Search found 5741 matches

by Gill
Mon Oct 28, 2019 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Charitable DAF - some churches currently disqualified
Replies: 3
Views: 601

Re: Fidelity Charitable DAF - some churches currently disqualified

I ran into a problem contributing to an Episcopal church. Apparently the individual parish was not qualified as a 501(c)(3) charity but the diocese was qualified. The parish is over one hundred years old. Vanguard worded the donee so that the diocese was designated as the beneficiary but the individ...
by Gill
Mon Oct 28, 2019 9:37 am
Forum: Personal Consumer Issues
Topic: Is drive up storage worth the cost?
Replies: 16
Views: 1503

Re: Is drive up storage worth the cost?

I once put furniture in storage and made the mistake of opting for a second floor unit. In the end it cost me considerably more as the time spent by the movers greatly exceeded the original savings.
Gill
by Gill
Mon Oct 28, 2019 9:29 am
Forum: Personal Consumer Issues
Topic: How much do you plan to spend on your children's weddings?
Replies: 182
Views: 9241

Re: How much do you plan to spend on your children's weddings?

Agree with earlier comments about a fixed amount. We gave our daughter $20,000 with the understanding it was a combined wedding gift and contribution to the wedding expenses. They planned the wedding themselves and all worked out well
Gill
by Gill
Sun Oct 27, 2019 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: When siblings inherit an Irrevocable Trust with low basis investments
Replies: 6
Views: 946

Re: When siblings inherit an Irrevocable Trust with low basis investments

The only fair way to distribute is to allocate each tax lot. If an uneven number of shares you can either sell the odd share or adjust with cash. I’ve done both in distributing trusts in this fashion.
Gill
by Gill
Sun Oct 27, 2019 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: When siblings inherit an Irrevocable Trust with low basis investments
Replies: 6
Views: 946

Re: When siblings inherit an Irrevocable Trust with low basis investments

First of all,I assume you’re sure there was no stepup in basis as the result of your mother’s death. Assuming there was not, splitting each asset equally is probably the most equitable method. If capital gains weren’t a significant factor I’d recommend liquidating the entire trust and distributing c...
by Gill
Sun Oct 27, 2019 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance question
Replies: 18
Views: 2340

Re: Inheritance question

We’re you left a specific dollar amount or was it a share of the estate? For example, if you were left a cash bequest of $20,000 there would be no tax ramifications at all but if you were left 10% of the estate you might be responsible for 10% of the income earned by the estate. Gill I would suspec...
by Gill
Sun Oct 27, 2019 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance question
Replies: 18
Views: 2340

Re: Inheritance question

We’re you left a specific dollar amount or was it a share of the estate? For example, if you were left a cash bequest of $20,000 there would be no tax ramifications at all but if you were left 10% of the estate you might be responsible for 10% of the income earned by the estate. Gill I would suspec...
by Gill
Sun Oct 27, 2019 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance question
Replies: 18
Views: 2340

Re: Inheritance question

We’re you left a specific dollar amount or was it a share of the estate? For example, if you were left a cash bequest of $20,000 there would be no tax ramifications at all but if you were left 10% of the estate you might be responsible for 10% of the income earned by the estate.
Gill
by Gill
Sat Oct 26, 2019 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Flagship clients no longer have a personal rep
Replies: 48
Views: 4589

Re: Flagship clients no longer have a personal rep

My account still shows the picture, name and contact information for the Flagship representative I've had for a number of years and I've received no notice of this terminating.
Gill
by Gill
Fri Oct 25, 2019 6:12 am
Forum: Personal Finance (Not Investing)
Topic: passing assets before retiring?
Replies: 23
Views: 2286

Re: passing assets before retiring?

This is the dumbest advice ever given. Do you really want to impoverish yourself for the remainder of your life in an effort to defeat your creditors?

Gill
by Gill
Sun Oct 20, 2019 11:41 am
Forum: Personal Investments
Topic: On the fence with I bond- do you agree with this article?
Replies: 29
Views: 2483

Re: On the fence with I bond- do you agree with this article?

