Search found 2732 matches

by NotWhoYouThink
Wed Oct 09, 2019 11:56 am
Forum: Personal Finance (Not Investing)
Topic: POA Reimbursement
Replies: 48
Views: 3126

Re: POA Reimbursement

Not money Medicaid would pay, but payments they would not count as gifts.
by NotWhoYouThink
Wed Oct 09, 2019 11:28 am
Forum: Personal Finance (Not Investing)
Topic: POA Reimbursement
Replies: 48
Views: 3126

Re: POA Reimbursement

It is not the POA activities OP was really asking about, it is the caregiving activities. But the POA can decide whether those services should be compensated. Different family dynamics and individual circumstances will come into play, but Medicaid has recognized family provided care as a valid expen...
by NotWhoYouThink
Tue Oct 08, 2019 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: POA Reimbursement
Replies: 48
Views: 3126

Re: POA Reimbursement

You may be able to bill your mother for services that you provide that you/she otherwise would have to pay for. In fact if there are several adult children but only one is doing all the caregiving tasks, billing for services now is better than trying to negotiate a bigger share of the estate later. ...
by NotWhoYouThink
Mon Oct 07, 2019 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Psychologically adverse to start drawing down in retirement
Replies: 82
Views: 8364

Re: Psychologically adverse to start drawing down in retirement

Ok, but what about the unknown expense of long term care? Do we possibly burden our heirs (children) with these expenses because we have drawn our portfolios down too much for whatever reasons? The OP gives us reason for concern for this too. Your plan should have a contingency for this. As with al...
by NotWhoYouThink
Mon Oct 07, 2019 7:29 am
Forum: Personal Finance (Not Investing)
Topic: Fee-based CFP advice
Replies: 11
Views: 1284

Re: Fee-based CFP advice

You probably want to look for a fee only advisor who either charges by the hour or for a fixed fee. Fee based usually means the person will want to manage assets and charge an assets under management fee (AUM). Dale Fre only just means they don't charge comissions on trades. You want advice only, w...
by NotWhoYouThink
Sun Oct 06, 2019 1:21 pm
Forum: Personal Investments
Topic: UTMA funded from grandparents
Replies: 13
Views: 759

Re: UTMA funded from grandparents

If my nieces and nephews had to turn cash gift I gave them over to their parents to be held until they were 21, I would start slipping them money under the table. If I want to support their college I'll send money to their 529, but a birthday gift should be available for spending, saving, or squande...
by NotWhoYouThink
Thu Oct 03, 2019 8:31 am
Forum: Personal Investments
Topic: Kids Investment Account
Replies: 30
Views: 2209

Re: Kids Investment Account

Gifts she receives is HER money. I wouldn’t deposit that in your account. While you may not prefer an UTMA the money belongs to her and that is why those accounts exist. Maybe the piggy bank is the way to go then in your situation. Exactly. Kids can learn a lot by budgeting and saving and spending ...
by NotWhoYouThink
Thu Oct 03, 2019 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Will or trust question
Replies: 18
Views: 1646

Re: Will or trust question

Are you questioning whether the will or trust was fair, or whether the executor or trustee acted appropriately in disbursing the funds?
by NotWhoYouThink
Tue Oct 01, 2019 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Variable annuity, trusts, Medicaid
Replies: 4
Views: 551

Re: Variable annuity, trusts, Medicaid

Leaving the VA to the spouse in trust won't remove it from Medicaid consideration.
by NotWhoYouThink
Sun Sep 29, 2019 2:03 pm
Forum: Personal Investments
Topic: Merrill Lynch Advisor wants to meet for coffee
Replies: 108
Views: 9900

Re: Merrill Lynch Advisor wants to meet for coffee

Your post title is incorrect. He does not want to meet for coffee. He wants to syphon money from you. He thinks meeting for coffee would get him closer to that goal.
by NotWhoYouThink
Mon Sep 23, 2019 1:45 pm
Forum: Personal Investments
Topic: Safe 529 Allocation Nearing College
Replies: 8
Views: 507

Re: Safe 529 Allocation Nearing College

I just kept the 529 allocation close to my overall asset allocation. Which means it dropped in 2008-9, but so did everything else I had. I could have kept in in cash, and upped the equity portion of my other investments, but then they would have dropped even more, and I still would have spent the 52...
by NotWhoYouThink
Mon Sep 23, 2019 1:42 pm
Forum: Personal Investments
Topic: Real Estate investment college town condo?
Replies: 22
Views: 1785

Re: Real Estate investment college town condo?

