Search found 3834 matches

by Gill
Sat Feb 17, 2018 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard as trustee
Replies: 20
Views: 3142

Re: Vanguard as trustee

Gill, You are uniquely qualified to evaluate corporate trustees. Can you tell us how you thought your way through the question of which company to use? It's been a number of years now since I made the decision. Having spent my career in the employ of corporate fiduciaries, I was sold on the need fo...
by Gill
Sat Feb 17, 2018 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard as trustee
Replies: 20
Views: 3142

Re: Vanguard as trustee

I am considering the use of Vanguard as a Corporate Trustee and am wondering if there any more current comments available as of February 17, 2018? Has anyone actually signed on with Vanguard Trustee and what are their results? DRR Vanguard Trust Company is designated successor trustee in my estate ...
by Gill
Sat Feb 17, 2018 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: How much would paying a lump sum toward my loan save me?
Replies: 12
Views: 683

Re: How much would paying a lump sum toward my loan save me?

Student loan interest was never an itemized deduction. It is now no longer deductible. Gill I know the OP said they don't qualify for the student loan interest deduction, but in case it matters for future readers of this thread the final version of the recent tax law did in fact preserve student lo...
by Gill
Sat Feb 17, 2018 11:27 am
Forum: Investing - Help with Personal Investments
Topic: Mutual Fund selling price
Replies: 9
Views: 433

Re: Mutual Fund selling price

stocknoob4111 wrote:
Sat Feb 17, 2018 11:25 am
Thanks. Question - if I put in my buy order before the market closes at 4pm EST then I will get the closing price of the MUTF for that date correct?
Correct.
Gill
by Gill
Fri Feb 16, 2018 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Hopefully SImple Question on Real Estate Taxation
Replies: 12
Views: 450

Re: Hopefully SImple Question on Real Estate Taxation

It was probably depreciated based on its value when converted to rental use. You quite likely have no gain or loss but the exact figures would be needed to make that determination.
Gill
by Gill
Fri Feb 16, 2018 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Hopefully SImple Question on Real Estate Taxation
Replies: 12
Views: 450

Re: Hopefully SImple Question on Real Estate Taxation

If you are saying it is worth less than the original cost, yes, there will be no taxes on the sale unless it may have been rental property.
Gill
by Gill
Fri Feb 16, 2018 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: How much would paying a lump sum toward my loan save me?
Replies: 12
Views: 683

Re: How much would paying a lump sum toward my loan save me?

Student loan interest was never an itemized deduction. It is now no longer deductible.
Gill
by Gill
Fri Feb 16, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: How much would paying a lump sum toward my loan save me?
Replies: 12
Views: 683

Re: How much would paying a lump sum toward my loan save me?

I don't see your point. If you pay $14,000 on a 3.5% loan it saves you $490 a year or about $1.34 per day. Your interest accrues daily but it doesn't compound.
Gill
by Gill
Thu Feb 15, 2018 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Florida Local Sales Tax
Replies: 5
Views: 391

Re: Florida Local Sales Tax

Florida state sales tax is 6%. Most counties have added an additional amount, but not all. Collier County tax is 6%, Sarasota County 7% and Manatee County 6.5% for example.
Gill
by Gill
Thu Feb 15, 2018 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Strategy to sell a sought-after condo
Replies: 15
Views: 965

Re: Strategy to sell a sought-after condo

Often condominiums have internal means to notify other owners of a unit for sale such as an internal newspaper or bulletin board. If the units are that much in demand that would likely do the trick for you.
Gill
by Gill
Wed Feb 14, 2018 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Institutional Trustee?
Replies: 7
Views: 379

Re: Institutional Trustee?

I'd be up for that. I should have the same estate planning lawyer that drafted the trust serve as the trustee? Not as good as a corporate trustee. Ask a California trust company. If they don’t handle land trusts they should know another institution that does. We often referred land trusts to anothe...
by Gill
Tue Feb 13, 2018 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Institutional Trustee?
Replies: 7
Views: 379

Re: Institutional Trustee?

