Search found 935 matches

by Luckywon
Sat May 16, 2020 10:35 pm
Forum: Personal Finance (Not Investing)
Topic: Fraudulent charges... Getting really tired of the number of times this happens and resulting hassle.
Replies: 70
Views: 6244

Re: Fraudulent charges... Getting really tired of the number of times this happens and resulting hassle.

Whenever possible I make my credit card transactions end in 0.33 cents. This is easy to do at restaurants (adjust tip) and a little bit of a game at gas stations-within 1 cent is close enough. This makes them easy to recognize as authentic. Doesn't prevent the problem OP is having but helps a bit wh...
by Luckywon
Sat May 16, 2020 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: How did you set up your trust distributions?
Replies: 39
Views: 2629

Re: How did you set up your trust distributions?

Lastly, my sister would be the trustee if my wife and I both passed away. Was thinking of co-trusting Vanguard's Trust Company to help her manage the investments in our trust. Consider designating your sister (or group of relatives) "trust protector" with power to appoint/remove a successor corpora...
by Luckywon
Sat May 16, 2020 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 14
Views: 1088

Re: Should I go for online Will making software?

I 100% agree that for most situations, it is worth the money to pay for a good estate attorney. That said, I have a question for others in this thread. Let's assume a typical situation. Young couple. No prior marriages. One or more young children. Most/all financial assets have beneficiary designat...
by Luckywon
Sat May 16, 2020 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of revocable trusts, wills, estate planning
Replies: 25
Views: 1976

Re: Cost of revocable trusts, wills, estate planning

Many thanks again FIREchief. With respect to: I believe that their distributions would continue on the original beneficiary's RMD schedule, but you may want to verify that. Bruce or Gill can likely tell us. I think that in this post in this thread: The tradeoff of leaving IRA benefits in trust for t...
by Luckywon
Sat May 16, 2020 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of revocable trusts, wills, estate planning
Replies: 25
Views: 1976

Re: Cost of revocable trusts, wills, estate planning

I would be very curious to know your (or anyone else's) opinion of what the RMD implications would be of leaving a Roth IRA to a conduit trust with spouse as sole primary beneficiary. My understanding is that for traditional IRA's, a conduit trust with spouse as sole income beneficiary would have t...
by Luckywon
Sat May 16, 2020 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Cost of revocable trusts, wills, estate planning
Replies: 25
Views: 1976

Re: Cost of revocable trusts, wills, estate planning

I know Michael Kitces. His writings are always excellent. I'm not aware of anything that would allow a conduit trust for the spouse to avoid having to make distributions from Roth IRA benefits. The tradeoff of leaving IRA benefits in trust for the spouse is that you give up the additional deferral ...
by Luckywon
Sat May 16, 2020 2:30 am
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 14
Views: 1088

Re: Should I go for online Will making software?

Maybe this has been discussed before. But given we are in pandemic, I wanted to ask once again... Should I go for online Will making software? I already have a living will made in MA 10 years back. Then I was married, my son was 3 years old, and I did not own a house. This was done with the help of...
by Luckywon
Sat May 16, 2020 2:12 am
Forum: Personal Finance (Not Investing)
Topic: Cost of revocable trusts, wills, estate planning
Replies: 25
Views: 1976

Re: Cost of revocable trusts, wills, estate planning

Now - can you explain what benefit the accumulation trust is? I understand the old stretch rules over lifetime, and the new 10 year rules, but how does this accumulation trust concept help? Don't the assets just accumulate and then when they're forced out after 10 years, they get taxed all at once?...
by Luckywon
Thu May 14, 2020 6:15 pm
Forum: Personal Investments
Topic: **AMAZED** Just venting
Replies: 16
Views: 2479

Re: **AMAZED** Just venting

OP this is my 888th post. A very lucky number in Chinese culture! :D I therefore take this opportunity to wish you good fortune. On your topic, I'll comment that In my opinion, what's important in life is good health and happiness and they only lightly related to wealth.

Best wishes!!
by Luckywon
Thu May 14, 2020 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Should you include home equity in Net Worth?
Replies: 160
Views: 7895

Re: Should you include home equity in Net Worth?