I had an I-bond purchased at Treasury Direct to see what all the fuss was about. I sold it last year. What a compete waste of time and effort. I don't think anyone needs such complications in their lives. For those that have I-bonds I don't think they have redeemed many of them for the full round-t...
by Gill
Fri Oct 18, 2019 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Living trust questions
Replies: 2
Views: 514

Re: Living trust questions

You won’t have any Federal estate tax, trust or no trust. Yes, the trust becomes irrevocable at your death.
Gill
by Gill
Thu Oct 17, 2019 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Legacy/Inheritance
Replies: 61
Views: 6715

Re: Legacy/Inheritance

I still don’t understand your questions #2 and #3. Do you have any choice? Are these irrevocable trusts but treated as grantor trusts for tax purposes?
Gill
by Gill
Thu Oct 17, 2019 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Legacy/Inheritance
Replies: 61
Views: 6715

Re: Legacy/Inheritance

Well, if that's the case I don't understand your questions. Aren't the terms of the trust already set in stone? Who is the trustee of the trusts?
Gill
by Gill
Thu Oct 17, 2019 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Legacy/Inheritance
Replies: 61
Views: 6715

Re: Legacy/Inheritance

Fortunately, we set these trusts up over a decade ago and are not facing a large inheritance tax bill. You hadn't mentioned that in your original post. Have you already created irrevocable trusts for your children so that at least some of the $48 million is excluded from your estate? If $48 million...
by Gill
Thu Oct 17, 2019 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Legacy/Inheritance
Replies: 61
Views: 6715

Re: Legacy/Inheritance

Quite simply, you need a sophisticated trust and estate attorney. Just for a starter, you are looking at significant estate taxes on an estate that size which you should wish to minimize.
Gill
by Gill
Thu Oct 17, 2019 11:04 am
Forum: Investing - Theory, News & General
Topic: "Vanguard Patented a Way to Avoid Taxes on Mutual Funds"
Replies: 140
Views: 9870

Re: "Vanguard Patented a Way to Avoid Taxes on Mutual Funds"

Hate to see this technique discussed in print and on the Internet. It was such publicity on this forum and elsewhere that killed credit card purchases of I-Bonds and other tax reduction schemes over the years. Why don't we lock this thread now.
Gill
by Gill
Wed Oct 16, 2019 7:24 am
Forum: Non-US Investing
Topic: Navigating US tax traps
Replies: 9
Views: 1140

Re: Navigating US tax traps

Are you a nonresident alien?
Gill
by Gill
Fri Oct 11, 2019 7:45 am
Forum: Personal Investments
Topic: SPIA, RMD and Federal Tax
Replies: 15
Views: 1385

Re: SPIA, RMD and Federal Tax

Don't want to derail the thread but can you buy an SPIA within a Roth IRA and what are the tax consequences then? The tax consequence depends on your meeting qualified distribution rules such as the five-year rule, at least 59 1/2 (or disability or death). It is not automatically tax free. I was re...
by Gill
Thu Oct 10, 2019 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Efficient use of short term capital losses
Replies: 6
Views: 447

Re: Efficient use of short term capital losses

No, you can't do what you propose. You must use it in the year realized and carry over any excess.
Gill
by Gill
Thu Oct 10, 2019 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Filing tax returns for deceased uncle.
Replies: 6
Views: 796

Re: Filing tax returns for deceased uncle.

Someone should file those returns and anyone in possession of the assets of the decedent is authorized to do so. No need for the court to be involved for this purpose.
Gill
by Gill
Thu Oct 10, 2019 11:53 am
Forum: Personal Investments
Topic: Savings
Replies: 21
Views: 2128

Re: Savings

6d1v7x3 wrote:
Thu Oct 10, 2019 12:06 am
A small amount of it is used every month. Probably around a thousand. And I'd like to save it for the foreseeable future.
A "small Amount". You're spending at the rate of 12% a year on your initial sum.
Gill
by Gill
Wed Oct 09, 2019 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Married with Separate bank accounts
Replies: 44
Views: 3819

Re: Married with Separate bank accounts

Smart girl. She hardly needs an “active trader” to help her invest her funds.
Gill
by Gill
Wed Oct 09, 2019 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Loss on Sale of Inherited House
Replies: 11
Views: 1249

Re: Capital Loss on Sale of Inherited House

I disagree about the appraisal. The best indication of FMV is an arm’s length sale within a reasonable time after DOD. Use the sales price as your stepped up basis. Don’t waste your money on an appraisal.
Gill
by Gill
Wed Oct 09, 2019 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Received SSDI lump sum and want tp pay the taxes on it now
Replies: 12
Views: 1044

Re: Received SSDI lump sum and want tp pay the taxes on it now

Why pay it six months early? Set aside $15,000 for next April and you’ll be fine
Gill
by Gill
Tue Oct 08, 2019 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone know anything about California Bank and Trust?
Replies: 17
Views: 1275

Re: Anyone know anything about California Bank and Trust?

