Search found 4425 matches

by Gill
Mon Aug 13, 2018 6:27 pm
Forum: Investing - Help with Personal Investments
Topic: Retire in Florida or Alabama?
Replies: 25
Views: 1769

Re: Retire in Florida or Alabama?

You mentioned spending part of the year in either Alabama or Florida. If you’re speaking of the winter, there is a huge difference between Alabama weather and Florida weather. Also, there is considerable difference between the northern part of Florida and the southern part.
Gill
by Gill
Fri Aug 10, 2018 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Average expenses in MCOL area for a family of 4
Replies: 50
Views: 2287

Re: Average expenses in MCOL area for a family of 4

livesoft wrote:
Fri Aug 10, 2018 7:29 pm
I don't know our family of 4 expenses, but $86K is more than our taxable income on Form 1040 for the past 10 years.
OK, I’ll bite. As you well know, taxable income is meaningless. Tell us your accounting income, although I’m sure you don’t know it. :happy
Gill
by Gill
Fri Aug 10, 2018 3:39 pm
Forum: Investing - Help with Personal Investments
Topic: Help - Safety Stow $ as family Trustee?
Replies: 9
Views: 583

Re: Help - Safety Stow $ as family Trustee?

When you are distributing a trust in such a short period of time, you don't want to take the slightest bit of risk in the interim. Your job is not to enhance principal or even to obtain a reasonable return. It is strictly to preserve principal. Nothing makes a beneficiary angrier than to tell them o...
by Gill
Fri Aug 10, 2018 2:30 pm
Forum: Investing - Help with Personal Investments
Topic: Help - Safety Stow $ as family Trustee?
Replies: 9
Views: 583

Re: Help - Safety Stow $ as family Trustee?

Is this trust being distributed and not a continuing trust? If so, I wouldn't risk one cent and therefore would buy nothing but US Treasury Bills. I think I get it now. The $3.5 million you mentioned in the earlier post is part of this $5 million. Correct?
Gill
by Gill
Fri Aug 10, 2018 11:56 am
Forum: Investing - Help with Personal Investments
Topic: Help - Safety Stow $ as family Trustee?
Replies: 9
Views: 583

Re: Help - Safety Stow $ as family Trustee?

I wouldn't risk an entire $5 million trust in a commercial paper fund. In the interest of safety I'd suggest US Treasury Bills as a temporary investment until you more permanently invest the trust. In your earlier post you asked about the investment of $3.5 million which you inherited. Is this diffe...
by Gill
Thu Aug 09, 2018 11:44 am
Forum: Investing - Help with Personal Investments
Topic: QLAC and RMD
Replies: 7
Views: 425

Re: QLAC and RMD

Purchase the QLAC in 2018 to remove it from the balance used to calculate the 2019 RMD. Also agree, deferral to age 75 doesn't make much sense. I'd suggest age 85 to get the maximum discount and maximum distribution at age 85.
Gill
by Gill
Thu Aug 09, 2018 7:17 am
Forum: Investing - Theory, News & General
Topic: Accrued Interest on Treasury Auctions
Replies: 6
Views: 436

Re: Accrued Interest on Treasury Auctions

Subtract it from the interest received on the next payment date.
Gill
by Gill
Tue Aug 07, 2018 5:58 pm
Forum: Investing - Help with Personal Investments
Topic: SPIA for an older retired relative
Replies: 11
Views: 951

Re: SPIA for an older retired relative

Sounds like a great idea. At 75, she would get about $700/month for life per $100,000. Go for it. So for $350K she gets 3.5 x $700 = $2,450/month before taxes. But her tax bracket will be low, so all is well. I would use about half her money for this and leave the other half for emergency capital. ...
by Gill
Tue Aug 07, 2018 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage question
Replies: 20
Views: 1715

Re: Mortgage question

It's better to invest the sums of money according to your asset allocation model until you have enough to completely pay off the mortgage. Then it's better to sit down and decide if it makes sense to pay off your mortgage (which depends on your mortgage rate, your financial goals, your lack of slee...
by Gill
Tue Aug 07, 2018 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?
Replies: 16
Views: 1145

Re: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?

