Search found 480 matches

by leonidas
Sun Feb 14, 2021 7:27 am
Forum: Personal Investments
Topic: Naming Beneficiaries for Retirement Accounts
Replies: 14
Views: 1664

Re: Naming Beneficiaries for Retirement Accounts

I am currently doing my own estate planning and it is more complicated than I thought it would be, I agree. We are doing an entire plan(wills, powers of attorney...) and while most things are boilerplate I am finding this is bit more challenging with retirement plans. The real reason is that my oldest is just a nightmare with his own money. blows it as he gets it. I sat him down and we discussed investing and I started him off with a vanguard total market fund to show him the power of compound growth and patience. A few months later he sold it, opened a Robinhood account and traded AMC and GME until he lost most of it. :oops: The second issue arose when I was reading about the SECURE act and how it speeds up required withdrawals from retir...
by leonidas
Sun Feb 14, 2021 7:17 am
Forum: Personal Investments
Topic: Naming Beneficiaries for Retirement Accounts
Replies: 14
Views: 1664

Re: Naming Beneficiaries for Retirement Accounts

bsteiner wrote: Sat Feb 13, 2021 9:56 pm There's no reason you can't leave your retirement benefits to trusts for your children under your Will. That's better than leaving your retirement benefits to your estate. Your lawyer should be able to prepare the appropriate beneficiary designations.
Thank you. It seems that the will as written designates a trust for each son but the language indicates they are to be created upon my (and spouses) deaths. would it be better to ask him to create the trusts first and then have the beneficiary as the existing trust? Just trying to get some intelligent questions to ask.

Thank you for the reply.
by leonidas
Sun Feb 14, 2021 7:11 am
Forum: Personal Investments
Topic: Naming Beneficiaries for Retirement Accounts
Replies: 14
Views: 1664

Re: Naming Beneficiaries for Retirement Accounts

averagedude wrote: Sat Feb 13, 2021 10:22 pm Keep in mind that when it comes to your retirement assets in a 401k plan or an IRA, your elected beneficiary's overrides what your will states.
This is my concern. My 401k has wife as primary (no ex's) and kids as contingency 50% each. My oldest is to boglehead philosophy as a vampire is to garlic so I don't want him to inherit too much too young. The will states that the boys are to have trusts set up that gives them a percentage each year until they reach 41 and can access the trust in its entirety. I want to make sure that my beneficiary designations accomplish this. We dont meet the lawyer again for almost two weeks to give us a chance to review the wills and bring up any converns.

Thank you for your response,
by leonidas
Sat Feb 13, 2021 9:48 pm
Forum: Personal Investments
Topic: Naming Beneficiaries for Retirement Accounts
Replies: 14
Views: 1664

Naming Beneficiaries for Retirement Accounts

Good Evening, I received copies of my will to review as we have been putting off estate planning for the past several years and now wish to actually follow through with this. As part of the will, our attorney has drafted is a section that creates trusts for our 2 sons that doles out money over the years so they don't get a pile of assets all at once. I am a bit confused about naming Beneficiaries for my retirement accounts. I currently have the wife as primary and the boys as contingent. I also realize that the beneficiary designation supersedes what is in the will. So should I name my estate as the beneficiary (tax implications?) and then the monies go into the kids trusts and are dispersed? Should I create the trusts first and have separa...
by leonidas
Wed Jan 29, 2020 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Alliant 3/2.5% card - any experience? [Now a "no annual fee" card]
Replies: 147
Views: 21300

Re: Alliant Visa now limiting cash back

For the most part its not an issue. I pay almost every bill with this card and that comes to a few thousand a month. I may go over when I pay to finish a portion of the basement or pay for vacation but not by too much.
by leonidas
Fri Nov 08, 2019 9:02 am
Forum: Personal Investments
Topic: I'd like to buy individual bonds, bills, CDs, etc. simply as a learning experience
Replies: 12
Views: 1094

Re: I'd like to buy individual bonds, bills, CDs, etc. simply as a learning experience

I am a Schwab customer and out of the three options you are interested in I only have purchased individual treasuries mostly at auction. The CD rates at all the brokerages seem non-competitive from what can be earned at online banks. As for muni's I hear there is a mark-up and the market is not really as liquid so I only use Mutual funds (Vanguard Interm Muni) and ETFs (VTEB, MUB).
by leonidas
Thu Oct 17, 2019 9:17 pm
Forum: Personal Consumer Issues
Topic: Moving my home landline phone number to MagicJack - good idea?
Replies: 52
Views: 6504

Re: Moving my home landline phone number to MagicJack - good idea?

