Search found 4177 matches

by Gill
Tue May 22, 2018 4:07 pm
Forum: Personal Consumer Issues
Topic: Florida Living
Replies: 23
Views: 1609

Re: Florida Living

No, Tampa airport is 135 miles from Cape Coral. Fort Myers Airport (RSW) is only 15 miles. Gill Would you classify that as a "relatively major" airport, though? I thought it was more of a regional airport. Certainly would call it a major international airport. Almost nine million passengers last ye...
by Gill
Tue May 22, 2018 2:57 pm
Forum: Personal Consumer Issues
Topic: Florida Living
Replies: 23
Views: 1609

Re: Florida Living

tech_arch wrote:
Tue May 22, 2018 12:37 pm
* Airport: Tampa is probably the closest for Cape Coral, and probably a bit over an hour away.
No, Tampa airport is 135 miles from Cape Coral. Fort Myers Airport (RSW) is only 15 miles.
Gill
by Gill
Tue May 22, 2018 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: General question for someone with knowledge of real estate law
Replies: 6
Views: 347

Re: General question for someone with knowledge of real estate law

I suppose a listing agent can solicit offers for anything, but any buyer won't be able to acquire good title without the consent of both joint owners. Gill If one spouse is opposed to selling the property, there could be a problem when the RE agent delivers a buyer who is ready, willing, and able t...
by Gill
Tue May 22, 2018 2:12 pm
Forum: Personal Consumer Issues
Topic: Florida Living
Replies: 23
Views: 1609

Re: Florida Living

the "...long evening walk to a beach" could be the deal breaker in most of Florida. Such housing begins in the seven figures in this part of the state.
Gill
by Gill
Tue May 22, 2018 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: General question for someone with knowledge of real estate law
Replies: 6
Views: 347

Re: General question for someone with knowledge of real estate law

I suppose a listing agent can solicit offers for anything, but any buyer won't be able to acquire good title without the consent of both joint owners.
Gill
by Gill
Tue May 22, 2018 11:02 am
Forum: Investing - Help with Personal Investments
Topic: $1,700,000 from family trust...
Replies: 57
Views: 6610

Re: $1,700,000 from family trust...

Putting your inheritance into a joint account with your wife will probably be a conversion of separate property to marital property, which could cost you in the event of a divorce. There are legal, as well as financial, considerations. This is entirely state dependent, both whether an inheritance a...
by Gill
Mon May 21, 2018 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: How are dividends from Vanguard taxed?
Replies: 9
Views: 665

Re: How are dividends from Vanguard taxed?

"Qualified" dividends are taxed at the long term capital gains rate. Most dividends from U.S. corporations are "qualified" dividends. Dividends that are not qualified are taxed as ordinary Federal income tax rates. Dividends from REITs are not "qualified" dividends. I also believe that there is a h...
by Gill
Mon May 21, 2018 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: How are dividends from Vanguard taxed?
Replies: 9
Views: 665

Re: How are dividens from Vanguard taxed?

Dividends are taxed as ordinary income. Capital gain dividends are taxed as capital gains. Gill What are capital gains dividends? Capital gains that are realized in mutual funds you own and taxed to you. Gill Just for clarification: capital gains are not taxed until you sell? However dividend distr...
by Gill
Mon May 21, 2018 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: How are dividends from Vanguard taxed?
Replies: 9
Views: 665

Re: How are dividens from Vanguard taxed?

masonstone wrote:
Mon May 21, 2018 8:37 pm
Gill wrote:
Mon May 21, 2018 8:33 pm
Dividends are taxed as ordinary income. Capital gain dividends are taxed as capital gains.
Gill
What are capital gains dividends?
Capital gains that are realized in mutual funds you own and taxed to you.
Gill
by Gill
Mon May 21, 2018 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: How are dividends from Vanguard taxed?
Replies: 9
Views: 665

Re: How are dividens from Vanguard taxed?

Dividends are taxed as ordinary income. Capital gain dividends are taxed as capital gains. You indicated in an earlier post you earn nearly a million a year. Do you do your own tax return?
Gill
by Gill
Mon May 21, 2018 5:45 pm
Forum: Investing - Help with Personal Investments
Topic: Have Annuity Rates Gone Up?
Replies: 15
Views: 1464

Re: Have Annuity Rates Gone Up?

I occasionally check SPIA’s sold through Vanguard and, yes, rates seem to have increased in recent months, presumably because of the general rise in interest rates.
Gill
by Gill
Mon May 21, 2018 6:19 am
Forum: Investing - Help with Personal Investments
Topic: $1,700,000 from family trust...
Replies: 57
Views: 6610

Re: $1,700,000 from family trust...

