Search found 5405 matches

by Gill
Mon Jul 15, 2019 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable trust distritutions
Replies: 6
Views: 522

Re: Irrevocable trust distritutions

Yes, a trustee should keep records of income and principal receipts and disbursements because they are usually treated differently under the terms of the instrument.

As for your question, the trust income is all or has been taxed to the grantor so no tax consequences
Gill
by Gill
Mon Jul 15, 2019 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable trust distritutions
Replies: 6
Views: 522

Re: Irrevocable trust distritutions

dpm321 wrote:
Mon Jul 15, 2019 4:54 pm
I've not seen an irrevocable trust where the grantor pays the taxes.
Now you have.👍
Gill
by Gill
Mon Jul 15, 2019 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable trust distritutions
Replies: 6
Views: 522

Re: Irrevocable trust distritutions

Hi again! You have what appears to be an intentionally defective irrevocable trust which causes the income to be taxed to the grantor. Because the grantor is taxed on all the income, distributions to the beneficiaries are tax free. Your only limitations on distributions are those contained in the tr...
by Gill
Mon Jul 15, 2019 6:34 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 114
Views: 13494

Re: Trust Services

Disagree. There is clearly a market for “I’ll put it all in index funds for .25% a year, $10,000 minimum,” look at this thread. This industry has price fixing. It is generally uncompetitive because the business is largely referred from cozy lawyers and the people who fee the pain aren’t the initial...
by Gill
Mon Jul 15, 2019 5:35 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 114
Views: 13494

Re: Trust Services

I'm getting estimates of 1% (seems all successor trustees got together) to be STs for "our" trust. Of the six candidate STs we've talked with, only one sounds like they wouldn't fight us on investing our portfolio in VTI. So 1% managing a Trust with a portfolio approaching 8 figures seems to be the...
by Gill
Sun Jul 14, 2019 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 114
Views: 13494

Re: Trust Services

I'm getting estimates of 1% (seems all successor trustees got together) to be STs for "our" trust. Of the six candidate STs we've talked with, only one sounds like they wouldn't fight us on investing our portfolio in VTI. So 1% managing a Trust with a portfolio approaching 8 figures seems to be the...
by Gill
Sun Jul 14, 2019 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: How to set the basis in inherited property from life estate?
Replies: 37
Views: 979

Re: How to set the basis in inherited property from life estate?

That would be county taxes in California. Regardless, whose name is the deed in ? County will tax the owner of record. If the deed was in your name, or in a trust to your benefit, I'd say there is no hope. Otherwise, what's the IRS basis in saying you were the owner ? The property was in a legal li...
by Gill
Sun Jul 14, 2019 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: How to set the basis in inherited property from life estate?
Replies: 37
Views: 979

Re: How to set the basis in inherited property from life estate?

I'm pretty sure you cannot deduct or get any credit from "waste" or missed appreciation from what you wish you could have made if someone had taken better care of the property (question 2). There seems to be lots of discussion on this site that you can't deduct any hypothetical losses, or subtract ...
by Gill
Sun Jul 14, 2019 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: How to set the basis in inherited property from life estate?
Replies: 37
Views: 979

Re: How to set the basis in inherited property from life estate?

That would be county taxes in California. Regardless, whose name is the deed in ? County will tax the owner of record. If the deed was in your name, or in a trust to your benefit, I'd say there is no hope. Otherwise, what's the IRS basis in saying you were the owner ? The property was in a legal li...
by Gill
Sun Jul 14, 2019 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: How to set the basis in inherited property from life estate?
Replies: 37
Views: 979

Re: How to set the basis in inherited property from life estate?

BlueEars wrote:
Sun Jul 14, 2019 5:43 pm

Gill, what experience do you have with this kind of issue?
Lots. Attorney, CPA, Trust Executive for 35 years with major trust institutions.😀😀😀😀😀( Couldn’t resist...) I defer to bsteiner, however, for a definitive opinion.
Gill
by Gill
Sun Jul 14, 2019 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: How to set the basis in inherited property from life estate?
Replies: 37
Views: 979

Re: How to set the basis in inherited property from life estate?