Anyone have an opinion on Voiply or 1-VOIP. I have a Verizon landline and what to get off since it costs too much.
by leonidas
Thu Oct 10, 2019 10:54 am
Forum: Investing - Theory, News & General
Topic: Any reason to keep Wellstrade with free trades?
Replies: 6
Views: 820

Re: Any reason to keep Wellstrade with free trades?

I have had a WellsTrade account with 100 free trades and a Schwab account used for mainly the Investor checking features for over a decade. I used the Wells account for purchasing Vanguard mutual funds, (Limited and Interm Tax Exempt ADM and Prime MMF). Mutual funds are still 49.99 at Schwab unless they are in the NTF list. I believe they free to sell. I was informed by customer support that I can transfer those funds and hold them in Schwab but I cant by any more. I am assuming its because its an Admiral fund. Here is a snippet of the email Schwab sent me: "I confirmed with our Mutual Fund support team that VWIUX can be transferred to Schwab. However you won't be able to buy more of this fund at Schwab it's designated for our Schwab I...
by leonidas
Fri Oct 04, 2019 12:23 pm
Forum: Personal Investments
Topic: Firstrade vs M1 Finance
Replies: 4
Views: 972

Re: Firstrade vs M1 Finance

First Trade does not charge for Mutual fund purchases either. Any funds not on Schwabs' NTF list will be charged about 50 to buy.
by leonidas
Wed Oct 02, 2019 9:39 am
Forum: Investing - Theory, News & General
Topic: If you use Vanguard (Brokerage), why do you stay?
Replies: 102
Views: 13262

Re: If you use Vanguard (Brokerage), why do you stay?

If your at Vanguard I would just stay there especially if you use their mutual funds for witch there still is a fee for at Schwab. I am grandfathered into WellsTrade which gives 100 free trades including Vanguard MF's so I am not going to move to Schwab. I use Schwab investor checking for my banking needs which is an excellent product.
by leonidas
Sun Sep 29, 2019 2:54 pm
Forum: Investing - Theory, News & General
Topic: Jonathan Clements: About half your retirement accumulation is just the dollars you put in
Replies: 92
Views: 19811

Re: Jonathan Clements: About half your retirement accumulation is just the dollars you put in

I just looked online and its 47% contributions and 53% returns for me since 1994. I have about 10-12 more years till retirement.
by leonidas
Fri Jun 14, 2019 12:35 pm
Forum: Personal Consumer Issues
Topic: 40+% increase in auto policy (GEICO) - normal?
Replies: 74
Views: 7525

Re: 40+% increase in auto policy (GEICO) - normal?

I had GEICO for 5 years. Steady rate increases each year but nothing out of the ordinary. Added 18 years to policy and only increased 600. He had an accident and up a thousand. Last increase was 4% or so. I went looking for cheaper insurance and GEICO was still the lowest. BTW, they paid out on the accident claim in 3 days (total loss).
by leonidas
Fri Jun 07, 2019 12:33 pm
Forum: Personal Investments
Topic: Chewy IPO
Replies: 43
Views: 4536

Re: Chewy IPO

We use chewy for our dog food and dog meds. Sometimes a good company doesn’t equal a good stock. I have shifted most of my assets to indexes so i won’t be buying this stock. If you have some play money I don’t think it’s that much of an issue to pick up shares just not my thing. Good luck.
by leonidas
Wed Jun 05, 2019 6:51 am
Forum: Personal Finance (Not Investing)
Topic: Schwab ATM Fee Rebate
Replies: 5
Views: 673

Re: Schwab ATM Fee Rebate

I checked and I was reimbursed on the last day of the month along with a minimal amount of interest. Did you use an ATM that charged a fee? Some months I don't so that may be something to look into.
by leonidas
Tue May 14, 2019 7:24 am
Forum: Personal Finance (Not Investing)
Topic: Worth Fighting a Speeding Ticket?
Replies: 64
Views: 6468

Re: Worth Fighting a Speeding Ticket?