Talk to Chicago Title Land Trust Company. They specialize in this type of trust.
Gill
by Gill
Tue Feb 13, 2018 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Should I claim chapter 7 bankruptcy? debt 110k
Replies: 64
Views: 6158

Re: Should I claim chapter 7 bankruptcy? debt 110k

Unfortunately, I would have to come down on the side of recommending bankruptcy. Wipe the slate clean, start fresh and vow never to get yourself in such a mess again.
Gill
by Gill
Mon Feb 12, 2018 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 3196

Re: moving my mother's "escape" fund to me

I'm sorry but what is being done by the OP is neither ethical nor legal. Assets acquired in the course of marriage, in almost every state, are jointly owned by the married couple. The same goes with debts and liabilities. This is simply wrong. Married individuals can have both separate assets and l...
by Gill
Mon Feb 12, 2018 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 3196

Re: moving my mother's "escape" fund to me

I'm sorry but what is being done by the OP is neither ethical nor legal. Assets acquired in the course of marriage, in almost every state, are jointly owned by the married couple. The same goes with debts and liabilities. This is simply wrong. Married individuals can have both separate assets and l...
by Gill
Mon Feb 12, 2018 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Capital gains taxes when selling joint property?
Replies: 5
Views: 576

Re: Capital gains taxes when selling joint property?

Was it your mother’s property and she added your name to the deed as a joint tenant. If so, it would be 100% taxable to her.
Gill
by Gill
Mon Feb 12, 2018 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: ? on new 2018 ax deduction changes re mileage and property
Replies: 10
Views: 422

Re: ? on new 2018 ax deduction changes re mileage and property

luberhill wrote:
Mon Feb 12, 2018 6:31 pm
Yea I heard the property taxes WERE deductabe IF under 10k ?? So I guess im only looking for replies from people who know for sure....Thank you
I know for sure. They are deductible with a $10,000 cap.
Gill
by Gill
Mon Feb 12, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: ? on new 2018 ax deduction changes re mileage and property
Replies: 10
Views: 422

Re: ? on new 2018 ax deduction changes re mileage and property

Those deductions for unreimbursed employee expenses are no longer allowed on Schedule A. Property taxes will no longer deductible for individuals. You can deduct 2018 property taxes only if they were both assessed and paid in 2017. The IRS has not come out with any specific announcements as far as ...
by Gill
Mon Feb 12, 2018 10:44 am
Forum: Investing - Theory, News & General
Topic: proper # of holdings in an income portfolio
Replies: 10
Views: 835

Re: proper # of holdings in an income portfolio

Here's what you were thinking in 2011. How did that work out? "We have 5,000 in a saving acct earning 0% interest. We have $3,000 in emergency funds with very manageable debt. We are able to invest $700.00 into our Roth monthly. Question is Where can I put this and be fairly liquid. I am thinking a ...
by Gill
Sun Feb 11, 2018 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Legal Docs
Replies: 16
Views: 1263

Re: Legal Docs

I live in a medium cost of living (MCOL) area and I am having all my documents updated: Last Will and Testament (with a trust amendment), Health Care Proxy, Living Will, and Power of Attorney. It's going to cost me $500. I consider that money very well-spent to obtain a legally valid, up-to-date, a...
by Gill
Sun Feb 11, 2018 7:30 pm
Forum: Investing - Help with Personal Investments
Topic: Advice with 401K with current market crash
Replies: 9
Views: 765

Re: Advice with 401K with current market crash

I guess if you went from a million to ninety-three thousand you are entitled to call it a crash.😀
Gill
by Gill
Sun Feb 11, 2018 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Legal Docs
Replies: 16
Views: 1263

Re: Legal Docs

I am a retired attorney, but I didn't practice in the estate area. I am very frugal. I still paid attorneys at least three times to prepare wills and associated documents. Each time, I learned more about what I didn't previously know. Using an attorney familiar with your state's laws is particularl...
by Gill
Sun Feb 11, 2018 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Lumping charity vs paying off mortgage
Replies: 11
Views: 714