Yes, the advice given you on the basis is correct. You will have a gain or loss using this basis against the sale proceeds.
Gill
by Gill
Sun Jul 14, 2019 6:38 am
Forum: Personal Finance (Not Investing)
Topic: Gifting money to family abroad
Replies: 5
Views: 730

Re: Gifting money to family abroad

You imply the request is from all three and therefore you’d be making a gift to all three. I don’t see a problem with your proposal.
Gill
by Gill
Wed Jul 10, 2019 5:58 pm
Forum: Personal Consumer Issues
Topic: Visiting Buffalo,NY / Niagara Falls area - things to see and do?
Replies: 46
Views: 2085

Re: Visiting Buffalo,NY / Niagara Falls area - things to see and do?

dm200 wrote:
Wed Jul 10, 2019 1:34 pm
From the US side, you can go to Goat Island to get other views of the falls.

I can't recall which tour it is, but from the US side, you can go down to the base of the American falls.
Cave of the Winds
Gill
by Gill
Tue Jul 09, 2019 6:17 pm
Forum: Personal Consumer Issues
Topic: Ontario in August
Replies: 13
Views: 548

Re: Ontario in August

My suggestion of renting out of Buffalo was the cheaper air fares to Buffalo rather than Toronto and also avoiding Toronto traffic.
by Gill
Tue Jul 09, 2019 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: unknown purchase price
Replies: 6
Views: 779

Re: unknown purchase price

Make a reasonable estimate, even a wild guess, and use the price at that time. For example, if you think they might have been purchased in the mid 1980's pick a price during that period and use it. Others might mention to you that the IRS assumes the basis is zero if you can't come up with a basis o...
by Gill
Tue Jul 09, 2019 4:02 pm
Forum: Personal Consumer Issues
Topic: How warm to set thermostat while away
Replies: 62
Views: 4555

Re: How warm to set thermostat while away

One option that has not been mentioned is that with a programmable thermostat when you are away you can set it to something like 85 during the day and 75 for a few hours at night to lower the humidity when it is cooler and the AC will not have to work as hard and it will only run at the lower tempe...
by Gill
Tue Jul 09, 2019 4:01 pm
Forum: Personal Consumer Issues
Topic: How warm to set thermostat while away
Replies: 62
Views: 4555

Re: How warm to set thermostat while away

Wow, I am surprised so many folks leave their AC on when on vacation! I live in North east and always turn it off. Just close blinds and leave a few windows a little open. Never had any problem. House generally remains at around 81-83 even if outside highs reach 90... You obviously don't live in Fl...
by Gill
Tue Jul 09, 2019 11:31 am
Forum: Personal Consumer Issues
Topic: Ontario in August
Replies: 13
Views: 548

Re: Ontario in August

If you're going to Stratford it's quite easy to fly into Buffalo and drive there. What lake are you talking about - Lake Ontario? The Canadian National Exhibition in Toronto also runs in late August. Don't forget your passport.
Gill
by Gill
Tue Jul 09, 2019 8:28 am
Forum: Personal Consumer Issues
Topic: Approach to Insurance (Car, Home, etc)
Replies: 7
Views: 333

Re: Approach to Insurance (Car, Home, etc)

I’ve always been a big fan of accepting the highest deductible available. I’m sure it’s saved me ten of thousands of dollars over the years.
Gill
by Gill
Mon Jul 08, 2019 6:25 pm
Forum: Personal Investments
Topic: How to sell bond at Vanguard?
Replies: 8
Views: 516

Re: How to sell bond at Vanguard?