Net worth should be all the cash you could muster in, say, six months to pay off a kidnapper. House counts. I have a google sheet where, just for kicks, I track my net worth and some derivatives of it: Net worth: Value of assets (including home) minus liabilities. Discounted net worth: I discount h...
by Luckywon
Thu May 14, 2020 9:25 am
Forum: Personal Consumer Issues
Topic: Dentist charges $10 for PPE
Replies: 234
Views: 11347

Re: Dentist charges $10 for PPE

Mine has always used a mask, face shield and latex gloves. Nothing has changed. They better not start charging extra for these same things theyve used forever. Something has changed. Every patient visit now has to be considered one where there is a significant chance a potentially fatal virus has b...
by Luckywon
Thu May 14, 2020 12:01 am
Forum: Personal Consumer Issues
Topic: Dentist charges $10 for PPE
Replies: 234
Views: 11347

Re: Dentist charges $10 for PPE

frugaltigris wrote:
Wed May 13, 2020 11:54 pm
Probably my dentist is in a Third World -- cheap, better and honest.
Is this based on experience? Could you provide further detail? This is quite interesting.
by Luckywon
Wed May 13, 2020 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Should we create a testamentary trust for $6M estate?
Replies: 198
Views: 9129

Re: Should we create a testamentary trust for $6M estate?

... Maybe we'll get lucky and obi-wan-bsteiner will drop in to clarify... (emphasis mine) lol I do hope that Mr. Steiner saw this. Even if he didn’t, he is forever rechristened/ renamed in my mind. IMO "bsteiner" can properly be used as a verb and should be formalized in the English lexicon. bstein...
by Luckywon
Wed May 13, 2020 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of revocable trusts, wills, estate planning
Replies: 25
Views: 1976

Re: Cost of revocable trusts, wills, estate planning

Redoing ours now. Similar situation to yours. Estate planning for both including revocable living trusts in California. $6000.
by Luckywon
Wed May 13, 2020 5:14 pm
Forum: Personal Consumer Issues
Topic: Dentist charges $10 for PPE
Replies: 234
Views: 11347

Re: Dentist charges $10 for PPE

I haven't read all the replies but just want to say dentists are under extreme pressure these days and IMO an attempt to recover some of their extraordinary expenses by passing through costs to their clients is reasonable. Granted, this practice may run afoul of a contract if you are seeing the dent...
by Luckywon
Wed May 13, 2020 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Mystery bill from dentist
Replies: 47
Views: 3263

Re: Mystery bill from dentist

Will try to keep this brief... I had an implant done 2010 for a front tooth I had. Fast forward 2015 and I notice it is starting to fail. I go back to the dentist and they take an xray etc to look at it and it turns out it needed to come out. ... I called the place up and spoke to the receptionist ...
by Luckywon
Tue May 12, 2020 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America unauthorized ATM withdrawal
Replies: 47
Views: 2377

Re: Bank of America unauthorized ATM withdrawal

So I had a 92.50 ATM withdrawal back in January that I dont think was me. Per my bank statements, the withdrawal occurred in Massachusetts on a Monday, however I had taken a train from MA to NY on a sunday. As such, I started a dispute with bank of america. They denied my dispute, saying that since...
by Luckywon
Tue May 12, 2020 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America unauthorized ATM withdrawal
Replies: 47
Views: 2377

Re: Bank of America unauthorized ATM withdrawal

skepticalobserver wrote:
Tue May 12, 2020 1:42 pm
bloom2708 wrote:
Tue May 12, 2020 1:38 pm
Some do multiples of $10
Really? That's a lot of cash for the customers. The banks must be re-loading the machines twice a day+.
Learned something new.
Chase ATMs in my area allow you to select denominations in $5, $20 and $100.
by Luckywon
Tue May 12, 2020 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: Amex platinum card - $20 streaming and wireless provider credit
Replies: 38
Views: 3300

Re: Amex platinum card - $20 streaming and wireless provider credit

Yes it's until 12/31. I switched my T-Mobile auto-pay to my AmEx platinum card, and I subscribed to YouTube premium. Have to remember to cancel 12/31 though! Most people don't, and that's how they get you! Note that almost all companies allow you to make partial payments. So for example I will pay ...
by Luckywon
Mon May 11, 2020 10:02 pm
Forum: Personal Finance (Not Investing)
Topic: Amex platinum card - $20 streaming and wireless provider credit
Replies: 38
Views: 3300

