OP may be a resident of one of the 6 states that have an inheritance tax. My understanding is that inheritance taxes are paid by the beneficiary, not the estate. The tax may vary depending on the relationship between the beneficiary and the deceased.
Is the OP a beneficiary of the estate? Or is this intended to be a gift from the father of the OP?
Search found 1531 matches
- Tue Mar 26, 2024 10:30 am
- Forum: Personal Finance (Not Investing)
- Topic: Is a check written from an estate account going to look like an inheritance rather than gift?
- Replies: 7
- Views: 1412
- Mon Mar 25, 2024 1:46 pm
- Forum: Personal Finance (Not Investing)
- Topic: Wife's name not on the deed
- Replies: 6
- Views: 1163
Re: Wife's name not on the deed
It is common in California to have revocable living trusts. Our estate planning attorney set up a family trust for us. All our real estate is held by the family trust, along with our brokerage account.
It could be a good idea for you to explore setting us one or more trusts. If you convey your home to the trust, then your estate would avoid going through probate for your home. Probably best to work with a local estate planning attorney.
It could be a good idea for you to explore setting us one or more trusts. If you convey your home to the trust, then your estate would avoid going through probate for your home. Probably best to work with a local estate planning attorney.
- Sat Mar 23, 2024 10:06 am
- Forum: Investing - Theory, News & General
- Topic: It is really that simple to do it the Bogleheads way?
- Replies: 87
- Views: 8161
Re: It is really that simple to do it the Bogleheads way?
It is that simple.
But certainly not easy to stay the course during major bear markets.
Also, understand that the returns are in no way guaranteed.
+1 to both pointsYou have to become resistent to financial porn. Over the years there will be news article of new investment opportunity like Bitcoin and NFT. There will be article that the market will crash and burn and make everyone bankrupt. You have to learn not to act on those articles.
- Fri Mar 22, 2024 3:59 pm
- Forum: Personal Investments
- Topic: Inheritance
- Replies: 16
- Views: 2024
Re: Inheritance
I think the OP is concerned about capital gains taxes rather than the estate tax, which if relevant should have been handled by the executor/personal representative or trustee before distributing assets to the OP. In most cases there should be a step-up in basis to the date of death in January, so the capital gains should be relatively limited (though the S&P 500 is up about 12% since its low in January 2024).In 2024, the Internal Revenue Service (IRS) levied a federal estate tax on individuals having assets with a fair market value of $13.61 million or greater at their death.
Not all states have an inheritance tax.
I don't think leaving the assets at their current location excepts you from tax liability.
- Fri Mar 22, 2024 3:39 pm
- Forum: Personal Investments
- Topic: Inheritance
- Replies: 16
- Views: 2024
Re: Inheritance
Further:
Sorry for your loss. You should be able to transfer the assets "in-kind" which means that if you have 100 shares of Microsoft in your old account, the 100 shares are transferred to your new account (at another brokerage like Schwab, Fidelity or Vanguard) without any sale of the stock, which would potentially mean realizing a capital gain. You should have your new brokerage "pull" the assets over from the old brokerage. If there are enough assets you may even be able to get a transfer bonus. After this is done you can take your time. Post your portfolio here for advice and don't worry about needing to do anything more than get out from under the Advisor at present.
Sorry for your loss. You should be able to transfer the assets "in-kind" which means that if you have 100 shares of Microsoft in your old account, the 100 shares are transferred to your new account (at another brokerage like Schwab, Fidelity or Vanguard) without any sale of the stock, which would potentially mean realizing a capital gain. You should have your new brokerage "pull" the assets over from the old brokerage. If there are enough assets you may even be able to get a transfer bonus. After this is done you can take your time. Post your portfolio here for advice and don't worry about needing to do anything more than get out from under the Advisor at present.
- Fri Mar 22, 2024 2:19 pm
- Forum: Personal Finance (Not Investing)
- Topic: Should we have Long Term Care Insurance?
- Replies: 34
- Views: 2960
Re: Should we have Long Term Care Insurance?
One bit of semi-conventional wisdom about Long Term Care Insurance is that there are 3 categories of households: 1) Those for whom paying for long-term care would not be catastrophically expensive. Maybe they have enough assets to support retirement spending of $200,000 per year, so paying $10,000 per month for long-term care would not break them. 2) Those for whom paying for long-term care would be catastrophically expensive, but who can't afford to pay the premium for Long Term Care Insurance, which for reasonable coverage might be several thousand dollars per year per person. Medicaid is probably their default long-term care insurance. 3) Those in the middle, who can afford to pay the premium but for whom paying for long-term care itself...