You say settlement date is 7/5/19. That sounds as if you already sold it. Why didn’t you sell it at Treasurydirect? Gill Several years ago Treasury Direct withdrew its sell-before-maturity functionality for marketable securities. One would have to transfer the bond out, then sell it at the receivin...
by Gill
Mon Jul 08, 2019 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Going to law school question
Replies: 55
Views: 3280

Re: Going to law school question

I don't see how you can get through the three-year grind of law school just "kind of" wanting to be a lawyer. Quite honestly, I hated law school for the most part but my determination to complete the three years and pass the New York bar drove me to complete it. I've often marveled how people comple...
by Gill
Mon Jul 08, 2019 8:28 am
Forum: Personal Investments
Topic: How to sell bond at Vanguard?
Replies: 8
Views: 516

Re: How to sell bond at Vanguard?

I would call Vanguard. Shouldn’t cost any extra.
Gill
by Gill
Mon Jul 08, 2019 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question about Medicare Part B Premium Amount of $135.50
Replies: 13
Views: 1141

Re: Tax Question about Medicare Part B Premium Amount of $135.50

Taxed at the gross Social Security included in gross income less any applicable exclusion - $24,000. Just the same as wages. The Medicare deduction has no bearing.
Gill
by Gill
Mon Jul 08, 2019 8:20 am
Forum: Personal Investments
Topic: How to sell bond at Vanguard?
Replies: 8
Views: 516

Re: How to sell bond at Vanguard?

You say settlement date is 7/5/19. That sounds as if you already sold it. Why didn’t you sell it at Treasurydirect?
Gill
by Gill
Mon Jul 08, 2019 8:17 am
Forum: Personal Consumer Issues
Topic: Parent giving us money to pay off mortgage
Replies: 17
Views: 2830

Re: Parent giving us money to pay off mortgage

TallBoy29er wrote:
Sun Jul 07, 2019 8:39 pm
Do you have any kids? If so, and this is a question, couldn't she gift them money as well to get around the gift tax issue?
No. Review the Step Transaction Doctrine.
Gill
by Gill
Sat Jul 06, 2019 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: trustee duties when grantor passes
Replies: 19
Views: 735

Re: trustee duties when grantor passes

My understanding is that a trust never really "dies," it just reaches a point where there are zero assets (and thus nothing for a trustee to do or for a beneficiary to benefit from). Hopefully one of the experts will confirm. See my signature. Not exactly. https://en.wikipedia.org/wiki/Rule_against...
by Gill
Sat Jul 06, 2019 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: trustee duties when grantor passes
Replies: 19
Views: 735

Re: trustee duties when grantor passes

My understanding is that a trust never really "dies," it just reaches a point where there are zero assets (and thus nothing for a trustee to do or for a beneficiary to benefit from). Hopefully one of the experts will confirm. See my signature. Not exactly. https://en.wikipedia.org/wiki/Rule_against...
by Gill
Sat Jul 06, 2019 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: trustee duties when grantor passes
Replies: 19
Views: 735

Re: trustee duties when grantor passes

My understanding is that a trust never really "dies," it just reaches a point where there are zero assets (and thus nothing for a trustee to do or for a beneficiary to benefit from). Hopefully one of the experts will confirm. See my signature. Not exactly. https://en.wikipedia.org/wiki/Rule_against...
by Gill
Sat Jul 06, 2019 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: trustee duties when grantor passes
Replies: 19
Views: 735

Re: trustee duties when grantor passes

I have a beneficiary who I already know won't sign a release either when the time comes. Not because of any actual issue, just one of those people who won't sign anything if there's nothing in it for them plus an irrational fear that something will come back to bite them - even if all the other ben...
by Gill
Sat Jul 06, 2019 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: trustee duties when grantor passes
Replies: 19
Views: 735

Re: trustee duties when grantor passes

My understanding is that a trust never really "dies," it just reaches a point where there are zero assets (and thus nothing for a trustee to do or for a beneficiary to benefit from). Hopefully one of the experts will confirm. See my signature. To protect yourself as trustee you should obtain final ...
by Gill
Sat Jul 06, 2019 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking a successor corporate trustee who will perform administrative duties.
Replies: 17
Views: 920

Re: Seeking a successor corporate trustee who will perform administrative duties.