Good Listener wrote:
Tue Aug 07, 2018 4:15 pm
Thank you for the clarification. But if the person added to the account spent the 50k let's say 2 years after being added but before the death of the original owner, then it counts as a gift?
Yes.
Gill
by Gill
Tue Aug 07, 2018 9:23 am
Forum: Personal Finance (Not Investing)
Topic: When are the taxes due on rental property sale
Replies: 14
Views: 873

Re: When are the taxes due on rental property sale

Another safe harbor is withholding 90% of current yr taxes........ true, but i don't know what my current year taxes are.. because the law changed, i doubled my RE tax payments next year (SALT deduction trick), etc. last year tax $$ is the only specific number I have. the rest is estimates.. i can ...
by Gill
Tue Aug 07, 2018 9:18 am
Forum: Personal Consumer Issues
Topic: Attn: Buffalo area Bogleheads --> St. Catharines
Replies: 7
Views: 640

Re: Attn: Buffalo area Bogleheads --> St. Catharines

Buffalo local here. I have a coworker who commutes from Ontario. He suggested "Niagara Airbus" as a possible alternative. It's a shuttle/tour charter service. I plugged in 1 person one-way trip from the Buffalo airport to St. Catharines - $99. I don't know if that is palatable for you. I cannot spe...
by Gill
Tue Aug 07, 2018 7:31 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

...The DAF has the responsibility to determine that all grants are to qualified charities. They don’t accept your word for it and I’ve seen them go to considerable lengths investigating the proposed grantee to determine it is a qualified charity. Gill My experienc exactly with the DAF I have set up...
by Gill
Tue Aug 07, 2018 6:09 am
Forum: Personal Finance (Not Investing)
Topic: Gifting through Renting?
Replies: 11
Views: 1045

Re: Gifting through Renting?

Yes, this is a gift and should be reported.
Gill
by Gill
Mon Aug 06, 2018 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

Yes, there are penalties for both the donor and the DAF. I never claimed the donor was off the hook if the DAF made the grant, only that it would not be made at all unless the DAF approved.
Gill
by Gill
Mon Aug 06, 2018 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Members Trust Company
Replies: 1
Views: 224

Re: Members Trust Company

Never heard of it until seeing your post. Appears to be a national full service personal trust company owned by credit unions. I note they accept trusts of half million. Might be worth considering.
Gill
by Gill
Mon Aug 06, 2018 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?
Replies: 16
Views: 1145

Re: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?

This is not a gift to you so maybe that helps answer the other concerns. Gill Gill, Why wouldn't this be a gift? Not suggesting any bad or illegal intentions, but if the lady dies and the poster then owns the full 50k, isn't this avoiding gift tax when it was given? No, it’s not a gift at the time ...
by Gill
Mon Aug 06, 2018 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?
Replies: 16
Views: 1145

Re: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?

One question that remains - am I correct in thinking that if I pay funeral and/or settlement fees (e.g., attorney fees) from this account after her death when it belongs to me, I can be reimbursed from the estate to reduce the estate tax that will be due? Yes, it would be normal and quite appropria...
by Gill
Mon Aug 06, 2018 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

In spite of all the discussion, the decision still lies in the hands of the DAF. If they won't make the grant it doesn't happen. OP can make the "gift" on his own, and take his chances with the deductibility.
Gill
by Gill
Mon Aug 06, 2018 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: When are the taxes due on rental property sale
Replies: 14
Views: 873

Re: When are the taxes due on rental property sale

Meg77 wrote:
Mon Aug 06, 2018 3:29 pm
To be safe just make sure you withhold (or pay via quarterly estimates) at least as much as you owed in 2017. Then you're good even if the actual amount you owe for 2018 far exceeds that.
...unless your 2017 AGI exceeds $150K in which case you should pay in 110%.
Gill
by Gill
Mon Aug 06, 2018 12:18 pm
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3210

Re: What to do with a five figure "inherited" cash sum?

vineviz wrote:
Mon Aug 06, 2018 10:36 am
But if the donor adamantly and stubbornly refused to engage with the IRS on this question, I'm not sure that the recipient wouldn't have at least some chance on being on the hook for taxes.
There are no taxes due. I don't understand the concern here.
Gill
by Gill
Mon Aug 06, 2018 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?
Replies: 16
Views: 1145

Re: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?

This is not a gift to you so maybe that helps answer the other concerns.
Gill
by Gill
Mon Aug 06, 2018 10:06 am
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3210

Re: What to do with a five figure "inherited" cash sum?

Aren't we making mountains out of molehills? My advice to OP is take the cash and deposit it in the bank.
Gill
by Gill
Mon Aug 06, 2018 9:06 am
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3210

Re: What to do with a five figure "inherited" cash sum?