What do you know about real estate in this area that other property owners don't know?
by NotWhoYouThink
Fri Sep 20, 2019 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Should I see a fee-only financial advisor or keep DIY?
Replies: 20
Views: 1302

Re: Should I see a fee-based financial advisor or keep DIY?

You should learn what a "fee based financial advisor" is and use a different term for the thing you want. A fee based financial advisor will manage your money for a fee, usually a percentage of assets under management, but will not charge you commissions on trades. That's all "fee based" or "fee onl...
by NotWhoYouThink
Fri Sep 20, 2019 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Who is responsible for taking RMDs after death of IRA owner?
Replies: 20
Views: 1421

Re: Who is responsible for taking RMDs after death of IRA owner?

Thank you for the link livesoft! To sum up, at least for me. :happy Lets say all of the beneficiaries have their inherited IRA's set up. One person cashes in their inherited IRA and it's enough to cover the full RMD. How do I connect the RMD from that one heir to the final tax return for the deceas...
by NotWhoYouThink
Fri Sep 20, 2019 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Who is responsible for taking RMDs after death of IRA owner?
Replies: 20
Views: 1421

Re: Who is responsible for taking RMDs after death of IRA owner?

I think that's the issue, the executor ignoring the RMD remaining for the year. When the estate tax returns are filed, the IRS is sure to catch the missing RMD and send a notice to the executor. He/She might be held responsible for the penalties and taxes. An executor should have known this upfront...
by NotWhoYouThink
Thu Sep 19, 2019 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Beneficiary passes, leaves hospital bills, can hospitals get money from her trust fund until paid in full?
Replies: 24
Views: 4917

Re: Beneficiary passes, leaves hospital bills, can hospitals get money from her trust fund until paid in full?

You don't really have enough information to determine what happens here. If the trust is part of her estate, the hospitals can try to get money from her estate. If the trust is not part of her estate, then there may be nothing in her estate that could be used for medical bills. You'd need to get a c...
by NotWhoYouThink
Thu Sep 19, 2019 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Elderly parents in assisted living with new high costs; seeking advice
Replies: 27
Views: 3528

Re: Elderly parents in assisted living with new high costs; seeking advice

First, I agree that it makes sense at this points to sell off the stock in the IRAs and put the proceeds in something safe like MM funds. They really can't afford to take any chances with the market. I didn't look at the bond funds, but it may be time to sell those off as well. What happens if/when ...
by NotWhoYouThink
Thu Sep 19, 2019 7:04 am
Forum: Personal Finance (Not Investing)
Topic: Long Term FAFSA/College Strategy
Replies: 150
Views: 8932

Re: Long Term FAFSA/College Strategy

Colleges that offer need-based financial aid in the form of grants rather than subsidized loans are very difficult to get into, and they require a lot more information about your finances than FAFSA. Colleges that offer athletic scholarships and merit based aid in the form of grants generally do not...
by NotWhoYouThink
Wed Sep 18, 2019 7:05 pm
Forum: Personal Investments
Topic: 1Mil$ Dollar-Cost Averaging is a strategy
Replies: 48
Views: 2904

Re: 1Mil$ Dollar-Cost Averaging is a strategy

How is the 401K invested? Because the IRA and 401K are very similar structures, they should be planned and managed as one entity.
by NotWhoYouThink
Wed Sep 18, 2019 5:15 pm
Forum: Personal Investments
Topic: 1Mil$ Dollar-Cost Averaging is a strategy
Replies: 48
Views: 2904

Re: 1Mil$ Dollar-Cost Averaging is a strategy

Hi dbr, Well, Let me see if I can go into detail a bit. Fortunately, my Father doesn't need the pension since his 401K is over 1Mil and he gets veteran's benefit each month (apprx $3K) and it takes care of all medical issues until he passes. Spouse is a non-issue. 4 children (45,41,34,32 yrs of age...
by NotWhoYouThink
Wed Sep 18, 2019 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Tax avoidance and estate planning ‘for the rich’?
Replies: 61
Views: 6707

Re: Tax avoidance and estate planning ‘for the rich’?