My son was speeding and we pleaded not guilty. Went to court and it got reduced to obstructed view. $54 bucks and no points. No lawyer either.
by leonidas
Wed Apr 24, 2019 11:27 am
Forum: Personal Investments
Topic: Dump international?
Replies: 228
Views: 22390

Re: Dump international?

Its been a disheartening ride with International for the last decade. I have been re-balancing into Intl seemly every year to keep my 30% foreign allocation. I am hopeful that this diversification will pay off so I am not planning any changes.
by leonidas
Mon Mar 11, 2019 9:23 am
Forum: Personal Investments
Topic: Time to buy Boeing?
Replies: 91
Views: 13204

Re: Time to buy Boeing?

I am not against buying individual stocks. Buying Boeing right now seems to involve quite a bit of risk as the issues with one variant of the 737 are unknown. Boeing without these issues was $100 lower just last year so Im not seeing the compelling value. If you have an IPS and cash lying around I would simply put it to work according to your plan.
by leonidas
Sun Mar 10, 2019 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Use caution to not incorrectly pay taxes on 529 distribution in TTax
Replies: 30
Views: 3492

Re: Use caution to not incorrectly pay taxes on 529 distribution in TTax

Good Afternoon!

I am having the same issues but I cant seem to find where to make the changes to fix it. I have a 1098-Q that lists me as the recipient.
Box 1 is 4697, earnings are 1603 and basis is 3094. I found on my fed taxes that the 1603 is taxable. Is this correct?
by leonidas
Thu Feb 07, 2019 12:20 pm
Forum: Personal Consumer Issues
Topic: $10,000 for a bed?
Replies: 36
Views: 4451

Re: $10,000 for a bed?

My wife and I were mattress shopping about 3 years ago and she fell in love with Stearn and Foster king sized that was $9300. Needless to say we kept looking but she was not satisfied with anything else we saw. Went back during a holiday sale (Memorial day) and the bed was like 65% off. We bought it and some sheets and blankets for about $4500. 0% for five years finance. We will have that bed for the next 30 years....hopefully.
by leonidas
Tue Jan 29, 2019 7:12 am
Forum: Personal Finance (Not Investing)
Topic: Auto Insurance and teenagers
Replies: 29
Views: 2927

Re: Auto Insurance and teenagers

We have GEICO. For 2 cars my wife and I paid about 1400/yr. When my oldest got his license we paid about 1950 a year. Then he got into an accident and now we are paying 2850 a year.
by leonidas
Wed Jan 09, 2019 6:51 am
Forum: Investing - Theory, News & General
Topic: Your Vanguard Page
Replies: 32
Views: 4069

Re: Your Vanguard Page

Once a week at most.
by leonidas
Thu Dec 13, 2018 11:22 am
Forum: Investing - Theory, News & General
Topic: [Robinhood to offer 3% cash management program, not a bank account]
Replies: 153
Views: 15443

Re: Robinhood 3%Checking

I got my invite:

Hi peter,

You're #42,989 on the list!

Robinhood Checking & Savings launches in early 2019. We'll let you know when your invite is ready.
by leonidas
Thu Nov 15, 2018 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Alliant CU Signature Card
Replies: 6
Views: 742

Re: Alliant CU Signature Card

Had the card for nearly a year. I put most of my spending on it. I will plan to keep it even with the annual fee.

We charge 3500-4500 a month on it.

My other card is the Citi Double cash which hasn't seen much use lately.
by leonidas
Wed Nov 14, 2018 4:00 pm
Forum: Investing - Theory, News & General
Topic: Are you all staying the course?
Replies: 114
Views: 10750

Re: Are you all staying the course?

