Search found 2136 matches

by Carefreeap
Fri Jan 19, 2018 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Dealing with overseas inheritance?
Replies: 3
Views: 349

Re: Dealing with overseas inheritance?

I'd retain the services of a tax firm that specializes in international tax law. When we lived in Germany, the company DH worked for used KPMG who prepared our individual returns. My take away from our overseas experience was that the US has tax treaties with most developed countries and that there'...
by Carefreeap
Fri Jan 19, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Someone Needs To Pay For What They Did (Advice sought)
Replies: 25
Views: 3802

Re: Someone Needs To Pay For What They Did (Advice sought)

Who granted access to your unit? That's the responsible party (RP).

The RP should have walked around and inspected whatever work got done to ensure that the contractor cleaned up, etc.
by Carefreeap
Wed Jan 17, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1672

Re: [Virginia] Transfer on Death Deeds .. New Husband?

OP--A prenuptial agreement could address many problems, and could be prepared in conjunction with the new wills that both members of the happy couple should prepare anyway. Note that a prenup must be signed before the wedding, and the wills can be prepared in advance but should be signed after the ...
by Carefreeap
Wed Jan 17, 2018 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1672

Re: [Virginia] Transfer on Death Deeds .. New Husband?

Do you hold a mortgage on the house? If so, isn;t that a degree of protection? Lets assume the OP does hold the debt. After marriage, Mom revokes the TOD deed and conveys the house into joint name with the spouse, or devises the property in her will to the spouse. Under the specific devise, unless ...
by Carefreeap
Tue Jan 16, 2018 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Sell vs rent
Replies: 6
Views: 469

Re: Sell vs rent

Thank you for the suggestions. It is a 15 year mortgage at 2.9%. My spouse wants to keep it as rental property while I'm looking at putting the amount may be in index funds and avoid the hassle of being a landlord. We have 140K on bank loan and will be paid off in 5 years. You and your spouse need ...
by Carefreeap
Sat Jan 13, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Sell or Keep a rental condo
Replies: 36
Views: 2419

Re: Sell or Keep a rental condo

I'd say sell. You don't love it, it's not a huge contributor to your cash flow, and you have an opportunity to take a tidy profit from the appreciation. +1 I've done well by my real estate but it's a job and not for everyone. Even my "good" tenants have caused issues over the years. At this point (...
by Carefreeap
Fri Jan 12, 2018 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Senior seeking info about obtaining mortgage for condo purchase
Replies: 10
Views: 714

Re: Senior seeking info about obtaining mortgage for condo purchase

We did this when we bought our retirement home 14 months ago. Not every lending institution does asset depletion mortgages so you have to look around more. I found two mortgage brokers who did these mortgages as well as our regular bank - BofA. We ended up going with BofA as they had the best rate ...
by Carefreeap
Fri Jan 12, 2018 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Is it time for me to "call in rich"?
Replies: 75
Views: 12140

Re: Is it time for me to "call in rich"?

We did it about the same age as you guys. A couple of points; We lived on our "retirement budget" the last three years of DH's work. We had re-located out of the country and since everything else changed it was easy for us to alter our budget. We assumed that paying our healthcare costs in retiremen...
by Carefreeap
Fri Jan 12, 2018 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Elder Law Plan for my Parents & Cost: Move forward?
Replies: 9
Views: 1068

Re: Elder Law Plan for my Parents & Cost: Move forward?

5. Once many liquid assets are gone, then the plan is to get my mom to medicaid as quickly as possible via gifting money to the trust and family, etc. I think this is the plan at least - I need more clarification here. The five-year look-back for your mom will include these transfers. Keep in mind ...
by Carefreeap
Fri Jan 12, 2018 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Senior seeking info about obtaining mortgage for condo purchase
Replies: 10
Views: 714

Re: Senior seeking info about obtaining mortgage for condo purchase

We did this when we bought our retirement home 14 months ago. Not every lending institution does asset depletion mortgages so you have to look around more. I found two mortgage brokers who did these mortgages as well as our regular bank - BofA. We ended up going with BofA as they had the best rate ...
by Carefreeap
Tue Jan 09, 2018 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Elder Law Plan for my Parents & Cost: Move forward?
Replies: 9
Views: 1068

Re: Elder Law Plan for my Parents & Cost: Move forward?