Nobody has to pay estate taxes. The methods of avoiding paying estate taxes are available to all and clearly shown on the IRS website. Link? Just read the tax code... All 1 million lines of it, it any sections in particular? That poster did PM me that he/she was referring to the option to just leav...
by NotWhoYouThink
Wed Sep 18, 2019 2:13 pm
Forum: Personal Investments
Topic: Withdrawal Approach
Replies: 29
Views: 2480

Re: Withdrawal Approach

You could stop re-investing dividends, and use the cash from the dividend and interest payments to fund your spending needs, then sell whatever you need to sell to get back to your desired AA.
by NotWhoYouThink
Wed Sep 18, 2019 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Best Method to Inherit House
Replies: 19
Views: 2454

Re: Best Method to Inherit House

Is the house suitable for aging in place? Is there room for a caregiver to stay if they need long term in-home care? Can they afford that? If the answer to all of the above questions is yes, then there is a stronger chance they might keep it long enough for you to inherit it. Otherwise, they'll prob...
by NotWhoYouThink
Wed Sep 18, 2019 8:11 am
Forum: Personal Consumer Issues
Topic: What generalist books attempt to explain human nature?
Replies: 39
Views: 2790

Re: What generalist books attempt to explain human nature?

Reading fiction is a good way to learn about human nature. You learn how the author thinks, and what the author has observed in others. The book mentioned above is one good way to start.

One key is to remember that we don't all think alike or feel alike, so maybe look into human natures.
by NotWhoYouThink
Tue Sep 17, 2019 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Tax avoidance and estate planning ‘for the rich’?
Replies: 61
Views: 6707

Re: Tax avoidance and estate planning ‘for the rich’?

The super wealthy can create different corporate structures that allow them certain advantages based on those corporate structures. These structures allow them to account for expenses and place assets strategically. One example that I am confronted with now is IRMMA. Although not technically a tax ...
by NotWhoYouThink
Mon Sep 16, 2019 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Why does my mom need a home appraisal?
Replies: 26
Views: 2469

Re: Why does my mom need a home appraisal?

Your mother may be planning to sell it if she is moving into an assisted living facility. She should get a stepped up basis as of the date of your father's death. No reason to keep it if she's not living there. But yes, if she still owns it when she dies, her heirs will get the basis stepped up to t...
by NotWhoYouThink
Mon Sep 16, 2019 12:14 pm
Forum: Personal Consumer Issues
Topic: Books set in New Zealand/Australia (police procedurals)
Replies: 21
Views: 1408

Re: Books set in New Zealand/Australia (police procedurals)

And for fun watching what happens when Australians move to New Zealand you could binge watch 800 Words.
by NotWhoYouThink
Mon Sep 16, 2019 12:14 pm
Forum: Personal Consumer Issues
Topic: Books set in New Zealand/Australia (police procedurals)
Replies: 21
Views: 1408

Re: Books set in New Zealand/Australia (police procedurals)

The Jane Harper novels (The Dry, Force of Nature, The Lost Man) fit the requirements in your title, and would make great airplane reads on the way there and back.
by NotWhoYouThink
Mon Sep 16, 2019 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Live in MA, Need 2.5 years health insurance until Medicare
Replies: 38
Views: 2560

Re: Live in MA, Need 2.5 years health insurance until Medicare

Tried an agent and he kept asking "what meds do you take" which I don't think is legal - he didn't believe us when we said none and never called back! Too nervous to go with catastrophic coverage only (or none!). Some plans might be better than others at prescription drug coverage, so it makes sens...
by NotWhoYouThink
Mon Sep 16, 2019 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Why does my mom need a home appraisal?
Replies: 26
Views: 2469

Re: Why does my mom need a home appraisal?

She may have received a step up in basis after your father died that would not affect California property tax, but would affect federal capital gains tax if she sells. Many people her age find it beneficial or necessary to sell their homes and move to retirement communities or assisted living. Under...
by NotWhoYouThink
Sun Sep 15, 2019 3:45 pm
Forum: Personal Consumer Issues
Topic: Senior fell in major store
Replies: 25
Views: 3232

Re: Senior fell in major store

My pre-school son once injured himself on a shopping cart in a grocery store. His fault, and mine for not keeping him under control. A very concerned and helpful store manager asked me what I wanted. I demanded, and got, a cookie (for my son) and a bagel (for his sibling) so they would have somethin...
by NotWhoYouThink
Fri Sep 13, 2019 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Should we keep paying for this life insurance policy?
Replies: 18
Views: 1557

Re: Should we keep paying for this life insurance policy?