- Thu Mar 21, 2024 3:25 pm
- Forum: Personal Investments
- Topic: Treasury Note versus Vanguard Intermediate Term Treasury Fund
- Replies: 2
- Views: 484
Treasury Note versus Vanguard Intermediate Term Treasury Fund
I've got a likely need for several hundred thousand $ 5 to 7 years from now (for CCRC buy in). I was thinking of investing some spare cash I have now in either 5 year Treasury notes or the Vanguard Intermediate Term Treasury Fund VFITX (I live in CA so U.S. government obligations are nice). The Vanguard fund has a duration of about 5 years, which is my investment horizon. I see that currently the 5-year Treasury notes are yielding about 4.3%. The Vanguard Intermediate Treasury Fund has an SEC yield of about 3.5%, but a yield to maturity of 4.4%. Which would be better for my purposes?
- Wed Mar 20, 2024 1:20 pm
- Forum: Personal Finance (Not Investing)
- Topic: How to receive an inheritance if options are given
- Replies: 13
- Views: 1686
Re: How to receive an inheritance if options are given
Apparently 6 states have an inheritance tax, including Pennsylvania. (I am a beneficiary of a trust where the trust company says they need to verify if the inheritance tax was paid more than 80 years ago!) Agree that without more details it is difficult to give precise advice. But in general a Roth would be preferred since all gains would be tax-free.Recipient is not taxed “upfront” on any inheritance.
- Wed Mar 20, 2024 8:30 am
- Forum: Forum Issues and Administration
- Topic: Rule Against Disparaging a Post or Question?
- Replies: 68
- Views: 6419
Re: Rule Against Disparaging a Post or Question?
I like and appreciate a diversity of views. With the exception of views that the site owners have prohibited (positive views of "greater fools" investments), I think all perspectives should be welcome on the forum. The moderators also will lock discussions which are not personal and actionable. I wondered if the OP was referring to my post on the earlier discussion on "Has the 401k been a net positive or negative?" I posted "is this actionable?" and sure enough after less than 2 hours the thread was locked by a moderator: This thread has run its course and is locked (not personal nor actionable). General comment threads are off topic in the forums with "Personal" in the title. See: A reminder that no...
- Tue Mar 19, 2024 10:14 am
- Forum: Personal Finance (Not Investing)
- Topic: How to receive an inheritance if options are given
- Replies: 13
- Views: 1686
Re: How to receive an inheritance if options are given
Why are you going to be taxed up front? Do you live in a state with an inheritance tax?
- Mon Mar 18, 2024 4:51 pm
- Forum: Personal Finance (Not Investing)
- Topic: Has the 401k been a net positive or negative?
- Replies: 21
- Views: 1361
Re: Has the 401k been a net positive or negative?
Is this actionable?
- Mon Mar 18, 2024 11:23 am
- Forum: Personal Finance (Not Investing)
- Topic: Financial implications of long jury duty
- Replies: 24
- Views: 2020
Re: Financial implications of long jury duty
When I was on jury duty someone told the judge that their employer would only pay for 2 days of jury service or something like that. The judge asked where they worked. When they answered, the judge replied that he knew the General Counsel of that company and would call them up and request that the employer pay the prospective juror their regular pay for the entire length of the trial. I can imagine that the General Counsel would not want to piss off a judge, though I don't know exactly how that was settled.
- Mon Mar 18, 2024 10:28 am
- Forum: Personal Finance (Not Investing)
- Topic: Buying a Home: Am I Required to retain Escrow Services?
- Replies: 15
- Views: 1057
Re: Buying a Home: Am I Required to retain Escrow Services?
There is no law that requires you to use an escrow service. But there is no law that requires a lender to loan you money, with or without an escrow service, if you don't meet the lender's requirements. So this is something to talk to the mortgage provider/broker about. It used to be that if your loan was above 80% of the value of the property, the lender would require an escrow service to pay for insurance and property taxes. There have been threads about how to get rid of escrow service once the loan has been paid down enough or the property value increases enough. In my experience there is no explicit charge for the escrow service provided by the lender, but there is the hassle of making sure they do in fact pay the bills and the opportun...
