Search found 2013 matches

by NotWhoYouThink
Fri Sep 21, 2018 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: What is the process for Trustee to sell house?
Replies: 11
Views: 661

Re: What is the process for Trustee to sell house?

Was the house in the trust before the grantor's death, or did the grantor's estate plan have the house going to the trust after his death? Recently in my family, there was a beneficiary deed that put the house into the trust after the grantor's death. So step 1 was notifying the county of the death ...
by NotWhoYouThink
Thu Sep 20, 2018 9:26 am
Forum: Personal Consumer Issues
Topic: Should I bother meeting with a Chase Private Client Rep
Replies: 44
Views: 3347

Re: Should I bother meeting with a Chase Private Client Rep

I understand the people here saying these guys are out to sell products, and I agree 100%. My understanding however is that CPC is actually just a type of banking/brokerage account in which you keep a certain amount of assets at Chase (any type of asset including Vanguard ETFs) and in exchange you ...
by NotWhoYouThink
Wed Sep 19, 2018 5:51 pm
Forum: Investing - Theory, News & General
Topic: Convince a friend to go Boglehead
Replies: 17
Views: 982

Re: Convince a friend to go Boglehead

There is no chore so simple it can't be botched utterly and completely. Have you considered that if he takes over his finances he might make some huge mistakes that cost him a bundle? And blame you? Really, I like that you are making suggestions to him that you think would have been helpful to you -...
by NotWhoYouThink
Tue Sep 18, 2018 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: "Taking" RMDs
Replies: 18
Views: 1621

Re: "Taking" RMDs

For an inherited IRA, I have set up automatic RMD so that Vanguard sells proportionately from the equity and bond fund in the account, withholds federal tax, and sends funds to our checking account. My tentative plan is to have enough moved from traditional to Roth IRAs in retirement that we'll use ...
by NotWhoYouThink
Mon Sep 17, 2018 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life vs Universal Life Insurance
Replies: 30
Views: 1613

Re: Whole Life vs Universal Life Insurance

Good decision to stick with term. When you are ready, you can start asking questions about how to invest the money you are not spending on insurance.
by NotWhoYouThink
Mon Sep 17, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life vs Universal Life Insurance
Replies: 30
Views: 1613

Re: Whole Life vs Universal Life Insurance

Congratulations! You are successful enough to attract the attention of life insurance salesmen. That really is a positive accomplishment, You'll be even better off once you educate yourself about insurance and investments enough to know that you should keep the two separate. As several people have m...
by NotWhoYouThink
Sun Sep 16, 2018 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: How to get financially ready for death of parent
Replies: 22
Views: 2540

Re: How to get financially ready for death of parent

You would not inherit your mother's debts, but that doesn't mean the obligations would go away if she died owing money. It just means that the house and car might have to be sold to pay off the debt, or as much of it as possible. If the house were under water it would depend on your state laws, but ...
by NotWhoYouThink
Sat Sep 15, 2018 9:37 am
Forum: Investing - Help with Personal Investments
Topic: Dividend Riddle
Replies: 17
Views: 1680

Re: Dividend Riddle

Are you trying to reverse engineer someone's net worth based on tax documents?
by NotWhoYouThink
Fri Sep 14, 2018 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Living trusts and relabeling accounts
Replies: 33
Views: 2313

Re: Living trusts and relabeling accounts

You should talk to the attorney about what the trust is doing for you, and about what accounts and assets should be retitled. Bring a list, and talk about whether and how to retitle each asset. That should be a standard part of the service for creating the estate plan. We were able to do the actual ...
by NotWhoYouThink
Fri Sep 14, 2018 12:27 pm
Forum: Investing - Help with Personal Investments
Topic: 3 fund vs EJ
Replies: 16
Views: 993

Re: 3 fund vs EJ

First, it helps if you put the name of the fund and not just the ticker symbols, which most of us have not memorized. Also if you indicate what kind of asset allocation or tilts are in the current portfolio. How long has he been with EJ? Did he put $100,000 in the portfolio in 2001 and nothing since...
by NotWhoYouThink
Thu Sep 13, 2018 5:12 pm
Forum: Investing - Help with Personal Investments
Topic: Wife's Roth @ a Financial Advisor
Replies: 33
Views: 1745

