Search found 1293 matches

by Luckywon
Thu Apr 22, 2021 12:59 am
Forum: Personal Finance (Not Investing)
Topic: Should a trust always allow for a change of successor trustee?
Replies: 10
Views: 575

Re: Should a trust always allow for a change of successor trustee?

The many discussions on quality of service from corporate trustees has me wondering if trust beneficiaries should always be given a way to change trustees should problems arise in trust administration and service quality. How can this be done with a spendthrift trust, where the beneficiary may or m...
by Luckywon
Wed Apr 21, 2021 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: Need Cash for Divorce Payout
Replies: 106
Views: 6928

Re: Need Cash for Divorce Payout

Do you have any side income? If you do, can you open up a solo 401k with a plan provider that allows 401K loans, roll your tIRA into it, and take out the needed cash as a loan from your 401k?

Sorry you are going through all this.
by Luckywon
Wed Apr 21, 2021 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Need Cash for Divorce Payout
Replies: 106
Views: 6928

Re: Need Cash for Divorce Payout

Pull in every bit of cash you have in checking, emergency fund, change under couch cushions, any taxable brokerage etc and then take the least amount possible from Roth contributions to get to 50K and move on. I will be left with just enough cash to be considered an emergency fund. I would not allo...
by Luckywon
Wed Apr 21, 2021 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Strange message from Ally Bank
Replies: 27
Views: 2383

Re: Strange message from Ally Bank

Yeah, except that they really don't have any reason to suspect the likes of Citibank would not pay the check. Maybe they thought Citibank's check would bounced because of an overdraft, since they accidentally sent $900 million to the wrong people. :twisted: https://www.bloomberg.com/opinion/article...
by Luckywon
Mon Apr 19, 2021 9:34 pm
Forum: Personal Consumer Issues
Topic: People with Covid-19 vaccination record cards: where are you keeping them?
Replies: 179
Views: 15714

Re: People with Covid-19 vaccination record cards: where are you keeping them?

The sole purpose of the card was for people to remember which vaccine they took when it came to getting the second dose, remember? -TheDDC No, don't remember that at all. I think there has always been discussion that it could serve as proof of vaccination. That certainly is what I was told when the...
by Luckywon
Mon Apr 19, 2021 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: When is a lawyer needed for creating a will?
Replies: 24
Views: 1914

Re: When is a lawyer needed for creating a will?

we have no family and no one in our lives that is close to us. You need a lawyer to execute an estate plan including health care and general POA in the event one of you is incapacitated and the other is deceased or incapacitated. It's not unlikely that will occur at some point. Any thoughts now abo...
by Luckywon
Sun Apr 18, 2021 4:00 pm
Forum: Personal Consumer Issues
Topic: Lease Buyout Options [car]
Replies: 17
Views: 1414

Re: Lease Buyout Options [car]

When I was in a similar situation with an Infiniti, I was able to get the dealership where i was returning the car to cut me a check for some of the excess depreciation. The dealer had the option to sell the car from their lot, and they were willing to share some of the anticipated profit. This may ...
by Luckywon
Fri Apr 16, 2021 11:54 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 282
Views: 21158

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

What manufacturer and lender are your leases? Have leased from Honda, Infiniti and BMW. Almost always have used the manufacturer's finance company, except for the very first lease, which was from an independent lender. As you alluded to, that was a mistake for many reasons. The car was a BMW which ...
by Luckywon
Fri Apr 16, 2021 10:39 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 282
Views: 21158

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

All other things being equal, the lease acquisition fees, lease disposal fees or lease payoff fees are all extra and a discouragement to leasing. I have leased many vehicles and have rarely had to pay the lease disposal fee. One time I did buy a car out at the end of the lease, and in that case, th...
by Luckywon
Thu Apr 15, 2021 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8941

Re: Prenuptial arrangements

I am curious what is your source for this statement? I have seen this a few times on this forum and I think it is misinformed. From a data perspective, over half of the states have adopted a form of the Uniform Premarital Agreements Act which codifies the validity of these agreements by statute and...
by Luckywon
Thu Apr 15, 2021 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Amending medical record...best financial decision?
Replies: 27
Views: 2826

Re: Amending medical record...best financial decision?

