Search found 1865 matches

by NotWhoYouThink
Sat Jul 14, 2018 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Inherited retirement account
Replies: 11
Views: 1159

Re: Inherited retirement account

Some context: My mother is 80 years old, in good health, and does not depend on the income (i.e., required minimum distributions) from my father's retirement account to meet her regular expenses. That is, if she were to disclaim the inheritance, it would not create any financial hardship for her, a...
by NotWhoYouThink
Fri Jul 13, 2018 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Logging out 20 acre lot?
Replies: 37
Views: 2377

Re: Logging out 20 acre lot?

The loan is owed by the estate, right? So if there are enough assets in the estate to pay off the loan, even if those assets include something besides the property, the debt gets paid first. Maybe, unless Florida is a non-recourse state, and the property is listed as the only collateral on the loan....
by NotWhoYouThink
Fri Jul 13, 2018 3:23 pm
Forum: Personal Consumer Issues
Topic: How much does your accountant cost?
Replies: 21
Views: 1989

Re: How much does your accountant cost?

My mom pays $600 for just the 1040. It's almost criminal, but she has been dealing with this firm for a few decades and doesn't want to change. If she ever does I'll do it for free in an hour with TT.
by NotWhoYouThink
Fri Jul 13, 2018 2:25 pm
Forum: Personal Consumer Issues
Topic: How much does your accountant cost?
Replies: 21
Views: 1989

Re: How much does your accountant cost?

About $1000. That's how much extra tax we paid after the estate's accountant botched the 1041. But paying that much in taxes was preferable to explaining to the executor what about the return was botched and how and why to fix it.

For our own taxes, whatever Turbo Tax costs.
by NotWhoYouThink
Fri Jul 13, 2018 6:45 am
Forum: Personal Finance (Not Investing)
Topic: When does frugal cross the line to cheapskate?
Replies: 119
Views: 7986

Re: When does frugal cross the line to cheapskate?

Wednesday my wife texts me to pick up some water bottles with the squirt top. I later reply "but the regular spring water is like half the price per oz" Fortunately I married a frugal woman, who just went through our budget a couple weeks ago and she was cool with it. But I did feel kind of like a ...
by NotWhoYouThink
Thu Jul 12, 2018 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing non-technocrat spouse $ Mgmt
Replies: 25
Views: 2087

Re: Preparing non-technocrat spouse $ Mgmt

You could always leave the money in a trust, with one of your kids as co-beneficiary and co-trustee. That way, someone would be available to continue managing the financial life of your widow(er). Or not. https://www.cbsnews.com/news/jury-awards-woman-77m-in-case-against-wells-fargo/ Key quote: Barb...
by NotWhoYouThink
Thu Jul 12, 2018 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance for Couple Early Retirement
Replies: 29
Views: 2272

Re: Health Insurance for Couple Early Retirement

randomguy, in case your quote was directed at me, my wording was in response to OP's preference stated here, and just was a caution that what the brother wants may not be available in his state's plans. But I don't know, because I've only ever looked at my state's plans for this year only, and the a...
by NotWhoYouThink
Thu Jul 12, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Grandpa's 88 and has term life insurance
Replies: 39
Views: 2786

Re: Grandpa's 88 and has term life insurance

We don't know that his rates will remain constant in the future. IIRC, my term insurance policy would have allowed me to extend it past the 10 year term but at rates that started out high and got higher.
by NotWhoYouThink
Thu Jul 12, 2018 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Grandpa's 88 and has term life insurance
Replies: 39
Views: 2786

Re: Grandpa's 88 and has term life insurance

If he's of sound mind the only decision is to let him spend his own money any way he likes. You can ask him about it if you like, and you can make a suggestion exactly once before you start overstepping boundaries, but it is still his decision. As we've seen on another thread, some people just like ...
by NotWhoYouThink
Thu Jul 12, 2018 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Health Insurance for Couple Early Retirement
Replies: 29
Views: 2272

Re: Health Insurance for Couple Early Retirement

I don't know about the ACA plans in CT, but in many states there aren't any plans that let you see all the best doctors in any field. You aren't clear whether he is close to qualifying for a subsidy, or whether he's got a few million lying around he could spend if he needed to. Could be both. His be...
by NotWhoYouThink
Thu Jul 12, 2018 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Planning ahead: Best way to buy $1M New Home?
Replies: 10
Views: 1362

Re: Planning ahead: Best way to buy $1M New Home?