Re: Wife's Roth @ a Financial Advisor

She (or you) may be able to determine whether there is an AUM fee by looking at the statements. But most high cost financial advisors make their statements so confusing it won't be easy to tell. You can also check whether she has had the same investments for years with dividends reinvested, or wheth...
by NotWhoYouThink
Wed Sep 12, 2018 9:53 pm
Forum: Investing - Help with Personal Investments
Topic: Roth conversions when we will be in 22% bracket for indefinite future
Replies: 16
Views: 1804

Re: Roth conversions when we will be in 22% bracket for indefinite future

We are a couple of years away, but i-orp tells me that we'll want to convert even into the 24% bracket. We're kind of stuck with most of the IRMAA anyway. The kids will thank us some day.
by NotWhoYouThink
Wed Sep 12, 2018 2:42 pm
Forum: Investing - Help with Personal Investments
Topic: Commingling pre-tax with post-tax IRA contributions
Replies: 8
Views: 551

Re: Commingling IRA and tIRA

Just wanted to clarify that the IRS doesn't care if you have your "rollover IRA" at one institution and your "post-tax IRA" at another institution. As soon as you start down the road of making a post-tax contribution to any IRA held anywhere, the IRS considers it one big pot of money and you have to...
by NotWhoYouThink
Wed Sep 12, 2018 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Massive Student Loan Debt - Fiancee
Replies: 108
Views: 9979

Re: Massive Student Loan Debt - Fiancee

If the PSLF program were to fail, it seems paying back the debt would be insurmountable. You are catastrophizing. There is nothing insurmountable about $130K in student loans. On the other hand, she may be trivializing. It's a big stinking number, and you have to deal with it aggressively. So you a...
by NotWhoYouThink
Wed Sep 12, 2018 2:05 pm
Forum: Investing - Help with Personal Investments
Topic: Commingling pre-tax with post-tax IRA contributions
Replies: 8
Views: 551

Re: Commingling IRA and tIRA

It's better not to make post-tax contributions to an IRA unless it's an otherwise empty IRA that you plan to roll over immediately into a Roth IRA. Once you make post-tax contributions you have to keep track of that forever and always until you empty all IRAs. If you have extra money to invest and h...
by NotWhoYouThink
Wed Sep 12, 2018 2:01 pm
Forum: Personal Consumer Issues
Topic: 1 year old birthday
Replies: 42
Views: 1881

Re: 1 year old birthday

My kids are 4 & 1. We didn't do friend birthday parties until the older 1 turned 4 last December, and will do the same for the younger, family only until that point. And I'm one of those "no gift please" parents, my kids have a ton of stuff from family already, they didn't need any additional toys....
by NotWhoYouThink
Wed Sep 12, 2018 8:18 am
Forum: Personal Finance (Not Investing)
Topic: My daughter's inheritance.
Replies: 63
Views: 8004

Re: My daughter's inheritance.

You mentioned that you still have a few months before everything is transferred to the trust, so you should have plenty of time to plan setting up the investment. If it were my daughter, I'd recommend putting it all in a target date fund and leaving it alone. Vanguard 2050 or something like that. Yo...
by NotWhoYouThink
Wed Sep 12, 2018 8:07 am
Forum: Personal Consumer Issues
Topic: Remodel for aging in place
Replies: 44
Views: 3048

Re: Remodel for aging in place

We are nearly 60 in a house with an acre of lawn, the bedrooms and full bathrooms upstairs, and the laundry in the basement. It was and still is a perfect house and a perfect neighborhood for raising kids, which we are no longer doing. For now, it keeps us fit. Our plan is to move to someplace small...
by NotWhoYouThink
Tue Sep 11, 2018 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Auto sale to relative - sales agreement form?
Replies: 10
Views: 405

Re: Auto sale to relative - sales agreement form?

We've just signed the title and taken the check or cash. Except when they buyer could avoid sales tax by filling out a relative transfer form. In that case, it was the buyer's job to do the scut work to research the process and print and fill out the form except for signatures.
by NotWhoYouThink
Tue Sep 11, 2018 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Mom died, financial guidance welcome.
Replies: 14
Views: 2231

Re: Mom died, financial guidance welcome.