Dottie57 wrote:
Fri Sep 13, 2019 11:19 am
Why is the cash value 0 if the policy had been paid every month of every year for 30 years?
OP said the payments used to be much lower. It may always have been term.
by NotWhoYouThink
Fri Sep 13, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Should we keep paying for this life insurance policy?
Replies: 18
Views: 1557

Re: Should we keep paying for this life insurance policy?

However it started out, it is now a $100K term policy with a premium of $118/month, increasing by 10% a year. Probably it made sense 30 years ago, but it doesn't today. He could live to be 90 and the premiums could go over $1000/month.
by NotWhoYouThink
Fri Sep 13, 2019 9:08 am
Forum: Personal Finance (Not Investing)
Topic: How many years for each $250k of net worth?
Replies: 36
Views: 6274

Re: How many years for each $250k of net worth?

Sometimes net worth moves in the other direction. Like that year mine dropped by a 7 figure amount.
by NotWhoYouThink
Fri Sep 13, 2019 8:19 am
Forum: Personal Investments
Topic: Where should we cut back saving/investing?
Replies: 58
Views: 6575

Re: Where should we cut back saving/investing?

A few maybe contrarian thoughts about 529s and possible tax arbitrage. To be sure, there is the possibility that you will not need this - your child will skip college, or get an appointment to West Point, or get a full athletic scholarship, or there will be a total revolution in college funding in t...
by NotWhoYouThink
Thu Sep 12, 2019 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to talk my elderly parents into seeing an elder lawyer.
Replies: 17
Views: 2171

Re: Trying to talk my elderly parents into seeing an elder lawyer.

The comment above that you should educate yourself on Medicaid is appropriate. It sounds like your parents don't have significant assets, so they may not need a trust but they probably need to know what their situation would be if one of them needed nursing home care but the other was healthy enough...
by NotWhoYouThink
Thu Sep 12, 2019 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid Irrevocable Trust Pros/Cons
Replies: 10
Views: 765

Re: Medicaid Irrevocable Trust Pros/Cons

$10K/month per person, x 2 people = $240K/year. Another con is that you can only go to a facility that will accept you at Medicaid rates, and many of the better facilities have limits on the number of Medicaid beds. Also, if the help you need is less than what Medicaid will pay for you are limited i...
by NotWhoYouThink
Thu Sep 12, 2019 9:09 am
Forum: Personal Finance (Not Investing)
Topic: When do you start gifting the max to your family members? When is enough NW totally enough?
Replies: 80
Views: 9767

Re: When do you start gifting the max to your family members? When is enough NW totally enough?

"But if I were a parent of teens or twenty somethings (and was financially able to do so), I would also consider funding Roth IRA up to their wage compensation or the annual IRS limit whichever is smaller - at least through HS and college. This would hopefully reinforce good savings habits and get ...
by NotWhoYouThink
Tue Sep 10, 2019 3:34 pm
Forum: Personal Investments
Topic: Is this what a CFP does?
Replies: 43
Views: 3264

Re: Is this what a CFP does?

A few things. First, people on this forum frequently use the term "fee only" when they mean "advice only." Someone charging an AUM fee of 1% to manage your money is "fee only." Someone who advises you but does not manage your investments is "advice only." Also, paying someone to tell your parents th...
by NotWhoYouThink
Tue Sep 10, 2019 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Opinion on Will / Estate issue?
Replies: 29
Views: 2357

Re: Opinion on Will / Estate issue?

It sounds like the executor is claiming that the house is not part of the probate estate, maybe because of the way it is titled? I'm not sure why else the house would go directly to the brother or why the will would be defective. I'd probably take it to my own attorney just to make sure the executor...
by NotWhoYouThink
Thu Sep 05, 2019 8:16 am
Forum: Personal Consumer Issues
Topic: Are you thinking about having a home healthcare aide instead of moving to a retirement home?
Replies: 33
Views: 2558

Re: Are you thinking about having a home healthcare aide instead of moving to a retirement home?

