Search found 5324 matches

by Gill
Tue Jun 18, 2019 4:20 pm
Forum: Personal Finance (Not Investing)
Topic: How to ensure POA is acting in best interest of grantor?
Replies: 18
Views: 505

Re: How to ensure POA is acting in best interest of grantor?

sandramjet wrote:
Tue Jun 18, 2019 3:19 pm
Other than petitioning the court for records, is there any other good approach to getting this information?
Is there a court involved? Is this a POA or is it a guardianship of some sort? Normally a person acting under a POA has no duty to account to anyone.
Gill
by Gill
Mon Jun 17, 2019 8:07 pm
Forum: Personal Investments
Topic: charitable gift account ?
Replies: 9
Views: 447

Re: charitable gift account ?

RustyShackleford wrote:
Mon Jun 17, 2019 8:03 pm
fabdog wrote:
Mon Jun 17, 2019 7:30 pm
... take a tax break (based on age and amount given)
Right, that's another part of the equation. A big tax break that could potentially (for example) cover doing Roth conversions.
The older you are the larger the payout and the larger the percentage you can treat as a charitable gift.
Gill
by Gill
Mon Jun 17, 2019 7:43 pm
Forum: Personal Investments
Topic: charitable gift account ?
Replies: 9
Views: 447

Re: charitable gift account ?

A charitable gift annuity is not as attractive as an SPIA, but it can be a beneficial way to benefit a charity while retaining a cash flow from the asset transferred.
Gill
by Gill
Mon Jun 17, 2019 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Bank won't give Medallion Signature Guarantee for anything related to savings bonds
Replies: 16
Views: 1337

Re: Bank won't give Medallion Signature Guarantee for anything related to savings bonds

I believe the reason banks won’t do a MSG for savings bonds is that they are not required for transfer of those bonds. Why should they take the risk of a MSG when it is not required? Also, MSG’s are very time consuming and can take half an hour of an officer’s time with no compensation to the bank. ...
by Gill
Mon Jun 17, 2019 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Bank won't give Medallion Signature Guarantee for anything related to savings bonds
Replies: 16
Views: 1337

Re: Bank won't give Medallion Signature Guarantee for anything related to savings bonds

You are reading the form incorrectly. It does not require a medallion guarantee. Also, why are you redeeming the bonds? Gill Almost all the bonds have matured, or nearly so. One dates back to the late 1950's or early 60's. The form states, on page 4: "Certification by a notary isn't acceptable." Re...
by Gill
Mon Jun 17, 2019 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Bank won't give Medallion Signature Guarantee for anything related to savings bonds
Replies: 16
Views: 1337

Re: Bank won't give Medallion Signature Guarantee for anything related to savings bonds

So I kind-of ran into that issue. Basically didn't realize that a MSG was needed and just assumed that it needed to be notarized. When my number was called the lady at the credit union told me right away that it needed a MSG and very few people at the credit union have it. Thankfully for me the per...
by Gill
Mon Jun 17, 2019 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Bank won't give Medallion Signature Guarantee for anything related to savings bonds
Replies: 16
Views: 1337

Re: Bank won't give Medallion Signature Guarantee for anything related to savings bonds

You are reading the form incorrectly. It does not require a medallion guarantee. Also, why are you redeeming the bonds?
Gill
by Gill
Mon Jun 17, 2019 6:17 am
Forum: Personal Investments
Topic: Short Term Capital Gains - Thoughts/Help
Replies: 2
Views: 322

Re: Short Term Capital Gains - Thoughts/Help

Use a costless collar then sell when gains become ltcg. You will have to evaluate whether it makes sense in your situation. https://www.acceleratedfi.com/real-world-options-example-how-mark-cuban-used-options-to-survive-the-dotcom-crash/ If you have other losses, sell them. Donate to charity. Oppor...
by Gill
Sun Jun 16, 2019 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: Best Way to Pay Tuition for Child of Employee (LLC)
Replies: 9
Views: 683

Re: Best Way to Pay Tuition for Child of Employee (LLC)

I am not sure if there are any special options not listed but I would probably just go with option 3 personally; at $10K (under gift limit) there is no paperwork needed at all on your end, just write a check. I would probably give the employee some advice on how to deposit the check (do it all at o...
by Gill
Sat Jun 15, 2019 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2849

Re: Do I need "Professional Trustee?"