- Sun Mar 17, 2024 9:28 pm
- Forum: Personal Consumer Issues
- Topic: Cameras, Binoculars and Jackets for Alaska Cruise
- Replies: 21
- Views: 1458
Re: Cameras, Binoculars and Jackets for Alaska Cruise
Your phone camera, if it is a relatively recent model, is perfect for this use case.Primarily to take photos of people with backgrounds, some nature shots of glaciers etc, not looking for too many wild-life photos that need high zoom etc (I figure I can get far better ones off NatGeo )
- Wed Mar 13, 2024 2:00 pm
- Forum: Personal Investments
- Topic: What Platforms are DIY Investors Using to Manage Portfolio
- Replies: 26
- Views: 2667
Re: What Platforms are DIY Investors Using to Manage Portfolio
If you subscribe to the Bogleheads investment philosophy of a simple 2-4 fund portfolio there is very little to manage. We have virtually all our retirement and taxable assets in Vanguard mutual funds at Vanguard. So not much management to do.I'm curious about what platforms investors are using to self-manage their portfolios
- Tue Mar 12, 2024 3:59 pm
- Forum: Personal Finance (Not Investing)
- Topic: Letter to heir - what would you include?
- Replies: 90
- Views: 7798
Re: Letter to heir - what would you include?
Unless you expect your heirs to never want or need to work again I would not include this. Taking 6 months or a year off can derail a career path.Consider taking an extended leave of absence / sabbatical.
- Mon Mar 11, 2024 10:37 am
- Forum: Personal Consumer Issues
- Topic: California housing prices vs net people moving out.
- Replies: 17
- Views: 1243
Re: California housing prices vs net people moving out.
In 2020 and 2021, the average gross income of taxpayers who moved from California to another state was about $137,000. This is up from $75,000 in 2015 and 2016. If this statistic is accurate, then the average income of those leaving California is only slightly higher than the average income of all Californians. According to the Census Bureau, the average household income of Californians in 2022 was $130,718. My anecdotal evidence is that most of the folks leaving California for economic reasons are middle income. They can't buy a house in California on a household income of $137,000, but can buy a house with that income elsewhere. The housing market in California, especially in coastal/urban areas, is not driven by first-time homebuyers wi...
- Mon Mar 11, 2024 9:15 am
- Forum: Personal Consumer Issues
- Topic: Want to leave the California bay area. Where to live?
- Replies: 63
- Views: 5822
Re: Want to leave the California bay area. Where to live?
What about San Diego. Probably the best climate in the United States.If climate is #1, then yeah, your only real choice is southern Europe some where on the med. Definitely nothing in the USA.
- Sun Mar 10, 2024 6:10 pm
- Forum: Personal Consumer Issues
- Topic: Looking for upright piano in northern / central NJ
- Replies: 17
- Views: 1277
Looking for upright piano in northern / central NJ
My son is looking for an upright piano in northern / central New Jersey. Not looking to purchase a Steinway. Maybe a used Yamaha upright. I know some people can't get rid of a used piano, but he'd like a good quality piano that he can keep and play for decades. Any thoughts?
- Fri Mar 08, 2024 3:57 pm
- Forum: Personal Investments
- Topic: Time to convert mutual funds to ETF?
- Replies: 28
- Views: 2420
Re: Time to convert mutual funds to ETF?
+1Tax efficiency is the same. The difference in expense ratios is too trivial to matter.
If you have other reasons to switch to ETFs, fine, but so far nothing that you mentioned matters.
I understand there are some differences in automatic investments, maybe in buying partial shares (or maybe that went away). And the buying process is different if that matters to you.
If you just like ETFs, that's a reason to switch. Or if you are going to move your money to another brokerage, that is a good reason to switch.
And, as someone else mentioned, there is the bid/ask spread for ETFs.
- Fri Mar 08, 2024 1:46 pm
- Forum: Personal Finance (Not Investing)
- Topic: Your Original Medicare OR Advantage Experience: Nightmare or Sublime?
- Replies: 156
- Views: 10606
Re: Your Original Medicare OR Advantage Experience: Nightmare or Sublime?
My wife and I have been on Original Medicare with a Plan G and Part D drug supplements for the past 6 or 7 years. It certainly hasn't been a nightmare. I wouldn't call it sublime, either. It works as expected, especially when I had 2 emergency abdominal surgeries on a cross country road trip 3 years ago. You probably should be shopping your Part D drug plan every year, which we have done. I think it is pretty ridiculous that our Medicare system essentially expects 90+ year olds (we are a long way away) to be going on-line and shopping the drug plan every year. But it works as designed.