Hi. I work in the field. There is a difference between the charge and the reimbursement for everything in medicine - doctor visits, labs, MRI, etc. The MRI facility will charge insurance say $1200 but expect to get about $300. Why? Once in a blue moon insurance will actually pay $1200 and that's mo...
by Luckywon
Wed Apr 14, 2021 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8941

Re: Prenuptial arrangements

ipdiddly wrote: Wed Apr 14, 2021 11:07 am Here is a sample "pro-con" list taking finances into consideration:

Con - he's old...
I don't know...Have you heard about the 80 yo billionaire who lied about his age to snag a young beautiful bride? He said he was 90. :beer
by Luckywon
Wed Apr 14, 2021 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Beneficiary IRA (Inherited IRA) Process/ Financial Advisor
Replies: 7
Views: 542

Re: Beneficiary IRA (Inherited IRA) Process/ Financial Advisor

Hello, Alternatively, I was suggested by a friend to go to a financial advisor. The one he hooked me up with is really nice and has a lot of experience. She is at Merrill Lynch. She has done this process before and said she could help me along the way. However I also feel pressured to put the asset...
by Luckywon
Sat Apr 10, 2021 5:12 pm
Forum: Personal Consumer Issues
Topic: Need help deciding on health insurance. COBRA vs Private
Replies: 20
Views: 1281

Re: Need help deciding on health insurance. COBRA vs Private

- The private plan has co-payments instead of a high deductible for everything except for hospital inpatient stays. The hospital inpatient stay deductible is $8,000. I doubt we will need to use that deductible unless we have an unforeseen emergency event that requires being admitted to a hospital. ...
by Luckywon
Sat Apr 10, 2021 4:38 pm
Forum: Personal Consumer Issues
Topic: Need help deciding on health insurance. COBRA vs Private
Replies: 20
Views: 1281

Re: Need help deciding on health insurance. COBRA vs Private

- If I keep the private insurance plan and cancel the COBRA, the total premium cost for the remainder of the year will be a little cheaper than having COBRA for the rest of the year. I think it will be a total close to $6,900. This is possible because I qualify for a tax credit, which will give me ...
by Luckywon
Sat Apr 10, 2021 4:17 pm
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 282
Views: 21158

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

inbox788 wrote: Sat Apr 10, 2021 4:10 pm
"we lose money on every sale, but make it up in volume"
This sounds like a way to maximize losses, not profits. :confused
by Luckywon
Sat Apr 10, 2021 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Disclaiming inheritance as remainder beneficiary
Replies: 15
Views: 1334

Re: Disclaiming inheritance as remainder beneficiary

I am a super cheapskate, but if taxes and legal situation about $1M were at stake, I would be willing to spend a few hundred/thousand for advice from a qualified lawyer. OP likely knows this but wisely wants to be an informed client. I found out here in this forum that my attorney (partner in a hig...
by Luckywon
Fri Apr 09, 2021 1:09 am
Forum: Personal Finance (Not Investing)
Topic: Do you LOVE your tax professional?
Replies: 19
Views: 1695

Re: Do you LOVE your tax professional?

barliss2 wrote: Thu Apr 08, 2021 5:27 pm So far a bunch of non-answers. Holy moly, people. I thought I trusted yous ;-)
You didn't say what state you live in. Maybe a lot of people consider their answer is unlikely to be of relevance to you.
by Luckywon
Thu Apr 08, 2021 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: Tax bill split between spouses
Replies: 81
Views: 4280

Re: Tax bill split between spouses

See Treas. Reg. § 20.2053-6(f): https://www.law.cornell.edu/cfr/text/26/20.2053-6. You figure what each spouse's tax would have been if they filed separate returns, and then you prorate the tax on the joint return in the same proportion. This came up more often before 1982, when the estate tax mari...
by Luckywon
Thu Apr 08, 2021 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Amending medical record...best financial decision?
Replies: 27
Views: 2826

Re: Amending medical record...best financial decision?