Saver21 wrote:
Tue Oct 08, 2019 8:27 pm
This looks like a scam to me, would love others thoughts.
The site link of the actual bank is https://www.calbanktrust.com/

I am guessing it’s a scam given that the fake site is very bare bones and has typos all over the place
I think you’re on to something. Looks like a scam to me.
Gill
by Gill
Tue Oct 08, 2019 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: What exactly is HH savings bond deferred interest?
Replies: 7
Views: 399

Re: What exactly is HH savings bond deferred interest?

The deferred interest was from exchanging E Bonds into H Bonds. H Bonds were issued at face value so there was no interest income at maturity. However, if an E Bond with $200 accrued interest was exchanged into an H Bond with a $500 face value, there would be $200 interest income at maturity of the...
by Gill
Tue Oct 08, 2019 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: What exactly is HH savings bond deferred interest?
Replies: 7
Views: 399

Re: What exactly is HH savings bond deferred interest?

The deferred interest was from exchanging E Bonds into H Bonds. H Bonds were issued at face value so there was no interest income at maturity. However, if an E Bond with $200 accrued interest was exchanged into an H Bond with a $500 face value, there would be $200 interest income at maturity of the ...
by Gill
Tue Oct 08, 2019 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes - Goodwill donations, older children's clothing
Replies: 28
Views: 2753

Re: Taxes - Goodwill donations, older children's clothing

I've never heard of this issue coming up. I would take the position that your children gave you the stuff to donate. Really, you are asking how many angels can dance on the head of a pin. No need to be "Holier than the Pope".
Gill
by Gill
Tue Oct 08, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Anyone know anything about California Bank and Trust?
Replies: 17
Views: 1275

Re: Anyone know anything about California Bank and Trust?

I checked the FDIC Website and it shows this bank is covered.
Gill
by Gill
Mon Oct 07, 2019 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on selling home in California
Replies: 15
Views: 1977

Re: Tax on selling home in California

Yes I am the trustee and his house was put into a irrevocable trust. Do you know if the house was put into an irrevocable trust while your brother was alive, or was it a revocable trust that became irrevocable upon his death? It might make a difference, but IANAL. It is entirely possible that the t...
by Gill
Mon Oct 07, 2019 5:48 am
Forum: Personal Investments
Topic: SPIA, RMD and Federal Tax
Replies: 15
Views: 1385

Re: SPIA, RMD and Federal Tax

rossington wrote:
Mon Oct 07, 2019 1:29 am
Don't want to derail the thread but can you buy an SPIA within a Roth IRA and what are the tax consequences then?
The distributions are totally tax free.
Gill
by Gill
Sun Oct 06, 2019 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on selling home in California
Replies: 15
Views: 1977

Re: Tax on selling home in California

It no longer matters what he paid for it. The basis should now be about $800,000

Gill
by Gill
Sun Oct 06, 2019 7:56 pm
Forum: Personal Investments
Topic: Corp AAA bond vs. secondary market annuity
Replies: 7
Views: 414

Re: Corp AAA bond vs. secondary market annuity

The annuity cash flow is not just income but is also a partial return of principal.
Gill
by Gill
Sun Oct 06, 2019 6:48 pm
Forum: Personal Investments
Topic: SPIA, RMD and Federal Tax
Replies: 15
Views: 1385

Re: SPIA, RMD and Federal Tax

Not 100% sure but I think each payment includes a return of premium that is nontaxable and the rest of the payment is taxed as ordinary income. If you purchase an annuity with AFTER TAX money, then the above is true. If you purchase an annuity with TAX DEFERRED money, such as inside an IRA, then th...
by Gill
Sun Oct 06, 2019 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: Tax guy my mom hired has me paying suspiciously high tax on investments
Replies: 46
Views: 6640

Re: Tax guy my mom hired has me paying suspiciously high tax on investments

In general, capital gains in trusts are considered corpus (principal), and are not included in the calculation of the trust's distributable net income (DNI) for the year. Therefore capital gains are generally taxable to the trust even if distributions are made to the beneficiary. There are some sit...
by Gill
Sun Oct 06, 2019 6:30 pm
Forum: Personal Investments
Topic: Gift of fund shares and subsequent cash payment between family members
Replies: 9
Views: 783

