Search found 2383 matches

by Carefreeap
Sat Sep 22, 2018 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Trustee for sixty something sister
Replies: 18
Views: 1424

Re: Trustee for sixty something sister

This works because the beneficiary, having been dependent throughout life accepts this role. If the beneficiary wanted to take control or was torturing me with incessant requests for more money I would bail out and hire a corporate trustee. I don't do that know because the demands in my time are ma...
by Carefreeap
Fri Sep 21, 2018 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee for sixty something sister
Replies: 18
Views: 1424

Re: Trustee for sixty something sister

What a terrible situation your dad put you in. What are the options for the second successor Trustee should you resign? Some people on this Board have explored using Vanguard as a Trustee. You might use the Google Search button and see what other people have found. Based on my DH's family experience...
by Carefreeap
Fri Sep 21, 2018 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: What is the process for Trustee to sell house?
Replies: 11
Views: 658

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

Based on my experience in CA, as successor Trustee, I followed the process you described. Have you checked with the beneficiaries to ensure that none of them want to buy the house from the other heirs? Trustee' here in CA usually convey title via a Quitclaim Deed or Grant Deed. Yes, all beneficiari...
by Carefreeap
Fri Sep 21, 2018 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: What is the process for Trustee to sell house?
Replies: 11
Views: 658

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

Based on my experience in CA, as successor Trustee, I followed the process you described. Have you checked with the beneficiaries to ensure that none of them want to buy the house from the other heirs? Trustee' here in CA usually convey title via a Quitclaim Deed or Grant Deed. I would consult with ...
by Carefreeap
Thu Sep 20, 2018 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: How to handle huge medicare/medicaid premium increases at age 65?
Replies: 10
Views: 1994

Re: How to handle huge medicare/medicaid premium increases at age 65?

You really need to talk with a California based elder care attorney who can help you structure a plan. Here's an article that may help you understand why Medicaid (Medi-cal) is structured the way it is. The recent Medicaid expansion is the reason low income people under 65 have access to taxpayer fu...
by Carefreeap
Thu Sep 20, 2018 6:23 pm
Forum: Personal Consumer Issues
Topic: Did you really have something to retire to?
Replies: 127
Views: 10148

Re: Did you really have something to retire to?

Golf maniac wrote:
Wed Sep 19, 2018 4:08 pm


Also, it is important to not do what your DW does and follow her around. You need your own activities and things to do. That is a key part of keeping the peace..lol
You forgot to add "and tell her how to do what she's been doing for most of her life "better" aka your way. :oops:
by Carefreeap
Thu Sep 20, 2018 6:17 pm
Forum: Personal Consumer Issues
Topic: Did you really have something to retire to?
Replies: 127
Views: 10148

Re: Did you really have something to retire to?

I retired specifically to complete a singlehanded sailboat race from San Francisco to Hawaii. That was my entire plan for things to do. Money is not a big issue for us. I spent the last two years after that race getting ready for the next race which I just completed. This kept me busier than a one ...
by Carefreeap
Wed Sep 19, 2018 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Reverse Mortgages - Pros, Cons
Replies: 52
Views: 3355

Re: Reverse Mortgages - Pros, Cons

Ask him/her to redo the plan without the reverse mortgage. I would leave that as a last resort. +1 One problem with people taking a reverse mortgage when they are relatively young is that it can defer people having to cut back on a lifestyle that they really cannot afford. Including no or low equit...
by Carefreeap
Wed Sep 19, 2018 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Dad Died - Handling Mom's Finances
Replies: 17
Views: 2291

Re: Dad Died - Handling Mom's Finances

Are you living with your mom?

Do you have other siblings?
by Carefreeap
Sun Sep 16, 2018 5:34 pm
Forum: Personal Consumer Issues
Topic: First Week of January West Coast Travel Options
Replies: 8
Views: 547

Re: First Week of January West Coast Travel Options

Another vote for HI although if she had already been I'd say explore resort areas in Mexico. Many places are safe. If you do go to HI for a week I'd suggest limiting the visit to no more than two islands. I really loved Kauai for it's natural beauty and hiking opportunities. I have never liked Oahu'...
by Carefreeap
Sun Sep 02, 2018 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Sell house before exclusion expires?
Replies: 8
Views: 984

Re: Sell house before exclusion expires?