Say Zillow is optimistic, and your net selling your old home (after realtor fees and other selling costs) is $900K. And since houses always cost more than you expect, say your new house is at the top end at $1.5M. Where does the extra $600K come from? Are you willing to take on a mortgage, or would ...
by NotWhoYouThink
Wed Jul 11, 2018 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Credit score after becoming debt free?
Replies: 44
Views: 2827

Re: Credit score after becoming debt free?

Mine is back above 800 these days. It dropped a little when we charged an expensive vacation, then applied for a new card. But paying off the mortgage didn't cause any lasting drop.
by NotWhoYouThink
Wed Jul 11, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Ex wants to use me for Joint and Survivor Annuity to forward to kids
Replies: 32
Views: 1692

Re: Ex wants to use me for Joint and Survivor Annuity to forward to kids

I thought the whole point of having an Ex is that you no longer have to respond to his half-baked schemes.
by NotWhoYouThink
Wed Jul 11, 2018 2:41 pm
Forum: Personal Consumer Issues
Topic: Neighbor’s Contractor Damaged Adjoining Property
Replies: 30
Views: 2038

Re: Neighbor’s Contractor Damaged Adjoining Property

So OP, how did the conversation with the neighbor and contractor go?
by NotWhoYouThink
Wed Jul 11, 2018 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Home equity loan for a business quandary
Replies: 30
Views: 1102

Re: Home equity loan for a business quandary

Are you capable of taking on this loan? Is the house worth about 200k or more? If yes to both of those this is what I would do: 1) You pay off the loan, and it could be from a loan in your name. 2) Mom wills the house to you, this would compensate for you the paying off of the loan. Now you could p...
by NotWhoYouThink
Wed Jul 11, 2018 12:32 pm
Forum: Investing - Help with Personal Investments
Topic: RMD from Inherited IRA
Replies: 12
Views: 1222

Re: RMD from Inherited IRA

You are a better citizen than I am. I would withdraw the extra $126, pay the ordinary income tax on that, and be done with it. If never audited I've saved myself and some IRS employee the time and trouble of wading through the paperwork, and if audited we could do the paperwork then.
by NotWhoYouThink
Wed Jul 11, 2018 7:50 am
Forum: Investing - Help with Personal Investments
Topic: What's up with Wells Fargo
Replies: 27
Views: 2839

Re: What's up with Wells Fargo

Maybe in their new dedication toward compliance with state regulation they are enforcing existing rules that they used to ignore.
by NotWhoYouThink
Tue Jul 10, 2018 7:29 pm
Forum: Investing - Help with Personal Investments
Topic: Must I submit a revised tax return?
Replies: 23
Views: 1699

Re: Must I submit a revised tax return?

If a corrected 1099 is submitted the IRS and state might adjust your return and send you a refund anyway.
by NotWhoYouThink
Tue Jul 10, 2018 6:47 pm
Forum: Investing - Help with Personal Investments
Topic: Need a CPA..suggestions
Replies: 7
Views: 447

Re: Need a CPA..suggestions

Who did your estate plan? Attorneys and accountants can often provide referrals to each other.
by NotWhoYouThink
Tue Jul 10, 2018 5:15 pm
Forum: Investing - Help with Personal Investments
Topic: Target date funds....unsophisticated?
Replies: 64
Views: 4379

Re: Target date funds....unsophisticated?

