Search found 3138 matches

by fortfun
Fri Mar 22, 2024 2:57 pm
Forum: Personal Investments
Topic: Retirement Plan Suggestions
Replies: 13
Views: 1435

Re: Retirement Plan Suggestions

Thanks Ben! Do you know if Vanguard Personal Advisory Service would help execute a plan like this, or do they just do what they suggest? I am not that familiar with the exact nature of services that VPAS provides, but I would be surprised if they will execute this plan. For someone wanting to follow this plan on their own, it would entail: Once a month, update the portfolio balance and take that month's withdrawal (given in Tasks) Every few months, rebalance towards the latest asset allocation (also given in Tasks). Some judgment required here due to trading costs, especially in taxable accounts. Would need to use wide enough rebalance tolerance bands to limit active trading to once or twice a year. Would that be a challenge for your frien...
by fortfun
Fri Mar 22, 2024 2:18 pm
Forum: Personal Investments
Topic: Retirement Plan Suggestions
Replies: 13
Views: 1435

Re: Retirement Plan Suggestions

Thanks Ben! Do you know if Vanguard Personal Advisory Service would help execute a plan like this, or do they just do what they suggest? I am not that familiar with the exact nature of services that VPAS provides, but I would be surprised if they will execute this plan. For someone wanting to follow this plan on their own, it would entail: Once a month, update the portfolio balance and take that month's withdrawal (given in Tasks) Every few months, rebalance towards the latest asset allocation (also given in Tasks). Some judgment required here due to trading costs, especially in taxable accounts. Would need to use wide enough rebalance tolerance bands to limit active trading to once or twice a year. Would that be a challenge for your frien...
by fortfun
Fri Mar 22, 2024 1:04 pm
Forum: Personal Investments
Topic: Retirement Plan Suggestions
Replies: 13
Views: 1435

Re: Retirement Plan Suggestions

Assuming: - the pension is inflation adjusted - planning till age 95 (her) and 90 (him) - pension + Social Security drops $350/month after his death - target legacy of $250,000 the online planner for TPAW gives the following spending outcomes: https://lh3.googleusercontent.com/d/1aKP4Lwl5VK-k3cg-3QT7Lwuaf6a7dk6J They can spend $4,750 per month (57,120 per year) now. Median spending rises to $5,816 per month ($69,792) per year. If markets do poorly, at the 5th percentile, spending drops to $3,982 per month ($47,784) per year. Median legacy is $218K. Click on funding sources to see breakdown of funds from portfolio vs Social Security and pension: https://lh3.googleusercontent.com/d/1gx6ijrfBkRjlORb3RDUM5a7gYnB5OtM3 Asset allocation starts at...
by fortfun
Fri Mar 22, 2024 12:45 pm
Forum: Personal Investments
Topic: Retirement Plan Suggestions
Replies: 13
Views: 1435

Re: Retirement Plan Suggestions

Wrench wrote: Fri Mar 22, 2024 12:24 pm Using
https://www.tipsladder.com
they could build a TIPS ladder that generates $25K per year inflation adjusted from 2025-2040 for $343K. Invest the rest in VTSAX. If they want less, or longer or shorter period, easy to adjust either at the start or as time passes.

Wrench
Thanks Wrench. What advantages does this have over a CD ladder? Can Vanguard help them set up a TIPS ladder with the personal advisory service? I appreciate it.
by fortfun
Fri Mar 22, 2024 12:17 pm
Forum: Personal Investments
Topic: Retirement Plan Suggestions
Replies: 13
Views: 1435

Re: Retirement Plan Suggestions

arcticpineapplecorp. wrote: Fri Mar 22, 2024 12:14 pm you say they need $50k a year to live, but now get $36k/year from SS.

So unless I misunderstood something, they only need to take out $14k a year, so why would they take out $25k a year?