Re: Amex platinum card - $20 streaming and wireless provider credit

Does anyone who have the Amex platinum card seen that now since a lot of the travel benefits from platinum are in hold, they are now offering up to $20 a month credits each for streaming and wireless provider services? https://www.americanexpress.com/us/campaigns/new-offers/charge/platinum-card-bwx...
by Luckywon
Mon May 11, 2020 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: Should we create a testamentary trust for $6M estate?
Replies: 198
Views: 9129

Re: Should we create a testamentary trust for $6M estate?

No, you are confused. I didn’t say anything about the beneficiary of a trust. Not sure where you got that. The main benefit of a trust for the ultra wealthy is avoiding estate taxes. The reason is that assets in a trust are not disbursed/taxable on death. OP is not quite to the level where estate t...
by Luckywon
Mon May 11, 2020 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Should we create a testamentary trust for $6M estate?
Replies: 198
Views: 9129

Re: Should we create a testamentary trust for $6M estate?

Sure - if your estate is over the estate tax threshold, then the estate is taxed at a very high rate upon disbursement to heirs (assuming you don’t have a trust). The current threshold is very high ($11.4 million) but has been lower in the past. If you have a trust, your estate is owned by your tru...
by Luckywon
Mon May 11, 2020 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up wife after devorce
Replies: 45
Views: 5985

Re: Setting up wife after devorce

Split it in half to tick the legal boxes. If you want to help her after all is legally separated then you are free to. This sounds generous, but (legally) only if it represents roughly half of your net worth. what is your overall networth? legally, you wife is entitled to 50% of that, so if networt...
by Luckywon
Mon May 11, 2020 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Should we create a testamentary trust for $6M estate?
Replies: 198
Views: 9129

Re: Should we create a testamentary trust for $6M estate?

-- total value of our estate estimated to be $6.5M Is a significant portion of your assets in retirement accounts? This portion will have to be given special consideration in your estate plan. If you want to control/protect these assets via a trust, you could set up a retirement trust but make sure...
by Luckywon
Sat May 09, 2020 11:06 am
Forum: Personal Investments
Topic: College age kid wrecked his car...
Replies: 113
Views: 6240

Re: College age kid wrecked his car...

So, I would look into the retirement fund "special rules due to COVID 19" or WTH they are called and take it out of the retirement funds. OP is 59 1/2 and is eligible to withdraw from his IRA without penalty. The special rules due to COVID allowing early distributions without penalty are moot. Not ...
by Luckywon
Sat May 09, 2020 1:21 am
Forum: Personal Investments
Topic: College age kid wrecked his car...
Replies: 113
Views: 6240

Re: College age kid wrecked his car...

phxjcc wrote:
Sat May 09, 2020 1:17 am

So, I would look into the retirement fund "special rules due to COVID 19" or WTH they are called and take it out of the retirement funds.
OP is 59 1/2 and is eligible to withdraw from his IRA without penalty. The special rules due to COVID allowing early distributions without penalty are moot.
by Luckywon
Sat May 09, 2020 12:06 am
Forum: Personal Investments
Topic: College age kid wrecked his car...
Replies: 113
Views: 6240

Re: College age kid wrecked his car...

I'd use what's needed from the money market accounts to buy a safe replacement car for your son. In my opinion, you don't need to keep such a large emergency fund, given that you have access to your retirement funds if needed. If you're inclined to assist your son I think that's great. I'm sure I'd ...
by Luckywon
Fri May 08, 2020 1:34 am
Forum: Personal Consumer Issues
Topic: Hospice care - room and board
Replies: 33
Views: 2649

Re: Hospice care - room and board

Your mother is very fortunate to have you caring for her. Wishing you strength and solace during this difficult time.
by Luckywon
Fri May 08, 2020 12:57 am
Forum: Personal Finance (Not Investing)
Topic: PPP - One employee (owner) S-Corp questions
Replies: 8
Views: 714

Re: PPP - One employee (owner) S-Corp questions

:dollar
AerialWombat wrote:
Thu May 07, 2020 11:52 pm
MP123 wrote:
Wed May 06, 2020 11:56 pm
I doubt you could give yourself a raise to $200k/yr (even temporarily) to completely absorb the forgiveness, it would likely be capped at $100k.
This guidance has already been issued. Forgiveness calculation is capped at the $100k, also.
Do you have a source for this? TIA
by Luckywon
Thu May 07, 2020 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 894

Re: PPP - For those getting approved, what was the % given to you out of possible total?