Are you the person who is going to be tasked with dealing with this, or is your sister? If you don't intend just to walk away, then probably one of you will need to get appointed as the representative of the estate to deal with the bank and the auto dealer and anyone else. In most cases, creditors h...
by NotWhoYouThink
Tue Sep 11, 2018 6:58 am
Forum: Investing - Theory, News & General
Topic: Medallion Signature guarantee?
Replies: 28
Views: 2291

Re: Medallion Signature guarantee?

Knowing that "you are you" is good enough for a notary, but for an MSG they must also know that "you" are authorized to make or approve the transaction you are signing for.

Good suggestion above to see if the law firm working with the executor can make a referral for an MSG stamp.
by NotWhoYouThink
Mon Sep 10, 2018 4:26 pm
Forum: Investing - Theory, News & General
Topic: Medallion Signature guarantee?
Replies: 28
Views: 2291

Re: Medallion Signature guarantee?

2) In general, STAMP Participants may consider the following best practices before granting Medallion Signature Guarantees: • The individual seeking the Medallion Signature Guarantee has a continuing customer relationship with the Participant. This is from the link above. And it's the hard part. Ou...
by NotWhoYouThink
Mon Sep 10, 2018 10:28 am
Forum: Personal Finance (Not Investing)
Topic: My daughter's inheritance.
Replies: 63
Views: 8004

Re: My daughter's inheritance.

Since you say you have "a few months", can you help us give better advice by describing the trust a little better. You are the co-trustee, who are the other co-trustees? Who is/was the grantor? Was it your late husband? His business partner? How much control will your daughter have over the investme...
by NotWhoYouThink
Sat Sep 08, 2018 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Should I keep my financial advisor
Replies: 130
Views: 7493

Re: Should I keep my financial advisor

Good advice is worth paying something for. The trick is knowing whether the advice you are getting is good. And how much you are paying for it. And a CPA can sometimes help you with tax planning, but not always. Many CPAs are transactional - they might accurately determine what taxes you owe based o...
by NotWhoYouThink
Fri Sep 07, 2018 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Should I keep my financial advisor
Replies: 130
Views: 7493

Re: Should I keep my financial advisor

Hello all, I'm a long time lurker but first time poster. I'm 33yrs old, married, no kids yet but planning to have one soon. I currently have a fee only financial advisor that manages my investment and other aspects of personal finance. They charge flat retainer fee of 5k per year, soon to go up to ...
by NotWhoYouThink
Fri Sep 07, 2018 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Could One Work For Edward Jones and Put Clients in Boglehead Portfolios?
Replies: 34
Views: 4225

Re: Could One Work For Edward Jones and Put Clients in Boglehead Portfolios?

The job at E Jones is sales, not financial management. Your job is to attract and retain clients with bigger and bigger portfolios. The boffins in the home office will tell you where and how to invest their money. The marketing team will give you a script to sell those investments which includes ans...
by NotWhoYouThink
Fri Sep 07, 2018 8:23 am
Forum: Investing - Help with Personal Investments
Topic: Scaring the Old Folks
Replies: 71
Views: 8116

Re: Scaring the Old Folks

Remember that if you were savings 30%+ of gross income your final few working years
...then you might be a boglehead.
by NotWhoYouThink
Fri Sep 07, 2018 8:21 am
Forum: Personal Consumer Issues
Topic: Certified Pre-Owned Cars (CPO): Is this normal?
Replies: 30
Views: 2449

Re: Certified Pre-Owned Cars (CPO): Is this normal?

A Hyundai dealer in Missouri told me that he had cars he could sell to me certified or not certified. The CPO designation extended the warranty a while, I can't remember what else it did. I ended up buying from another dealer, but if the first dealer had the right car I would have been willing to ne...
by NotWhoYouThink
Thu Sep 06, 2018 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: Scaring the Old Folks
Replies: 71
Views: 8116

Re: Scaring the Old Folks

Many of these articles conflate income with spending or expenses. When you are retired, you don't pay FICA, you don't contribute to IRAs or 401Ks, and you probably pay less income tax because your income is lower. So you can have higher monthly household expenses without needing higher income. But f...
by NotWhoYouThink
Wed Sep 05, 2018 3:57 pm
Forum: Investing - Help with Personal Investments
Topic: Purchasing annuity for wife
Replies: 21
Views: 2138

Re: Purchasing annuity for wife

How old are you? How old is she? Are there pensions? SS? Heirs?

What kind of annuity are you talking about?