Could you explain your 8 year timeline? As I understand it, the exclusion is two out of the last 5 years. Depending on where you are in the country I think we may have hit our market peak. Even in the crazy Bay Area real estate market we are finally seeing some price reductions. Taxes might be the l...
by Carefreeap
Sat Sep 01, 2018 5:02 pm
Forum: Personal Consumer Issues
Topic: Let a property management company to manage your house?
Replies: 10
Views: 1588

Re: Let a property management company to manage your house?

Fees are typical. My property manager used to charge 10% of rent, but did not charge extra for marketing. They also offered "eviction insurance " for an extra fee . I said "used to" because I was very happy when we finally sold the house after renting for 4 years. Worst part was dreading any email ...
by Carefreeap
Sat Sep 01, 2018 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Working for a municipality
Replies: 26
Views: 2415

Re: Working for a municipality

I look on my middle-level job working for a local transit district as mostly positive. I also think I'm a much better person having that opportunity vs just working private sector. Some lessons I learned: Money is important but it isn't always the driver. How things "look" is very important. Politic...
by Carefreeap
Sat Sep 01, 2018 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Using your home as old age care self-insurance?
Replies: 74
Views: 5687

Re: Using your home as old age care self-insurance?

We plan to die at home. If we sell while living, then what would we do? :oops: That would bring its own set of complications. Well you could get a reverse mortgage which would effectively tap the equity of your home to pay for your care. That said, there's a time when it's time to go to the home. B...
by Carefreeap
Thu Aug 30, 2018 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: How to Sell Antiques?
Replies: 15
Views: 1637

Re: How to Sell Antiques?

I have heard it said that sometimes museum curators will express options- not on price, but on significance. I rather suspect they hate doing this. Your comment is timely and earlier today I got in touch with the Huntington Library in Pasadena. Several years ago we got in touch with them to help us...
by Carefreeap
Thu Aug 30, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: How to Sell Antiques?
Replies: 15
Views: 1637

Re: How to Sell Antiques?

"The items were on loan to her.........." Are we missing something here? Who actually owns them? Though assumed, is there a paperwork trail establishing provenance? My husband and I own the furniture that is being proposed to sell. When FIL and ex-stepmother split up in the 1990s some furniture was...
by Carefreeap
Wed Aug 29, 2018 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: How to Sell Antiques?
Replies: 15
Views: 1637

Re: How to Sell Antiques?

One thing to understand before you sell them is how much capital gains tax your stepmom will pay on the sale of them. Be sure to also look at what she will pay is state capital gain tax. There are special capital gains tax rules for collectables so be sure to take that into account. If she does not...
by Carefreeap
Wed Aug 29, 2018 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: How to Sell Antiques?
Replies: 15
Views: 1637

Re: How to Sell Antiques?

I grew up selling antiques with my mother and grandmother and I am not saying it is the case here but a lot of folks who aren't familiar with antiques think their stuff is rare and museum quality and it rarely is. I will also say that antiques in general are less popular than they used to be. My mo...
by Carefreeap
Wed Aug 29, 2018 10:08 am
Forum: Personal Finance (Not Investing)
Topic: How to Sell Antiques?
Replies: 15
Views: 1637

How to Sell Antiques?