To reiterate, the relative MUST declare the gift or else the OP will owe income tax on the money. That's nonsense. It will not be income to the OP regardless of whether the relative reports it is a gift. Gill It might be nonsense, but it is the law. That's interesting. Could you give me a citation ...
by Gill
Mon Aug 06, 2018 8:59 am
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3210

Re: What to do with a five figure "inherited" cash sum?

vineviz wrote:
Sun Aug 05, 2018 11:53 pm
To reiterate, the relative MUST declare the gift or else the OP will owe income tax on the money.
That's nonsense. It will not be income to the OP regardless of whether the relative reports it is a gift.
Gill
by Gill
Sun Aug 05, 2018 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning - tax consequence of paying obligations at our passing
Replies: 2
Views: 333

Re: Estate Planning - tax consequence of paying obligations at our passing

No one inherits your debts, and it is normal for a decedent’s liabilities to be paid from the estate before distribution. Your creditors also have the right to enforce claims against your estate. There are no tax consequences.
Gill
by Gill
Sun Aug 05, 2018 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning - Tax consequences of distributing inheitance at intervals
Replies: 5
Views: 429

Re: Estate Planning - Tax consequences of distributing inheitance at intervals

If your estate/trust holds onto assets for multiple years, it will have to file an annual income tax return. +1. The biggest tax consideration may be that the tax owed on any investment return will generally be much higher in a trust or estate than what your heirs would pay, unless they already hav...
by Gill
Sun Aug 05, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Legitimate deductible donation for charity travel?
Replies: 14
Views: 506

Re: Legitimate deductible donation for charity travel?

Are you saying the medical professionals make a cash contribution? If so, I see no reason why it wouldn't be deductible.
Gill
by Gill
Sun Aug 05, 2018 10:44 am
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3210

Re: What to do with a five figure "inherited" cash sum?

There really is no problem as the OP describes the situation. If he wants to give you cash, take the cash and don't make it difficult for him. Either keep it in the form of cash or deposit it with the realization the bank will file a government form if $10,000 or more. This form will have no impact ...
by Gill
Sun Aug 05, 2018 6:14 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

Keep in mind, you don’t direct a DAF to make a grant, you advise or suggest the grant.
Gill
by Gill
Sat Aug 04, 2018 8:37 pm
Forum: Personal Consumer Issues
Topic: Best way to send flowers out of town
Replies: 21
Views: 1122

Re: Best way to send flowers out of town

I’ve always called a florist in that city where it’s being delivered.
Gill
by Gill
Sat Aug 04, 2018 7:51 pm
Forum: Investing - Theory, News & General
Topic: How are muni rates determined?
Replies: 25
Views: 1563

Re: how are muni rates determined?

It seems clear the market looks on your city’s debt obligations as poor credit and high risk.
Gill
by Gill
Sat Aug 04, 2018 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

I repeat my earlier suggestion; Ask the donor advised fund to make this grant, fully disclosing where it is to go, and see what they say. This is not the final word by any means. The DAF custodian simply wants 100% protection for themselves. OP only needs 95% protection. It's not an issue of legali...
by Gill
Sat Aug 04, 2018 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

If it is a 501c designation it is deductible one way or another. If not then no. Good luck. Have you read my earlier posts? Gill Thank you for the correction. Just looked it up. If it is >$250 you have to prove it AND must show you did not receive anything in return. So NO in this case you can not ...
by Gill
Sat Aug 04, 2018 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

The individual is entitled to a charitable deduction on his personal tax return when he makes the donation to the Donor Advised Fund, not when the Fund makes the specific grant to the charitable organization, which could be one or more years after the original donation. It would be the responsibili...
by Gill
Sat Aug 04, 2018 10:53 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

How is he telling the 501c3 how to use the funds? How is that any different from earmarking a contribution to hurricane reliec or whatever? As I understand the plan, he would direct the charity to use the gift for the team on which his son plays. In that case he is using the charity to wash a gift ...
by Gill
Sat Aug 04, 2018 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

I am curious about it because it is not exactly like tuition - we are already paying our own share of the fees. As I suggested above, try it with the DAF and tell them what it's for. Also, tell them you are telling the 501(c)(3) how to use the funds. I feel confident you will be declined. If it was...
by Gill
Sat Aug 04, 2018 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

staythecourse wrote:
Sat Aug 04, 2018 9:18 am
If it is a 501c designation it is deductible one way or another. If not then no.

