Search found 35 matches

by LonScott
Sat Jun 16, 2018 9:45 am
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

"Brokers" Very few FINRA brokers sold Woodbridge (6? were). Most were Insurance Agents and many like "Ray Kay" and Barry Kornfeld, who operated First Financial Tax Group of Boca Raton, were banned by FINRA and the SEC. See above. This is a common mistake since NO journalist has written a decent arti...
by LonScott
Thu Jun 14, 2018 5:59 pm
Forum: Investing - Theory, News & General
Topic: Interesting video from Ramsey today [How Ramsey Outperforms The Stock Market]
Replies: 127
Views: 10327

Re: Interesting video from Ramsey today [How Ramsey Outperforms The Stock Market]

@ Nate79 My mistake. However, I think many listeners feel they are getting objective advice when they are not, especially when it comes to investment advice. The ELP program has many issues. http://www.investmentnews.com/article/20170407/FREE/170409952/advisers-profit-through-association-with-dave-r...
by LonScott
Thu Jun 14, 2018 3:57 pm
Forum: Investing - Theory, News & General
Topic: Interesting video from Ramsey today [How Ramsey Outperforms The Stock Market]
Replies: 127
Views: 10327

Re: Interesting video from Ramsey today

Ramsey's firm charges advisers/Tax/Real Estate a fee to be an Endorsed Local Provider (ELP). For that reason, all his investment ELPs are brokers that sell American Funds. Also they have to take every client that is sent, no account minimum. While American Funds are ok, since his ELP kickback scheme...
by LonScott
Thu Jun 14, 2018 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Experiences with 1099 INT reporting and/or manually adjusting state tax exempt US Agency bond interest?
Replies: 5
Views: 329

Re: Experiences with 1099 INT reporting and/or manually adjusting state tax exempt US Agency bond interest?

@ FactualFran Thank you, that seems to be the way to do it. The general answer to your question is that the 1099-INT and 1099-DIV do not address state tax treatment. Sometimes they provide enough information directly to determine appropriate state tax treatment, ie US Savings Bond interest. Sometime...
by LonScott
Thu Jun 14, 2018 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Experiences with 1099 INT reporting and/or manually adjusting state tax exempt US Agency bond interest?
Replies: 5
Views: 329

Re: Experiences with 1099 INT reporting and/or manually adjusting state tax exempt US Agency bond interest?

I am pretty one has to make a manual adjustment and hope the State understands. Still, I am wondering if anyone has any experience with state taxation. Here are the instruction for VA: Form 760-ADJ Line 4: Subtractions from Federal Adjusted Gross Income Income (interest, dividends or gains) from obl...
by LonScott
Thu Jun 14, 2018 9:05 am
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

A quick copy regarding Woodbridge from the WSJ. The California Department of Insurance lets people change their name so no one change search their background! Unbelievable! "A Private-Market Deal Gone Bad: Sketchy Brokers, Bilked Seniors and a Cosmetologist Investments called private placements are ...
by LonScott
Thu Jun 14, 2018 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Experiences with 1099 INT reporting and/or manually adjusting state tax exempt US Agency bond interest?
Replies: 5
Views: 329

Experiences with 1099 INT reporting and/or manually adjusting state tax exempt US Agency bond interest?

Certain US Agency Bond interest is exempt from State Income Tax: “Interest income from some agency bonds, such as those issued by Federal Farm Credit Banks Funding Corporation, Federal Home Loan Banks, and Tennessee Valley Authority (TVA), is exempt from state and local tax. The interest income from...
by LonScott
Thu Jun 14, 2018 7:22 am
Forum: Investing - Help with Personal Investments
Topic: Living on Your Investments? What Happens When a Bear Market Hits?
Replies: 53
Views: 7616

Re: Living on Your Investments? What Happens When a Bear Market Hits?