- Thu Mar 07, 2024 7:55 am
- Forum: Personal Finance (Not Investing)
- Topic: selling real estate for passive income
- Replies: 9
- Views: 1246
Re: selling real estate for passive income
So you are trying to find a "good dividend stock" with a 7.2% dividend yield ($18,000 annual income for investment of $250,000). This will be hard to do. For reference, the Vanguard High Dividend Yield Index Fund has a dividend yield of 3%, and you are looking for something paying more than twice that. A company paying a 7.2% yield in this market is not one that I would call "good," it is likely to be pretty speculative and/or in bad financial shape, plus being undiversified by definition.
- Tue Mar 05, 2024 9:24 am
- Forum: Personal Finance (Not Investing)
- Topic: Crypto appraisal needed for 2023 donations
- Replies: 19
- Views: 1932
Re: Crypto appraisal needed for 2023 donations
Yet another reason to avoid crypto.
- Tue Mar 05, 2024 9:20 am
- Forum: Personal Finance (Not Investing)
- Topic: Giving (unequal) money to adult children
- Replies: 90
- Views: 8405
Re: Giving (unequal) money to adult children
We have always given equal amounts of money to our adult children. When my parents offered to loan us some money decades ago, they made the same loan offer (amount and interest rate) to my siblings. You could always loan money to your less well off child and make the same loan offer to your other children - they may not actually want to borrow the money from you. I have some experience (in my DW's case) when a loan to one child had not been paid off at the parent's death. My DW was her mother's executor, and the will's instructions were specific that the loan be repaid from the estate proceeds before the rest of the estate was divided. My DW of course followed the will instructions. This caused some hard feelings between my DW and her sibli...
- Sun Mar 03, 2024 8:30 pm
- Forum: Personal Consumer Issues
- Topic: Moving to San Diego from Sleepy Low Cost Area
- Replies: 77
- Views: 8196
Re: Moving to San Diego from Sleepy Low Cost Area
According to rentcafe.com (who I can’t necessarily vouch for) average rent in Little Italy is about $3,000 per month. https://www.rentcafe.com/average-rent-m ... san-diego/
Is $3,000 er month for apartment rental affordable for you? If you use the rule of thumb that rent should be no more than 30% of your income, you’d need to be making at least $120,000 per year for the rent to be affordable.
Is $3,000 er month for apartment rental affordable for you? If you use the rule of thumb that rent should be no more than 30% of your income, you’d need to be making at least $120,000 per year for the rent to be affordable.
- Sun Mar 03, 2024 6:10 pm
- Forum: Personal Consumer Issues
- Topic: Home voltage irregularity
- Replies: 22
- Views: 2788
Re: Home voltage irregularity
Glad to be of help! What a mystery, on the way to being solved.Re reading all of this, your answer is likely the closest to what the problem is.
- Tue Feb 27, 2024 3:15 pm
- Forum: Personal Finance (Not Investing)
- Topic: Cancer Diagnosis Hubby
- Replies: 39
- Views: 5809
Re: Cancer Diagnosis Hubby
Dear Joelly,
I'm so sorry to hear about your husband's diagnosis. This is certainly a very stressful time for you and your family. My heart goes out to you.
As far as diet goes, I think you should check with your husband's physician. We can't give medical advice on this forum, and your husband's physician is the best source for this information.
Yes, you should speak with an estate attorney soon. Your husband needs a will and most probably a durable power of attorney for healthcare and durable power of attorney (for financial matters). You need these documents for yourself, as well.
If you have specific financial concerns, you can post them here on the Bogleheads forum and I'm sure you will get good advice.
I'm so sorry to hear about your husband's diagnosis. This is certainly a very stressful time for you and your family. My heart goes out to you.
As far as diet goes, I think you should check with your husband's physician. We can't give medical advice on this forum, and your husband's physician is the best source for this information.
Yes, you should speak with an estate attorney soon. Your husband needs a will and most probably a durable power of attorney for healthcare and durable power of attorney (for financial matters). You need these documents for yourself, as well.
If you have specific financial concerns, you can post them here on the Bogleheads forum and I'm sure you will get good advice.
