. Are they living in a house that they own? What does your mother want to do once she can no longer take care of your father? Does she have help at home now? Does she have enough help? ...
by NotWhoYouThink
Wed Sep 27, 2017 9:16 am
Forum: Investing - Help with Personal Investments
Topic: I'm shocked! [Mother 100% in bonds and annuities]
Replies: 67
Views: 6366

Re: I'm shocked!

(She had an RMD check from an annuity, that she wanted to roll over). Not quite clear what it means to roll over an RMD check from an annuity. As mentioned above, it sounds like she wants you to get some insight into her finances, and that sounds like a good idea. What does she have and where? Who ...
by NotWhoYouThink
Mon Sep 25, 2017 5:57 pm
Forum: Personal Consumer Issues
Topic: Asking for no wedding gifts
Replies: 72
Views: 4303

Re: Asking for no wedding gifts

When you work for Megacorp, you meet a lot of people. And as much as I used to dread the business travel, sometimes you have time to sit around and talk to people you wouldn't have met in your neighborhood. Also, I have cousins spread from sea to shining sea, and a few have crossed a sea. Traditions...
by NotWhoYouThink
Mon Sep 25, 2017 5:27 pm
Forum: Personal Consumer Issues
Topic: Asking for no wedding gifts
Replies: 72
Views: 4303

Re: Asking for no wedding gifts

And if it's the kind of wedding where you are expected to cover your plate, your invoice will come to you through well-planned whispers , or just through being in the kind of crowd that knows what such things cost - "if it's at (fill in the venue), then it's $500." "Your invoice will come to you th...
by NotWhoYouThink
Mon Sep 25, 2017 1:39 pm
Forum: Personal Consumer Issues
Topic: Asking for no wedding gifts
Replies: 72
Views: 4303

Re: Asking for no wedding gifts

Personally, I find it more tacky when folks don't cover their plate in a wedding, especially when they have the means. When you invite guests to your home for dinner, do you expect them to pay you for the meal? Do you give them a bill? Do you accept credit cards or cash only? Inviting guests to a w...