I can only really comment with confidence about the intitial loan disbusement calculations as I am not involved or trained in the forgiveness stage of these loans, but my best guess would be all three retirement contributions would count toward the 75% requirement. I'd recommend speaking to a small...
by Luckywon
Thu May 07, 2020 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 894

Re: PPP - For those getting approved, what was the % given to you out of possible total?

The 100k max is for cash compensation only, so it would include profit sharing, but not include benefits paid by the employer to employees like 401k match If the 401k contributions were employees regular comp that they chose to contribute toward their defined benefit plan, that would count as cash ...
by Luckywon
Thu May 07, 2020 11:32 am
Forum: Personal Investments
Topic: Tax loss harvesting
Replies: 4
Views: 246

Re: Tax loss harvesting

If the 401k plan is in a different brokerage than the taxable account, it would be up to you to report the wash sale if you felt strongly it applied, which many do not. My accountant is of the opinion transactions in 401k plans are not subject to the wash sale rule. In the worst case scenario, only ...
by Luckywon
Thu May 07, 2020 11:20 am
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 894

Re: PPP - For those getting approved, what was the % given to you out of possible total?

I underwrote a lot of ppp loans, and what 2.5mo was in the clients minds OFTEN did not match our analysis of their paperwork for various reasons. common examples: sole props wanted gross receipts but we only approved them for line 31 net income Companies requested amounts for independent contractor...
by Luckywon
Thu May 07, 2020 1:40 am
Forum: Personal Finance (Not Investing)
Topic: Title insurance policy
Replies: 17
Views: 922

Re: Title insurance policy

Interesting info. I just did some quick online research and found that a buyer's title policy in my location for a home is about 0.2% of property value. It seems from the figures you give above that the profit margin for title insurance is very high. I'm surprised it's not a more competitive market...
by Luckywon
Wed May 06, 2020 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 297
Views: 20966

Re: Optimizing PPP Forgiveness

Is it clear to what extent 401k employee deferral and employer profit sharing contributions may be considered part of payroll for loan forgiveness? It would simplify things greatly if I could make my 19.5k employee deferral plus $6.5k catch up contributions with the 8 week period to make the full lo...
by Luckywon
Wed May 06, 2020 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Title insurance policy
Replies: 17
Views: 922

Re: Title insurance policy

Has anyone here ever seen a payout from a title insurance policy? Title insurance has a claims frequency of about 1% per policy . The average house is sold every 10 years, so the annual claims frequency is about 0.1%. However, most claims are small errors that can be resolved by filing a corrected ...
by Luckywon
Wed May 06, 2020 1:04 am
Forum: Personal Finance (Not Investing)
Topic: Title insurance policy
Replies: 17
Views: 922

Re: Title insurance policy

Has anyone here ever seen a payout from a title insurance policy?
by Luckywon
Wed May 06, 2020 1:00 am
Forum: Personal Investments
Topic: Amount and time needed to retire
Replies: 19
Views: 1859

Re: Amount and time needed to retire

Not your question but IMO the 160k EF will be an unnecessary drag. I'd cut that down to three months expenses. Many would disagree, that's just my opinion. Another note, my portfolio has not gone according to plan or even come close over the last 25 years. I'm not very confident about the next 25 ye...
by Luckywon
Sat May 02, 2020 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 297
Views: 20966

Re: Optimizing PPP Forgiveness

Congrats to everyone who received the PPP loan. I'm confused on the mechanics of running payroll using PPP money. I'm a sole owner S corp making over 100K per year. I plan on paying myself a gross wage of 8333K on May 1 and June 1. However, I withheld Federal/State taxes from the $8333 for May payr...
by Luckywon
Sat May 02, 2020 9:39 am
Forum: Personal Consumer Issues
Topic: Neighbor’s contractor wants to access our property
Replies: 158
Views: 16524

Re: Neighbor’s contractor wants to access our property

I love to be a good neighbor but what the contractor sent you is borderline offensive, IMO, as it is written to ask for a favor, but makes no effort to address your interests. In fact the sentence obligating you to provide a safe environment goes the opposite way. I'd tell the neighbor you want to b...
by Luckywon
Fri May 01, 2020 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Credit card fraud? Prank?
Replies: 20
Views: 1084

Re: Credit card fraud? Prank?