You mention you will receive cash. Ask the trust manager whether you would receive more, if you receive assets of the trust such as stock etc. Let me add context. Trust tax rates are high. Estate tax rates are high depending on the total value of the estate, Say the trust sells the assets and then ...
by Gill
Sun May 20, 2018 8:34 pm
Forum: Investing - Help with Personal Investments
Topic: Transfer on Death Accounts
Replies: 28
Views: 2048

Re: Transfer on Death Accounts

Yes, but thankfully my state now matches the federal exemption. That wasn't always the case. Back in 09 my state limited exemptions to $1M or less. I can't speak for your state law, but I would be very surprised if your state required you as a matter of law to go through the probate process for est...
by Gill
Sun May 20, 2018 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts and Bank Accounts
Replies: 17
Views: 1102

Re: Trusts and Bank Accounts

Pajamas wrote:
Sun May 20, 2018 4:37 pm
Gill wrote:
Sun May 20, 2018 4:04 pm
It doesn’t appear the bank is trustee so no trust officer involved.
Gill
The trust officer should still be able to answer questions about policies regarding deposits and withdrawals, checks, transfers, etc., specific to trusts.
This would normally be the role of bank counsel.
Gill
by Gill
Sun May 20, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts and Bank Accounts
Replies: 17
Views: 1102

Re: Trusts and Bank Accounts

Other than my checking account, I have my banking and financial accounts in a revocable trust. I have found that if I have a bank account, such as a CD, and I want to withdraw the money, the bank insists on making the check payable to me as trustee, rather than just me, despite my request to remove...
by Gill
Sun May 20, 2018 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Using the 3% SWR While Still Working
Replies: 9
Views: 1115

Re: Using the 3% SWR While Still Working

TravelforFun wrote:
Sun May 20, 2018 11:34 am
Knowing we're not going to run out of money...
There are no guarantees...
Gill
by Gill
Sun May 20, 2018 9:46 am
Forum: Investing - Help with Personal Investments
Topic: $1,700,000 from family trust...
Replies: 57
Views: 6610

Re: $1,700,000 from family trust...

Yes, I knew you were suggesting it because of the FDIC insurance. My point is, this is inherited money and for various reasons it is often best to keep it in the name of the beneficiary, not transfer it to joint ownership which can have negative consequences in the event of a divorce, lawsuit or fo...
by Gill
Sun May 20, 2018 9:34 am
Forum: Investing - Help with Personal Investments
Topic: $1,700,000 from family trust...
Replies: 57
Views: 6610

Re: $1,700,000 from family trust...

OP inherited this money. Why is a joint account suggested by welderwannabe? Solely as a way to increase FDIC insurance at a given financial institution, which I think I stated pretty clearly. FDIC insurance is $250K per person on a joint account, so it would boost it to $500K. OP could also use ind...
by Gill
Sun May 20, 2018 9:13 am
Forum: Investing - Help with Personal Investments
Topic: $1,700,000 from family trust...
Replies: 57
Views: 6610

Re: $1,700,000 from family trust...

I am new to the Boglehead forum but after reading quite a lot of the Q&A I believe I am woefully in need of this forums expertise. I am to receive (in approx. 60 days) $1,700,000 from my parents trust. My wife and I are both 57 yrs old and plan to continue to work until age 62. I have a small amoun...
by Gill
Sun May 20, 2018 8:02 am
Forum: Investing - Help with Personal Investments
Topic: $1,700,000 from family trust...
Replies: 57
Views: 6610

Re: $1,700,000 from family trust...

Two comments about the advice above:

OP inherited this money. Why is a joint account suggested by welderwannabe? Also, why the comment by CurlyDave about 60 days to do something?

Gill
by Gill
Sat May 19, 2018 8:18 pm
Forum: Investing - Help with Personal Investments
Topic: Transfer on Death Accounts
Replies: 28
Views: 2048

Re: Transfer on Death Accounts

Hmmm - I guess I really don't know. IRA's have secondary beneficiaries but I don't know what would happen with TOD's, POD's or co-accounts. I need to find out. Can brokerage accounts have beneficiaries? Edit: Thanks "Avoiding..." That is exactly what I am trying to set up. I think the answer is you...
by Gill
Sat May 19, 2018 7:07 pm
Forum: Investing - Help with Personal Investments
Topic: Transfer on Death Accounts
Replies: 28
Views: 2048

Re: Transfer on Death Accounts

It’s fine if that’s the way you want it. What happens if you are predeceased by your daughter?
Gill
by Gill
Sat May 19, 2018 6:37 am
Forum: Personal Finance (Not Investing)
Topic: The Executor's Duties
Replies: 13
Views: 1149

Re: The Executor's Duties

jetsmell wrote:
Sat May 19, 2018 4:53 am
Gill, I would like to say a special Thank You for your advice. You appear to know what you're talking about.
You’re very welcome. Glad I could help.
Gill
by Gill
Fri May 18, 2018 8:19 pm
Forum: Personal Consumer Issues
Topic: Nephew graduating high school & joining military. Gift Ideas?
Replies: 29
Views: 1514

Re: Nephew graduating high school & joining military. Gift Ideas?