Why does anyone choose Northern Trust? Presumably people who amass tens of millions of dollars are intelligent enough to realize it’s a massive ripoff? Come on now. I’m not a big fan of The Northern either, but you’re overstating it a bit. As a former trust executive there I know a fair bit about t...
by Gill
Sat Jun 15, 2019 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2849

Re: Do I need "Professional Trustee?"

celia wrote:
Sat Jun 15, 2019 8:21 pm
Gill, Good to know that trust companies are regulated. It didn't impact us as the (relative) trustees were still available. We now have also re-stated our trusts. celia
You didn’t know trust companies were regulated?
Gill
by Gill
Sat Jun 15, 2019 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2849

Re: Do I need "Professional Trustee?"

Presumably the trust businy was sold or takrn over by another bank. No way to avoid this. Small local banks are at higher risk but even the big institutions can go away. Wilmington trust was founded in, I think, 1903 by the DuPonts to manage their fortune. It was over 100 years old when it became p...
by Gill
Sat Jun 15, 2019 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2849

Re: Do I need "Professional Trustee?"

A corporation, by its very nature, has a perpetual existence, unlike an individual. It does not go on vacation, become ill or die. It offers experience, group judgment, independence and a wide range of skills among its directors, officers and employees. It is impartial when dealing with beneficiari...
by Gill
Sat Jun 15, 2019 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2849

Re: Do I need "Professional Trustee?"

If I wanted trustee servicea at a reasonable price, northern Trust would probably be the last place I looked. That 1.25% will seem a bargain vompared to what NT would charge. As a former senior officer of that bank, I suspect you’re correct. However, they are a far better alternative to having an i...
by Gill
Sat Jun 15, 2019 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2849

Re: Do I need "Professional Trustee?"

There is definitely an advantage to having a professional trustee, but if I were going to pay 1.25% to the trustee I would certainly retain a qualified corporate trustee, not the attorney who drafted the instrument who could not have the combined skills of a corporate trustee nor the perpetual exis...
by Gill
Fri Jun 14, 2019 7:43 pm
Forum: Personal Consumer Issues
Topic: Snowbird to Florida for a month
Replies: 5
Views: 965

Re: Snowbird to Florida for a month

My suggestion is to get moving. Even a year in advance it can be difficult to find something during peak season.
Gill
by Gill
Fri Jun 14, 2019 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2849

Re: Do I need "Professional Trustee?"

Another issue, if the lawyer is a co-trustee, who will do any legal work required for the trust? This will be separate and apart from the attorney’s role as a co-trustee. Will she retain another member of her firm and pay the fees from the trust or will she represent herself? Just another reason why...
by Gill
Fri Jun 14, 2019 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 44
Views: 2849

Re: Do I need "Professional Trustee?"

There is definitely an advantage to having a professional trustee, but if I were going to pay 1.25% to the trustee I would certainly retain a qualified corporate trustee, not the attorney who drafted the instrument who could not have the combined skills of a corporate trustee nor the perpetual exist...
by Gill
Sat Jun 08, 2019 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Lawsuit settlement
Replies: 13
Views: 1672

Re: Lawsuit settlement

UpstateNY86 wrote:
Sat Jun 08, 2019 3:54 pm
Is that due to the origin of the claim?
Proceeds from a lawsuit are generally taxable when they are in lieu of what would be taxable income such as a suit for lost wages. This appears to be a claim of undue influence or something similar which has no element of taxable income.
Gill
by Gill
Sat Jun 08, 2019 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Lawsuit settlement
Replies: 13
Views: 1672

Re: Lawsuit settlement

UpstateNY86 wrote:
Sat Jun 08, 2019 6:06 am
Due to the outright gift, no estate was ever formed. She gave everything away.
OK, thanks for the clarification. In that case I see no possibility of any of the settlement including taxable income.
Gill
by Gill
Sat Jun 08, 2019 9:45 am
Forum: Personal Investments
Topic: Question about RMDs from inherited IRA
Replies: 23
Views: 1533