Hi. I work in the field. There is a difference between the charge and the reimbursement for everything in medicine - doctor visits, labs, MRI, etc. The MRI facility will charge insurance say $1200 but expect to get about $300. Why? Once in a blue moon insurance will actually pay $1200 and that's mo...
by Luckywon
Thu Apr 08, 2021 6:42 pm
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 282
Views: 21158

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

Carvana (and used car dealers in general) don’t make their profit on the cars, they make them on warranties and financing. The car itself is almost an after thought, like the bun for a hot dog. Also, lots people don’t think in terms of total car price, they think in terms of monthly payment. The mo...
by Luckywon
Thu Apr 08, 2021 4:57 pm
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 282
Views: 21158

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

It’s not a coincidence that the MSRP on the car dropped as the federal tax credit phased out, the base model is now $35k MSRP on the website (net of the remaining CA rebates). It didn’t depreciate at all, the intended pricing has always been at $35k. I wonder who gonna buy a used 2018 Model 3 at 36...
by Luckywon
Thu Apr 08, 2021 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Amending medical record...best financial decision?
Replies: 27
Views: 2826

Re: Amending medical record...best financial decision?

For many reasons, An ACA compliant plan will most likely be the best insurance option for your son at any time. Preexisting conditions are irrelevant in ACA compliant plans. Therefore, even if your efforts to improve his medical record profile were successful (which I doubt will be the case), the va...
by Luckywon
Mon Apr 05, 2021 1:49 pm
Forum: Personal Investments
Topic: Trust fund with cousin, she lives overseas. What to do?
Replies: 3
Views: 529

Re: Trust fund with cousin, she lives overseas. What to do?

My cousin inherited a trust fund for her and a brother who is challenged. Try as I might she doesn’t get it. I would like her to use PAS but as it is a trust fund here in the US, and she lives overseas, how can she use Vanguard, or even Fidelity? Can she partner with Vanguard? She is about to sign ...
by Luckywon
Thu Apr 01, 2021 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: If I go part time, my wife is kicked off of the health insurance plan.
Replies: 23
Views: 2339

Re: If I go part time, my wife is kicked off of the health insurance plan.

Even if the open enrollment period were not extended, I believe almost any event that causes one to lose employer based insurance is a qualifying event that entitles you to enroll in an ACA plan out of the normal open enrollment period. If it would affect your decision, check whether your wife's pre...
by Luckywon
Sat Mar 27, 2021 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Can I stop working?
Replies: 120
Views: 12283

Re: Can I stop working?

OP obviously does not need to continue working but it's not as simple as saying he has a 2% withdrawal rate. One has to consider that to raise 150k taxes would have to be paid. Considering California taxes on investment income and retirement distributions, I think it would be fair to estimate he wou...
by Luckywon
Thu Mar 25, 2021 5:53 pm
Forum: Personal Investments
Topic: New Dual Physican Couple
Replies: 96
Views: 10835

Re: New Dual Physican Couple

Why is OP's occupation relevant? I've noticed that physicians on this website tend to state their profession. It's interesting to me. Because we get huge amount of debt at very young age. Also that observation would seem invalid as one would not know who is a physician posting and not stating their...
by Luckywon
Thu Mar 25, 2021 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10505

Re: JTWRS Nightmare - what are my options?

FWIW we have a JTWROS account at Etrade. Either of us can independently transact on the account (including trading and drawing checks on the account. What we were told they would not do is make transfers out of the account without the written permission of both owners. Regarding your JTWROS account...
by Luckywon
Thu Mar 25, 2021 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10505

Re: JTWRS Nightmare - what are my options?

Sorry maybe you've already answered though it's not clear to me-have you asked whether you can have checks issued to you and write a check to yourself without the joint owner's signature? Again, at Etrade they will allow this although they will not allow an account transfer without both owners' sig...
by Luckywon
Thu Mar 25, 2021 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10505

Re: JTWRS Nightmare - what are my options?

1. Can you log in to your AMG account, sell all shares of the mutual fund, and have the cash held in a sweep/money market account? No ownership has changed at that point. I cannot imagine your account requires the coordinated approval of both owners to carry out any transaction within the account i...
by Luckywon
Tue Mar 23, 2021 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10505

Re: JTWRS Nightmare - what are my options?

I guess you are LUCKY if Etrade allows you to do what you say with an account titled "Spouse A & Spouse B JTWROS" Well, as long as my spouse does not empty the account and disappear! IANAL but review https://www.law.cornell.edu/ucc/3/3-110 it states towards the bottom of the webpage (...
by Luckywon
Tue Mar 23, 2021 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10505

Re: JTWRS Nightmare - what are my options?