Good luck.
Have you read my earlier posts?
Gill
by Gill
Sat Aug 04, 2018 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

Gill, if it's a legitimate 501c3, how is the DAF donating to it not legitimate? Agree it seems fishy though. See my example about university tuition. When it is benefiting the donor personally or someone dependent on him it is not a legitimate charitable gift. Tell the DAF what it is for and see wh...
by Gill
Sat Aug 04, 2018 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4736

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

From your description of the planned use of the contribution, i.e., to benefit your child, this would not seem to be an appropriate grant from a DAF nor would it qualify as a charitable deduction for you individually. I'd be quite certain the DAF would refuse to make such a grant. Not much different...
by Gill
Sat Aug 04, 2018 9:00 am
Forum: Investing - Theory, News & General
Topic: How does one become a financial advisor?
Replies: 34
Views: 2248

Re: How does one become a financial advisor?

Funancials wrote:
Fri Aug 03, 2018 7:37 pm
Funny story, my friend studied for a full year for one leg of the CFA exam, showed up on test day and his drivers license was expired. He had to wait a full year to take it again.
Funny? Makes me sick!
Gill
by Gill
Fri Aug 03, 2018 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Bag with bank information goes missing (from bank)
Replies: 20
Views: 1427

Re: Bag with bank information goes missing (from bank)

I can remember when customers at the bank would have the bank include their telephone number and Social Security number on their printed checks.
Gill
by Gill
Fri Aug 03, 2018 4:20 pm
Forum: Local Chapters and Bogleheads Community
Topic: Post your Financial Milestone Announcements Here
Replies: 477
Views: 46212

Re: Poll: At what age did you hit $500k Net Worth

chaz wrote:
Sat Aug 03, 2013 1:41 pm
We hit 500K at 27.
Chaz, I believe you and I are about the same age and that was a fortune back in the '60's.
Gill
by Gill
Fri Aug 03, 2018 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Bag with bank information goes missing (from bank)
Replies: 20
Views: 1427

Re: Bag with bank information goes missing (from bank)

I agree with livesoft. All of that information is available to anyone who receives your check. I realize that most of us don't issue as many personal checks as we once did as the result of online bill pay, but nevertheless there is nothing particularly confidential about that information.
Gill
by Gill
Fri Aug 03, 2018 6:22 am
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 5991

Re: Co - signed a Mortage, Now wants out

celia wrote:
Fri Aug 03, 2018 2:51 am
Once you die, you wouldn't be on the hook any more. :oops:
Yes, but your estate would.
Gill
by Gill
Thu Aug 02, 2018 12:13 pm
Forum: Personal Consumer Issues
Topic: Gated communities pros and cons? (Atlanta or anywhere.)
Replies: 67
Views: 4171

Re: Gated communities pros and cons? (Atlanta or anywhere.)

I was never a resident in such a community, but my in-laws were. They lived close enough that we would visit often, but we always found it to be annoying and inconvenient to visit with the gated guard station and ID check. When the in-laws did not hear the phone, or were out of town but we needed t...
by Gill
Thu Aug 02, 2018 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 5991

Re: Co - signed a Mortage, Now wants out

Look at it from the bank's point of view. Your sister has a history of bankruptcy. You have a significant portfolio as you discussed in earlier posts. Why would the bank accept the credit of your sister, release you from the mortgage and continue the same interest rate? Banks aren't interested incre...
by Gill
Thu Aug 02, 2018 5:58 am
Forum: Investing - Theory, News & General
Topic: Annuity vs investment
Replies: 40
Views: 2456

Re: Annunity vs investment

FBN2014 wrote:
Thu Aug 02, 2018 2:16 am
Gill wrote:
Wed Aug 01, 2018 7:27 pm
Yes, it is. Many of us have done just that. I have an annuity returning 12%, $12,000+ a year on a $100,000 purchase.
Gill
At what age was your purchase in order to get such a high payout percentage?
78 with the first payment deferred for one year.
Gill
by Gill
Wed Aug 01, 2018 7:59 pm
Forum: Personal Consumer Issues
Topic: Attn: Buffalo area Bogleheads --> St. Catharines
Replies: 7
Views: 640

Re: Attn: Buffalo area Bogleheads --> St. Catharines

Look at megabus.com that runs busses from Buffalo Airport to St. Catherine’s. My choice would be to rent a car, but you’ve ruled that out.
Gill