Search found 4575 matches

by Gill
Mon Sep 24, 2018 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: FIL bought land with 6 other people, and one passed away
Replies: 8
Views: 1486

Re: FIL bought land with 6 other people, and one passed away

I don’t understand the bank not being willing to accept payment unless the loan document forbids prepayments. Gill There are probably legal ramifications if the payments are made in full (someone pays the share of the deceased individual) and then the deceased's share is contested. The person or gr...
by Gill
Mon Sep 24, 2018 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: FIL bought land with 6 other people, and one passed away
Replies: 8
Views: 1486

Re: FIL bought land with 6 other people, and one passed away

One important fact omitted is how title to the property is held. Did they form a corporation, LLC, or partnership or is it held as tenants-in-common? This determines what happens to the deceased owner’s share. I don’t understand the bank not being willing to accept payment unless the loan document f...
by Gill
Mon Sep 24, 2018 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Returns - Multiple states and tax exempt interest
Replies: 3
Views: 247

Re: Tax Returns - Multiple states and tax exempt interest

Aren’t you describing capital gain and not municipal bond interest? You said the 1099 reported gain but then you go on to discuss interest.
Gill
by Gill
Mon Sep 24, 2018 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: 1041 question for estate tax
Replies: 3
Views: 296

Re: 1041 question for estate tax

Thanks Gill for your comments. Fortunately, I just heard from our accountant who has done a 1041 for another relative 15 years ago. He will meet us this weekend and work on the 1041. If nothing else, I suggest you mention to the accountant the possibility of electing a fiscal year for the estate. T...
by Gill
Mon Sep 24, 2018 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: 1041 question for estate tax
Replies: 3
Views: 296

Re: 1041 question for estate tax

Lots of questions but I'll see what I can do. First of all, have you considered using a fiscal year for the estate? For example, if the decedent died in October 2017 you could elect a fiscal year ending September 30 and your first return would be due 1/15/19 or a fiscal year ending August 30 and you...
by Gill
Mon Sep 24, 2018 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Debt pay off with taxable stocks or ira?
Replies: 5
Views: 437

Re: Debt pay off with taxable stocks or ira?

With a $2M+ IRA and presumably other assets I would think you could amortize such a debt without doing either.
Gill
by Gill
Sun Sep 23, 2018 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee
Replies: 2
Views: 290

Re: Trustee

A corporate fiduciary, I.e., a bank trust department or trust company assuming your estate is sufficiently large and requires administration.
Gill
by Gill
Sun Sep 23, 2018 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Tax consequence of inheriting international property
Replies: 13
Views: 1060

Re: Tax consequence of inheriting international property

47percent, you appear very knowledgeable about the tax treaty with India. Are you certain there is a stepup in basis for an India decedent? Gill You are right. There is no step-up in India for inheritance.. but you do get the benefit of the inflation indexing right from the time of original purchas...
by Gill
Sun Sep 23, 2018 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Tax consequence of inheriting international property
Replies: 13
Views: 1060

Re: Tax consequence of inheriting international property

47percent, you appear very knowledgeable about the tax treaty with India. Are you certain there is a stepup in basis for an India decedent?
Gill
by Gill
Sun Sep 23, 2018 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Naming a co owner on EE bonds. Gift?
Replies: 6
Views: 382

Re: Naming a co owner on EE bonds. Gift?

No, it is not a gift.
Gill
by Gill
Sat Sep 22, 2018 7:28 pm
Forum: Investing - Help with Personal Investments
Topic: Mom's Estate: Can you help please?
Replies: 44
Views: 1988

Re: Mom's Estate: Can you help please?

The advice you’ve been given about the sale of the house is probably incorrect. If your father was sole owner or held it jointly with your mother there will be a new basis of the house. This plus the $500,000 exclusion would likely eliminate most or all of the tax on its sale. Gill Gill--I was the ...
by Gill
Sat Sep 22, 2018 6:01 pm
Forum: Investing - Help with Personal Investments
Topic: Mom's Estate: Can you help please?
Replies: 44
Views: 1988

Re: Mom's Estate: Can you help please?