Sticks and stones and all that. If you have the courage of your convictions a little name-calling won't change your mind. And calling target funds "unsophisticated" is the kind of name calling calculated to sell you on a more expensive managed portfolio. Or sometimes people think what they do is the...
by NotWhoYouThink
Tue Jul 10, 2018 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Accounting question about inherited Roth IRA
Replies: 6
Views: 495

Re: Accounting question about inherited Roth IRA

It's probably not the cost basis he needs, just enough info to verify that you have been taking the required RMDs. Or maybe he's confused. Seems like he should be asking the year-end value.
by NotWhoYouThink
Tue Jul 10, 2018 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Grandmas Living Trust... Need Advice
Replies: 22
Views: 1356

Re: Grandmas Living Trust... Need Advice

Moving the IRA sounds like a good idea. You really need to find out more about the annuities. Sounds like it's the underlying investments inside the annuities that are not making any money, maybe they're in MM funds or something. Is there a name on the account statements for the annuities? You might...
by NotWhoYouThink
Tue Jul 10, 2018 1:13 pm
Forum: Personal Consumer Issues
Topic: Masterbath Remodel - Tub or No Tub ?
Replies: 57
Views: 3108

Re: Masterbath Remodel - Tub or No Tub ?

Most jetted tubs just collect spiders and dust. Sometimes potted plants. Complete waste of space for most people.
by NotWhoYouThink
Tue Jul 10, 2018 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Grandmas Living Trust... Need Advice
Replies: 22
Views: 1356

Re: Grandmas Living Trust... Need Advice

Are you sure you need to "do" anything yet? It sounds like anything you "do" will generate a commission for her agent, so ignore his advice, it is self-serving. Not sure what you mean by "matured" on the IRA especially, or the annuities. I assume she isn't contributing to them, and most of them have...
by NotWhoYouThink
Tue Jul 10, 2018 11:11 am
Forum: Investing - Help with Personal Investments
Topic: What's up with Wells Fargo
Replies: 27
Views: 2839

Re: What's up with Wells Fargo

Or it could be a state law requiring banks to verify that the customers that set up the accounts are still around. Calling WF to ask would be a good way to find out.
by NotWhoYouThink
Tue Jul 10, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7377

Re: Whole Life - We're doing it. What to look for?

I assume both OP and spouse will be getting whole life policies. If it's a good idea to have guaranteed money coming in any time the spouse dies from now to forever, it's also a good idea for OP's spouse to have money coming in any time OP dies from now until forever.
by NotWhoYouThink
Tue Jul 10, 2018 6:55 am
Forum: Investing - Help with Personal Investments
Topic: Target date funds....unsophisticated?
Replies: 64
Views: 4379

Re: Target date funds....unsophisticated?

My ex-Schwab rep called my target date fund "plain vanilla" when trying to sell me on Schwab's managed portfolio. So now my funds are at Vanguard.
by NotWhoYouThink
Mon Jul 09, 2018 3:33 pm
Forum: Personal Consumer Issues
Topic: Neighbor’s Contractor Damaged Adjoining Property
Replies: 30
Views: 2038

Re: Neighbor’s Contractor Damaged Adjoining Property

Neighbor's contractors have damaged our property. It took a couple of phone calls to resolve. Try not to assume the worst of people.
by NotWhoYouThink
Mon Jul 09, 2018 3:14 pm
Forum: Investing - Help with Personal Investments
Topic: Income stream at 70
Replies: 29
Views: 2550

Re: Income stream at 70

There are worse things than paying taxes. Given the current tax rates and deductions, are their taxes really going to be that high? Most aren't. You may be trying to fix something that isn't broken. Unless they are right on the edge of having enough, even a Single Premium Immediate Annuity might not...
by NotWhoYouThink
Mon Jul 09, 2018 1:51 pm
Forum: Investing - Help with Personal Investments
Topic: Do you count pension contributions as a portion of your overall retirement contributions.
Replies: 47
Views: 3464

Re: Do you count pension contributions as a portion of your overall retirement contributions.

@Cody, what does it mean to you to "count" or "not count" pension contributions? Do you have some $$ or %% figure in mind that you need to be contributing, and counting or not counting these contributions makes the difference between hitting and not hitting those numbers? If the contributions vest i...
by NotWhoYouThink
Mon Jul 09, 2018 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7377

Re: Whole Life - We're doing it. What to look for?

