Search found 522 matches

by Bobby206
Mon Apr 19, 2021 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: I want to buy cash with my credit card. Will the IRS allow this adventure of mine?
Replies: 50
Views: 5889

Re: I want to buy cash with my credit card. Will the IRS allow this adventure of mine?

Why over complicate life?

Why do anything that might upset the IRS?

I'd find some other game to play if it were me.
by Bobby206
Sun Apr 18, 2021 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Any happy lawyers out there?
Replies: 138
Views: 12815

Re: Any happy lawyers out there?

20+ years as a lawyer and I am just looking for the end of the tunnel!

If you love your job keep doing it! In hindsight I much wish I had found a career I enjoyed. However, hindsight is 20/20 as they say!

Good luck in your journey.
by Bobby206
Thu Apr 08, 2021 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Minimum Net Worth for a Trust
Replies: 10
Views: 2191

Re: Minimum Net Worth for a Trust

In California probate costs a lot more than what most trusts would cost, even with a modest estate. A $200k estate would result in $14k in probate fees according to an online calculator I tried. A $1MM estate is $46k in fees. Setting up a simple trust is what a few thousand? Seems worth it even for...
by Bobby206
Wed Apr 07, 2021 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Anyone else see drastic increase in Zillow value today?
Replies: 132
Views: 12758

Re: Anyone else see drastic increase in Zillow value today?

I noticed my Zillow home value increased by 20k this past month. Are any of you seeing this too? I wonder if Zillow changed their algorithm or something? I love zillow but it's so inconsistent. It shows my primary residence to be worth $775k and we are in contract to sell it for almost $1.2m after ...
by Bobby206
Tue Apr 06, 2021 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Tales from this insane real estate market
Replies: 449
Views: 57262

Re: Tales from this insane real estate market

Interesting. This presents an opportunity for folks. Someone build an app that allows folks from Nashville (St. Louis, Chicago, Austin, etc) to hook up with folks from San Fran (LA, San Diego, etc) and share a local U-Haul rental. For example, NashvilleToSanFran person rents U-Haul in Nashville for...
by Bobby206
Tue Apr 06, 2021 8:55 am
Forum: Personal Consumer Issues
Topic: Pre buy Disney World tickets as inflation hedge
Replies: 43
Views: 7273

Re: Pre buy Disney World tickets as inflation hedge

My wife has a ticket from 20+ years ago. We'll use it someday when our kid gets older. As an adult, I cant think of a place id rather NOT be than an asphalt jungle made of gaudy man made structures. Ill take national parks anyday. To each their own. You sound sort of rude about it. I personally don...
by Bobby206
Mon Apr 05, 2021 10:25 am
Forum: Personal Consumer Issues
Topic: Pre buy Disney World tickets as inflation hedge
Replies: 43
Views: 7273

Re: Pre buy Disney World tickets as inflation hedge

Seems overly complicated for tiny amounts of money. Plus, if you die, lose them, etc... you have lost the total value.
by Bobby206
Mon Apr 05, 2021 9:50 am
Forum: Investing - Theory, News & General
Topic: Forgoing Taking RMD's in 2020
Replies: 4
Views: 829

Re: Forgoing Taking RMD's in 2020

Anybody have any theories about what they might do in 2021 with RMDs? Any chance there will be a repeat of 2020? I have an inherited IRA and would be happy to skip the payout this year. Anybody with an educated guess about this year?
by Bobby206
Mon Apr 05, 2021 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Tales from this insane real estate market
Replies: 449
Views: 57262

Re: Tales from this insane real estate market

I think there is some exaggeration in the California exodus. However, check how much it costs to rent a U-Haul from LA (or any other California city) to Nashville (or any other city in the southeast) and then check the exact opposite trip on the same day. It will probably cost FIVE TIMES as much to...
by Bobby206
Tue Mar 30, 2021 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Tales from this insane real estate market
Replies: 449
Views: 57262

Re: Tales from this insane real estate market

by Cosmo » Sat Mar 27, 2021 4:07 pm It’s hard to beat sight unseen offers 15 to 20% above ask. It makes sense to stay put. A big house will be a lot of work and money. Not sure about that. Everyone seems to be leaving CA and moving to Texas and other more tax friendly states. Everyone? How do you e...
by Bobby206
Thu Feb 18, 2021 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Career Advice Needed
Replies: 34
Views: 2667