If they just take out the $14k needed it's a 2.2% withdrawal rate. good because that will go up if/when he dies and she loses income later.
I was just going with the 4% rule for some pleasure spending. I think the 50k/yr is strictly for living expenses. Thanks Articpinapplecorp!
by fortfun
Fri Mar 22, 2024 11:50 am
Forum: Personal Investments
Topic: Retirement Plan Suggestions
Replies: 13
Views: 1435

Retirement Plan Suggestions

Asking for a friend that doesn't want to post here. Her: 67 (life expectancy approx 87). Him: 69 (heart attack last year). SS will be reduced by $700 a month if he passes before her due to Government Pension Offset. No debt. Need approx. 50k/yr to live. S.S. and Pension (guaranteed til both die). 36k/yr. S.S. will decrease by $700/month if he dies first. However, her pension would increase due to the "bump back to option 1" rule of the pension. So, it wouldn't be a full $700. Nest Egg: 615k Currently in a mix of stocks and cash. Here's my suggestion: Set up a 10 year CD ladder (25k/yr/cd) at Vanguard. (Mostly earning about 5%). That would use up a total of 250k of the nest egg. Put the remainder, 365k, into VTSAX. Spend 25k from C...
by fortfun
Mon Jan 22, 2024 10:43 am
Forum: Personal Consumer Issues
Topic: Plumbing question for the plumbers in the group.
Replies: 7
Views: 1072

Re: Plumbing question for the plumbers in the group.

SimonJester wrote: Mon Jan 22, 2024 10:04 am How / where is the ice maker connected to the drain? That matters, do you have a photo?

Edit, the best way to connect this and required by code in most places is via an air gap into the sink drain before its P trap.
Just looked it up. I think I'll install one just to be safe! Thanks,
by fortfun
Mon Jan 22, 2024 10:35 am
Forum: Personal Consumer Issues
Topic: Plumbing question for the plumbers in the group.
Replies: 7
Views: 1072

Re: Plumbing question for the plumbers in the group.

SimonJester wrote: Mon Jan 22, 2024 10:04 am How / where is the ice maker connected to the drain? That matters, do you have a photo?

Edit, the best way to connect this and required by code in most places is via an air gap into the sink drain before its P trap.
Basically, like a dishwasher drain. I'll try to upload a pic. I guess the airgap is just a Y that is plumbed in just below the top opening where the drain hose will attach?
by fortfun
Mon Jan 22, 2024 9:27 am
Forum: Personal Consumer Issues
Topic: Plumbing question for the plumbers in the group.
Replies: 7
Views: 1072

Plumbing question for the plumbers in the group.

Is a second p-trap required for an icemaker drain that goes into a sink drain that already has its own p-trap inline? In other words, there would be no way for sewer gas to go thru the icemaker drain because the sink's ptrap would already block that.
by fortfun
Mon May 15, 2023 11:39 am
Forum: Investing - Theory, News & General
Topic: [Debt ceiling discussion mega-thread]
Replies: 1286
Views: 129472

Re: [Debt ceiling discussion mega-thread]

LadyGeek wrote: Mon May 15, 2023 6:40 am I merged fortfun's thread into the ongoing discussion.

Please use this thread for all debt ceiling discussions and keep your comments focused on your investments.

(Thanks to the member who reported the post and provided a link to this thread.)
Questions don't get answered once they are buried in a mega thread :(
by fortfun
Sun May 14, 2023 9:51 pm
Forum: Personal Consumer Issues
Topic: Nanny vs daycare for a 3 month baby
Replies: 24
Views: 3149

Re: Nanny vs daycare for a 3 month baby

We used local university, early childhood majors. We advertised on the university job board. Always found good people and paid them a couple of bucks an hour over our state's minimum wage. It worked out very well. I'm glad we did that instead of daycare. So much easier...
by fortfun
Sun May 14, 2023 9:40 pm
Forum: Investing - Theory, News & General
Topic: [Debt ceiling discussion mega-thread]
Replies: 1286
Views: 129472

iBonds and debt ceiling

[Thread merged into here --admin LadyGeek]