Re: Lumping charity vs paying off mortgage

I agree the numbers work out to close to a wash. I would therefore apply it to the mortgage because it is a bird in the hand immediately and is the safer and more conservative approach by immediately reducing your debt.
Gill
by Gill
Sun Feb 11, 2018 8:38 am
Forum: Personal Consumer Issues
Topic: officiate a marriage
Replies: 13
Views: 898

Re: officiate a marriage

State laws differ on who can officiate at a marriage. In Florida a notary public is authorized to do so.
Gill
by Gill
Sat Feb 10, 2018 8:14 pm
Forum: Investing - Theory, News & General
Topic: Why should we care about inflation?
Replies: 58
Views: 4973

Re: Why should we care about inflation?

Yes, I am. But, again, you're using the worst case, historically speaking (and BTW bank accounts paid 15%. But I digress). I'm referring to inflation normalization , not to huge spikes. Prices and rates rise over time. That's what history shows. This last 10 year period has been abnormal. That is s...
by Gill
Sat Feb 10, 2018 4:30 pm
Forum: Personal Consumer Issues
Topic: Another tire question - rotation for low mileage?
Replies: 15
Views: 987

Re: Another tire question - rotation for low mileage?

I've never seen the sense of rotating tires every 5,000 miles when they are expected to last 50,000. Wouldn't it make sense to rotate them about every 12,500 so they end up in all four positions before being replaced? Why have them in each position two times or more?
Gill
by Gill
Sat Feb 10, 2018 7:39 am
Forum: Personal Finance (Not Investing)
Topic: Taxable income calculation ?
Replies: 8
Views: 377

Re: Taxable income calculation ?

You can’t take both the standard deduction and also deduct mortgage interest.
Gill
by Gill
Fri Feb 09, 2018 5:28 pm
Forum: Investing - Help with Personal Investments
Topic: 0% 18/MO.Balance Transfer w/2% fee
Replies: 17
Views: 836

Re: 0% 18/MO.Balance Transfer w/2% fee

Terrible. You're down 2% of the amount borrowed out of the gate. Then, of course, it probably goes to something like 25% after 18 months.
Gill
by Gill
Fri Feb 09, 2018 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Successor Trustee questions
Replies: 5
Views: 397

Re: Successor Trustee questions

If you distribute the trust as you outlined, the distributions will carry out all income to you as the beneficiaries. The trust will have no taxable income or tax to pay but a 1041 return will be required for the trust and Schedule K-1's will be issued to you telling you what to report on your indiv...
by Gill
Fri Feb 09, 2018 10:56 am
Forum: Investing - Help with Personal Investments
Topic: IRA withdrawals and withholding/underpayment question
Replies: 4
Views: 208

Re: IRA withdrawals and withholding/underpayment question

The IRS doesn’t care about the source of you tax payments as long as you meet their requirements of timely and sufficient payments such as 90% of your tax liability or the tax for the prior year or 110% of prior year depending on AGI.
GILL
by Gill
Fri Feb 09, 2018 7:54 am
Forum: Investing - Help with Personal Investments
Topic: Fair Market Value of Annuity
Replies: 11
Views: 756

Re: Fair Market Value of Annuity

OK, I hadn’t thought of that type of annuity. Mine are all pure single life annuities so FMV is irrelevant.
Gill
by Gill
Thu Feb 08, 2018 8:57 pm
Forum: Investing - Help with Personal Investments
Topic: Fair Market Value of Annuity
Replies: 11
Views: 756

Re: Fair Market Value of Annuit

I have received similar letters and I’ve always wondered why it is relevant. The contracts can’t be sold or redeemed so why should we be interested in their fair market value?
Gill
by Gill
Thu Feb 08, 2018 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Need help from someone experienced with bankruptcy and probate
Replies: 16
Views: 816

Re: Need help from someone experienced with bankruptcy and probate

BolderBoy wrote:
Thu Feb 08, 2018 5:46 pm
If the advice turns out to be bad there is recourse.
:( :(
by Gill
Thu Feb 08, 2018 7:54 am
Forum: Personal Consumer Issues
Topic: Who has had a pool?
Replies: 79
Views: 4074

Re: Who has had a pool?