I don't know; $8,500 sounds like a lot of money to me and I'm in a high cost area. I'm confused about your term about their estate being "plunged" by a facility. You need to double check your state's laws but with your father's pension it seems highly unlikely that he would be Medicaid eligible so i...
by Carefreeap
Tue Jan 09, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Lowball offer on a home
Replies: 82
Views: 6906

Re: Lowball offer on a home

Perhaps I shouldn’t use the term “lowball”. I should retitle the article “making realistic offer on overpriced home”. Just some information: House sold for $335,000 in 2001. Sold for $460,000 in 2004. Was listed for sale on 11/17 for $569,000. It was then dropped to $519,000. Taken off MLS then rel...
by Carefreeap
Tue Jan 09, 2018 10:52 am
Forum: Personal Finance (Not Investing)
Topic: how to transfer mortgage from one trust to another
Replies: 15
Views: 872

Re: how to transfer mortgage from one trust to another

Whose name is actually on the mortgage? Who owns the property? Generally speaking, under the Garn St. Germain Act, a person can transfer property in and out of a Living Trust without triggering the Due on Transfer Clause in the mortgage. In CA you would accomplish this by executing a Quitclaim Deed...
by Carefreeap
Mon Jan 08, 2018 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: how to transfer mortgage from one trust to another
Replies: 15
Views: 872

Re: how to transfer mortgage from one trust to another

Whose name is actually on the mortgage? Who owns the property? Generally speaking, under the Garn St. Germain Act, a person can transfer property in and out of a Living Trust without triggering the Due on Transfer Clause in the mortgage. In CA you would accomplish this by executing a Quitclaim Deed...
by Carefreeap
Mon Jan 08, 2018 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Lowball offer on a home
Replies: 82
Views: 6906

Re: Lowball offer on a home

If it really needs all that work it sounds like they have mispriced it. Has it been on the market long? I've seen, and I know I'm generalizing here, old couples that are out of touch with reality (they love their house) and in no hurry to sell. I guess sometimes they find a sucker but I'd guess the...
by Carefreeap
Mon Jan 08, 2018 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: how to transfer mortgage from one trust to another
Replies: 15
Views: 872

Re: how to transfer mortgage from one trust to another

Whose name is actually on the mortgage? Who owns the property? Generally speaking, under the Garn St. Germain Act, a person can transfer property in and out of a Living Trust without triggering the Due on Transfer Clause in the mortgage. In CA you would accomplish this by executing a Quitclaim Deed....
by Carefreeap
Sat Jan 06, 2018 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Creative gifting of property
Replies: 28
Views: 2173

Re: Creative gifting of property

Nope, that's correct. In every instance, it would be better for property transfer to happen after at least on of the parents passes, based on community property state and the accompanying step-up in basis. Agree with this approach. And I wouldn't mess with trying to assign value and a son to a prop...
by Carefreeap
Tue Jan 02, 2018 11:50 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on a Lease option agreement and Seller's risks
Replies: 5
Views: 409

Re: Taxes on a Lease option agreement and Seller's risks

1. I'd start a new thread as this one is 4 years old and that will discourage responses. 2. Why aren't the in-laws buying their own townhouse with an FHA (aka low-down) loan? 3. Lease options are complicated. I can't imagine mixing up one of these + add a family dynamic. 4. If you want to be a landl...
by Carefreeap
Mon Jan 01, 2018 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: Creative gifting of property
Replies: 28
Views: 2173

Re: Creative gifting of property

So in this case, another option to reduce tax liability for my mom or dad is to consider having them gift or privately sell the property(ies) to us after the point at which one of them passes and the other is still living? Because if they were to gift us the property we would carryover whatever the...
by Carefreeap
Sun Dec 31, 2017 6:23 pm
Forum: Personal Consumer Issues
Topic: compression sack for sleeping bag, help with calculations please
Replies: 31
Views: 1793