If the two of you need income now, and are 75 or older, you might consider a SPIA. Otherwise, there are probably better options.
by NotWhoYouThink
Wed Sep 05, 2018 8:36 am
Forum: Investing - Help with Personal Investments
Topic: Need help with individual stock advice taxable account
Replies: 19
Views: 1301

Re: Need help with individual stock advice taxable account

You can start donating appreciated shares of Apple to the charities you support anyway. Or donate a lot of it to a Donor Advised Fund. I have some Megacorp stock that has appreciated more than I expected, which is of course a good problem to have. Can't face the 30% (LTCG+NIIT+State) tax hit on sell...
by NotWhoYouThink
Tue Sep 04, 2018 11:21 am
Forum: Personal Consumer Issues
Topic: What will you do when you find you have more money than expected?
Replies: 91
Views: 9691

Re: What will you do when you find you have more money than expected?

I'm willing to risk a bit of lifestyle creep, and will also consider giving more (to family or charity) along the way.
by NotWhoYouThink
Tue Sep 04, 2018 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Living Revocable Trust - conveyance of assets
Replies: 37
Views: 2633

Re: Living Revocable Trust - conveyance of assets

We did the retitling ourselves. Actually, I did it myself for both of us. But the attorney strongly encouraged us to come back and let him (for a nominal charge) review what I did, because he says many people don't do it or don't do it right. It wasn't particularly burdensome for me, but I have a pr...
by NotWhoYouThink
Tue Sep 04, 2018 8:03 am
Forum: Investing - Help with Personal Investments
Topic: Mom had no idea she had over a mil in her Portfolio. What now?
Replies: 25
Views: 5193

Re: Mom had no idea she had over a mil in her Portfolio. What now?

nolesrule wrote:
Tue Sep 04, 2018 8:00 am
NotWhoYouThink wrote:
Tue Sep 04, 2018 7:42 am
EJ filled up her IRA with tax exempt funds?
No. That's the trust account. The account caption is below the image, not above it.
OK, makes more sense. Let me finish my Nespresso (Dharkan) and see whether it makes more sense then.
by NotWhoYouThink
Tue Sep 04, 2018 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Charitable Tax Deductions
Replies: 46
Views: 3460

Re: Charitable Tax Deductions

Interesting responses. We will still be able to itemize, but will be in a lower tax bracket so the tax savings attributable to charity will be less. The total tax bill will be down significantly.
by NotWhoYouThink
Tue Sep 04, 2018 7:40 am
Forum: Personal Consumer Issues
Topic: Selling a car to CarMax
Replies: 74
Views: 5724

Re: Selling a car to CarMax

Sold a 2009 low mileage car to Carmax in TX last month. They paid 4K, which was above KBB. Saw it listed on their website for $10500. Yikes. There were reasons the seller didn't have time or interest in listing it herself for a private sale, but it would have been a good idea to shop around to a cou...
by NotWhoYouThink
Tue Sep 04, 2018 7:27 am
Forum: Investing - Help with Personal Investments
Topic: How To Invest Windfall When At Market Top
Replies: 26
Views: 4085

Re: How To Invest Windfall When At Market Top

We don't know what other assets, debts, or income he has, so it's hard to say. Maybe he should spend a chunk of it paying off debt rather than putting it in the market. If he decides, for instance, that after paying off debt and spending some of it on something fun (It's ok to spend money, in fact t...
by NotWhoYouThink
Mon Sep 03, 2018 1:13 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on kids extracurriculars?
Replies: 85
Views: 4608

Re: How much do you spend on kids extracurriculars?

The time was a bigger deal than the money for us. It is good to have some team sports so that they can learn to be part of a team, and see what kinds of teammates they like and appreciate, and what kinds they don't. But our limit was one sport at a time. We've argued left and right with the older on...
by NotWhoYouThink
Sat Sep 01, 2018 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: How do you store financial account information with your estate plan?
Replies: 51
Views: 3212

Re: How do you store financial account information with your estate plan?

Maybe they don't monitor it closely, but it seems that a bank may be suspicious if you report that Aunt Tilly died a week ago, but they can see that Tilly logged into her account and conducted transactions yesterday. Assuming the decedent left behind funds to close out the estate, it isn't that hard...
by NotWhoYouThink
Sat Sep 01, 2018 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: How do you store financial account information with your estate plan?
Replies: 51
Views: 3212

Re: How do you store financial account information with your estate plan?