I am fully aware investing the difference between our current term policy and a whole life policy is should result in a higher end amount, based upon average market returns. However, due to my SO's medical condition, which limits a future term policy, and our desire to have a guaranteed (and stress...
by NotWhoYouThink
Mon Jul 09, 2018 10:34 am
Forum: Investing - Theory, News & General
Topic: Article: Rich kids are counting on inheritance to pay for retirement
Replies: 31
Views: 4464

Re: Article: Rich kids are counting on inheritance to pay for retirement

I know one of those rich kids. His mother's longevity is cramping his style. But it's not a new phenomena. People expect all sorts of things. Then life happens. Not sure what this article is supposed to tell us. Maybe if we were financial salespeople it would help us craft our client recruitment pit...
by NotWhoYouThink
Mon Jul 09, 2018 10:30 am
Forum: Investing - Help with Personal Investments
Topic: Pitfalls of real estate investing
Replies: 38
Views: 3700

Re: Pitfalls of real estate investing

I am a citizen and have purchased a house in Michigan. The house(s) will be, if possible, under his name. ???? If you have purchased it, how would it be under his name? You paid cash and will give it to him? Sell it to him? I just want to make to completely sure that we won't meet any sudden surpri...
by NotWhoYouThink
Sat Jul 07, 2018 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Back to Parents
Replies: 14
Views: 1430

Re: Gifting Back to Parents

Definitely a difficult situation. People are funny about money. By "people", I mean people besides me. And by "funny", I mean they do things differently from how I would do them. But that's life. And now your life has this situation. Since the accounts are in your wife's name, she can set up online ...
by NotWhoYouThink
Sat Jul 07, 2018 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Back to Parents
Replies: 14
Views: 1430

Re: Gifting Back to Parents

You've made several references to how the accounts are structured, but haven't said how that is. Is the money in a UTMA account? A joint account? If your wife wants to give it back, first she has to take control of it. Does she even have that? If she wanted to spend it or move it or give it away to ...
by NotWhoYouThink
Sat Jul 07, 2018 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Back to Parents
Replies: 14
Views: 1430

Re: Gifting Back to Parents

I've shared two possible options with them that we could keep the account in my wife's name and follow the boglehead way but then we'd like to be able to own control of investment decisions that allow us to take into considerations our entire portfolio and tax considerations. What does your wife th...
by NotWhoYouThink
Fri Jul 06, 2018 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: How to find reputable person for Will/Trust?
Replies: 45
Views: 3805

Re: How to find reputable person for Will/Trust?

Sounds like they probably were sold something they didn't need, but they are allowed to spend money however they like. Many Revocable Living Trusts are set up but never funded because people don't know what to put in them or how to do it. If your parents never fund this trust they won't lose anythin...
by NotWhoYouThink
Thu Jul 05, 2018 6:37 pm
Forum: Investing - Help with Personal Investments
Topic: Retirement advice for a 25 yr old
Replies: 29
Views: 2559

Re: Retirement advice for a 25 yr old

OP the decision about whether to contribute to a Roth or Traditional (IRA or 401k) has to do with current and projected future tax rates. And with all things that depend on future events, it's impossible to know for sure, but you can make some good guesses. At your marginal tax rate, I'd take the ta...
by NotWhoYouThink
Thu Jul 05, 2018 4:10 pm
Forum: Investing - Help with Personal Investments
Topic: Retirement advice for a 25 yr old
Replies: 29
Views: 2559

Re: Retirement advice for a 25 yr old

We sold the house after the first 9 years of marriage, and we and our 2 kids moved to a bigger nicer house because we had more money and we could do that. The first house was what I wanted then, the current house is what we want now. No big gain on the transaction, but some nice family memories. You...
by NotWhoYouThink
Thu Jul 05, 2018 3:19 pm
Forum: Investing - Help with Personal Investments
Topic: Retirement advice for a 25 yr old
Replies: 29
Views: 2559

Re: Retirement advice for a 25 yr old

OP, 1) It is a mistake to contribute to Roth 401K. You should contribute to Trad. 401K and use the tax saving to pay off your car loan. https://www.madfientist.com/how-to-access-retirement-funds-early/ 2) Please check out the above URL. 3) You should not buy a house until you are married and have c...
by NotWhoYouThink
Thu Jul 05, 2018 12:20 pm
Forum: Investing - Help with Personal Investments
Topic: Becoming a custodian of funds
Replies: 3
Views: 266