Much depends on where you live. I’ve lived in Florida 41 years and wouldn’t be without one. When I lived in Western New York, no thanks.
Gill
by Gill
Wed Feb 07, 2018 9:53 pm
Forum: Investing - Theory, News & General
Topic: Why should we care about inflation?
Replies: 58
Views: 4973

Re: Why should we care about inflation?

Yes, I am. But, again, you're using the worst case, historically speaking (and BTW bank accounts paid 15%. But I digress). I'm referring to inflation normalization , not to huge spikes. Prices and rates rise over time. That's what history shows. This last 10 year period has been abnormal. That is s...
by Gill
Wed Feb 07, 2018 9:22 pm
Forum: Personal Consumer Issues
Topic: Niagara falls US side
Replies: 27
Views: 1599

Re: Niagara falls US side

A few years ago, we spent a week at Niagra Falls. Most of our time was spent on the Canadian side, which was safe and pretty. We stayed at a very reasonably-priced Hilton Garden Inn. We also spent some time at Niagra on the Lake, which is a short drive from the Canadian Niagra Falls. We all brought...
by Gill
Wed Feb 07, 2018 8:25 pm
Forum: Personal Consumer Issues
Topic: Niagara falls US side
Replies: 27
Views: 1599

Re: Niagara falls US side

I was born and raised near Niagara Falls, attended military drills there and also worked there. About 1970 the city elected to essentially tear down the entire downtown in the name of urban renewal. It has never been rebuilt, industry left and the city decayed. Lots of corrupt politics and poor deci...
by Gill
Wed Feb 07, 2018 6:29 pm
Forum: Personal Consumer Issues
Topic: Niagara falls US side
Replies: 27
Views: 1599

Re: Niagara falls US side

neilpilot wrote:
Wed Feb 07, 2018 4:27 pm
Gill wrote:
Wed Feb 07, 2018 4:09 pm
niceguy7376 wrote:
Wed Feb 07, 2018 3:55 pm
On the drive to Niagara, take a trip to Corning Museum.
That would be way out of his way on a trip from New Jersey to Niagara Falls.
Gill
Yes, that would add at least 10 minutes to the 6-6.5 hour drive :D
I guess you take a different route than I do.
Gill
by Gill
Wed Feb 07, 2018 4:09 pm
Forum: Personal Consumer Issues
Topic: Niagara falls US side
Replies: 27
Views: 1599

Re: Niagara falls US side

niceguy7376 wrote:
Wed Feb 07, 2018 3:55 pm
On the drive to Niagara, take a trip to Corning Museum.
That would be way out of his way on a trip from New Jersey to Niagara Falls.
Gill
by Gill
Wed Feb 07, 2018 3:52 pm
Forum: Personal Consumer Issues
Topic: Niagara falls US side
Replies: 27
Views: 1599

Re: Niagara falls US side

That being said, I do believe the Maid of the Mist leaves from the US side and the Power Plant tour is interesting. Thanks! Do any of these require a passport? I am not a US citizen (yet!), and would need my home country passport + my US green card to cross the border. No problem for the GC, but th...
by Gill
Wed Feb 07, 2018 3:51 pm
Forum: Personal Consumer Issues
Topic: Niagara falls US side
Replies: 27
Views: 1599

Re: Niagara falls US side

Niagara Falls is very easy to navigate and there are many hotels on the US side, all within walking distance of the Falls and Goat Island. Also, it is very easy to walk over the Rainbow Bridge to the Canadian side to view the Falls from there or, of course, you can drive over for a day or evening. T...
by Gill
Tue Feb 06, 2018 3:59 pm
Forum: Investing - Help with Personal Investments
Topic: Picking a smaller local corporate trustee
Replies: 3
Views: 226

Re: Picking a smaller local corporate trustee

It wouldn't normally include preparation of your personal tax return.