Re: Career Advise Needed

Advice. Sorry. Was bugging me.
by Bobby206
Sun Feb 14, 2021 10:56 pm
Forum: Personal Consumer Issues
Topic: home security camera
Replies: 56
Views: 4698

Re: home security camera

There has been a recent uptick in the theft in and especially around our neighborhood to the extent that I believe I need surveillance cameras in the front of my house. My initial thought is to get one of the camera systems sold at costco (like Swann I think) that come with a set of cameras and plu...
by Bobby206
Sun Feb 07, 2021 7:45 pm
Forum: Personal Investments
Topic: Recommendations for inheritance
Replies: 10
Views: 1687

Re: Recommendations for inheritance

Thank you for the responses. Emergency fund of at least 6 months is fully funded and I currently have no debts. I will eventually have to buy a "newish" truck when this one dies, maybe spring or summer if all goes well. I would like to be able to shop around for a deal and not have to buy...
by Bobby206
Wed Feb 03, 2021 10:33 pm
Forum: Personal Finance (Not Investing)
Topic: A $3.5M First Home Purchase?
Replies: 124
Views: 10471

Re: A $3.5M First Home Purchase?

I wouldn't spend that kind of dough in the Bay right now as it seems like a large number of people are escaping east to the Sacramento suburbs like Roseville, Folsom and El Dorado Hills. I have Realtor friends in each of those cities and they tell me almost every house that is sold is Bay Area trans...
by Bobby206
Thu Jan 28, 2021 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Check your beneficiaries
Replies: 26
Views: 2817

Re: Check your beneficiaries

Free tip of the day: Check all your account beneficiaries. I completed the initial documentation for a meeting with an estate attorney this weekend. Part of the form requested a list of all accounts, approximate balances, and current beneficiary. I easily completed this because I knew the beneficia...
by Bobby206
Wed Jan 13, 2021 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Law school Expenses
Replies: 26
Views: 2487

Re: Law school Expenses

Years ago, my parents generously paid for my law school tuition. It was very nice to graduate at zero versus negative. I'd suggest your daughter attend the cheapest, best (in that order) school closest to where she wants to live and work afterwards. If your state allows for tax deductions for contr...
by Bobby206
Sun Jan 10, 2021 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: life insurance for funding cryonics
Replies: 63
Views: 3234

Re: life insurance for funding cryonics

As someone above said do a whole life with Northwestern Mutual. I do believe they are one of the strongest life insurance companies.

You might want to plan a policy that has an increasing death benefit because this seems like something that they will find a way for the price to go up.
by Bobby206
Thu Jan 07, 2021 10:53 am
Forum: Personal Consumer Issues
Topic: Why do car salesman want to talk to me?
Replies: 63
Views: 6716

Re: Why do car salesman want to talk to me?

I’m in the market for a new car for the first time in almost a decade. Today I emailed a dozen dealerships for their out-the-door price. At least half of them have been pestering me for my phone number or to call them. One acted offended when I said I’d rather communicate via email. I would imagine...
by Bobby206
Wed Jan 06, 2021 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Probate: CA vs ID? [Minor child inherits grandparent's estate]
Replies: 71
Views: 3727

Re: Minor child inherits grandparent's estate

OP, you need your own estate lawyer. They should be able to answer all three of your questions. Don't go cheap and try to do it yourself. The child is the one who needs the lawyer. Gill Parent probably needs to file for a guardianship of the estate and likely with the aid of a probate attorney. At ...
by Bobby206
Wed Jan 06, 2021 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Question about California simplified probate process for small estates
Replies: 3
Views: 234

Re: Question about California simplified probate process for small estates

I have a question about California's simplified probate process for estates having a value under $166,250. The rules say that various things are excluded when calculating the value to see if the estate is under the limit, including life insurance proceeds, assets not subject to probate that pass to...
by Bobby206
Mon Jan 04, 2021 10:26 pm
Forum: Personal Investments
Topic: Can I create generational wealth?
Replies: 193
Views: 19428

Re: Can I create generational wealth?