There is a thread on Moraif: https://www.bogleheads.org/forum/viewtopic.php?t=175348 It is sad Kiplinger would print this as Moraif is simply repeating his old articles from Marketwatch, who seems to have deleted him: https://www.marketwatch.com/story/why-buy-and-hold-is-a-bad-idea-for-retirees-2016...
by LonScott
Tue Jan 30, 2018 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 69
Views: 9143

Re: Review of tax software for trusts and estates

found my answer:
The H&R Block Small Business Owner Premium and Business disk installs two programs: H&R Block and H&R Block Business. The later has the business forms.

Sorry for my confusion but there are no directions that state this, not in the software nor on any H&R Block website.
by LonScott
Tue Jan 30, 2018 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 69
Views: 9143

Re: Review of tax software for trusts and estates

Rather than start a new thread, I have an issue with H&R Block Small Business Owner Premium and Business for 2017 returns. How does one start a 1041? When I open the program, (Desktop, installed from a Disk) the program only allows me to do a 1040. The back of the box states: The back states: "Get g...
by LonScott
Sun Jan 14, 2018 10:37 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Prices
Replies: 186
Views: 25480

Re: TurboTax Prices

It seems there is a major difference between the Online/Download and CD/DVD/Desktop version of TT Deluxe. One can manually enter Sch C expenses on the CD version but cannot on the other methods: Intuit forces you to buy a more expensive version! https://ttlc.intuit.com/questions/3891743-does-turbota...
by LonScott
Thu Dec 21, 2017 9:15 pm
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

I would talk to Soon. He should figure out who is regulating the person that sold this to your mother. Besides getting money from Woodbridge and the courts/BK, you also may be able to get money from the person/company/ that sold this to your mother and their insurance company. But if Soon is your re...
by LonScott
Thu Dec 21, 2017 9:03 pm
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

The last part of your comment mentions the Fiduciary standard. As far as I know, this does not apply to insurance agents like Barry Kornfeld. While he was barred by both the SEC and FINRA he was able to sell this investment. This was a failure by the SEC, and the FL insurance and securities regulato...
by LonScott
Thu Dec 21, 2017 7:38 pm
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

ValueThinker gave you some good advice so I will not repeat it. I would contact the lawyer in the Investment News article http://www.investmentnews.com/article/20171205/FREE/171209968/woodbridge-bankruptcy-burns-advisers-and-real-estate-investors 1) The person who sold your mother is probably NOT an...
by LonScott
Thu Dec 21, 2017 3:58 pm
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

Ponzi Scheme, now the SEC says! SEC Charges Operators of $1.2 Billion Ponzi Scheme Targeting Main Street Investors FOR IMMEDIATE RELEASE 2017-235 Washington D.C., Dec. 21, 2017 — The Securities and Exchange Commission today announced charges and an asset freeze against a group of unregistered funds ...
by LonScott
Fri Dec 08, 2017 10:16 am
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

from another source: ELDERLY INVESTORS Jeff Sonn, a plaintiff's lawyer, said he had six elderly clients, ranging from their seventies to nineties, who collectively had invested millions of dollars into Woodbridge investment programs. "This came as a shock to all of them," Mr. Sonn said, adding that ...
by LonScott
Tue Dec 05, 2017 12:33 pm
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

If anyone is following this: "Woodbridge Group of Companies LLC, a high-end real estate developer, filed for bankruptcy amid the departure of its chief executive and an investigation into potential securities fraud linked to $1 billion in investments." https://www.bloomberg.com/news/articles/2017-12...
by LonScott
Wed Nov 08, 2017 10:58 am
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

The SEC warning is a good indicator, but most creative real estate speculators would argue that a undivided note isn't a security that's regulated as an investment... Buyer beware! Woodbridge filed SEC schedule D (private placements) for four investment funds. So I am not sure why these are not inv...
by LonScott
Wed Nov 08, 2017 10:25 am
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