There’s not much he can use in the military. They give you everything you need. Cash would be very welcome for when he first has leave time. How about $50?
Gill
by Gill
Fri May 18, 2018 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: The Executor's Duties
Replies: 13
Views: 1149

Re: The Executor's Duties

Found out today the will distribution is finally set for this Wednesday. What kind of papers are normally signed at that time. This is in the State of Ohio. Thank's in advance. You are usually asked to sign a Receipt and Release in which you acknowledge receipt of the distribution and release the e...
by Gill
Fri May 18, 2018 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Home Loan from Parents
Replies: 23
Views: 1819

Re: Home Loan from Parents

In spite of all you have said, family loans are best avoided for the many reasons frequently discussed on this forum.
Gill
by Gill
Thu May 17, 2018 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: The Executor's Duties
Replies: 13
Views: 1149

Re: The Executor's Duties

...Didn't you ask a similar question less than a month ago that was discussed at length? Gill Yep. I don’t think it was ever clarified whether the poster was the heir or the heir’s BF. IIRC, there was a lot of drama involved. OP seems to have acknowledged that she is the beneficiary, not a friend a...
by Gill
Thu May 17, 2018 7:32 pm
Forum: Investing - Help with Personal Investments
Topic: Cash instead of bonds for 3-fund
Replies: 22
Views: 1991

Re: Cash instead of bonds for 3-fund

Yes, it is. Don’t judge the fund by its recent performance in the wake of rising interest rates. It should do much better than a money market fund over the long term. I own an intermediate term bond fund as well and, yes, it’s worth less than it was a year ago but wouldn’t think of selling it.
Gill
by Gill
Thu May 17, 2018 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: The Executor's Duties
Replies: 13
Views: 1149

Re: The Executor's Duties

" Also, it would be be usual practice for the law firm to be paid before or at the same time as the residuary interests are distributed. What would not be proper practice would be for residuary interests to be distributed at different times. In other words, if the estate is to be distributed in thi...
by Gill
Thu May 17, 2018 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Employ a daughter who in turn volunteers?
Replies: 18
Views: 1266

Re: Employ a daughter who in turn volunteers?

It’s quite common in banking to pay employees to volunteer to enhance the image of the bank. I’m afraid the family relationship and the likely lack of any substantial duties would probably negate this as a legitimate business expense.
Gill
by Gill
Thu May 17, 2018 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Employ a daughter who in turn volunteers?
Replies: 18
Views: 1266

Re: Employ a daughter who in turn volunteers?

None of that will fly. She is not your employee. Also, such an arrangement with a university is not deductible.
Gill
by Gill
Thu May 17, 2018 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: The Executor's Duties
Replies: 13
Views: 1149

Re: The Executor's Duties

Your question hinges a bit on what "their part of the inheritance" is. It would not be unusual for their to be cash bequests in the will which would be paid before residuary interests are distributed. Also there might be specific devises such as "my car" or "my house" that could be distributed befor...
by Gill
Wed May 16, 2018 11:04 am
Forum: Personal Consumer Issues
Topic: New motorcycle rider
Replies: 106
Views: 4295

Re: New motorcycle rider

OP has vanished. Do you think he's at the Harley dealer? :happy
Gill
by Gill
Wed May 16, 2018 10:55 am
Forum: Personal Consumer Issues
Topic: New motorcycle rider
Replies: 106
Views: 4295

Re: New motorcycle rider

Few experiences can match the exuberance of riding a great bike on a great open (traffic free) road in a wonderful area of the country or the camaraderie one can have with fellow bikers. So very true. DW and I did much of our riding in the mountains of Tennessee, Georgia and the Carolinas where the...
by Gill
Wed May 16, 2018 8:48 am
Forum: Personal Consumer Issues
Topic: New motorcycle rider
Replies: 106
Views: 4295

Re: New motorcycle rider

Interesting to note, OP is a surgeon in his 30's. Might want to spend some time in the ER on a Saturday night before considering a motorcycle.
Gill
by Gill
Tue May 15, 2018 7:30 pm
Forum: Personal Consumer Issues
Topic: New motorcycle rider
Replies: 106
Views: 4295

Re: New motorcycle rider

As an experienced rider who has logged 65,000 miles, I advise you to forget it. It is incredibly dangerous out there today due to distracted drivers, and motorcyclists are extremely vulnerable. I got hit by a deer going 65 mph and suffered some serious injuries, and I was wearing all the safety gea...
by Gill
Tue May 15, 2018 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Executor - Vanguard
Replies: 9
Views: 1128