Re: Gift of fund shares and subsequent cash payment between family members

Sure are. It’s a taxable sale. Gill I'm trying to understand since this came up in a discussion. Is it the gift itself that creates the taxable sale? No, the gift alone doesn’t create a sale. It’s the appearance of a quid pro quo with the cash transfer deemed consideration for the stock transfer. G...
by Gill
Sun Oct 06, 2019 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Tax guy my mom hired has me paying suspiciously high tax on investments
Replies: 46
Views: 6640

Re: Tax guy my mom hired has me paying suspiciously high tax on investments

In general, capital gains in trusts are considered corpus (principal), and are not included in the calculation of the trust's distributable net income (DNI) for the year. Therefore capital gains are generally taxable to the trust even if distributions are made to the beneficiary. There are some sit...
by Gill
Sat Oct 05, 2019 8:13 pm
Forum: Personal Investments
Topic: Family Finances
Replies: 18
Views: 3152

Re: Family Finances

There is no reason for you to pay her debts with your funds. You are not obligated on them unless you undertook the obligations jointly.
Gill
by Gill
Sat Oct 05, 2019 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Tax guy my mom hired has me paying suspiciously high tax on investments
Replies: 46
Views: 6640

Re: Tax guy my mom hired has me paying suspiciously high tax on investments

In your first post you said you are in your 30's and do not have a job. This would seem to indicate your tax bracket is very low or non existent which would seem to call for income distributions from the trust if that is possible under its terms. Have you ever discussed this with your Mother and had...
by Gill
Sat Oct 05, 2019 7:06 am
Forum: Personal Finance (Not Investing)
Topic: Tax guy my mom hired has me paying suspiciously high tax on investments
Replies: 46
Views: 6640

Re: Tax guy my mom hired has me paying suspiciously high tax on investments

You should brush up on trust taxation. This would appear quite normal for a trust accumulating income or realizing capital gains. I’m sure the preparer knows better than to report unrealized gains.
Gill
by Gill
Sat Oct 05, 2019 7:02 am
Forum: Personal Investments
Topic: Investing in tax exempt bonds over paying down mortgage?
Replies: 12
Views: 832

Re: Investing in tax exempt bonds over paying down mortgage?

Has anyone considered the issue that interest to buy or carry tax exempt bonds is not deductible?
Gill
by Gill
Fri Oct 04, 2019 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Side income ideas for a non-lawyer JD holder?
Replies: 30
Views: 2160

Re: Side income ideas for a non-lawyer JD holder?

Why do you call yourself a “non-lawyer JD holder”? Seems to me you are a lawyer who is admitted to practice.
Gill
by Gill
Fri Oct 04, 2019 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Medicare Part D advise
Replies: 33
Views: 2882

Re: Medicare Part D advise

I try to get the most rock bottom plan I can. I rarely use any Rx; I've been tempted to skip Part D altogether. My current plan bumped the rate but also in the fine print, jacked up the deductible and copayments. I plan to shop around. I may still decide to go without and pay the penalty later if I...
by Gill
Thu Oct 03, 2019 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Should My Uncle File an Amended 1040X?
Replies: 18
Views: 965

Re: Should My Uncle File an Amended 1040X?

One thing is for certain which is filing the amended return will resurrect the original return and bring additional scrutiny to it.
Gill
by Gill
Thu Oct 03, 2019 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Buying and living in a multi family unit
Replies: 24
Views: 1257

Re: Buying and living in a multi family unit

Although I still feel you can't afford this by any stretch, no one has yet commented on the price in relation to the rental income. With gross rental income of $38,400 and a price of $550,000 you are talking a gross return of 7% before expenses. Clearly, the property is way overpriced and by the usu...
by Gill
Thu Oct 03, 2019 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Buying and living in a multi family unit
Replies: 24
Views: 1257

Re: Buying and living in a multi family unit

Thanks everyone for your replies. To give more information about our financial situation: - my income: $70,000/yr (possibility of 15-20k bonus) - wife income $45,000/yr Investments: - across all investment accounts (401k's, Roth IRA's, HSA) we have ~$30,000 Debt: - car loan of ~$10,000 Our annual e...
by Gill
Thu Oct 03, 2019 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Part D advise
Replies: 33
Views: 2882

Re: Medicare Part D advice

similar thread here https://www.bogleheads.org/forum/viewtopic.php?p=4770255#p4770255 Thanks, hadn't noticed that. It seems Humana is doubling the premium on the former Walmart policy around the country and still offering a Walmart plan at a rock bottom premium, the lowest of any available from any...