I googled First Financial Tax group. The person running the company is Barry Kornfeld. He was apparently sanctioned by the SEC in 2010. I would stay away. https://www.sec.gov/litigation/admin/2010/34-62466.pdf Good catch! It seems Mr. Kornfeld is not an investment advisor nor a broker anylonger. Th...
by LonScott
Sun Nov 05, 2017 2:31 pm
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 40
Views: 8026

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

If anyone is following this, the firm offering this "investment" Woodbridge Wealth has received two SEC similar demands this year: "Securities and Exchange Commission v. 235 Limited Liability Companies, No. 1:17-mc-23986-PCH (S.D. Fla., filed October 31, 2017) SEC Seeks Order Against 235 Entities Af...
by LonScott
Thu Nov 02, 2017 8:52 am
Forum: Investing - Theory, News & General
Topic: Ken Moraif must be getting nervous
Replies: 43
Views: 12262

Re: Ken Moraif must be getting nervous

I do not believe he got in on April 13 2016 because he did an interview on CNBC Wed, 22 June 2016 "Dow 11,500 is a matter of when, not if: Advisor" https://www.cnbc.com/2016/06/22/dow-11500-is-a-matter-of-when-not-if-advisor.html Since he wiped out his inaccurate email history, we have no idea when ...
by LonScott
Sun Oct 01, 2017 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 7621

Re: Question About Long Term Care

The issue of large premium is usually never addressed by insurance agents, since this is a product with commissions and fees that are not transparent. CA has a database of requested and approved increases by insurance company for all states. Only three have never raised premiums. http://www.insuranc...
by LonScott
Sun Apr 30, 2017 11:47 am
Forum: Investing - Theory, News & General
Topic: Ken Moraif must be getting nervous
Replies: 43
Views: 12262

Re: Ken Moraif must be getting nervous

I am very disappointed Moraif has wiped out his past email predictions for 2016, but more disappointed the financial media still uses him as an interview without mentioning his 2016 prediction. What is his allocation now? Is he back into stocks? Is he now selling annuities? Actually for his gullible...
by LonScott
Sun Apr 30, 2017 10:00 am
Forum: Personal Finance (Not Investing)
Topic: When to consider Long Term Care Insurance
Replies: 38
Views: 3806

Re: When to concider Long Term Care Insurance

I will never consider a product with undisclosed commissions were Ins. companies can raise rates at any time. http://www.insurance.ca.gov/01-consumers/105-type/95-guides/05-health/01-ltc/rate-history-inactive.cfm http://www.insurance.ca.gov/01-consumers/105-type/95-guides/05-health/01-ltc/rate-histo...
by LonScott
Sun Apr 30, 2017 9:58 am
Forum: Personal Finance (Not Investing)
Topic: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?
Replies: 36
Views: 5482

Re: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?

California's http://www.insurance.ca.gov/01-consumers/105-type/95-guides/05-health/01-ltc/rate-history-inactive.cfm http://www.insurance.ca.gov/01-consumers/105-type/95-guides/05-health/01-ltc/rate-history-active.cfm Here's a link to the Connecticut Insurance Dept LTC Rate Increase filings page if a...
by LonScott
Mon Mar 21, 2016 9:49 am
Forum: Investing - Theory, News & General
Topic: Ken Moraif must be getting nervous
Replies: 43
Views: 12262

Re: Ken Moraif must be getting nervous

Thank you for keeping this thread going. I cannot find Ken's update for 3/20 but he has been tweating(I wrote tweaking!) about other subjects. Based on the Marketwatch article, it seems his asset allocation tends towards stocks. However on a 3/15 website post he writes: " I think we’re still in the ...
by LonScott
Tue Feb 09, 2016 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Health Savings Accounts: Factual Errors in Wiki
Replies: 23
Views: 2911

Re: Health Savings Accounts: Factual Errors in Wiki

Thank you. This was my mistake for trusting those sites, and not doing the research. I apologize to all. Since I am one of the approximately 16.5% of the US population where my state has not conformed with Federal law, HSA taxation is a sore spot. In one state, public labor unions are against HSAs s...
by LonScott
Tue Feb 09, 2016 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Health Savings Accounts: Factual Errors in Wiki
Replies: 23
Views: 2911