Thanks Afan and Gill. Is this a fairly routine request? Do most Trust dept. have such a service, or will they be mostly interested in investment management because it's more lucrative? 1210 Not sure if most have it but clearly they prefer full investment responsibility for the reason you suggest. G...
by Gill
Sat Jul 06, 2019 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: trustee duties when grantor passes
Replies: 19
Views: 735

Re: trustee duties when grantor passes

Questions- when is the irrevocable trust closed- after disbursement? who closes/how is the irrevocable trust closed- attorney? My understanding is that a trust never really "dies," it just reaches a point where there are zero assets (and thus nothing for a trustee to do or for a beneficiary to bene...
by Gill
Sat Jul 06, 2019 3:28 pm
Forum: Personal Investments
Topic: If I want to time the market
Replies: 59
Views: 2454

Re: If I want to time the market

Do you really think if there is a 20% drop will you put it back in equities or will you fear that it will drop 50%?
Gill
by Gill
Sat Jul 06, 2019 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking a successor corporate trustee who will perform administrative duties.
Replies: 17
Views: 920

Re: Seeking a successor corporate trustee who will perform administrative duties.

Recent posts have discussed how to set up a portfolio for the disinterested spouse in the event he/she becomes a surviving spouse. Lot of good suggestions. However, what happens if that survivor becomes mentally incapacitated? Especially when there are no close younger relatives to step in. Are the...
by Gill
Sat Jul 06, 2019 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking a successor corporate trustee who will perform administrative duties.
Replies: 17
Views: 920

Re: Seeking a successor corporate trustee who will perform administrative duties.

Recent posts have discussed how to set up a portfolio for the disinterested spouse in the event he/she becomes a surviving spouse. Lot of good suggestions. However, what happens if that survivor becomes mentally incapacitated? Especially when there are no close younger relatives to step in. Are the...
by Gill
Sat Jul 06, 2019 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Credit Union paid out on a stopped check from 2017
Replies: 32
Views: 1935

Re: Credit Union paid out on a stopped check from 2017

My Mom wrote a check to pay for plumbing service at her home in 2017. They called and said the employee had lost the check so she put a stop on that check and sent another to pay in full. Just recently her credit union distributed the funds to pay on the stopped check. When my sister took her to th...
by Gill
Fri Jul 05, 2019 5:40 pm
Forum: Personal Investments
Topic: Invest $2-3M now and how? Index vs self made stock portfolio? How's my Portfolio?
Replies: 111
Views: 5619

Re: Invest $2-3M now and how? Index vs self made stock portfolio? How's my Portfolio?

Do you really feel qualified and able to follow 250 stocks?
Gill
by Gill
Fri Jul 05, 2019 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Have trust already, how to add monetary gifts to grandchildren
Replies: 20
Views: 816

Re: Have trust already, how to add monetary gifts to grandchildren

helenbaz wrote:
Fri Jul 05, 2019 4:16 pm
The reason I'm hesitating about getting a new attorney is because I feel like it would be sort of like starting over as far as the cost.
Probably not if you only wish to make cash gifts to your grandchildren from the trust.
Gill
by Gill
Fri Jul 05, 2019 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Have trust already, how to add monetary gifts to grandchildren
Replies: 20
Views: 816

Re: Have trust already, how to add monetary gifts to grandchildren

I think what you are calling “gifts” to the grandchildren after your deaths are really “bequests”. If you want to add outright bequests to additional beneficiaries (grandchildren) with the remainder of your estate to your current beneficiaries (children) held in trust(s), my suggestion would be to ...
by Gill
Fri Jul 05, 2019 4:05 pm
Forum: Personal Consumer Issues
Topic: No more print Money magazine
Replies: 108
Views: 12529

Re: No more print Money magazine

Today, I received a postcard in the mail from Money magazine. It stated Kiplinger Personal Finance magazine will be sent in place of Money magazine for the the rest of my subscription. If I would rather cancel and receive a refund the number to call is 888-419-0424. Francis Just received the same t...
by Gill
Fri Jul 05, 2019 8:10 am
Forum: Personal Investments
Topic: Taxation of assets held in a revocable living trust upon death question
Replies: 23
Views: 1541