But won't your account access be disabled once the financial institution knows you have died? I don't get passing on passwords to executors. They need to know about the accounts, but they shouldn't be logging in as you.
by NotWhoYouThink
Fri Aug 31, 2018 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Last Will and testament involving very young children and 7 figure estate. What have you done?
Replies: 15
Views: 2076

Re: Last Will and testament involving very young children and 7 figure estate. What have you done?

First think through who you want to take care of your kids if that became necessary, then consider who you want to take care of their money. Probably not the same people, but they have to be able to work together. We chickened out and didn't write wills until the kids were out of their teens, so goo...
by NotWhoYouThink
Fri Aug 31, 2018 10:10 am
Forum: Investing - Help with Personal Investments
Topic: I want to pry my friend away from Edward Jones
Replies: 71
Views: 7601

Re: I want to pry my friend away from Edward Jones

Highly unlikely she'll leave EJ unless she has a better place to go, which means a plan of what to do with her investments without EJ's advice. What would that be now? Savings account at her local bank? Arbitrary stock picks based on what she heard on the radio or TV? If she is interested in managin...
by NotWhoYouThink
Fri Aug 31, 2018 10:06 am
Forum: Personal Consumer Issues
Topic: Nespresso?
Replies: 87
Views: 6357

Re: Nespresso?

- Makes pretty good espresso; better than a stovetop, the Gaggia on a bad day, or Starbucks on any day This is not expresso is moka expresso/coffee STop hanging out in BH and hang out in other blogs (i.e. coffeegeeks). They'll tell you Nespresso is crap. Like any pressurized portafilter expresso. I...
by NotWhoYouThink
Thu Aug 30, 2018 5:45 pm
Forum: Investing - Help with Personal Investments
Topic: Recent inheritance
Replies: 4
Views: 491

Re: Recent inheritance

Also I would consider spending some on something fun. Maybe 10%. A trip, a home upgrade, a big gift to a cause you like? I just want to avoid becoming a miser counting my stacks of money, and remember it is nothing but a tool, and a tool that just sits on the workbench and doesn't get used isn't muc...
by NotWhoYouThink
Thu Aug 30, 2018 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: How do you store financial account information with your estate plan?
Replies: 51
Views: 3212

Re: How do you store financial account information with your estate plan?

A safe deposit box is a great place to store things you don't want people to find until long after your death. Because the bank will lock down the box when you die and not open it until your will has been seen by the probate court, and the court generates letters testamentary to your executor, and y...
by NotWhoYouThink
Wed Aug 29, 2018 9:00 am
Forum: Personal Finance (Not Investing)
Topic: How to Pass on Money Against My Sister's Wishes (Ethics and Finance)
Replies: 74
Views: 7498

Re: How to Pass on Money Against My Sister's Wishes (Ethics and Finance)

You should find ways to spend the money on your sister while she is alive. The worse the dementia gets the more help she will need. Unless she is fabulously wealthy, she will need more money than she has to pay for her care. This is a non-problem, it will take care of itself unless you twist yoursel...
by NotWhoYouThink
Tue Aug 28, 2018 6:46 pm
Forum: Investing - Help with Personal Investments
Topic: Financing college, gifting to children, capital gains
Replies: 13
Views: 762

Re: Financing college, gifting to children, capital gains

My long reply just got erased by a power outage. Maybe this one will be shorter - It might help to look at the order of magnitude of savings you could get with various techniques, and the amount of money you are willing to pass to your kids before or during college. For instance, at my income level ...
by NotWhoYouThink
Tue Aug 28, 2018 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Post Mortem Settlement
Replies: 59
Views: 4545

Re: Post Mortem Settlement

So OP's wife being executor, trustee, or anything else does not give her or him authority to sell the condo, right? Since all 4 siblings own it, all 4 have to agree to any sale, and all 4 would have to sign off on any sales contract, right? Now that sounds like a real mess. If it were owned by the t...
by NotWhoYouThink
Tue Aug 28, 2018 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Post Mortem Settlement
Replies: 59
Views: 4545

Re: Post Mortem Settlement

If there are listed beneficiaries on accounts, assets such as the house are titled in the trust (or in your case in the names of the 4 children), and the will refers to the trust as the guiding document (pour over will) there ie no need to go through probate. You can probably just use a small estat...