The advice you’ve been given about the sale of the house is probably incorrect. If your father was sole owner or held it jointly with your mother there will be a new basis of the house. This plus the $500,000 exclusion would likely eliminate most or all of the tax on its sale. Gill Gill--I was the ...
by Gill
Sat Sep 22, 2018 5:45 pm
Forum: Investing - Help with Personal Investments
Topic: Mom's Estate: Can you help please?
Replies: 44
Views: 1988

Re: Mom's Estate: Can you help please?

increment wrote:
Sat Sep 22, 2018 5:43 pm
Gill wrote:
Sat Sep 22, 2018 5:35 pm
If your father was sole owner or held it jointly with your mother
In California it could have been community property (in which case the entire basis would be stepped up).
Correct. Forgot it was California.
Gill
by Gill
Sat Sep 22, 2018 5:42 pm
Forum: Investing - Help with Personal Investments
Topic: Mom's Estate: Can you help please?
Replies: 44
Views: 1988

Re: Mom's Estate: Can you help please?

The only hesitation I would have is the idea of moving half the savings account into equities. Would your mother be comfortable with such a move? Maybe 25% would be more acceptable to her. Gill Good point. Do you have an opinion regarding Vanguard's Wellesley fund VWIAX? Too concentrated for that a...
by Gill
Sat Sep 22, 2018 5:35 pm
Forum: Investing - Help with Personal Investments
Topic: Mom's Estate: Can you help please?
Replies: 44
Views: 1988

Re: Mom's Estate: Can you help please?

The advice you’ve been given about the sale of the house is probably incorrect. If your father was sole owner or held it jointly with your mother there will be a new basis of the house. This plus the $500,000 exclusion would likely eliminate most or all of the tax on its sale.
Gill
by Gill
Sat Sep 22, 2018 4:31 pm
Forum: Investing - Help with Personal Investments
Topic: Mom's Estate: Can you help please?
Replies: 44
Views: 1988

Re: Mom's Estate: Can you help please?

The only hesitation I would have is the idea of moving half the savings account into equities. Would your mother be comfortable with such a move? Maybe 25% would be more acceptable to her.
Gill
by Gill
Sat Sep 22, 2018 4:14 pm
Forum: Investing - Help with Personal Investments
Topic: Mom's Estate: Can you help please?
Replies: 44
Views: 1988

Re: Mom's Estate: Can you help please?

Your mother has sufficient assets to have the finest medical and nursing care forever. No need to worry about running out of funds. The savings account is the only matter that needs attention and almost any change would be an improvement. If that account is all in one bank you are taking considerabl...
by Gill
Sat Sep 22, 2018 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Tax consequence of inheriting international property
Replies: 13
Views: 1060

Re: Tax consequence of inheriting international property

You will not owe anything to the IRS or your state. I can't comment on the tax consequences in India.
Gill
by Gill
Sat Sep 22, 2018 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning Attorney Says Putting tIRA in a Revocable Trust is "Complicated" - True?
Replies: 45
Views: 3052

Re: Estate Planning Attorney Says Putting tIRA in a Revocable Trust is "Complicated" - True?

I met with an estate planning attorney this week, and mentioned that a significant portion of my assets are in trad and Roth IRAs, and that I'd want them to be included in a revocable trust. She seemed a bit taken aback by this - she said this is "complicated". Is that right? Has anyone here experi...
by Gill
Fri Sep 21, 2018 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: What is the process for Trustee to sell house?
Replies: 11
Views: 674

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

You give a trustee’s deed when you convey real estate from the trust. You will do this as part of the closing when you sell it.
Gill
by Gill
Fri Sep 21, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: What is the process for Trustee to sell house?
Replies: 11
Views: 674

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

ionball wrote:
Fri Sep 21, 2018 2:40 pm
In your experience was the Grant Deed conveyed before listing the house for sale?
No, the trustee can convey good title without involvement of the beneficiaries.
Gill
by Gill
Thu Sep 20, 2018 8:24 pm
Forum: Investing - Help with Personal Investments
Topic: Trust Under Will (TUW)
Replies: 6
Views: 472