Re: Health Savings Accounts: Factual Errors in Wiki

You are correct according to this article near the end: http://www.americanbar.org/publications/probate_property_magazine_home/probate_2009_index/probate_nov_dec_2009_index/rppt_mo_premium_rp_publications_magazine_2009_nd_Bannen_Occhetti.html However, one cannot stretch a HSA with a non spouse benef...
by LonScott
Tue Feb 09, 2016 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Health Savings Accounts: Factual Errors in Wiki
Replies: 23
Views: 2911

Re: Health Savings Accounts: Factual Errors in Wiki

HSAs differ from IRAs as their is no stretch for non spouses. This is how I wrote it on wikipedia with references: When a person dies, the funds in their HSA are transferred to the beneficiary named for the account. If the beneficiary is a surviving spouse, the transfer is tax-free. If the beneficia...
by LonScott
Tue Feb 09, 2016 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Health Savings Accounts: Factual Errors in Wiki
Replies: 23
Views: 2911

Re: Health Savings Accounts: Factual Errors in Wiki

I changed the HSA to delete both NH and TN. I am going to write to TN to confirm that HSA earnings are exempt. I can confirm Grabiner's interpretation that HSA earnings are exempt from the New Hampshire (NH) Interest and Dividends tax. This is based on direct communication with the NH Department of ...
by LonScott
Sun Feb 07, 2016 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Health Savings Accounts: Factual Errors in Wiki
Replies: 23
Views: 2911

Health Savings Accounts: Factual Errors in Wiki

A recent article on Health Savings Accounts http://finance.yahoo.com/news/hsas-offer-tax-benefits-beyond-050100274.html moved me to research the taxation of accounts, and there appear to be errors in the Wiki. Rather than apply to be an editor, I am hoping someone will check my facts, and make chang...
by LonScott
Tue Jan 05, 2016 1:05 pm
Forum: Investing - Theory, News & General
Topic: Ken Moraif must be getting nervous
Replies: 43
Views: 12262

Re: Ken Moraif must be getting nervous

Moraif buy hold sell, buy hold sell makes him a lot of money on customer transaction costs. Watertree Since Moraif is no longer a broker (to get around FINRA rules?), he does not make money on buying and selling. He charges Assets Under Management only. His selling point is this defensive timing st...
by LonScott
Mon Jan 04, 2016 4:23 pm
Forum: Investing - Theory, News & General
Topic: Ken Moraif must be getting nervous
Replies: 43
Views: 12262

Re: Ken Moraif must be getting nervous

Lon, Is that a quote from Moraif's newsletter? I do not know if his ads have always been on radio, but they just seem constant now, always telling about his seminars being offered. Maybe I never noticed them before. Yes, it is directly from his website which to his credit is available at no charge!...
by LonScott
Sun Jan 03, 2016 3:03 pm
Forum: Investing - Theory, News & General
Topic: Ken Moraif must be getting nervous
Replies: 43
Views: 12262

Re: Ken Moraif must be getting nervous

Thank you for your reply. I still think the Barron's list is bunk, as Ric Edelman is on it along with Moraif. Moraif is calling for a Dow 11,500 this year. 1/2/2016: "the fearless forecast for 2016 is that the Dow will hit 11,500. This year’s fearless forecast is particularly nerve-racking because w...
by LonScott
Tue Dec 08, 2015 2:34 pm
Forum: Investing - Theory, News & General
Topic: Ken Moraif must be getting nervous
Replies: 43
Views: 12262

Re: Ken Moraif must be getting nervous

"By selling on August 21st or 22nd, folks side stepped that big drop on the 24th. Next question is, when did he instruct his followers to move back into stocks? If he did so at the recent market low point of 9/28 or 9/29, then they made out OK. We need both sides of the timing card for proper evalua...