Re: Becoming a custodian of funds

Trusts for the kids is the way to go for this. The attorney they are working with in their estate planning can set them up easily, and they can be funded at the death of the second grandparent with however much money they want to put into it. You can be named as trustee. The grandparents will need t...
by NotWhoYouThink
Thu Jul 05, 2018 9:45 am
Forum: Investing - Theory, News & General
Topic: Do Advisers Add $$$ Value?
Replies: 71
Views: 5371

Re: Do Advisers Add $$$ Value?

Why is everyone assuming that a large number of advisers do not make some of the same mistakes as the much scorned DIY-investors, such as selling at the bottom? That's why many posters are hedging about whether an advisor adds value. A good one does. A bad one might sell at the bottom. Trying to fi...
by NotWhoYouThink
Thu Jul 05, 2018 7:59 am
Forum: Personal Finance (Not Investing)
Topic: Using 529 to pay rent and meal off-campus?
Replies: 25
Views: 2258

Re: Using 529 to pay rent and meal off-campus?

This is the reply we sent to the CP2000 we received. No receipts were included. Room and Board was just over $10,000, but that was because it included Spring of Freshman year on campus at almost $6000, plus Fall of Sophomore year off campus at just over $4000. We did have a copy of the lease availab...
by NotWhoYouThink
Wed Jul 04, 2018 6:10 pm
Forum: Investing - Theory, News & General
Topic: What a high-fee financial advisor really offers as a value proposition
Replies: 17
Views: 1690

Re: What a high-fee financial advisor really offers as a value proposition

Rick - Yes, I agree there is value a smart advisor can offer, because uninformed savers often throw up their hands in frustration and either do something stupid or do nothing. Helping them do something smart adds value. It's nice to think they could just check in here and do it all themselves, but i...
by NotWhoYouThink
Wed Jul 04, 2018 4:11 pm
Forum: Investing - Theory, News & General
Topic: What a high-fee financial advisor really offers as a value proposition
Replies: 17
Views: 1690

Re: What a high-fee financial advisor really offers as a value proposition

Thanks, I enjoyed your previous posts on taking cold calls. This post in Rick Ferri's thread speaks to many of the "advantages" that experienced financial professionals claim to offer. None really appealed to me, but I'm DIY for lots of things. Many were fluff and marshmallows, some are probably lan...
by NotWhoYouThink
Wed Jul 04, 2018 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Do We need health insurance??
Replies: 94
Views: 6086

Re: Do We need health insurance??

What I want is a catastrophic plan. If that exists for people over 50, I'm not aware of it. Several people on this thread recommended that OP get a catastrophic plan, at the very least. That's why I asked whether anyone of those posters knows for sure that there is such a thing. Sounds like the ans...
by NotWhoYouThink
Tue Jul 03, 2018 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Do We need health insurance??
Replies: 94
Views: 6086

Re: Do We need health insurance??

What I want is a catastrophic plan. If that exists for people over 50, I'm not aware of it. Several people on this thread recommended that OP get a catastrophic plan, at the very least. That's why I asked whether anyone of those posters knows for sure that there is such a thing. Sounds like the answ...
by NotWhoYouThink
Tue Jul 03, 2018 2:43 pm
Forum: Investing - Help with Personal Investments
Topic: Asset Allocation once you reach your target
Replies: 42
Views: 2989

Re: Asset Allocation once you reach your target

I don't know how long the rest of my life will be, and can't accurately predict my spending until then. But that doesn't mean I have to work forever or limit my spending to 1% of my portfolio until I get to be 100. The future is uncertain. So waiting to get to "that number is sufficient for your to ...
by NotWhoYouThink
Tue Jul 03, 2018 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Will I ever be able to itemize?
Replies: 64
Views: 4205

Re: Will I ever be able to itemize?

The tax code can do everything but freeze. If you are young, there is a chance that you might someday itemize. Our mortgage is paid off, but we itemized based on state tax and charitable contributions. Aspire to that!