- Mon Feb 26, 2024 10:04 am
- Forum: Personal Investments
- Topic: Financial advisor recommendation--beyond the usual suspects?
- Replies: 58
- Views: 5341
Re: Financial advisor recommendation--beyond the usual suspects?
Ok. Ok. You all convince me to give the forum a try. I'm putting together a portfolio post and will post shortly. Thanks, all. I have used both Rick Ferri and Jon Luskin in the past to gain confidence that I'm not missing anything important in my DIY Boglehead-ish approach to our investments and financial advice. I also wanted to introduce my DW to a trusted financial advisor should I become incapacitated or hit by the proverbial bus. If you have read this forum for a while and invest in a Boglehead way, you may hear that there is not anything major you should change, but you may also learn some more detail about asset placement etc. I don't regret spending the money. If you have trouble finding another advisor, I would sign up with Rick o...
- Mon Feb 26, 2024 9:39 am
- Forum: Personal Consumer Issues
- Topic: Best water heater with solar
- Replies: 55
- Views: 5411
Re: Best water heater with solar
Do you know how much (if anything) you will be paid for any excess power generation? For my utility I am literally paid nothing for my excess generation unless the payment would be more than $100 per year, so in that case any excess generation is literally free if I were to use it somewhere else. Even if I reach the $100 threshold I'm only paid about $0.06 per kilowatt hour.
If your situation is similar I would definitely go with option 1 and install a conventional electric water heater. If you are paid $0.40 per kilowatt hour for excess generation, then it might make sense to run the economics of a heat pump water heater, but I suspect it still might make sense to go with option 1.
If your situation is similar I would definitely go with option 1 and install a conventional electric water heater. If you are paid $0.40 per kilowatt hour for excess generation, then it might make sense to run the economics of a heat pump water heater, but I suspect it still might make sense to go with option 1.
- Sun Feb 25, 2024 10:24 am
- Forum: Personal Finance (Not Investing)
- Topic: Turbotax Print "all worksheets" does not include all forms..
- Replies: 14
- Views: 1235
Re: Turbotax Print "all worksheets" does not include all forms..
This sounds like it is the on-line version of TurboTax. My downloaded version saves the entire return. I haven’t tried printing it out for my records yet as I am waiting for 1099s and K1s
- Sat Feb 24, 2024 4:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: In the event of an untimely death, what is the best way for family members to have immediate access to funds?
- Replies: 53
- Views: 5266
Re: In the event of an untimely death, what is the best way for family members to have immediate access to funds?
In Hawaii death certificates take 6 to 8 weeks. So TOD or POD accounts would be frozen until the death certificate could be produced, so not necessarily quick. Much simpler to have a modest sum in a joint account for immediate expenses.When you designate 'beneficiary', then the transfer should be quick and easy. You just need to let the beneficiaries know that they are the beneficiaries, so they know to contact the bank when you suddenly pass away.
As others have written, perhaps more important is DPOA and durable power for healthcare.
- Sat Feb 24, 2024 12:40 pm
- Forum: Personal Finance (Not Investing)
- Topic: Handling Inheritance In A Marriage
- Replies: 49
- Views: 5650
Re: Handling Inheritance In A Marriage
I don't think you can disclaim now for a future inheritance.Why not disclaim and allow to pass straight to your daughter now.
- Fri Feb 23, 2024 6:21 pm
- Forum: Personal Investments
- Topic: Inherited accounts adjustments
- Replies: 28
- Views: 3574
Re: Inherited accounts adjustments
+1I would sell off anything that I didn't intend to hold for the long term, especially if I could get out of a stock or fund with little to no tax cost.
- Fri Feb 23, 2024 6:20 pm
- Forum: Personal Finance (Not Investing)
- Topic: Handling Inheritance In A Marriage
- Replies: 49
- Views: 5650
Re: Handling Inheritance In A Marriage
This is why it might be wise to leave the assets to granddaughter in trust.Or grandmother leaves inheritance to granddaughter who gets married, commingles assets, gets divorced and loses half of inheritance.
- Fri Feb 23, 2024 3:14 pm
- Forum: Personal Finance (Not Investing)
- Topic: Handling Inheritance In A Marriage
- Replies: 49
- Views: 5650
Re: Handling Inheritance In A Marriage
True, but the OP might not be aware of other relevant and probably advisable possibilities.OP never expressed any desire to disclaim or to ask parents to change wills to leave inheritance to OP's daughter.