Re: compression sack for sleeping bag, help with calculations please

I have a Cat's Meow sleeping bag that I bought two years ago. It came with its own stuff sack. I checked the inside label and it says 10"x18". Agree with the poster who said one of your jacket pockets should ask as its own stuff sack. I once had to google the jacket name to find out which pocket was...
by Carefreeap
Sun Dec 31, 2017 6:10 pm
Forum: Personal Consumer Issues
Topic: Crater Lake trip from Bay area in June
Replies: 21
Views: 1397

Re: Crater Lake trip from Bay area in June

If you can add a day or so, be sure to visit the State and National Redwood Parks in California (near Eureka). Anything unique or specific to see here? If you can elaborate? They are beautiful and a really different vibe than the parks you find in the Bay Area. We visited them a couple of years ago...
by Carefreeap
Sun Dec 31, 2017 5:54 pm
Forum: Personal Consumer Issues
Topic: Looking to vacation in San Diego
Replies: 16
Views: 1134

Re: Looking to vacation in San Diego

Thanks for all of the replies, very helpful tips! I think we will go regardless of weather. It is 8 degrees here now (but it did hit 10 degrees today, double digits!) So we will be just fine with 50s or 65... Do bring layers. Even if the weather is in the low 70s, evenings can get quite cool so you...
by Carefreeap
Sun Dec 31, 2017 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Creative gifting of property
Replies: 28
Views: 2173

Re: Creative gifting of property

So in this case, another option to reduce tax liability for my mom or dad is to consider having them gift or privately sell the property(ies) to us after the point at which one of them passes and the other is still living? Because if they were to gift us the property we would carryover whatever the...
by Carefreeap
Sat Dec 30, 2017 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Creative gifting of property
Replies: 28
Views: 2173

Re: Creative gifting of property

True, they do own two other properties besides the house they live in, so my brothers could each get a property as well. There are discrepancies in the value between all three properties of course. The one we live in falls in the middle. They have a small condo up in the Bay Area as well as a singl...
by Carefreeap
Sat Dec 30, 2017 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Creative gifting of property
Replies: 28
Views: 2173

Re: Creative gifting of property

Do you know the expression "You can't have your cake and eat it too"? That's the problem you have here. Your parents either pay the taxes on the income they are receiving from the rental or they pay taxes when they sell it. The $0 tax option isn't available. Your parents have a GOOD problem, a firs...
by Carefreeap
Sat Dec 30, 2017 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Creative gifting of property
Replies: 28
Views: 2173

Re: Creative gifting of property

Do you know the expression "You can't have your cake and eat it too"? That's the problem you have here. Your parents either pay the taxes on the income they are receiving from the rental or they pay taxes when they sell it. The $0 tax option isn't available. Your parents have a GOOD problem, a first...
by Carefreeap
Fri Dec 29, 2017 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Deal on a house and home equity.
Replies: 6
Views: 508

Re: Deal on a house and home equity.

You would get all the gain. One potential problem is that depending on the details you might have to pay capital gains tax on the increase if you don't qualify for the "Homeowners capital gains exclusion"(Google this). There is likely some way to include the gift amount in the cost basis but I am n...
by Carefreeap
Tue Dec 26, 2017 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Landlord vs tenant issue across the country
Replies: 32
Views: 3411

Re: Landlord vs tenant issue across the country

This stuff is too small to seek out lawyers. It's small claims. If I were the tenant, providing it releases me of any further liability, I'd just pay the $2K and move on. The landlord is not claiming it releases me from liability. He is saying $2000 is due for January in terms of rent, cleaning, ut...
by Carefreeap
Mon Dec 25, 2017 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Will you donate less to Charity?
Replies: 109
Views: 7489

Re: Will you donate less to Charity?