Hi All, DH's ex stepmother has gone into assisted living and we're getting a small truck load of family antiques. These are truly museum quality pieces from a famous family. What's the best way to do this? Auction house? Antiques dealer? What are the pros, cons and pitfalls? Many thanks for your help!
by Carefreeap
Fri Aug 24, 2018 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate in SF bay area
Replies: 26
Views: 2095

Re: Real estate in SF bay area

Since the grandmother is still alive the sale should be between the granddaughter and the grandmother which will preserve the prop 13 status. Let's not over complicate the situation. If the sale of half of the house happens while grandmother is still alive, THAT will make things complicated. A sale...
by Carefreeap
Fri Aug 24, 2018 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate in SF bay area
Replies: 26
Views: 2095

Re: Real estate in SF bay area

This topic was the front page story last Sunday in the L.A. Times. The main point of the article was that after prop 13 passed, prop 58 allowed a house to be passed down to the owner's children without a property tax increase. (Later on there was another proposition that passed that allowed generat...
by Carefreeap
Fri Aug 24, 2018 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Real estate in SF bay area
Replies: 26
Views: 2095

Re: Real estate in SF bay area

This topic was the front page story last Sunday in the L.A. Times. The main point of the article was that after prop 13 passed, prop 58 allowed a house to be passed down to the owner's children without a property tax increase. (Later on there was another proposition that passed that allowed generat...
by Carefreeap
Thu Aug 23, 2018 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Decent compensation to move to Bay Area CA?
Replies: 290
Views: 21638

Re: Decent compensation to move to Bay Area CA?

You probably need a household income of $250k+. Is your wife planning to work outside the home? It's unlikely that you can make the numbers work in the short term. You need another reason to move here such as moving closer to family or for professional reasons. I remember when my husband was delight...
by Carefreeap
Thu Aug 23, 2018 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: To buy or hold for housing crash in Bay Area CA
Replies: 27
Views: 2946

Re: To buy or hold for housing crash in Bay Area CA

I guess I'll stop holding my breath for the big real estate crash that gets me into Atherton...:) The other things that happen to cause that crash could be pretty horrible. Major war, economic crash etc. In retrospect the time to buy in Chelsea or Greenwich Village in New York was in the 1970s when...
by Carefreeap
Thu Aug 23, 2018 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate in SF bay area
Replies: 26
Views: 2095

Re: Real estate in SF bay area

I agree that Prop 13 potentially makes this a good rental. Be very careful though to transfer it properly to avoid losing the Prop 13 property tax, especially since this situation seems complicated with multiple owners of different generations. It's a pretty easy process. I did it when I transferre...
by Carefreeap
Thu Aug 23, 2018 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate in SF bay area
Replies: 26
Views: 2095

Re: Real estate in SF bay area

Has she owned it long enough to have a low Prop 13 tax assessment? You can look up the tax info here. http://www.sanmateocountytaxcollector.org/SMCWPS/pages/secureSearch.jsp If so, and if it the transfer can be arranged to preserve it, there would be an advantage to this property vs another. IIRC i...
by Carefreeap
Mon Aug 20, 2018 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Rental propery - selling owner financed
Replies: 7
Views: 461

Re: Rental propery - selling owner financed

I recently did a seller carryback on a condo I owned primarily for tax reasons. I otherwise would have had a $300k cap gain. Buyers were well qualified and could have gone conventional. I also have known them for 10+ years and we are friends. My note is in second position after a new first TD. I wou...
by Carefreeap
Sun Aug 19, 2018 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone been bought out by a developer before?
Replies: 5
Views: 1572

Re: Has anyone been bought out by a developer before?

These development deals don't have to be a direct and immediate buyout process. I had an elderly aunt who lived in a house a block away from a large hospital. One days she had a visitor at her front door who offered her X amount of dollars for an option for Y amount of years to get the first right(...
by Carefreeap
Wed Aug 08, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 7316

Re: "Skin in the game"

Interesting post. Thanks for sharing. Many similarities to my story. I never really forgave my father for being so “ignorant” about education in general and my education in particular. I think he probably got his attitude from his father. Quite surprising because his father was an immigrant and imm...
by Carefreeap
Tue Aug 07, 2018 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 7316

Re: "Skin in the game"

There are many on this board who vehemently claim that it's important for your kid to have skin in the game - that if you don't make your kid pay for at least some of college they will somehow fail to succeed. I see this stated so often, but rarely do those people concede that college funding shoul...
by Carefreeap
Mon Aug 06, 2018 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Strategies for Selling a Rental Property - Not Section 1031 Eligible
Replies: 11
Views: 821

Re: Tax Strategies for Selling a Rental Property - Not Section 1031 Eligible

I don't think you're going to have that big of a capital gain to get involved with some higher risk schemes. If you do actually sell for $250k you still will reduce your gain by sales and fix up costs, say for planning purposes 10% of the sales cost or $25k. Your carry forwards of $50k are going to ...
by Carefreeap
Mon Aug 06, 2018 10:35 am
Forum: Personal Finance (Not Investing)
Topic: What prevents residential real estate buyers from colluding to bring down prices?
Replies: 32
Views: 2667

Re: What prevents residential real estate buyers from colluding to bring down prices?