- Fri Feb 23, 2024 1:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: Handling Inheritance In A Marriage
- Replies: 49
- Views: 5650
Re: Handling Inheritance In A Marriage
If you and your wife have more than enough for the rest of your life you might consider disclaiming the anticipated inheritance when it happens, in which case it might (depending on the terms of your parents' estate plans) go directly to your daughter. As others have written, it might be wise for any eventual inheritance to go to you or your daughter in trust rather than outright. This is something to discuss with your mother(s) and probably their estate planning attorneys.
- Fri Feb 23, 2024 10:29 am
- Forum: Personal Finance (Not Investing)
- Topic: TurboTax not doing form 5695 (Residential Energy Credits) properly?
- Replies: 4
- Views: 812
Re: TurboTax not doing form 5695 (Residential Energy Credits) properly?
I entered the secondary home info directly on the 5695 form in forms mode. It then calculated the credit correctly. Perhaps by the time I file the interview portion of the program will be working. But I don't expect to get my K-1s until late March in any case.Now TT admits in the step-by-step that the form is not working for secondary homes and to please check back for updates.
- Thu Feb 22, 2024 6:37 pm
- Forum: Personal Finance (Not Investing)
- Topic: TurboTax not doing form 5695 (Residential Energy Credits) properly?
- Replies: 4
- Views: 812
Re: TurboTax not doing form 5695 (Residential Energy Credits) properly?
This form now seems to be working correctly. Another reason not to rush to file. I'm waiting for K-1s and 1099s anyway. My return with TurboTax now shows the $2,000 credit I expected.
- Wed Feb 21, 2024 1:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: Qualified dividends on trust 1099
- Replies: 2
- Views: 298
Qualified dividends on trust 1099
I've got a question about the 1099 I just got for my late mother's trust. She had a revocable living trust, of which I was the trustee. She passed away in early 2023. I notified the brokerage, obtained an EIN for the trust and provided the EIN to the brokerage. About 4 months after she passed away the brokerage set up a new account number and transferred all the assets from the old trust account to the new trust account. About 3 months later I distributed the trust assets, which were all either Vanguard mutual funds (which the trust had owned for many years) or shares in a money market fund. I recently got the 1099 for the trust account that the brokerage set up in May, 2023. It shows the total dividends that I expected but shows 0 for qual...
- Mon Feb 19, 2024 11:56 am
- Forum: Personal Finance (Not Investing)
- Topic: Question about timing of estimated taxes
- Replies: 7
- Views: 614
Re: Question about timing of estimated taxes
+1Yes, it is true. Downside: You might die beforehand and your heirs will have to deal with it.
- Sun Feb 18, 2024 9:32 pm
- Forum: Personal Finance (Not Investing)
- Topic: [2023 TurboTax Desktop now requires account login to activate]
- Replies: 126
- Views: 67724
Re: TurboTax 2023 Potential Issues
If you are using the download or CD version of TurboTax (not the online version) the only thing registering the software with Intuit does is facilitate the downloading of program updates, which you definitely want to do. You can file by paper return if you really want to, or transmit your return via TurboTax. As far as I know they don’t save your return info on some Intuit servers.
The same, of course, cannot be said about the online version of TurboTax.
The same, of course, cannot be said about the online version of TurboTax.
- Fri Feb 16, 2024 12:15 pm
- Forum: Personal Consumer Issues
- Topic: What email address is "okay/acceptable" to use then?
- Replies: 168
- Views: 18351
Re: What email address is "okay/acceptable" to use then?
I hope this is true. Since I don't have a business and am not looking for a job (retired now) I don't really care. I have a gmail address but find it too useful to have 20+ years of email history available on my aol account, so I don't really use gmail much.AOL - used to think you’re a rube. But it’s been so long now, maybe it’s actually becoming retro cool.
- Fri Feb 16, 2024 9:37 am
- Forum: Personal Finance (Not Investing)
- Topic: Paying Taxes for an Irrevocable Trust
- Replies: 6
- Views: 569
Re: Paying Taxes for an Irrevocable Trust
+1If substantially all of the trust assets are distributed to the trust beneficiaries during 2024, then the 2024 trust tax return will be a final-year return and there will be no tax liability for the trust to pay because all trust income and capital gains will pass-through to the beneficiaries and the associated tax will be paid on the individuals' 2024 income tax returns.