I am maintaining my asset allocation with periodic investments into my 401k. I did switch from using my savings account to buying 3 and 6 month treasury bills at auction through Schwab.
by leonidas
Sat Oct 27, 2018 12:04 pm
Forum: Personal Consumer Issues
Topic: What is a reasonable housecleaning cost?
Replies: 27
Views: 3126

Re: What is a reasonable housecleaning cost?

8foot7 wrote: Sat Oct 27, 2018 11:42 am NC. 4500 sq ft house twice a month, $140 a pop.

One note: I’ve found that most cleaners’ quality of work will drop off after a few months. They’ll be really good at first but then I think they start taking you for granted and you just become another house to clean, another guaranteed customer and not the sexy new client and new money you once were.
This is what I have experienced too with the first service we used. The next one we got to know the ladies doing the work pretty well, gave a Christmas tip and candy and I find that they do a very good job almost every time. Not as thorough as the first few months but much better than the standard job done by the first service.
by leonidas
Sat Oct 27, 2018 12:01 pm
Forum: Personal Consumer Issues
Topic: What is a reasonable housecleaning cost?
Replies: 27
Views: 3126

Re: What is a reasonable housecleaning cost?

4800 sq/ft house 360/mo or 180 every 2 weeks. I used them for about 3 years till wifey lost her job, then she basically took care of it until she found a job again. We are in NJ.
by leonidas
Sun Oct 07, 2018 9:46 am
Forum: Personal Investments
Topic: Sell vwiux and buy 1 yr tbills? [Vanguard Intermediate-Term Tax-Exempt]
Replies: 8
Views: 846

Re: Sell vwiux and buy 1 yr tbills?

I have been buying 1 yr t bills for the last few months. They are state tax free for me (NJ) sobyou must account for that when moving from your fund. For the record I am using the t bills in place of savings accounts and keeping my tax exempt funds and even adding to them.
by leonidas
Sun Sep 30, 2018 10:30 am
Forum: Personal Consumer Issues
Topic: city water sewer vs well septic
Replies: 36
Views: 4225

Re: city water sewer vs well septic

My house is 14 years old and two weeks ago my submersible well pump died.
The replacement cost 2200 (with storage tank).
I pay about 150 a year to in service costs.

The septic is the real killer if it needs replacement. We clean out our tank every three years at about 280 each pump. If the system needs replacement then that could cost 10-20k. This is my second house with well and septic, 10 years for the first and 14 for this one and never had an issue with the septic. I am thinking that the system should last 25-30 years if properly cared for.
by leonidas
Fri Sep 21, 2018 2:55 pm
Forum: Personal Investments
Topic: Fidelity, Charles Schwab, TD, Other?
Replies: 1
Views: 409

Re: Fidelity, Charles Schwab, TD, Other?

I use Schwab and Wells Fargo PMA (grandfathered for 100 free trades a year). Schwab also has my Checking account so that's convenient. Schwab has a good selection of free ETF's in order to create a solid portfolio. Been there 10 years no complaints.
by leonidas
Thu Sep 20, 2018 1:51 pm
Forum: Investing - Theory, News & General
Topic: Buying VWIUX Today [Vanguard Intermediate-Term Tax-Exempt Muni Bond]
Replies: 48
Views: 7189

Re: Buying VWIUX Today

I’ve been moving some of my spare cash to the admiral version of the fund. I own in Wells Fargo as part of the PMA package. There is no minimum.
by leonidas
Tue May 08, 2018 8:07 am
Forum: Investing - Theory, News & General
Topic: Why do so many Americans not own stocks?
Replies: 44
Views: 5366

Re: Why do so many Americans not own stocks?