Re: Trust Under Will (TUW)

I’ve never seen a date in the title of a testamentary trust. A will speaks as of date of death and the date of the will is never used. If you are asked for date of the trust you could use date of death or date of initial funding of the trust. Correct title in my experience is “John Doe as trustee u...
by Gill
Thu Sep 20, 2018 7:22 pm
Forum: Investing - Help with Personal Investments
Topic: Trust Under Will (TUW)
Replies: 6
Views: 472

Re: Trust Under Will (TUW)

I’ve never seen a date in the title of a testamentary trust. A will speaks as of date of death and the date of the will is never used. If you are asked for date of the trust you could use date of death or date of initial funding of the trust. Correct title in my experience is “John Doe as trustee un...
by Gill
Thu Sep 20, 2018 4:18 pm
Forum: Personal Consumer Issues
Topic: Going to the Everglade. A few questions please.
Replies: 21
Views: 1173

Re: Going to the Everglade. A few questions please.

I might call Chokoloskee rustic, but not scenic. Everglade City is the only town actually inside the Everglades. Not very large, mostly airboat rides and charters. Camellia Street Grill is kinda interesting in Everglade City. Stan's can really rock in Goodland on certain days. Stop at the visitor c...
by Gill
Wed Sep 19, 2018 12:40 pm
Forum: Personal Consumer Issues
Topic: Gift Tax Form
Replies: 3
Views: 268

Re: Gift Tax Form

No, there is no other reporting.
Gill
by Gill
Wed Sep 19, 2018 7:27 am
Forum: Personal Finance (Not Investing)
Topic: Pay-off or keep mortgage with 2018 interest deduction changes?
Replies: 17
Views: 1627

Re: Pay-off or keep mortgage with 2018 interest deduction changes?

We have an outstanding mortgage of approximately $325,000 at 3.5% by choice. we could pay off the mortgage but have chosen to invest the "extra" $325,000 with the belief that we can obtain a greater return than 2.66% So do you believe that you can obtain a greater return than 3.5% ? If so, then not...
by Gill
Mon Sep 17, 2018 8:39 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Trust Management
Replies: 2
Views: 286

Re: Help with Trust Management

I’d have Vanguard National Trust Company appointed sole successor trustee. Do you really want to be involved with potential second guessing by the other remaindermen in your role as a trustee? You also have a conflict of interest being trustee for your mother and also a potential remainderman.
Gill
by Gill
Mon Sep 17, 2018 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Amended tax return problem 1040x
Replies: 7
Views: 348

Re: Amended tax return problem 1040x

Cash the check and file an amended return with your personal check. You'll drive the IRS and yourself nuts if you return their check.
Gill
Edit: Just noticed Mark's post above. Glad he agrees.
by Gill
Sun Sep 16, 2018 4:05 pm
Forum: Investing - Help with Personal Investments
Topic: Generous grandparents - trust?
Replies: 2
Views: 562

Re: Generous grandparents - trust?

How much are you talking about? Determines whether a trust makes sense or not.
Gill
by Gill
Sun Sep 16, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: SEC Settlement Distribution - Tax Implications?
Replies: 9
Views: 457

Re: SEC Settlement Distribution - Tax Implications?

Chip wrote:
Sun Sep 16, 2018 3:56 pm
^^ I have always reported settlements this way in similar situations.
Which way?
Gill
by Gill
Sun Sep 16, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: SEC Settlement Distribution - Tax Implications?
Replies: 9
Views: 457

Re: SEC Settlement Distribution - Tax Implications?