My iBonds serve as a portion of my emergency fund. Will I be able to close them and transfer the money should the debt ceiling not be lifted? If this is a real possibility, I will plan to move at least one of them before June 1 and give up another month of interest (in addition to the 3 for early withdrawal). Thanks!
by fortfun
Mon Apr 10, 2023 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Lifetime learning credit when tuition paid by scholarship?
Replies: 8
Views: 705

Re: Lifetime learning credit when tuition paid by scholarship?

jebmke wrote: Mon Apr 10, 2023 2:44 pm
fortfun wrote: Mon Apr 10, 2023 2:09 pm
jebmke wrote: Mon Apr 10, 2023 1:44 pm If you read the instructions for Form 8863 it says to reduce the amount of qualified expenses (tuition) by tax-free assistance (e.g. scholarships).
Turbotax indicated that the scholarship was taxable and the dependents needed to file taxes. I didn't read any forms, just filled out the turbo tax prompts. Normally, it does a very good job.
normally if the grant is restricted (Pell Grants are a common exception, not restricted) the expense and tuition have to be reported by the same taxpayer.
This is a community college where somehow their public school does some type of tuition reimbursement to the community college (not pell).
by fortfun
Mon Apr 10, 2023 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Lifetime learning credit when tuition paid by scholarship?
Replies: 8
Views: 705

Re: Lifetime learning credit when tuition paid by scholarship?

erp wrote: Mon Apr 10, 2023 2:36 pm
fortfun wrote: Mon Apr 10, 2023 2:10 pm
arcticpineapplecorp. wrote: Mon Apr 10, 2023 1:51 pm
jebmke wrote: Mon Apr 10, 2023 1:44 pm If you read the instructions for Form 8863 it says to reduce the amount of qualified expenses (tuition) by tax-free assistance (e.g. scholarships).
This.

Not only that but if your scholarship exceeds your tuition in some cases the difference may be counted as taxable income.
Turbotax said the scholarship was taxable and dependents needed to claim it on their taxes. It is the same amount as the tuition.
How much was the scholarship? If the student's standard deduction will cover it, then maybe it does make sense to do that. Meanwhile you claim the education credit on your taxes.
Sounds good. Yeah, it was pretty minimal. I think 3k for one and 1.5k for the other!
by fortfun
Mon Apr 10, 2023 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: Lifetime learning credit when tuition paid by scholarship?
Replies: 8
Views: 705

Re: Lifetime learning credit when tuition paid by scholarship?

arcticpineapplecorp. wrote: Mon Apr 10, 2023 1:51 pm
jebmke wrote: Mon Apr 10, 2023 1:44 pm If you read the instructions for Form 8863 it says to reduce the amount of qualified expenses (tuition) by tax-free assistance (e.g. scholarships).
This.

Not only that but if your scholarship exceeds your tuition in some cases the difference may be counted as taxable income.
Turbotax said the scholarship was taxable and dependents needed to claim it on their taxes. It is the same amount as the tuition.
by fortfun
Mon Apr 10, 2023 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Lifetime learning credit when tuition paid by scholarship?
Replies: 8
Views: 705

Re: Lifetime learning credit when tuition paid by scholarship?

jebmke wrote: Mon Apr 10, 2023 1:44 pm If you read the instructions for Form 8863 it says to reduce the amount of qualified expenses (tuition) by tax-free assistance (e.g. scholarships).
Turbotax indicated that the scholarship was taxable and the dependents needed to file taxes. I didn't read any forms, just filled out the turbo tax prompts. Normally, it does a very good job.
by fortfun
Mon Apr 10, 2023 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Lifetime learning credit when tuition paid by scholarship?
Replies: 8
Views: 705

Lifetime learning credit when tuition paid by scholarship?