Many people deem the financial markets as too risky or even a scam. My parents preferred the certain return of 5,6 or 7% they were getting from banks to the possibility of any loss in the markets. I remember once in '96 when the market was selling off my mother called me in a panic to sell everything. Same thing in 2000 and 2008. Also in '94 she was terrified of buy a 2 year treasury yielding 7.75 since she didn't get a statement with interest credited every month so she wasn't sure where her money was. Now she laments that they didn't make any investments as their savings has pretty much evaporated with <1% interest rates.
by leonidas
Mon Feb 05, 2018 9:45 am
Forum: Personal Finance (Not Investing)
Topic: New Payroll Withholding: Out of State NY / NJ
Replies: 13
Views: 1177

Re: New Payroll Withholding: Out of State NY / NJ

I live in NJ and work in NYC. Just checked my pay advice and noticed no additional taxes being taken out for NJ.
by leonidas
Sat Jan 27, 2018 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Ways to Protect Assets Without a Prenup
Replies: 69
Views: 9292

Re: Ways to Protect Assets Without a Prenup

Stay single. It’s the only way to be sure.
by leonidas
Sun Dec 10, 2017 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Pay Estimated Taxes
Replies: 7
Views: 1267

Re: Pay Estimated Taxes

That makes a great deal of sense! I am going to lower my exemptions and that should take effect for my last paycheck (and bonus).

As for FICA taxes, she will be paying the full load; is the "employer" portion tax deductible?

Thanks.
by leonidas
Sun Dec 10, 2017 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Pay Estimated Taxes
Replies: 7
Views: 1267

Pay Estimated Taxes

My wife started working for a small social marketing company that pays weekly and I noticed that they do not take any taxes out of her check. So I am thinking that I should be filing and paying estimated taxes quarterly. Does this sound correct? She told me that that she is getting a 1099 and not a w-2.

Thanks.
by leonidas
Mon Oct 09, 2017 7:03 am
Forum: Personal Finance (Not Investing)
Topic: Mint - Issues with showing my account details
Replies: 15
Views: 3368

Re: Mint - Issues with showing my account details

I left mint years ago when they were swallowed up by intuit. Personal capital is a great tool for tracking and that’s what I use now. It not reallly focused on budgeting so if that is your main purpose then I would look for something else. It does track spending.
by leonidas
Wed Sep 06, 2017 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: What is the main purpose of holding your current job?
Replies: 66
Views: 8540

Re: What is the main purpose of holding your current job?

I'm at a 2 right now.
Good pay, great health insurance, nice pension.
Not really excited about what I do and the people I work with but not bad either.
I get to work from home 3 days a week so that's a plus.
by leonidas
Wed Sep 06, 2017 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 12768

Re: Protecting moms assets from nursing home expenses

Scheduling a consultation with an Elder Law Atty by end of September. Right now just in an info gathering stage.
by leonidas
Tue Sep 05, 2017 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 12768

Re: Protecting moms assets from nursing home expenses

My parents worked with an estate attorney last year to protect the house. My father is getting home care now and they have sufficient assets to cover the next few years but my mother is in relatively good health and could live for years yet. The attorney set up a trust 'for the children' which holds the house. I'm the trustee and will use the house if necessary to help my mother. That is pretty risky however, as I could just run off with the house. Also the five year rule will apply if my father needs Medicaid before five years have passed. As I remember you could also set up a SPIA. Medicaid will look at your assets but doesn't really look at your income. I think there are state specific rules however. The big kicker is the 5 year 'look-b...
by leonidas
Tue Sep 05, 2017 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 12768

Re: Protecting moms assets from nursing home expenses

Your mother doesn't have a lot of assets to protect, I'm not sure you need to do anything. She could stay in her home another 15-20 years, or could need skilled care next month, you just never know. As mentioned above, most care for seniors is provided by family in the home - either the parent moves in with the child or vice versa. If your mom can manage around the house but just needs some help, you might need to prepare to help pay for that. If her house is paid for her expenses might be low, but daily help can add up. If she does need to go into long term skilled nursing, the cost is likely to wipe her out quickly. It helps if she (or you) could commit to being self-pay for the first couple of years, the nicer facilities will do a prett...
by leonidas
Tue Sep 05, 2017 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 12768