Re: Executor - Vanguard

Hoping Gill will comment, but I think serving as executor, for a price, is something corporate fiduciaries usually do. It is just Vanguard that will not do it. POA is another matter. If I did not have an individual I could trust and the need would be at some undefined time in the future I would pro...
by Gill
Tue May 15, 2018 5:26 pm
Forum: Investing - Help with Personal Investments
Topic: 84 - Need to adjust portfolio
Replies: 4
Views: 478

Re: 84 - Need to adjust portfolio

ralph124cf wrote:
Tue May 15, 2018 5:22 pm
I haven't checked the 2018 tax law, but up to last year the nursing home counted as a deductible medical expense if it exceeded 7.5% of your income. This would probably wipe out any tax liability.

Ralph
OP says he is in independent living which does not qualify as a medical expense.
Gill
by Gill
Tue May 15, 2018 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Buying land in central FL
Replies: 55
Views: 5133

Re: Buying land in central FL

Read the history of Cape Coral and Rotonda, both Florida areas heavily promoted in the 1950’s and still not fully developed. One of the main problems of both areas was availability of utilities as well as lots that weren’t buildable. Also, where is this located? Central Florida has miles and miles ...
by Gill
Tue May 15, 2018 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.
Replies: 24
Views: 1158

Re: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.

libralibra wrote:
Tue May 15, 2018 1:30 pm
I'm wondering if the confusion between what Gill and everyone else is saying could be because Gill is talking about a bank IRA and everyone else is talking regular accounts?
No, I wasn't talking about a bank IRA.
Gill
by Gill
Tue May 15, 2018 6:38 am
Forum: Investing - Help with Personal Investments
Topic: How can I clear $40-60,000/yr with $1,000,000 cash... Low Risk?
Replies: 71
Views: 10403

Re: How can I clear $40-60,000/yr with $1,000,000 cash... Low Risk?

mega317 wrote:
Mon May 14, 2018 11:58 pm
Hard to get advice from people in a similar financial situation when you won't share yours. What you're asking for isn't even close to existing.
Go back to OP’s earlier posts. He’s been discussing this for several years.
Gill
by Gill
Mon May 14, 2018 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.
Replies: 24
Views: 1158

Re: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.

I don’t agree with your interpretation of the “bank’s deposit account records”. Realizing I won’t change your mind, would you be willing to risk your own funds on your interpretation of this provision? I wouldn’t.
Gill
by Gill
Mon May 14, 2018 8:12 pm
Forum: Investing - Help with Personal Investments
Topic: Moving brokerage account established for minor
Replies: 3
Views: 226

Re: Moving brokerage account established for minor

Appears you are the custodian and would therefore have authority to move the account.
Gill
by Gill
Mon May 14, 2018 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Executor - Vanguard
Replies: 9
Views: 1128

Re: Executor - Vanguard

In all my years in the trust business associated with five major corporate fiduciaries, I never knew of any that would accept a POA from a client. We often performed much of the same function as trustee of a RLT, a much better and well defined relationship.
Gill
by Gill
Mon May 14, 2018 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.
Replies: 24
Views: 1158

Re: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.

We’re saying the same thing. The beneficiaries must be designated in the account name as in a Totten Trust. My checking account is in my name alone but my wife is designated as a POD beneficiary. That account would only be insured for $250K. Gill Yes, because you only have one beneficiary, so no di...
by Gill
Mon May 14, 2018 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.
Replies: 24
Views: 1158

Re: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.

We’re saying the same thing. The beneficiaries must be designated in the account name as in a Totten Trust. My checking account is in my name alone but my wife is designated as a POD beneficiary. That account would only be insured for $250K.
Gill
by Gill
Mon May 14, 2018 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.
Replies: 24
Views: 1158

Re: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.

Any information I've seen on FDIC insurance doesn't extend the insurance beyond $250K because of a POD designation, only in the case of a joint account. Gill Sorry, but POD designation can multiply the FDIC (or NCUA) federal insurance limits above $250k See my post above. I’m not sure you’re correc...
by Gill
Mon May 14, 2018 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.
Replies: 24
Views: 1158

Re: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.

As I read all of this, the coverage applies to the long-established common law Totten Trust accounts, eg. A in trust for B, not the simple designation of a beneficiary on an account titled in the name of A.
by Gill
Mon May 14, 2018 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.
Replies: 24
Views: 1158

Re: Unequal beneficiaries for POD accounts to maximize FDIC at Ally.

Any information I've seen on FDIC insurance doesn't extend the insurance beyond $250K because of a POD designation, only in the case of a joint account.
Gill
by Gill
Mon May 14, 2018 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Executor - Vanguard
Replies: 9
Views: 1128

Re: Executor - Vanguard

They don’t act as executor or POA.
Gill