Should you get a lifetime learning credit award if the tuition was paid with a scholarship? I punched our numbers into TurboTax, exactly has they appear on form 1038 (tuition statement) and that's what Turbotax said. Our MAGI qualifies us for the award. (2 dependent children were awarded scholarships).
by fortfun
Mon Oct 17, 2022 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: FNBO bank bonus. $500
Replies: 4
Views: 775

Re: FNBO bank bonus. $500

Jags4186 wrote: Mon Oct 17, 2022 1:04 pm It says:

Up to $200 BONUS

After you open an FNBO Savings account following the checking account on the same business day, deposit a total of $3,000 or more and maintain a balance of $3,000 for 90 days from account opening.
To me that sounds like you need to put $3000 initial deposit into the savings account.
Yeah, that's what I thought. Problem is, it takes 3-5 business days for bank transfer.
by fortfun
Mon Oct 17, 2022 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: FNBO bank bonus. $500
Replies: 4
Views: 775

FNBO bank bonus. $500

Question: The checking bonus says this:
Additionally, an average daily collected balance of at least $3,000 must be maintained in the savings account for 90 days from account opening. The $190 bonus will be paid to the savings account within 30 days of meeting all requirements.

My Question:
Does this mean I need to deposit 3k the day that I open the account? FNBO is unable to answer my question.

https://www.fnbo.com/pages/checking/joi ... 47rIVPPMl4
by fortfun
Wed Sep 28, 2022 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Can you use your workplace dependent care FSA and also earn the IRS childcare credit?
Replies: 2
Views: 455

Re: Can you use your workplace dependent care FSA and also earn the IRS childcare credit?

Asyouwish wrote: Tue Sep 27, 2022 7:34 pm Yes, but it is limited. See Form 2441 Part III. The amount of FSA is pretax so no double dipping.
You may qualify for a small credit.

There were special covid rules for 2021. But I believe for 2022, it goes back to the old rules. So take a look at the 2020 version of the 2441 if you want to test it out.
Thank you.
by fortfun
Tue Sep 27, 2022 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Can you use your workplace dependent care FSA and also earn the IRS childcare credit?
Replies: 2
Views: 455

Can you use your workplace dependent care FSA and also earn the IRS childcare credit?

Can you use your workplace dependent care FSA and also earn the IRS childcare credit?

Assuming that your childcare costs exceed the amounts necessary.
by fortfun
Tue Sep 27, 2022 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: What bloodwork should be covered as part of the free annual physical?
Replies: 31
Views: 3350

Re: What bloodwork should be covered as part of the free annual physical?

Yeah, this ticked me off last year. I asked doctor if all blood work was covered as preventive care/free, she said yes. After lots of back and forth on two tests, insurance reps kept claiming it was wrongly coded, Drs. office confirmed everything was coded correctly. Finally on appeal, an insurance rep told me over the phone (but didn't want to be quoted on it) that one test was never approved as preventive based on my age, and the other wasn't really considered preventive, but this was all buried in their practices and not really even accessible to the patient. Of course, they said I should have waited for a confirmation of coverage (but who does that for one tube of blood when you expect most/all is covered), and the official denial lett...
by fortfun
Fri Sep 23, 2022 3:44 pm
Forum: Personal Consumer Issues
Topic: Cancelling a non-refundable hotel room?
Replies: 49
Views: 5687

Re: Cancelling a non-refundable hotel room?

I think I used a Capital One Quicksilver. FWIW, Chase Sapphire has a free cancellation benefit. I try to book all my travel with that card. A "free cancellation" benefit? For any hotel? :confused Chase Sapphire Preferred or Reserve, or both? That would be nice, but I don't remember that. (However, we each got that card for the bonus points and were planning to cancel. And since we aren't going anywhere at all these days, :annoyed I may not have focused on some of the travel perks. At the least, we'd only keep one of those cards; no need for two of them.) Thanks. RM Preferred. Yes, there needs to be a qualifying reason but in this case, it seems the OPS medical condition could suffice. Would just need a doctor's note (I believe).
by fortfun
Fri Sep 23, 2022 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: What bloodwork should be covered as part of the free annual physical?
Replies: 31
Views: 3350

Re: What bloodwork should be covered as part of the free annual physical?