It's a continuum, and it depends on what your other support elements are. If there is family in town that can manage your doctor's appointments and other health needs, then a few hours a day from a health aide might be a good substitute for moving into a retirement community. But if your only intera...
by NotWhoYouThink
Wed Sep 04, 2019 5:18 pm
Forum: Personal Consumer Issues
Topic: First-hand experiences with United Basic Economy for families?
Replies: 180
Views: 7839

Re: First-hand experiences with United Basic Economy for families?

You have a way to sit together - pay the price that gives you that option. I would not trade seats to let you sit together, because I paid for my seat and don't want to give you for free what I paid for. $50 is an insultingly low amount of money to offer, try $500. I would still say no, but someone ...
by NotWhoYouThink
Wed Sep 04, 2019 7:07 am
Forum: Personal Investments
Topic: How do you let go of decisions that turned out to be the wrong ones?
Replies: 63
Views: 5278

Re: How do you let go of decisions that turned out to be the wrong ones?

Since the money is for college, consider it an educational expense. You learned something.

We make decisions with the information we have a the time. Now you know more about predicting interest rates, but you haven't really been harmed.
by NotWhoYouThink
Sat Aug 31, 2019 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Banks requiring fingerprint on a check for non-customers to receive cash
Replies: 87
Views: 6013

Re: Banks requiring fingerprint on a check for non-customers to receive cash

Good luck to the bank with that I guess, unless the tellers are trained in taking good fingerprints and the check copy isn’t smeared. Does anyone have any success stories of solved check in-person deposit crimes solved by the fingerprint-on-check method? ????? The OP talked about cashing the check,...
by NotWhoYouThink
Sat Aug 31, 2019 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Brokerage asking for each other's "risk profile"
Replies: 4
Views: 351

Re: Brokerage asking for each other's "risk profile"

As long as you manage your own investments and don't turn that job over to the broker it won't matter what you put down for your risk profile.
by NotWhoYouThink
Sat Aug 31, 2019 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Banks requiring fingerprint on a check for non-customers to receive cash
Replies: 87
Views: 6013

Re: Banks requiring fingerprint on a check for non-customers to receive cash

What would BoA do with this finger print, in either case of fraud or no fraud? Seems to be security theater. Most checks are scanned and shredded quickly. Scans can barely show a signature clearly, let alone a finger print. In this situation: Around here, the scam is to steal a check, pay a druggie...
by NotWhoYouThink
Fri Aug 30, 2019 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Banks requiring fingerprint on a check for non-customers to receive cash
Replies: 87
Views: 6013

Re: Banks requiring fingerprint on a check for non-customers to receive cash

Around here, the scam is to steal a check, pay a druggie to go to the bank and cash it, and split the money. That way it's the druggie that gets caught, if anyone ever does, not the original thief. It's annoying to be treated like a drugged out thief at the bank, just like it's annoying to be treate...
by NotWhoYouThink
Fri Aug 30, 2019 8:02 am
Forum: Personal Investments
Topic: Investing Father's Assets Who Is In Nursing Home (POA)
Replies: 68
Views: 4821

Re: Investing Father's Assets Who Is In Nursing Home (POA)

I am co-trustee of my 87yo dad's Living Revocable Trust mid 6 figures. Every penny that my dad saved and invested will be used for his confort and care during his twilight years. Any assets remaining will equally go heirs including the sale of his home. Just make sure that's what he wants. I've bee...
by NotWhoYouThink
Wed Aug 28, 2019 3:10 pm
Forum: Personal Investments
Topic: Mer. Lynch Buddy ... Bonds in Tax Account ... Stocks Only
Replies: 24
Views: 1771

Re: Mer. Lynch Buddy ... Bonds in Tax Account ... Stocks Only

First, as other posters have mentioned, the 1% AUM is more than you need to pay. Second, it is trivially easy to look back at what companies have done well over the last 1/5/10/25 years and propose portfolios that would have out-performed low cost index funds. Kind of like naming the past 5 Super Bo...
by NotWhoYouThink
Mon Aug 26, 2019 7:20 am
Forum: Personal Finance (Not Investing)
Topic: Death in family (not sure how to proceed)...
Replies: 30
Views: 5441

Re: Death in family (not sure how to proceed)...

According to NOLO, in Missouri: If you die with children or other descendants from you and the surviving spouse. Your surviving spouse inherits the first $20,000 of your intestate property, plus 1/2 of the balance. So it seems likely that this will get complicated. Since the kids are minors someone ...