OP, you have a long term capital gain in 2018 of the full amount received. Nothing else needs to be done.
Gill
by Gill
Sun Sep 16, 2018 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: SEC Settlement Distribution - Tax Implications?
Replies: 9
Views: 457

Re: SEC Settlement Distribution - Tax Implications?

stlutz wrote:
Sun Sep 16, 2018 3:41 pm
Wouldn't this be like any other legal settlements which are generally taxable as "Miscellaneous Income"?
No. Settlements can be taxed in various ways, depending on the nature of the damages.
Gill
by Gill
Sun Sep 16, 2018 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: SEC Settlement Distribution - Tax Implications?
Replies: 9
Views: 457

Re: SEC Settlement Distribution - Tax Implications?

I would like to piggyback here. I also received a settlement, but the twist is that the stock was in an IRA, but the check came addressed to me personally ( I still own the stock). Is there a way to get this into my IRA without paying income tax on it? I am fully retired and have no earned income. ...
by Gill
Sun Sep 16, 2018 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Please help me assess condo purchase and overall finances
Replies: 22
Views: 1172

Re: Please help me assess condo purchase and overall finances

Not responding to all your questions, but my gut feeling is one of your problems is the mortgage broker. Much of her advice seems self serving. Have you tried other sources for funding?
Gill
Edit: After posting this, I see delamer agrees. The broker is looking out for her pocketbook, not yours.
by Gill
Sun Sep 16, 2018 7:33 am
Forum: Personal Finance (Not Investing)
Topic: Taxes Paid on Savings Account
Replies: 9
Views: 1294

Re: Taxes Paid on Savings Account

Subject to all except FICA. Gill Gill, I can't believe that I have found something in your post that might not be correct. City income tax may or may not include investment income, depending on local laws. As an example, for Saginaw, MI, such interest is not taxed: "Another major difference between...
by Gill
Sat Sep 15, 2018 4:08 pm
Forum: Personal Consumer Issues
Topic: HOA Donation in Remembrance of Deceased Owner
Replies: 40
Views: 2951

Re: HOA Donation in Remembrance of Deceased Owner

Another vote for this being totally inappropriate and beyond the scope of a homeowners' association. You might consider proposing an amendment to the by-laws prohibiting such expenditures.
Gill
by Gill
Sat Sep 15, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Are payments from a trust to a charity deductible as charitable contributions?
Replies: 22
Views: 1303

Re: Are payments from a trust to a charity deductible as charitable contributions?

GeraniumLover, just wondering you’re current thinking on this question. Gill I finally spoke with the attorney who prepared the trust document about this matter. After reviewing the language in question, the attorney advised that the trustees could exercise the discretion given to them in the trust...
by Gill
Fri Sep 14, 2018 4:02 pm
Forum: Investing - Help with Personal Investments
Topic: Taxes on Cap Gain Distributions and Dividends in a self directed IRA. How to handle at age 65 ?
Replies: 6
Views: 243

Re: Taxes on Cap Gain Distributions and Dividends in a self directed IRA. How to handle at age 65 ?

The money taken out of an IRA after 65 has a separate line on the 1040. It is neither salary (no Social Security taxes are due on it) nor investment income, which has separate tax rules. Every dollar you take out of an IRA is taxed the same regardless of what it is: gain, loss, original contributio...
by Gill
Fri Sep 14, 2018 7:26 am
Forum: Personal Finance (Not Investing)
Topic: Modify trust after buying additional term life?
Replies: 10
Views: 440

Re: Modify trust after buying additional term life?

Simply make the trust the beneficiary of the policy. How does one do that? Is the trust called 'Trust of Mr. TheOscarGuy'? I re-read my will and it does not explicitly call out name of the trust, just that 'distribution of estate shall be held in a trust'. It’s called “trust under the will of _____...
by Gill
Fri Sep 14, 2018 7:24 am
Forum: Personal Finance (Not Investing)
Topic: Modify trust after buying additional term life?
Replies: 10
Views: 440

Re: Modify trust after buying additional term life?

Was the trust the primary beneficiary or a contingent beneficiary? There shouldn’t be any need to modify the trust, but be careful the beneficiary designation is consistent with your wishes. Gill Beneficiary for first or second policy was never changed. I checked and the old policy document still s...
by Gill
Fri Sep 14, 2018 6:23 am
Forum: Personal Finance (Not Investing)
Topic: Modify trust after buying additional term life?
Replies: 10
Views: 440

Re: Modify trust after buying additional term life?