Re: Question about RMDs from inherited IRA

What if there is no beneficiary stated on the IRA? The default beneficiary is normally the estate of the IRA owner in which case the IRA would pass to the estate. In other words, if you haven't named a beneficiary the contract with the custodian has provided one for you. Gill If the estate is the I...
by Gill
Sat Jun 08, 2019 9:10 am
Forum: Personal Investments
Topic: Question about RMDs from inherited IRA
Replies: 23
Views: 1533

Re: Question about RMDs from inherited IRA

jebmke wrote:
Sat Jun 08, 2019 8:34 am
What if there is no beneficiary stated on the IRA?
The default beneficiary is normally the estate of the IRA owner in which case the IRA would pass to the estate. In other words, if you haven't named a beneficiary the contract with the custodian has provided one for you.
Gill
by Gill
Sat Jun 08, 2019 8:28 am
Forum: Personal Investments
Topic: Question about RMDs from inherited IRA
Replies: 23
Views: 1533

Re: Question about RMDs from inherited IRA

Any income received in 2019 during her lifetime is reported on her final 1040. Income received after date of death has not been received by her and is instead taxed to the beneficiary who received it. Gill, Is the basic idea here that the IRA was owned by the decedent up until her death, and at tha...
by Gill
Sat Jun 08, 2019 7:34 am
Forum: Personal Investments
Topic: Question about RMDs from inherited IRA
Replies: 23
Views: 1533

Re: Question about RMDs from inherited IRA

The one item that a couple of people mentioned that I can't seem to validate is that the RMD for this year would be attributable to my grandmother's 2019 tax return while going forward, RMDs would be attributable to me. If anyone has some documentation of that, it would be much appreciated. Your gr...
by Gill
Sat Jun 08, 2019 6:08 am
Forum: Personal Investments
Topic: Question about RMDs from inherited IRA
Replies: 23
Views: 1533

Re: Question about RMDs from inherited IRA

I experienced the same situation when my Mom passed away. Your Grandmother's full RMD must be distributed by 12/31 of this year but that will be reflected on HER tax return for 2019. Next year the RMD will be reduced based on your age and will be less of a tax implication for you but it will be you...
by Gill
Sat Jun 08, 2019 6:03 am
Forum: Personal Finance (Not Investing)
Topic: Lawsuit settlement
Replies: 13
Views: 1672

Re: Lawsuit settlement

It’s hard to tell exactly from the facts stated. Normally this settlement would not be taxable. However, it seems there might be a possibility of your father being taxed on a portion of the income earned by the estate during the estate administration. If that is the case, the estate should issue you...
by Gill
Wed Jun 05, 2019 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Trust (Doesn't accept Real estate, etc.)
Replies: 8
Views: 424

Re: Vanguard Trust (Doesn't accept Real estate, etc.)

Although we assume the personal representative/trustee would sell the real estate, we don't require that in the will or trusts. We pick people we trust to make good decisions. Selling might not be the best action when the time comes. Why tie their hands? No, of course not. They should have broad po...
by Gill
Wed Jun 05, 2019 4:11 pm
Forum: Personal Investments
Topic: Problem at Vanguard?
Replies: 42
Views: 5238

Re: Problem at Vanguard?

I guess I'm guilty of checking my account daily, and I also noticed Tuesday night June 4th was an abberation. The balance in my account seemed incorrect in view of the rally in the market that day and the following morning the account had increased in value by about one percent, about the amount I h...
by Gill
Wed Jun 05, 2019 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Trust (Doesn't accept Real estate, etc.)
Replies: 8
Views: 424

Re: Vanguard Trust (Doesn't accept Real estate, etc.)

Yes, as for real estate the personal representative could sell the real estate unless it is specifically devised to an individual. Life insurance can be payable to the estate, the trust, or an individual and collected by the appropriate beneficiary. Personal property is normally devised to individu...
by Gill
Wed Jun 05, 2019 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Trust (Doesn't accept Real estate, etc.)
Replies: 8
Views: 424

Re: Vanguard Trust (Doesn't accept Real estate, etc.)