The one negative I can see is their depth of talent and the possibility they could be gobbled up by a larger trust institution such as the one I love to hate, Northern Trust.

Gill
by Gill
Tue Feb 06, 2018 9:28 am
Forum: Investing - Help with Personal Investments
Topic: Newly widowed mother-in-law asset allocation
Replies: 17
Views: 1217

Re: Newly widowed mother-in-law asset allocation

Thanks very much all, especially you, Josephine. The vacation house was in both of their names, so I assume the final tax calculation is: Sale price minus cost of purchase minus 50%? Yes, that’s correct. Half gets a new basis which should be equal to the sales price. Therefore you have a taxable ga...
by Gill
Mon Feb 05, 2018 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on house sold in trust? (below market value)
Replies: 3
Views: 262

Re: Taxes on house sold in trust? (below market value)

By distributing the proceeds you carried out income from the trust to the beneficiaries. Was the house specifically devised to the trust beneficiaries? If not, why were the proceeds distributed? I would treat it as if the house was distributed so you can take the loss on your return if, in fact, you...
by Gill
Mon Feb 05, 2018 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on house sold in trust? (below market value)
Replies: 3
Views: 262

Re: Taxes on house sold in trust? (below market value)

Were the proceeds of selling the house retained in the trust? If they were distributed it would carry out income to the beneficiaries requiring a K-1. Where did you get the DOD value of the house? I would argue your sale price was the best evidence of DOD value.
Gill
by Gill
Mon Feb 05, 2018 11:30 am
Forum: Personal Finance (Not Investing)
Topic: 2017: A hard, complicated time, i.e. Death & Taxes
Replies: 15
Views: 1784

Re: 2017: A hard, complicated time, i.e. Death & Taxes

Did your mother inherit the house outright and then deed a remainder interest to the six children while retaining a life estate for herself? If so, the value of the house would be in her estate and would acquire a new basis as of the date of her death. Because you sold so soon after her death the IR...
by Gill
Sun Feb 04, 2018 6:23 pm
Forum: Investing - Theory, News & General
Topic: What is the relationship between interest rates, bonds, stocks, inflation, growth of the economy, etc.?
Replies: 4
Views: 432

Re: What is the relationship between interest rates, bonds, stocks, inflation, growth of the economy, etc.?

Glad to see others reacted as I did. My undergraduate degree is in Economics and I wouldn’t attempt to answer.
Gill
by Gill
Sat Feb 03, 2018 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Receiving trust money: tax issue
Replies: 4
Views: 671

Re: Receiving trust money: tax issue

Probably should not be a big concern. Take the distribution in kind and liquidate as you wish. Gains should be based on a new basis at date of death.
Gill
by Gill
Thu Feb 01, 2018 9:40 pm
Forum: Investing - Help with Personal Investments
Topic: I BONDS Maturing in 2030
Replies: 42
Views: 2711

Re: I BONDS Maturing in 2030

Watty wrote:
Thu Feb 01, 2018 9:32 pm
Gill wrote:
Thu Feb 01, 2018 6:34 pm
Furthermore, I could be dead .....
One thing to remember is that saving bonds are one of the few investments that do not get a stepped up cost basis when they are inherited.
Yes, I know.😛 They are called ordinary income assets, not capital assets.
Gill
by Gill
Thu Feb 01, 2018 9:13 pm
Forum: Investing - Help with Personal Investments
Topic: I BONDS Maturing in 2030
Replies: 42
Views: 2711

Re: I BONDS Maturing in 2030

Pat, I’m in an identical situation, having bought the maximum in those same years. I’ve always been well aware of that huge slug of interest that will be taxable beginning in 2030. However that’s 12 years away and I’m not going to pay income tax before I have to. Furthermore, I could be dead or in ...