Why don't you buy a few mil of life insurance, on your daughter's life, in an irrevocable dynasty trust!? Might work!
by Bobby206
Thu Dec 31, 2020 11:00 am
Forum: Personal Consumer Issues
Topic: Personal Life Coach
Replies: 58
Views: 4383

Re: Personal Life Coach

I spend $80/hour twice a month to speak with a life coach. She seems to keep me on the rails and if I go too long without talking with her I tend to stray from my good habits. Does anyone else have similar expenditures that they feel add to the quality of their life???? I feel guilty like this is a...
by Bobby206
Mon Dec 28, 2020 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: Shopping for an Estate Planning Lawyer
Replies: 34
Views: 1977

Re: Shopping for an Estate Planning Lawyer

Some states offer second bar exams in specific areas of law like trusts and estate. In California this is called being a "Certified Specialist." I think it's "Board Certified" in Texas if I am not mistaken. I would ask how long the attorney has done estate planning, what percenta...
by Bobby206
Sun Dec 27, 2020 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Best Way to Collect Rent Electronically?
Replies: 89
Views: 4437

Re: Best Way to Collect Rent Electronically?

One tenant pays by Facebook. It's funny as he says he can't use PayPal but he can use Facebook for free. It comes through Facebook and goes to my Paypal account without any fees. I have another tenant that pays by Zelle. Another mails a check. It's all good. I'm curious; what do professional proper...
by Bobby206
Sat Dec 26, 2020 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Best Way to Collect Rent Electronically?
Replies: 89
Views: 4437

Re: Best Way to Collect Rent Electronically?

One tenant pays by Facebook. It's funny as he says he can't use PayPal but he can use Facebook for free. It comes through Facebook and goes to my Paypal account without any fees. I have another tenant that pays by Zelle. Another mails a check. It's all good.
by Bobby206
Thu Dec 24, 2020 10:10 pm
Forum: Personal Consumer Issues
Topic: Tips for Frugal Living
Replies: 284
Views: 27216

Re: Tips for Frugal Living

This isn’t an extreme FIRE board. We invest to make money and live well. We didn’t win the 1 in billion lottery to be born so we can eat frozen dinners, buy second hand clothes and never experience the best in life. Not gonna lie, I wish I'd spent more money enjoying life instead of focusing on bei...
by Bobby206
Mon Dec 14, 2020 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: What is happening to landlords who can't evict their tenant?
Replies: 20
Views: 3727

Re: What is happening to landlords who can't evict their tenant?

There several scenarios at play here. I believe my landlord is on some kind of mortgage deferment based on mail sent to the property, but I have never paid rent late. And some landlords in my area appear to have received large PPP loans based on the list that was published. If most of their tenants...
by Bobby206
Sun Dec 13, 2020 5:57 pm
Forum: Personal Consumer Issues
Topic: Toilet Crack Repair Products
Replies: 120
Views: 5150

Re: Toilet Crack Repair Products

Newer toilets are MUCH better at flushing performance with less water. Get a Toto. I have an older, very large tank toilet in my house and it is much worse than the newer Toto. Having a toilet break and a large shard of porcelain impaling you is a scary enough possibility that 2-300$ shouldn't matt...
by Bobby206
Mon Dec 07, 2020 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: I feel like my friend is about to make a massive financial mistake
Replies: 153
Views: 22382

Re: I feel like my friend is about to make a massive financial mistake

I am not good at nuances. When something like this happens, I flat out ask them if they are just telling me or do they want my opinion. That's a good approach. I have to remember that for the future! My instinct would be to sit back and do nothing but that's not really cool if it's a friend. You wa...
by Bobby206
Sat Dec 05, 2020 11:52 pm
Forum: Investing - Theory, News & General
Topic: Well... it's time for me to be party pooper.
Replies: 108
Views: 17036

Re: Well... it's time for me to be party pooper.

I feel very safe in saying nobody on here knows and certainly none of the "experts" know. Next year is next year. Good luck to us all!
by Bobby206
Thu Dec 03, 2020 1:33 pm
Forum: Personal Consumer Issues
Topic: Buying a 1.3M house - worried about unexpected expenses
Replies: 93
Views: 6639

Re: Buying a 1.3M house - worried about unexpected expenses

Toll Brothers is a cheap production builder. Neither an inspection nor a warranty will fix that. A production builder yes but not sure I would say cheap. I believe they have a good reputation. Nonetheless, it is what it is and production homes are typically built with lower end finishes. Doesn't me...
by Bobby206
Thu Nov 26, 2020 9:57 pm
Forum: Personal Finance (Not Investing)
Topic: Retire early or keep working
Replies: 76
Views: 9194

Re: Retire early or keep working

First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the mo...
by Bobby206
Sun Nov 22, 2020 9:43 am
Forum: Personal Consumer Issues
Topic: Solar Pool Heating
Replies: 26
Views: 1208

Re: Solar Pool Heating

Have had it for over 15 years on our pool here in California. I find it extends the swim season a few weeks on each end and makes it more comfortable on questionable days. However, if I was doing it again I'd get a gas heater. Of course ymmv.
by Bobby206
Fri Nov 20, 2020 12:20 pm
Forum: Personal Consumer Issues
Topic: Parking citation from a private parking lot
Replies: 69
Views: 8197

Re: Parking citation from a private parking lot

I'd pay it for two reasons:

1) brother over-stayed his time and owes money;
2) it's not worth the hassle worrying about such a small amount of money.