Yes, as for real estate the personal representative could sell the real estate unless it is specifically devised to an individual. Life insurance can be payable to the estate, the trust, or an individual and collected by the appropriate beneficiary. Personal property is normally devised to individua...
by Gill
Tue Jun 04, 2019 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: 1st Tax Audit in 22 years!
Replies: 27
Views: 3349

Re: 1st Tax Audit in 22 years!

Was the bridge loan secured by the real estate?
Gill
by Gill
Tue Jun 04, 2019 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Questions
Replies: 5
Views: 385

Re: Gifting Questions

You can’t assign the tax responsibility on the withdrawal by giving it to someone else, any more than you can avoid tax on your salary by giving it away.
Gill
by Gill
Tue Jun 04, 2019 3:59 pm
Forum: Personal Investments
Topic: Advise to simplify financial investments at a family Level
Replies: 5
Views: 528

Re: Advise to simplify financial investments at a family Level

Have you reviewed the thread you started exactly one year ago in which you received considerable good advice?
Gill
by Gill
Tue Jun 04, 2019 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Settlor / Grantor for this trust
Replies: 17
Views: 723

Re: Settlor / Grantor for this trust

Bruce, if I made a gift to the trust would I be considered a grantor? I assume there are no tax consequences to this unless it’s a defective irrevocable trust treated as a grantor trust for tax purposes

Gill
by Gill
Tue Jun 04, 2019 7:40 am
Forum: Personal Finance (Not Investing)
Topic: Settlor / Grantor for this trust
Replies: 17
Views: 723

Re: Settlor / Grantor for this trust

bsteiner wrote:
Mon Jun 03, 2019 10:01 am
For tax purpose(s), the persons who contribute property to the trust are the grantor(s).
Bruce, are you saying the overseas family making irrevocable gifts to this trust would be considered grantors?
Gill
by Gill
Tue Jun 04, 2019 6:25 am
Forum: Personal Finance (Not Investing)
Topic: Confirm my Understanding of Estimated Taxes
Replies: 15
Views: 1364

Re: Confirm my Understanding of Estimated Taxes

Mark has given you the correct advice. It would make no sense in your situation to make 2019 payments bases on your inflated 2018 tax.
Gill
by Gill
Sun Jun 02, 2019 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Whaddyagunna do? 7 months and still no safety deposit box inventory!
Replies: 6
Views: 1917

Re: Whaddyagunna do? 7 months and still no safety deposit box inventory!

Can't speak to the law in NJ. In PA my parents had a joint safe deposit box. Mom was advised by the branch manager to close the safe deposit box after Dad died. Mom was told if she died the box would be sealed until the contents were inventoried for PA tax purposes. This makes sense. NJ law does no...
by Gill
Sun Jun 02, 2019 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Settlor / Grantor for this trust
Replies: 17
Views: 723

Re: Settlor / Grantor for this trust

A declaration of trust almost always implies the grantor is also the trustee.
Gill
by Gill
Sun Jun 02, 2019 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Settlor / Grantor for this trust
Replies: 17
Views: 723

Re: Settlor / Grantor for this trust

TonyUncleJohnny wrote:
Sun Jun 02, 2019 2:55 pm
And would the overseas family members be the settlors?
No. Grantor and settlor are synonymous. The overseas family members have no role in the trust. Anyone can make gifts to the trust.
Gill
by Gill
Sun Jun 02, 2019 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Settlor / Grantor for this trust
Replies: 17
Views: 723

Re: Settlor / Grantor for this trust

Who created this trust? That is the grantor. Sounds as if the husband is grantor and also trustee.
Gill
by Gill
Sun Jun 02, 2019 10:10 am
Forum: Personal Consumer Issues
Topic: Golf interest rekindled after decades - My son created a monster! Now what?
Replies: 31
Views: 2540

Re: Golf interest rekindled after decades - My son created a monster! Now what?