FWIW we have a JTWROS account at Etrade. Either of us can independently transact on the account (including trading and drawing checks on the account. What we were told they would not do is make transfers out of the account without the written permission of both owners. Regarding your JTWROS account...
by Luckywon
Tue Mar 23, 2021 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10505

Re: JTWRS Nightmare - what are my options?

Not to be grim but how old is the family member compared to you? If you and the family member cannot agree on terms, it could be a stalemate until one of you dies at which point winner takes all. :shock: FWIW we have a JTWROS account at Etrade. Either of us can independently transact on the account ...
by Luckywon
Tue Mar 23, 2021 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Can a gift be made on behalf of a deceased spouse?
Replies: 32
Views: 1548

Re: Can a gift be made on behalf of a deceased spouse?

So no gift tax return required if I buy a 30K car for someone and I pay the dealer directly? Perhaps not an applicable analogy, it's an interesting question. The wedding is an event that the parents are attending. Many other people are attending. Does it need to be considered a gift to any person i...
by Luckywon
Tue Mar 23, 2021 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Can a gift be made on behalf of a deceased spouse?
Replies: 32
Views: 1548

Re: Can a gift be made on behalf of a deceased spouse?

What about gifting him some and directly paying some of the wedding expenses so the money never goes through his hands? Those payments are also gifts to the son. There are an enormous number of keystrokes wasted on this forum relative to avoiding filing a gift tax return. Gill Couldn't the wedding ...
by Luckywon
Tue Mar 23, 2021 10:41 am
Forum: Personal Investments
Topic: Solo 401(k) Contributions Deadline Dates
Replies: 30
Views: 1569

Re: Solo 401(k) Contributions Deadline Dates

A self employed owner can adopt a solo K for 2020 up to 5/17/2021 plus extensions. Both the EE and ER contributions can be made. This additional time beyond year end was provided as part of the Secure Act. Are contributions make in 2021 for the 2020 Plan year reported on the Form 5500 EZ for 2020 o...
by Luckywon
Mon Mar 22, 2021 11:57 pm
Forum: Personal Investments
Topic: Solo 401(k) Contributions Deadline Dates
Replies: 30
Views: 1569

Re: Solo 401(k) Contributions Deadline Dates

How much is your business income? If you cannot make employee deferrals at this time maybe a Mega Backdoor Roth contribution would be the best strategy for you. The deadline for MBR contributions I believe is your corporate tax filing deadline plus extensions. So for 2020, beyond your employer contr...
by Luckywon
Mon Mar 22, 2021 12:20 pm
Forum: Personal Investments
Topic: determining if cost basis, step up in basis date is correct
Replies: 19
Views: 788

Re: determining if cost basis, step up in basis date is correct

This process of transferring the assets has been dragged out since January 1 and it is still not complete. It has been very draining the firm where it is coming from has been very unresponsive at at times rude. I have taken it all so seriously and with great responsibility, so I sure appreciate the...
by Luckywon
Mon Mar 22, 2021 11:11 am
Forum: Personal Consumer Issues
Topic: New Glasses, Costco or Walmart?
Replies: 41
Views: 2711

Re: New Glasses, Costco or Walmart?

In my experience, LensCrafters is 4-5 times the price of Costco/mail order. Costco is about the same as mail order depending on frame selection and options. I wear progressives, and in-person fitting turn out better then a remote store setting the segment height to some default. So, I buy progressi...
by Luckywon
Mon Mar 22, 2021 11:01 am
Forum: Personal Consumer Issues
Topic: Dealing with an extremely weird seller
Replies: 34
Views: 3867

Re: Dealing with an extremely weird seller

Caduceus wrote: Mon Mar 22, 2021 10:54 am He's hesitant even when I meet his price. There was once a book he wanted $800 for. I offered $1000.
A very strange negotiation indeed. Your next offer should have been $1100, maybe he would have gone to$700. :D
by Luckywon
Mon Mar 22, 2021 9:40 am
Forum: Personal Investments
Topic: determining if cost basis, step up in basis date is correct
Replies: 19
Views: 788

Re: determining if cost basis, step up in basis date is correct

You could probably confirm by calling the brokerage and asking. OP inherited stocks and her parents’ brokerage is pretty unresponsive. Plus calling for something you can do yourself is why everyone is constantly complaining about long hold times. Didn't mean to offend. :oops: None taken! I don't th...
by Luckywon
Mon Mar 22, 2021 2:21 am
Forum: Personal Finance (Not Investing)
Topic: How to Deal with Worry of job loss and providing for family?
Replies: 127
Views: 10296

Re: How to Deal with Worry of job loss and providing for family?