Was the trust the primary beneficiary or a contingent beneficiary? There shouldn’t be any need to modify the trust, but be careful the beneficiary designation is consistent with your wishes.
Gill
by Gill
Thu Sep 13, 2018 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes Paid on Savings Account
Replies: 9
Views: 1294

Re: Taxes Paid on Savings Account

Subject to all except FICA.
Gill
by Gill
Thu Sep 13, 2018 3:14 pm
Forum: Personal Consumer Issues
Topic: Going to the Everglade. A few questions please.
Replies: 21
Views: 1173

Re: Going to the Everglade. A few questions please.

75 aka 41 are not toll roads I-75 and US 41 are not the same roads. Also, I-75 where it crosses Florida, formerly called Alligator Alley, is a toll road taking both SunPass and cash. If you want to visit the Everglades take US 41. I-75 pretty much crosses the Everglades but offers very little acces...
by Gill
Wed Sep 12, 2018 3:30 pm
Forum: Investing - Help with Personal Investments
Topic: Double Step Up for Beneficiary??
Replies: 3
Views: 291

Re: Double Step Up for Beneficiary??

Is the SNT created under her will, or previously where your brother never owns any of these assets individually? If so, that is far better than having him fund the trust with his own money or money he inherited individually. The latter would result in the SNT being a "self settled trust". Such a tr...
by Gill
Wed Sep 12, 2018 2:46 pm
Forum: Investing - Help with Personal Investments
Topic: Double Step Up for Beneficiary??
Replies: 3
Views: 291

Re: Double Step Up for Beneficiary??

I don’t believe the terms of the special needs trust would cause it to be included in your brother’s estate and therefore there would be no step up.
Gill
by Gill
Wed Sep 12, 2018 10:50 am
Forum: Personal Finance (Not Investing)
Topic: My daughter's inheritance.
Replies: 63
Views: 8033

Re: My daughter's inheritance.

afan wrote:
Wed Sep 12, 2018 9:48 am
Do not sign up with anyone who will charge more than 0.3% of assets.
I'm glad I'm no longer selling bank trust services when I see comments like this! :happy :happy :happy
Gill
by Gill
Wed Sep 12, 2018 10:47 am
Forum: Investing - Help with Personal Investments
Topic: Opinion's: Best time to withdraw RMD's when required to do so.
Replies: 22
Views: 1514

Re: Opinion's: Best time to withdraw RMD's when required to do so.

I've always thought I'd take them early in the year, just to make things easier for my heirs should I pass. (I'd hate to create a mess by dying in late November and them not even having the time to figure out my RMDs before the year ends. I like them too much!) I switched to taking 100% in early Ja...
by Gill
Tue Sep 11, 2018 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: My daughter's inheritance.
Replies: 63
Views: 8033

Re: My daughter's inheritance.

At the risk of being contrary to the dominant paradigm here: You daughter’s youth and understandable lack of focus on the financial work involved plus tax and trust issues do argue for considering a full service fiduciary fee only financial adviser. I would suggest exploring Buckingham asst managem...
by Gill
Tue Sep 11, 2018 8:14 pm
Forum: Investing - Help with Personal Investments
Topic: How to get an asset based mortgage
Replies: 4
Views: 442

Re: How to get an asset based mortgage

I was in a similar situation at one time and the bank suggested I set up an automatic monthly remittance of $10,000 from my IRA, thereby increasing my “income” by $120,000 a year. They immediately approved the loan and I immediately cancelled the remittance before the first one was made. Everyone kn...
by Gill
Tue Sep 11, 2018 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: My daughter's inheritance.
Replies: 63
Views: 8033

Re: My daughter's inheritance.

Thanks for the clarification about the trust. It is simply a revocable living trust where she has complete control including the right to withdraw funds or terminate the trust at any time. I suspect the main purpose of it was to give her assistance in managing the funds as well as creating an estate...