Had a physical recently with the usual bloodwork. Received a $160 bill for the blood work. What bloodwork should be included as the free annual screening? How is one even supposed to know any of this without getting a pre-appointment list of the work to be done? Nothing was ordered due to any pre-existing condition I have (I don't have any). I haven't met my deductible for the year, so none of the blood work was covered. I am not aware of any requirement that labs be included in your no-cost annual physical except for cholesterol and, if you are overweight, blood sugar. Here's a list of screenings that your plan must legally cover with no cost-sharing (i.e. copay or deductible): https://www.healthcare.gov/preventive-care-adults/ But withou...
by fortfun
Fri Sep 23, 2022 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: What bloodwork should be covered as part of the free annual physical?
Replies: 31
Views: 3350

Re: What bloodwork should be covered as part of the free annual physical?

njuser wrote: Fri Sep 23, 2022 2:41 pm According to my last well visit: THYROXINE, FREE(FT-4), RIA, LIPID PROFILE, GENERAL HEALTH PANEL, covered.

Not covered: various iron tests, B12, Vit D.

Amount billed: $1,122
Discount: $1,019
Insurance paid: $41.51
You owe: $61
Yeah, I didn't have any of the vitamin tests. Mosty organ functions, blood sugar, cholestoral, etc.
by fortfun
Fri Sep 23, 2022 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: What bloodwork should be covered as part of the free annual physical?
Replies: 31
Views: 3350

Re: What bloodwork should be covered as part of the free annual physical?

VoiceOfReason wrote: Fri Sep 23, 2022 2:28 pm I’m sure it’s dependent on plan, but typically it’s a comprehensive metabolic panel which includes 14 chemistry tests, a CBC and a TSH. That’s a standard order from a physical. Other tests would only be ordered if there was an abnormal concern or if you had some existing condition that needed monitoring.
Yeah, nothing abnormal...
by fortfun
Fri Sep 23, 2022 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: What bloodwork should be covered as part of the free annual physical?
Replies: 31
Views: 3350

Re: What bloodwork should be covered as part of the free annual physical?

NateH wrote: Fri Sep 23, 2022 2:23 pm I've run into this when the blood testing is done by an outside lab and they got incorrect insurance information from the Dr's office.

Follow up with your plan to find out what *should* be covered, then check back with the test lab.
I'm stuck in a circle. The insurance doesn't seem to know anything and refers me to the clinic and the clinic doesn't know anything a refers me to the insurance. The clinic is also the insurance company. So imagine that...
by fortfun
Fri Sep 23, 2022 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: What bloodwork should be covered as part of the free annual physical?
Replies: 31
Views: 3350

Re: What bloodwork should be covered as part of the free annual physical?

livesoft wrote: Fri Sep 23, 2022 2:24 pm Even if blood work is covered, maybe the phlebotomist drawing your blood is not covered! Ha!
That sounds about right :(
by fortfun
Fri Sep 23, 2022 2:26 pm
Forum: Personal Consumer Issues
Topic: Cancelling a non-refundable hotel room?
Replies: 49
Views: 5687

Re: Cancelling a non-refundable hotel room?

psteinx wrote: Fri Sep 23, 2022 12:31 pm I think I used a Capital One Quicksilver.
FWIW, Chase Sapphire has a free cancellation benefit. I try to book all my travel with that card.
by fortfun
Fri Sep 23, 2022 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of choice
Replies: 8
Views: 815

Re: Bank of choice

Ally.com (best overall bank IMHO). Of course, I pick up $500 bank bonuses whenever I can and then quickly move the money back to Ally. I do have a Charles Schwab account so I can get reimbursed 100% on international ATM fees.
by fortfun
Fri Sep 23, 2022 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: What bloodwork should be covered as part of the free annual physical?
Replies: 31
Views: 3350

What bloodwork should be covered as part of the free annual physical?