Depends. In CA and many other states most buyers are represented by buyer's agents who are contractually working for the fiduciary interest of the buyer. In theory. In practice, buyer's agents get paid more if: 1) The sales price is higher 2) More transactions close quicker. They basically egg buye...
by Carefreeap
Sun Aug 05, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: What prevents residential real estate buyers from colluding to bring down prices?
Replies: 32
Views: 2667

Re: What prevents residential real estate buyers from colluding to bring down prices?

Seems like it would be much easier for sellers to collude. There are a limited number, and they are easier to identify. Ensuring collective action between an unknown and uncapped number of unidentified potential buyers, with the game-theoretic incentive to defect, seems tricky. Indeed. And real est...
by Carefreeap
Sat Aug 04, 2018 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6186

Re: Co - signed a Mortage, Now wants out

I don't get the point of a co-signer then. The bank demands a co-signer for his better credit. If the worst credit score among the borrowers is the determining factor, there is no improvement in credit-worthiness from another signer. That can't be the case. As mentioned earlier, It is combined DTI....
by Carefreeap
Sat Aug 04, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Yogi said it. It must be true.
Replies: 21
Views: 2603

Re: Yogi said it. It must be true.

It's deja vu all over again!
by Carefreeap
Fri Aug 03, 2018 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: First Home, quadplex???
Replies: 15
Views: 1508

Re: First Home, quadplex???

A four-unit property qualifies for really nice mortgage terms if you are willing to live there for a year. If it is your intent to become a landlord, you can buy up to ten of them, one per year and get 30-year fixed Fannie Mae financing on them all with a minimal down-payment. Also FHA. I'd be temp...
by Carefreeap
Fri Aug 03, 2018 6:25 pm
Forum: Personal Consumer Issues
Topic: Gated communities pros and cons? (Atlanta or anywhere.)
Replies: 67
Views: 4456

Re: Gated communities pros and cons? (Atlanta or anywhere.)

So, if you were a car thief, would you try and case a gated community or go for the house across from it with less deterrence? Of course targeted crime is one thing, but that isn't quite the subject of this thread. Crime of opportunity - gated community would decrease car theft. If I were a car thi...
by Carefreeap
Fri Aug 03, 2018 4:49 pm
Forum: Personal Consumer Issues
Topic: West Coast Tour Group Suggestions
Replies: 17
Views: 1101

Re: West Coast Tour Group Suggestions

West Coast - you may want to check the wildfires.....tourism is quite down this year, and the fires have some areas very foggy and many roads closed. I was just in CA and experienced this firsthand. Yosemite as an example is 'foggy' with smoke. Carr fire by Redding (stayed there a night) has many r...
by Carefreeap
Fri Aug 03, 2018 4:32 pm
Forum: Personal Consumer Issues
Topic: Realtor Compensation (Couldn't sell, so renting)
Replies: 21
Views: 2359

Re: Realtor Compensation (Couldn't sell, so renting)

So we have had our house on the market for 3 months and unfortunately have not been able to sell it. Thus, we are now planning to rent it. It looks like our realtor has brought in a pretty good renter without actually having listed it for rent... Is there a standard compensation for this? In the co...
by Carefreeap
Fri Aug 03, 2018 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Bag with bank information goes missing (from bank)
Replies: 20
Views: 1500

Re: Bag with bank information goes missing (from bank)

I think everybody already has my name, address, and account numbers. Personally, I wouldn't worry about it myself. +1 Any time you write a check someone has your name, address and account number. I guess your relative could keep checking his/her account in the event some nefarious person doesn't cr...
by Carefreeap
Tue Jul 31, 2018 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Any reason a building should not consent to a condo buyer using a family mortgage?
Replies: 19
Views: 1785

Re: Any reason a building should not consent to a condo buyer using a family mortgage?