I have similar anxieties. Consider trying psychotherapy (see if your health plan covers it) and meditation (try the apps Headspace and Waking Up).
by Luckywon
Sun Mar 21, 2021 7:40 pm
Forum: Personal Finance (Not Investing)
Topic: Should bank accounts be in a trust?
Replies: 27
Views: 2058

Re: Should bank accounts be in a trust?

Maybe I'm misunderstanding what you are writing but are you stating that accounts POD in California do not avoid probate? Because my understanding is that they do. Hope I am not incorrect on that. [/quote] Your Understanding is correct. Reread the part I wrote after POD "for those accounts to ...
by Luckywon
Sun Mar 21, 2021 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Should bank accounts be in a trust?
Replies: 27
Views: 2058

Re: Should bank accounts be in a trust?

Not sure about other states, but here in CA . Whatever assets are not in the trust i.e., checking/savings account before the date of death will need to be probated, which is costly. One way to avoid probate here in CA for not having had all real property in the trust before the date of death is to ...
by Luckywon
Sun Mar 21, 2021 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Should bank accounts be in a trust?
Replies: 27
Views: 2058

Re: Should bank accounts be in a trust?

Not sure about other states, but here in CA . Whatever assets are not in the trust i.e., checking/savings account before the date of death will need to be probated, which is costly. One way to avoid probate here in CA for not having had all real property in the trust before the date of death is to ...
by Luckywon
Sun Mar 21, 2021 6:19 pm
Forum: Personal Investments
Topic: determining if cost basis, step up in basis date is correct
Replies: 19
Views: 788

Re: determining if cost basis, step up in basis date is correct

lazynovice wrote: Sun Mar 21, 2021 6:15 pm
Luckywon wrote: Sun Mar 21, 2021 6:12 pm You could probably confirm by calling the brokerage and asking.
OP inherited stocks and her parents’ brokerage is pretty unresponsive. Plus calling for something you can do yourself is why everyone is constantly complaining about long hold times.
Didn't mean to offend. :oops:
by Luckywon
Sun Mar 21, 2021 6:12 pm
Forum: Personal Investments
Topic: determining if cost basis, step up in basis date is correct
Replies: 19
Views: 788

Re: determining if cost basis, step up in basis date is correct

You could probably confirm by calling the brokerage and asking.
by Luckywon
Sun Mar 21, 2021 4:58 pm
Forum: Personal Consumer Issues
Topic: Costco Citi Visa annual reward; Executive Member annual reward redemptions
Replies: 49
Views: 8630

Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

JackoC wrote: Sun Mar 21, 2021 11:59 am But again we use BOA CR to get 5.25% cash back on Costco Shop Cards online which we then use as our almost exclusive payment method at Costco..
Could you share more details on which card does this? Has this been ongoing for a while? Annual fee?
by Luckywon
Sun Mar 21, 2021 4:31 pm
Forum: Personal Consumer Issues
Topic: What is the BEST thing you spent money on?
Replies: 242
Views: 24037

Re: What is the BEST thing you spent money on?

Internet access. My recent purchase of a 17 inch, 3 pound LG Gram laptop has made it even better. Couch, bed, desk, the internet is available in glorious color and comfort wherever I might find myself. Life changing in many ways. Online dating for starters. No need to hit on the ladies squeezing to...
by Luckywon
Sun Mar 21, 2021 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Advice to friend?
Replies: 23
Views: 2048

Re: Advice to friend?

I learned about index fund investing because a friend gave me unsolicited advice. I have offered basically unsolicited advice to a few people, in the form of referring them to this forum or recommending books. Some have been grateful and the act has greatly enhanced my friendships with them. Others ...