Had a physical recently with the usual bloodwork. Received a $160 bill for the blood work. What bloodwork should be included as the free annual screening? How is one even supposed to know any of this without getting a pre-appointment list of the work to be done? Nothing was ordered due to any pre-existing condition I have (I don't have any). I haven't met my deductible for the year, so none of the blood work was covered.
by fortfun
Mon Sep 19, 2022 3:34 pm
Forum: Personal Investments
Topic: Evaluate my friend's after tax portfolio
Replies: 17
Views: 1283

Re: Evaluate my friend's after tax portfolio

Certainly not a portfolio that would be suggested here. (Nice way to say "awful" :shock: ) It is too complex, the few funds I looked up all have high expense ratios (in addition to paying the 1% AUM), and I don't see any way it could be tax-efficient. Pretty much the antithesis of what is usually suggested here. The tax-managed funds are tax-efficient. The others, which all appear to be actively managed funds, are very unlikely to have any "tax or capital gains" advantage. Your friend is paying someone a lot of money to raise his/her taxes. :? This portfolio would probably be a pain to unwind, but now (with the market being down) is a good time to do it. However, your friend will need to get interested enough to actuall...
by fortfun
Mon Sep 19, 2022 3:29 pm
Forum: Personal Investments
Topic: Evaluate my friend's after tax portfolio
Replies: 17
Views: 1283

Re: Evaluate my friend's after tax portfolio

Makaveli wrote: Mon Sep 19, 2022 2:18 pm I figure you knew the response you were going to receive and this was more so for your friend to read afterwards.
Exactly. Thanks!
by fortfun
Mon Sep 19, 2022 11:09 am
Forum: Personal Investments
Topic: Evaluate my friend's after tax portfolio
Replies: 17
Views: 1283

Evaluate my friend's after tax portfolio

Advisor is charging 1% AUM. Claims these funds have tax and capital gains advantages that make them superior to low-fee index funds. Portfolio is aftertax and worth about 1.25M

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by fortfun
Wed Aug 03, 2022 4:54 pm
Forum: Personal Investments
Topic: Lump sum pension (before qualifying for payments) to avoid WEP and GPO
Replies: 10
Views: 919

Re: Lump sum pension (before qualifying for payments) to avoid WEP and GPO

"If you take your government pension annuity in a lump sum, Social Security will calculate the reduction as if you chose to get monthly benefit payments from your government work." Rules are different for before "Eligibility" and after "Eligibility" lump sums from government pensions. Note the very fact sheet cited starts with, "If you receive a retirement or disability pension from a federal, state, or local government based on your own work for which you didn’t pay Social Security taxes, we may reduce your Social Security spouses or widows or widowers benefits." If you take the lump sum before eligibility, then you don't receive the retirement pension, whether annuitized or lump sum, and you are no...
by fortfun
Wed Aug 03, 2022 3:48 pm
Forum: Personal Investments
Topic: Lump sum pension (before qualifying for payments) to avoid WEP and GPO
Replies: 10
Views: 919

Re: Lump sum pension (before qualifying for payments) to avoid WEP and GPO

Minty wrote: Wed Aug 03, 2022 3:45 pm The GPO cannot be avoided by taking a lump sum: "If you take your government pension annuity in a lump sum, Social Security will calculate the reduction as if you chose to get monthly benefit payments from your government work." I could not find a government source saying the same thing for WEP, but secondary sources said the same rule applies.
Well dang. The post above seems to be in conflict with the WEP part. Any ideas?
by fortfun
Wed Aug 03, 2022 3:21 pm
Forum: Personal Investments
Topic: Lump sum pension (before qualifying for payments) to avoid WEP and GPO
Replies: 10
Views: 919

Re: Lump sum pension (before qualifying for payments) to avoid WEP and GPO

123 wrote: Wed Aug 03, 2022 3:19 pm I believe most government pensions (federal, state, local) are structured to only be paid as a monthly benefit, they ordinarily do not have a lump sum alternative payment option.
Before you qualify for monthly benefits, you can take out the cash value of the pension.
by fortfun
Wed Aug 03, 2022 3:14 pm
Forum: Personal Investments
Topic: Lump sum pension (before qualifying for payments) to avoid WEP and GPO
Replies: 10
Views: 919