A more common problem is too many non owner occupants. In a small complex it doesn't take much to tip the balance. Also if one owner owns more than 10% of the units which is clearly the case of a 4 unit building. Here, a couple of articles about small co-ops that I found interesting: https://www.ny...
by Carefreeap
Tue Jul 31, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Any reason a building should not consent to a condo buyer using a family mortgage?
Replies: 19
Views: 1785

Re: Any reason a building should not consent to a condo buyer using a family mortgage?

Is the condo association doing separate financial due diligence on the buyer? If not, I could imagine a situation where a non-arms length relationship between buyer and lender allows someone who is not qualified enough for a bank loan to buy into the building. This could increase chance of default ...
by Carefreeap
Sun Jul 29, 2018 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Any reason a building should not consent to a condo buyer using a family mortgage?
Replies: 19
Views: 1785

Re: Any reason a building should not consent to a condo buyer using a family mortgage?

I suppose there's a low risk that if the HOA didn't have a rule about approving a private mortgage that some unsavory Russian Oligarch could use the condo as a money laundering vehicle by foreclosing on a straw buyer... :twisted: :wink: :twisted: As Board President you'll have to convince the Board ...
by Carefreeap
Tue Jul 24, 2018 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing principal of trust with no income
Replies: 9
Views: 521

Re: Distributing principal of trust with no income

Okay looks like I don't need to file a 1040 or 1041 in this case since I'm not close to hitting the income minimums. That will be one less headache I have to deal with (though a small one). For now I'll just keep good records for myself and the other beneficiaries and distribute the principal once ...
by Carefreeap
Tue Jul 24, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing principal of trust with no income
Replies: 9
Views: 521

Re: Distributing principal of trust with no income

Sorry to hear about your father. Typically there are two types of tax returns you will need to do. One is the final return of the deceased tax payer and the other is the final return of the Trust. Did the cash generate interest during the time of the Trust? If so you will need to list it on the fina...
by Carefreeap
Tue Jul 24, 2018 2:46 pm
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 65
Views: 6420

Re: I want to sell my home, but I don't want to fix it up

We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed. Often? Yikes! Price it to sell and get out of there as quickly as you can. It could be as simple as drywall seams expanding and contracting after periods of drought in areas with clay so...
by Carefreeap
Tue Jul 24, 2018 10:06 am
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 65
Views: 6420

Re: I want to sell my home, but I don't want to fix it up

We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed. Often? Yikes! Price it to sell and get out of there as quickly as you can. It could be as simple as drywall seams expanding and contracting after periods of drought in areas with clay so...
by Carefreeap
Mon Jul 23, 2018 6:42 pm
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 65
Views: 6420

Re: I want to sell my home, but I don't want to fix it up

See if you can find a real estate agent / company that uses a contractor to repair rental property and / or do fix up for homes needing to be sold. DW found a contractor that way through a friend that provided a lead. In our case, he worked fast, did good work, and was reasonably priced. +1 That wo...
by Carefreeap
Mon Jul 23, 2018 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Location Independent (Nomad) Will
Replies: 20
Views: 1535

Re: Location Independent (Nomad) Living Will

Carefreeap, how did BofA realize that you were in Germany? Did you change your account address to Germany or did they detected a connection into your accounts from overseas? No we didn't change our address. We were living in AZ in an area that was considered "rural", didn't have home delivery and k...
by Carefreeap
Mon Jul 23, 2018 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Location Independent (Nomad) Will
Replies: 20
Views: 1535

Re: Location Independent (Nomad) Living Will

These are very good points. I can see how having an advance medical directive might be very difficult if not impossible considering the differences in laws in each of those countries. With that on mind I would like to recast the question into how to best do asset distribution. Even when I don't pla...