I can relate to returning to the game after decades away. I played regularly until about age 40 when I became interested in other activities such as triathlons, bicycling and the like. At about age 70, after 30 years away from golf and no intention of returning, we bought a house on a country club g...
by Gill
Sun Jun 02, 2019 8:02 am
Forum: Personal Finance (Not Investing)
Topic: Tax implications of a short term loan
Replies: 4
Views: 299

Re: Tax implications of a short term loan

The only tax implication is income to the lender and possibly additional imputed income if the rate is deemed too low by IRS requirements. Gill Thanks for the (months ago) response. I’m approaching the window for this short term loan. Looking at the IRS table (https://www.irs.gov/pub/irs-drop/rr-19...
by Gill
Sun Jun 02, 2019 6:30 am
Forum: Personal Finance (Not Investing)
Topic: How does a mortgage banker make money?
Replies: 14
Views: 1653

Re: How does a mortgage banker make money?

Don’t you mean a mortgage broker, not a banker?
Gill
by Gill
Fri May 31, 2019 6:33 pm
Forum: Personal Investments
Topic: Donor Advised Fund Question
Replies: 9
Views: 557

Re: Donor Advised Fund Question

FelixTheCat wrote:
Fri May 31, 2019 12:20 pm
I suggest a DAF if you are a charitable giver. The DAF allows you to sell appreciated securities to fund the DAF. The grants allow you to donate money anonymously.
You don’t sell appreciated securities to fund the DAF. You transfer the securities in kind.
Gill
by Gill
Fri May 31, 2019 4:33 pm
Forum: Investing - Theory, News & General
Topic: Is there any advice against NOT converting Vanguard Investor shares to Admiral?
Replies: 8
Views: 986

Re: Is there any advice against NOT converting Vanguard Investor shares to Admiral?

HawkeyePierce wrote:
Fri May 31, 2019 4:31 pm
I have a dumb question: does share price of a mutual fund even matter that much? Since we can invest arbitrary amounts it's not something I've ever paid attention to. Should I?
It has no relevance whatsoever. You can invest in Vanguard funds up to three decimal places.
Gill
by Gill
Fri May 31, 2019 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Failure to pay proper estimated tax
Replies: 10
Views: 740

Re: Failure to pay proper estimated tax

From my reading of OP, he has wage withholding but doesn't make estimated payments. It appears to me he simply didn't have enough withheld and needs to adjust his withholding for 2019. This has nothing to do with quarterly estimated payments as is being discussed above.
Gill
by Gill
Fri May 31, 2019 10:13 am
Forum: Personal Investments
Topic: Safety of treasury bonds vs treasury money market
Replies: 42
Views: 4830

Re: Safety of treasury bonds vs treasury money market

Yup, doesn't get any safer than a US Treasury.
Gill
by Gill
Fri May 31, 2019 8:56 am
Forum: Personal Investments
Topic: what to do with small settlement payment?
Replies: 11
Views: 695

Re: what to do with small settlement payment?

Chicago60 wrote:
Fri May 31, 2019 8:22 am
You should discuss with your accountant first, and maintain good records of medical expense payments. Depending on the nature of this personal injury, it is possible that the settlement proceeds are not taxable at all.
If settlement is in lieu of wages it is taxable.
Gill
by Gill
Thu May 30, 2019 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Another Trustee/trust Question
Replies: 16
Views: 1176

Re: Another Trustee/trust Question

Vanguard uses PA laws and I have no idea how they compare. This is not really accurate. Vanguard is a national trust company and the laws that govern the trust are the laws of the jurisdiction specified in the trust instrument. I have a trust with Vanguard as successor trustee and the laws of Flori...
by Gill
Thu May 30, 2019 3:54 pm
Forum: Personal Investments
Topic: Donor Advised Fund Question
Replies: 9
Views: 557

Re: Donor Advised Fund Question

You certainly can still open DAF and enjoy the convenience of making charitable donations in that manner, but unless it enables you to itemize you will get no tax benefit. If you alternative plan was to sell securities to make charitable gifts you would benefit by making the gifts in kind either dir...