Lump sum pension (before qualifying for payments) to avoid WEP and GPO

Say someone has social security benefits and widower's social security benefits that will exceed their pension payments. Can they lump sum their pension, before they qualify for pension payments, and avoid GPO and WEP. In this instance, the widower's ss benefit is the most substantial. My understanding is GPO could nearly eliminate most of the widower's benefit. Since the pension will be relatively small, in comparison, it seems this could be a prudent option, if allowed. Of course, I would want a qualified person to run all of the numbers but just wanted to see if this is even a possiblity. Can the social security office give information on the impact of GPO and WEP for an individual based on their pension numbers, or do they make you figu...
by fortfun
Wed Aug 03, 2022 12:41 pm
Forum: Personal Investments
Topic: Most cost effective way to move from a high fee fund to a low fee fund in a brokerage account?
Replies: 9
Views: 780

Re: Most cost effective way to move from a high fee fund to a low fee fund in a brokerage account?

Thanks everyone. Good info to share with my friend who will be moving to an advisor that has her best interest in mind.
by fortfun
Wed Aug 03, 2022 12:40 pm
Forum: Personal Investments
Topic: Most cost effective way to move from a high fee fund to a low fee fund in a brokerage account?
Replies: 9
Views: 780

Re: Most cost effective way to move from a high fee fund to a low fee fund in a brokerage account?

If you can set your cost tracking method to actual cost or specific ID, do so. If you have never sold from that position you may be able to. If you have then it will only affect new purchases. If you have lots with losses you can sell those first and then sell other lots with gains to offset those losses to zero. Looking at the remaining lots, you can donate appreciated shares (long term gains only) to charity and then use the cash you would have otherwise donated to buy the new security. If you give money to family members in the zero capital gains bracket, you can gift them shares and have them sell it. Again use the cash you would have given them to backfill with the new security. If you have dependent children, you can gift them shares...
by fortfun
Wed Aug 03, 2022 12:39 pm
Forum: Personal Investments
Topic: Most cost effective way to move from a high fee fund to a low fee fund in a brokerage account?
Replies: 9
Views: 780

Re: Most cost effective way to move from a high fee fund to a low fee fund in a brokerage account?

retiredjg wrote: Tue Aug 02, 2022 4:20 pm That's what I would do.

Is this such a large holding that doing that will be a burden?
Thanks Retiredjg. Around 400k. I'm not sure what the long term cap gains are. I'm just trying to help explain what will happen if my friend switches to a flat-fee advisor that has her best interest in mind. PAS, etc. Thank you!
by fortfun
Tue Aug 02, 2022 4:17 pm
Forum: Personal Investments
Topic: Most cost effective way to move from a high fee fund to a low fee fund in a brokerage account?
Replies: 9
Views: 780

Most cost effective way to move from a high fee fund to a low fee fund in a brokerage account?

RETSX (Russell Tax Managed US Large Cap, ER .92%) to VLCAX (Vanguard Large Cap).

I assume you have to sell, pay the taxes, and then reinvest. Yes?
by fortfun
Fri Jul 29, 2022 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Why shouldn't I have a revocable trust? Or, should I?
Replies: 11
Views: 1239

Re: Why shouldn't I have a revocable trust? Or, should I?

jebmke wrote: Fri Jul 29, 2022 10:18 am Is this what your attorney recommends based on your situation and state laws?
I didn't even ask. I assumed he would tell me otherwise if it wasn't the best fit.
by fortfun
Fri Jul 29, 2022 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Why shouldn't I have a revocable trust? Or, should I?
Replies: 11
Views: 1239

Why shouldn't I have a revocable trust? Or, should I?

DW and I thought we were doing the right thing by setting up a revocable trust to avoid probate. I posted about it yesterday and many here seemed to think it wasn't a great idea. So, is it a bad idea? Should we just return to a will? Also, the house ownership will be put in the trust's name. Is that bad?