Monday I caught suspicious credit card transactions of $2000 and $3000 initiated on Sunday and Monday on Elizabeth Arden. Only me and my wife have access to this credit card and confirmed neither has made these transactions. No kid at home. Only wife has an account but hasn't used it for many years...
by Luckywon
Fri May 01, 2020 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Property Inheritance
Replies: 17
Views: 2078

Re: Property Inheritance

Looking for advice for MIL. She recently inherited a house from the passing of her father (her mother passed 4 years ago). She has 4 other siblings that were not included with this part of the inheritance. All 5 of them split the rest of the estate. All, but one other, of her siblings live out of s...
by Luckywon
Wed Apr 29, 2020 12:04 am
Forum: Personal Investments
Topic: Leaving Edward Jones is there a better or worse time
Replies: 35
Views: 1984

Re: Leaving Edward Jones is there a better or worse time

I would do the following: Retirement accounts: Assets that can be transferred in kind: Transfer ASAP Assets that cannot be transferred in kind: Liquidate and transfer ASAP Taxable accounts: Assets that can be transferred in kind: Transfer ASAP Assets that cannot be transferred in kind that have litt...
by Luckywon
Tue Apr 28, 2020 9:19 am
Forum: US Chapters
Topic: What is a Boglehead? Some Fun.
Replies: 53
Views: 3122

Re: What is a Boglehead? Some Fun.

Someone who believes in passive investing and staying the course. But still outperforms the markets, because of dumb luck.
by Luckywon
Mon Apr 27, 2020 11:23 pm
Forum: Personal Investments
Topic: Need some direction.
Replies: 14
Views: 771

Re: Need some direction.

Apply for a PPP loan immediately.
by Luckywon
Mon Apr 27, 2020 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: Whats the best way to course correct on my life insurance needs
Replies: 10
Views: 619

Re: Whats the best way to course correct on my life insurance needs

Thank you all for your comments. It is level premium policy, very standard. Just based on term4sale rates, the price of a 10 year $1.25MM term policy for a healthy 35 year old male (which was my age when I purchased the first policy) is less than $300 per year. It seems that I have overpaid by abou...
by Luckywon
Mon Apr 27, 2020 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Whats the best way to course correct on my life insurance needs
Replies: 10
Views: 619

Re: Whats the best way to course correct on my life insurance needs

Just shop for a new 15 year, $2 MM policy. Once you get coverage in effect, cancel the other 30 year policy. With term life there’s no “sunk cost”: you pay the premium each year to get coverage for that year. Since the risk of dying is higher toward the end of the 30 year term but the annual premiu...
by Luckywon
Mon Apr 27, 2020 1:16 am
Forum: Personal Consumer Issues
Topic: Have you tracked spending during quarantine?
Replies: 52
Views: 3420

Re: Have you tracked spending during quarantine?

My spending on food is down as we are doing far more cooking at home. However, I am spending a lot of money online on what can fairly be described as impulse purchases, almost as a form of entertainment. :shock:
by Luckywon
Mon Apr 27, 2020 1:12 am
Forum: Personal Consumer Issues
Topic: In your experience, what is the credit card with the best customer service?
Replies: 36
Views: 2112

Re: In your experience, what is the credit card with the best customer service?

AMEX by far. I've used their charge dispute, extended warranty, and purchase protection benefits all of which have provided service I thought too good to be true.

Other cards I have had do not stand out much except for a while I had a Bank of America credit card which had very poor customer service.
by Luckywon
Sat Apr 25, 2020 1:37 am
Forum: Personal Investments
Topic: Poor Publix employee seeking 401k investment advice
Replies: 169
Views: 11521

Re: Poor Publix employee seeking 401k investment advice

OP all the compliments you received above I agree with wholeheartedly. I think you will succeed in whatever you decide to do.