Who is the current trustee of the trust? If you are the trustee, the brokerage should follow your instructions.
- Thu Feb 15, 2024 11:00 pm
- Forum: Personal Consumer Issues
- Topic: Job title for PhD Economist Daughter
- Replies: 36
- Views: 4021
Re: Job title for PhD Economist Daughter
I would go with Director, Economics for consistency with her colleagues’ job titles. She will be directing the economic research of the organization. Agree that Chief Economist is over the top for a small non profit with no direct reports.
She should consider joining the National Association for Business Economics - the professional association for economists in her position.
She should consider joining the National Association for Business Economics - the professional association for economists in her position.
- Thu Feb 15, 2024 12:27 pm
- Forum: Personal Finance (Not Investing)
- Topic: Taxes on estate disbursements
- Replies: 9
- Views: 672
Re: Taxes on estate disbursements
This is usually the case but not in all circumstances.It should reflect the value on the date of death, so any gains or losses would be computed from date of death until the date you sold your shares.
- Thu Feb 15, 2024 12:27 pm
- Forum: Personal Finance (Not Investing)
- Topic: Taxes on estate disbursements
- Replies: 9
- Views: 672
Re: Taxes on estate disbursements
I'm not sure what a Vanguard OEF is. OEF is the ticker for an iShares S&P 100 ETF. Generally speaking most assets in a decedent's estate are stepped up in value to the value as of the date of death. There are some exceptions, especially if the assets were held in an irrevocable trust or the executor has selected an alternate valuation date, but these are relatively uncommon. You should ask the executor or the estate attorney who is handling the estate. It is likely that both the financial assets and the house will get a basis that is stepped up to the value on the date of death, but anonymous internet answers cannot definitely answer the question in your specific circumstances. Also, you can't necessarily rely on Vanguard to correctly s...
- Tue Feb 13, 2024 1:43 pm
- Forum: Personal Finance (Not Investing)
- Topic: Distribution of living parent's estate: which bucket first?
- Replies: 17
- Views: 1364
Re: Distribution of living parent's estate: which bucket first?
This is not your money to distribute, it is your mom's. If she has capacity, she can decide to gift money to you and your brother. If she doesn't have capacity, your fiduciary duty is to your mom. It would probably be a breach of that fiduciary duty to gift assets, and your POA might prohibit such gifts to yourself.I think I want to keep the trust for funding mom, and started distributing the rest. Starting with $100,000 total to my brother and me.
- Mon Feb 12, 2024 9:35 am
- Forum: Personal Finance (Not Investing)
- Topic: Just lost my father (age 60). Questions to begin helping my Mom (age 61).
- Replies: 22
- Views: 3811
Re: Just lost my father (age 60). Questions to begin helping my Mom (age 61).
I'm so sorry for your loss. It is really good that you are able to help your Mom. It's probably a good idea not to make major financial or other life moves immediately. The wiki counsels this after a windfall and it is probably just as important after the death of a spouse. Be aware that many/most "financial advisors" are really salespeople who are likely to pitch things like annuities, life insurance or other high fee financial products. You may need to speak to whoever is managing the existing investments to understand the workings of any beneficiary designations, etc. But I would only take serious financial advice from a fee-only financial advisor. It would be very good if you could go with your Mom to any in-person meetings or...
- Fri Feb 09, 2024 12:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: TurboTax not doing form 5695 (Residential Energy Credits) properly?
- Replies: 4
- Views: 812
TurboTax not doing form 5695 (Residential Energy Credits) properly?
I installed a heat pump system (mini-split) at our vacation home last summer. I understood that I would be able to claim a Residential Energy Credit) for this. The form 5695 has a credit for Residential Energy Property Expenditures (lines 21 through 29), which does not require that the the energy property expenditure take place at your primary home - it only asks if the home located in the United States. But TurboTax in the interview process asks if the energy expenditure was at your main home. When I answer no, it says I am not eligible for the credit. If I override the cell on line 32 of form 5695 it says I can't file electronically. Anyone else run into this and have a solution?
- Mon Feb 05, 2024 10:07 am
- Forum: Personal Finance (Not Investing)
- Topic: MAGI over limit for Roth contribution - what to do?
- Replies: 7
- Views: 887
Re: MAGI over limit for Roth contribution - what to do?
Many thanks to all who responded. I never ran into this problem myself so had little experience to provide my son. I'm grateful for the wide-ranging experience of the BH community.