Re: Taxation of assets held in a revocable living trust upon death question

e5116 wrote:
Fri Jul 05, 2019 7:02 am
He told us this would also avoid probate even if we didn't retitle our assets to be in the name of the trust.
I think you misunderstood. Assets don’t avoid probate if not added to the trust during your lifetime. An exception would be if the trust was named as a beneficiary.
Gill
by Gill
Thu Jul 04, 2019 8:03 pm
Forum: Personal Investments
Topic: Taxation of assets held in a revocable living trust upon death question
Replies: 23
Views: 1541

Re: Taxation of assets held in a revocable living trust upon death question

We have a taxable brokerage account at Vanguard which contains two mutual index funds and some Apple shares. We recently had a Revocable Living Trust drafted and the Vanguard Brokerage Account was re titled in the name of the trust our attorney drafted for us (“Vinny Family Revocable Living Trust d...
by Gill
Thu Jul 04, 2019 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Irrevocable Trust Record-keeping
Replies: 1
Views: 251

Re: Irrevocable Trust Record-keeping

The answer is "Yes" to all your questions. The trustee should keep detailed financial records for both tax and accounting purposes as well as document the decision making involved in any discretionary actions taken such as discretionary invasions of principal. The trustee might be challenged not onl...
by Gill
Thu Jul 04, 2019 10:44 am
Forum: Personal Investments
Topic: $100,000 irrevocable trust
Replies: 12
Views: 1197

Re: $100,000 irrevocable trust

Are your parents the beneficiaries of the trust? What are the current assets of the trust? What is the duration of the trust? What is the purpose of the trust? Who is the remainderman (ultimate beneficiary) when the trust terminates? What does the trust say about investments? How old are the benefic...
by Gill
Wed Jul 03, 2019 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Protect my inheritance from divorce with a trust?
Replies: 30
Views: 3238

Re: Protect my inheritance from divorce with a trust?

I wonder (ask an attorney) if you could "disclaim" all or part of the inheritance so that more goes to your sister and, then, you both could work out something "safer" for you.? You normally can't disclaim part of an inheritance and the will would need to be reviewed to see the effect of a disclaim...
by Gill
Wed Jul 03, 2019 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Protect my inheritance from divorce with a trust?
Replies: 30
Views: 3238

Re: Protect my inheritance from divorce with a trust?

I wonder (ask an attorney) if you could "disclaim" all or part of the inheritance so that more goes to your sister and, then, you both could work out something "safer" for you.? You normally can't disclaim part of an inheritance and the will would need to be reviewed to see the effect of a disclaim...
by Gill
Sun Jun 30, 2019 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Negating interest?
Replies: 4
Views: 399

Re: Negating interest?

Not sure what you mean by negating interest. Paying the loans with the highest rate first will save you the most in interest.
Gill
by Gill
Sun Jun 30, 2019 4:25 pm
Forum: Investing - Theory, News & General
Topic: VG: Questionable (from the ethics perpective) assets
Replies: 24
Views: 1251

Re: VG: Questionable (from ethics perpective) assets

All you can do is get out of index funds. If the company is in the index it must be purchased by the manager.
Gill
by Gill
Sun Jun 30, 2019 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: What are next steps to managing our money?
Replies: 17
Views: 2001

Re: What are next steps to managing our money?

Frank Grimes wrote:
Sun Jun 30, 2019 1:51 pm
Check to see if any of those savings bonds have matured and go cash them in if so
How could they have reached final maturity when she’s only 27?
Gill
by Gill
Sat Jun 29, 2019 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Siblings and Inherited Property
Replies: 53
Views: 6482

Re: Siblings and Inherited Property

The price is up to them. Sure, they could just use an appraised value. It's not going to be exact and if the house were put on the market, it would likely drop 10% between offer/acceptance, repairs, taxes paid and real estate agent fees. But the siblings could agree on any number. They could pull a...