Re: Protecting moms assets from nursing home expenses

Jags4186 wrote: Tue Sep 05, 2017 3:24 pm You can skip the nursing home expenses by having her stay at home with you and your family. Maybe you or your wife could leave your job to watch over her. After all, you have a potential $240k to protect so you should do your best to minimize expenses.
Yes, this is our first and best option. We took care of my mother-in-law for several years in this manner. Other than a lack of mobility, she had no other major medical issues. Same with my dad for the last 2 years. This is my preferred route assuming that she wont need any specialized care.
by leonidas
Tue Sep 05, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 12768

Re: Protecting moms assets from nursing home expenses

Yeah, it's kind of the way the system is set up right. I'm pretty sure I funded others nursing home expenses too. From a family history perspective, none of my grandparents nor my father needed a nursing home, but it is prudent to take precautsions.
by leonidas
Tue Sep 05, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 12768

Protecting moms assets from nursing home expenses

Hello.

My mother was having conversations with her friends and they bought up the topic of nursing homes depleting ones assets if not protected.
She then asked me what my opinion was and honestly I never really thought a lot about it before. She has a small house in upstate NY worth about 125k and 115k in cash. 1100/mo in SS. She is 74 years old. Very mobile but takes a load of meds for Blood pressure, cholesterol and other issues. I did some research on Trusts, life estates and other various ways to shelter some assets. Come across various rules like a 5 year look back from medicaid if she gives her property away. Just wondering what others have done in these circumstances.

Thank you.
by leonidas
Thu Aug 24, 2017 9:42 am
Forum: Personal Finance (Not Investing)
Topic: is yodlee moneycenter dead?
Replies: 19
Views: 9740

Re: is yodlee moneycenter dead?

I used Yodlee for years. I just logged in and deleted my account as I have been using Personal Capital and like it better. I also deleted my mint account.
by leonidas
Mon Feb 20, 2017 11:57 am
Forum: Personal Consumer Issues
Topic: Utility Bills - How do ours compare?
Replies: 44
Views: 12524

Re: Utility Bills - How do ours compare?

4 people...NJ, 4800 sq/ft, Gas and Elect 404/mo on equal payment plan.
Well and Septic. about 100 yr for salt and 125 for annual maintenance.
Every 3-4 years I get the septic tank cleaned out for 300.
by leonidas
Thu Feb 16, 2017 9:15 pm
Forum: Personal Investments
Topic: Help with ROTH conversion
Replies: 5
Views: 636

Re: Help with ROTH conversion

DSInvestor hit the nail on the head. 8606 was not done. Now all is good with TT. Thanks all!
by leonidas
Thu Feb 16, 2017 8:29 pm
Forum: Personal Investments
Topic: Help with ROTH conversion
Replies: 5
Views: 636

Help with ROTH conversion

Hey Guys!

I have an issue that's been discussed before but I cant get Turbo Tax correct. I Contributed (non-deductible) to my tIRA and then converted to ROTH the next day.
I got my 1099-R from Schwab and entered it in TT. Answered all the questions and checked off that I converted to ROTH. It told me that I didn't owe any extra taxes but when I finished it still seemed to tax my conversion. So I know I'm missing something or entered some data wrong. Can someone suggest what that might be based on prior experience?

Thanks
by leonidas
Thu Feb 09, 2017 3:37 pm
Forum: US Chapters
Topic: Your USER NAME...what does it mean?
Replies: 630
Views: 97629

Re: Your USER NAME...what does it mean?

neurosphere wrote:
My father is also greek and from near Sparta (Kyparissia). But I don't look like Gerard Butler.
The resemblance is from the neck up...from the neck down I'm more like his dad.
by leonidas
Thu Feb 09, 2017 3:13 pm
Forum: US Chapters
Topic: Your USER NAME...what does it mean?
Replies: 630
Views: 97629

Re: Your USER NAME...what does it mean?

Leonidas, king of the Spartans. My father is Greek from near Sparta. Also, I do bear a resemblance to Gerard Butler who played the King in "300" so I go that too.
by leonidas
Tue Jan 10, 2017 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Cash in old stock certificate
Replies: 5
Views: 1064

Re: Cash in old stock certificate

It's only 1 share. :(
I used to have it as part of a DRIP.
I cant remember why I ended up with a physical share though.