Details:
State: Colorado
US: 49 & 50 (good health)
Children: 14 & 16
Guardian & Trustee (if we die): Brother & SIL
Cost of will and trust: We paid 0 due to attorney insurance thru work. The attorney seemed competent.
We did specify ages at which funds would be paid out, etc. That trustee could use their discretion for educational expenses.
by fortfun
Fri Jul 29, 2022 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Tax filing: EIN for revocable trust
Replies: 13
Views: 1229

Re: Tax filing: EIN for revocable trust

celia wrote: Fri Jul 29, 2022 1:04 am
fortfun wrote: Thu Jul 28, 2022 4:07 pm Also, to list the trust as a secondary beneficiary on retirement plans, etc. They often as for that number.
They can “ask” for SSN or EIN all they want, but it is not required. (Would you give your SSN to anyone who claims they want to list you as an heir and have it exposed to anyone they give it to? What else will they do with it?—rhetorical, no comments needed).

The date the trust was created is enough to distinguish it from other similarly named trusts. Our trust is titled “<surname> Family Trust, dated <mm/dd/yyyy>”. Unbeknownst to us, my in-laws created a trust with the same name and year but signed it on a different date.
Thanks Celia!
by fortfun
Thu Jul 28, 2022 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Tax filing: EIN for revocable trust
Replies: 13
Views: 1229

Re: Tax filing: EIN for revocable trust

cas wrote: Thu Jul 28, 2022 1:30 pm Did the lawyer who drew up the revocable trust tell you to apply for an EIN?

One of the "features" of a revocable living trust is that, while you are alive, it uses your SS# as its tax id, which simplifies tax filing.

I'm sure there are exceptions to everything, but you'd want to be really sure why the lawyer wanted you to use an EIN instead.
Also, to list the trust as a secondary beneficiary on retirement plans, etc. They often as for that number.
by fortfun
Thu Jul 28, 2022 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Tax filing: EIN for revocable trust
Replies: 13
Views: 1229

Re: Tax filing: EIN for revocable trust

bsteiner wrote: Thu Jul 28, 2022 2:38 pm
fortfun wrote: Thu Jul 28, 2022 1:07 pm Just had a revocable trust set up (due to my minor children). …
There are reasons for creating a revocable trust in some cases and in some states, but having minor children isn’t one of them.

How is having minor children relevant to this?
So things don't go into probate and we indicate how and at what age money is distributed. Bad idea?
by fortfun
Thu Jul 28, 2022 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Tax filing: EIN for revocable trust
Replies: 13
Views: 1229

Re: Tax filing: EIN for revocable trust

cas wrote: Thu Jul 28, 2022 1:30 pm Did the lawyer who drew up the revocable trust tell you to apply for an EIN?

One of the "features" of a revocable living trust is that, while you are alive, it uses your SS# as its tax id, which simplifies tax filing.

I'm sure there are exceptions to everything, but you'd want to be really sure why the lawyer wanted you to use an EIN instead.
So, would we use my SS or wife's?
by fortfun
Thu Jul 28, 2022 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Tax filing: EIN for revocable trust
Replies: 13
Views: 1229

Tax filing: EIN for revocable trust

Just had a revocable trust set up (due to my minor children). I'm getting ready to send the home ownership name change to the county and apply for an EIN soon. Is there anything I should know before I do all of this? Also, when I file my taxes, do I just include the property taxes on my personal tax return or does the trust have its own separate tax filing? Note: The trust will not generate any income/interest at this time.
Thanks!
by fortfun
Thu Jul 28, 2022 10:45 am
Forum: Personal Consumer Issues
Topic: Large bill for bloodwork. Any way to get some money back?
Replies: 53
Views: 5607

Re: Large bill for bloodwork. Any way to get some money back?

Thanks for the helpful responses everyone. For those who asked, yes, it was just a slightly swollen gland (very small) on the hip/groin area. I had a very low grade fever. I understand that this is very common and I have no family history of cancer, etc. I had been paddle boarding in some not super clean lake water and suspect some bacteria probably entered through a cut on my leg. In fact, antibiodics reduced the swelling almost immediately. I don't think all of the subsequent tests where necessary at all. At this point, I paid the bills and I doubt I'll get any money back, but I'll look into the suggestions above. In the future, I will do my due diligence. Thanks everyone!