We put about 5 years into our DAF and will continue our donations from that at the same rate (about 5% of AGI). We will probably take more "gifts" with the donations we do outside the DAF (the kind that give us membership and/or benefits) since we won't be deducted them. My experience as a tax acco...
by Carefreeap
Sat Dec 23, 2017 9:31 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

Update: Everything booked except the final night in Wellington. We have a 7:00am flight from Wellington ---> SFO via Sydney. We really, really do not want to miss this flight. We're booked at the QT Museum in Wellington for the first part of the trip but are a little concerned about getting a taxi ...
by Carefreeap
Sat Dec 23, 2017 9:30 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

You can take a mail boat from Picton all the way to the start (end?) of the Queen Charlotte track. We took it and got photos of dolphins swimming along side the boat that were truly amazing. The boat will also bring you back. We hiked for several days on the QC track and enjoyed it, even though it ...
by Carefreeap
Sat Dec 23, 2017 5:52 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

Update: Everything booked except the final night in Wellington. We have a 7:00am flight from Wellington ---> SFO via Sydney. We really, really do not want to miss this flight. We're booked at the QT Museum in Wellington for the first part of the trip but are a little concerned about getting a taxi t...
by Carefreeap
Thu Dec 21, 2017 5:49 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

We quite enjoyed Abel Tasman National Park. A manageable distance from Nelson; you could probably do a day trip. We took a water taxi from Kaiteriteri out to someplace midway along the shore, then hiked back for a few hours, stopping for a picnic lunch. A very beautiful path through the tree fern f...
by Carefreeap
Thu Dec 21, 2017 1:47 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

I hiked one day on the QC track last year, from Furneaux Lodge to Punga Cove. I didn't stay there but Furneaux Lodge looked really cool, kinda like an old colonial outpost. We also spent one day visiting Marlborough wineries by bike. If that interests you, you should try to get accommodations in Re...
by Carefreeap
Thu Dec 21, 2017 1:41 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

You mean beyond Lord of the Rings?! Depends on your genre. See: http://www.bookcouncil.org.nz/writers-files. I like the political/historical stuff from Michaels Bassett + King. Short stories: Katherine Mansfield. Movies might be more fun. "Once Were Warriors" is perhaps NZ's most famous movie (excl...
by Carefreeap
Wed Dec 20, 2017 3:16 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

Ooh! You are there for Anzac Day, April 25. A big, big deal. Like Memorial Day, but the whole country actually takes it seriously. You can get up at 5 am and attend a Dawn parade wherever you happen to be. And/or there will be events during the day. It will be the last year commemorating the centen...
by Carefreeap
Wed Dec 20, 2017 3:06 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

What kind of accomodations are you looking for? AirBNB? Motel? Fancy? We have pretty much used tripadvisor as our guide to accommodations there except when using AirBNB. It's the only place I can recall where part of the checkin process at most of the small places included handing us single serve c...
by Carefreeap
Wed Dec 20, 2017 2:57 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

Re: New Zealand Accomodations

Nice! NZ claims to have the best beer, wine, coffee, chocolate (Whitaker's peanut slabs), vodka, etc., So prepare to receive an earful. You are visiting a selection of one-horse towns, even Wellington - where I lived for 5 years many years ago. In your case, anywhere near the main shopping streets ...
by Carefreeap
Wed Dec 20, 2017 12:04 pm
Forum: Personal Consumer Issues
Topic: New Zealand Accomodations
Replies: 21
Views: 1351

New Zealand Accomodations

We bought the non-refundable air tickets earlier this week. Gulp! It's for our 30th Wedding Anniversary, a trip to NZ's wine/beer country April 17-30. Only two weeks due to the cat. Need recommendations for accommodations. Will be flying into Wellington, spending a couple days there to acclimate fro...
by Carefreeap
Mon Dec 11, 2017 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Done gone and did it [Retire]
Replies: 80
Views: 8003

Re: Done gone and did it

This event just happened right before Thanksgiving. And, it is a megacorp. I didn't intend to express doubt. I'd take a layoff if I could get it. That would be better for me. After all, I don't get any severance or unemployment. Earl Lemongrab, She was laid off before the end of the year. Hence, sh...
by Carefreeap
Mon Dec 11, 2017 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Commercial property as part of your portfolio anyone?
Replies: 7
Views: 885

Re: Commercial property as part of your portfolio anyone?

Inherited a 1/2 interest in a strip mall back in 2001. Tried to make it work but between the deferred maintenance and dealing with the other owner (Trust Company on behalf of DH's uncle) it was nearly impossible to make it work. Couldn't refinance due to Trustee's inflexibility or do other tweaks to...
by Carefreeap
Mon Dec 11, 2017 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Done gone and did it [Retire]
Replies: 80
Views: 8003

Re: Done gone and did it

I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018. :) Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter. Earl Lemongrab, I hope it works out for you. My friend's co-worker told her ...
by Carefreeap
Fri Dec 08, 2017 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: 840 credit score Million dollar farm.. low income cannot get Heloc?
Replies: 64
Views: 4703

Re: 840 credit score Million dollar farm.. low income cannot get Heloc?

It might be that seeking a HELOC is the problem. He may do better applying for a first mortgage. Mortgage term would be longer, so lower payments and more easily serviced on low income. A bank holding a first mortgage is in better position to get repaid should they have to foreclose. (Can one get a...
by Carefreeap
Wed Dec 06, 2017 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Question on inheriting real estate from parents
Replies: 24
Views: 2876

Re: Question on inheriting real estate from parents

So I spoke with my CPA. She confirmed receiving by inheritance is the best idea here versus gifting, so as to avoid receiving the original cost basis and incurring the cap gains on those. I asked about depreciation recapture and she was mentioning she didn't think that would be as big of an issue. ...
by Carefreeap
Wed Dec 06, 2017 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Friend buys a lot of stuff because he want's to reduce his tax liability. Is this thinking flawed?
Replies: 47
Views: 4217

Re: Friend buys a lot of stuff because he want's to reduce his tax liability. Is this thinking flawed?

One of the business owner "myths" to those not familiar with business is the ability to "write off" expenses so deeply that the deduction is equal to or greater than the purchase price of the goods or service. It makes zero sense, yet the myth endures. j :D :thumbsup And the tip off of the flawed t...
by Carefreeap
Mon Dec 04, 2017 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Question on inheriting real estate from parents
Replies: 24
Views: 2876

Re: Question on inheriting real estate from parents

You'll inherit at the stepped up value and you won't have to worry about depreciation recapture et cetera. Not sure what kind of structure their estate would be using but either those properties 1) Go through probate and the Executor sells or transfers the assets to the heirs, 2)the properties are ...
by Carefreeap
Mon Dec 04, 2017 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Question on inheriting real estate from parents
Replies: 24
Views: 2876

Re: Question on inheriting real estate from parents

One more thing to give some serious consideration to when making this decision is that Prop. 13 allows children to maintain the lower property taxes of the parents when inheriting property. I don't know how that works when multiple children inherit but it is worth looking into. If your parents have...
by Carefreeap
Mon Dec 04, 2017 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Question on inheriting real estate from parents
Replies: 24
Views: 2876

Re: Question on inheriting real estate from parents

One more thing to give some serious consideration to when making this decision is that Prop. 13 allows children to maintain the lower property taxes of the parents when inheriting property. I don't know how that works when multiple children inherit but it is worth looking into. If your parents have...
by Carefreeap
Fri Dec 01, 2017 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: What's your experience with Medicaid ?
Replies: 41
Views: 2583

Re: What's your experience with Medicaid ?

How good or bad it is often depends on what state you're in because it's a state-administered program. You'll get better answers if you tell people what state you're asking about. 1. My understanding (speaking with folks I know) is that this is very true. 2. Some HMOs enroll patients under Medicaid...
by Carefreeap
Fri Dec 01, 2017 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Discovered debt
Replies: 63
Views: 7726

Re: Discovered debt

Wouldn't applying for spousal SS retirement benefits be his best option for income, assuming he hasn't already? She hasn't yet reached full retirement age - she has another year to go. So I don't think he can claim spousal benefits. He originally was waiting until age 70 to claim but due to the rev...