I understand it feels a bit like a gotcha amount of money but whatever. Life is too short!
by Bobby206
Thu Nov 19, 2020 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 204
Views: 13198

Re: Prop 19 CA Inheritance Property Implications

I know there are law firms marketing services directly for these type of issues NOW. The problem, as you indicate, is long term property tax savings v. potential cap gains. It's a trade off. I know of attorneys trying to figure out trusts which will be a gift for property tax purposes (before the F...
by Bobby206
Tue Nov 17, 2020 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 204
Views: 13198

Re: Prop 19 CA Inheritance Property Implications

Thanks for the reply Bobby. Luckily (or unluckily maybe) our inheritance is under the FMV $1million exclusion - in the further distance future though, who knows? Any ideas when there are 3 recipients as to if only 1 of the inherited owners must take residence to ward off the huge tax hike? Adult ch...
by Bobby206
Tue Nov 17, 2020 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 204
Views: 13198

Re: Prop 19 CA Inheritance Property Implications

Thanks for the reply Bobby. Luckily (or unluckily maybe) our inheritance is under the FMV $1million exclusion - in the further distance future though, who knows? Any ideas when there are 3 recipients as to if only 1 of the inherited owners must take residence to ward off the huge tax hike? Adult ch...
by Bobby206
Tue Nov 17, 2020 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 204
Views: 13198

Re: Prop 19 CA Inheritance Property Implications

Prop 19 passed for 2021 throwing a new wrench in property inheritance in CA. Specifically (starting February 2021) children have to live in the inherited house to receive the prop 13 property tax basis exclusion up to under $1million. So in the future if inheriting the house, but if say we wanted t...
by Bobby206
Mon Nov 16, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a Triplex?
Replies: 44
Views: 3402

Re: Buying a Triplex?

I'm considering buying my first rental property. It's a triplex consisting of three, small 1 BR/1BA apartments in a small/medium-sized city about 2.5 hours from where I live. Purchase price is $45K, each unit rents for $400/month. I think the rent could go up a bit if I do some basic renovations (p...
by Bobby206
Sun Nov 15, 2020 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Should I Purchase My Neighbor's Home?
Replies: 106
Views: 10572

Re: Should I Purchase My Neighbor's Home?

OP here. Thanks for all the great ideas expressed by the community. We are meeting with our realtor and accountant over the next few days, and everyone's inputs have been invaluable in setting the stage for these meetings. The biggest factor probably in play is whether we have the nerve to put 1/6 ...
by Bobby206
Sat Nov 07, 2020 5:00 pm
Forum: Personal Consumer Issues
Topic: What do you give your adult children at holiday time?
Replies: 175
Views: 12638

Re: What do you give your adult children at holiday time?

As an adult child I would MUCH rather receive nothing from my parents. However, ties, shirts, nightgowns, etc... NO NO NO! Don't get your kids stuff just for the sake of wrapping something up or just because of tradition. They are probably too nice to tell you they don't want that stuff. Take him t...
by Bobby206
Fri Nov 06, 2020 11:51 am
Forum: Personal Consumer Issues
Topic: What do you give your adult children at holiday time?
Replies: 175
Views: 12638

Re: What do you give your adult children at holiday time?

As an adult child I would MUCH rather receive nothing from my parents. However, ties, shirts, nightgowns, etc... NO NO NO! Don't get your kids stuff just for the sake of wrapping something up or just because of tradition. They are probably too nice to tell you they don't want that stuff. Take him t...
by Bobby206
Fri Nov 06, 2020 11:06 am
Forum: Personal Consumer Issues
Topic: What do you give your adult children at holiday time?
Replies: 175
Views: 12638

Re: What do you give your adult children at holiday time?

As an adult child I would MUCH rather receive nothing from my parents. However, ties, shirts, nightgowns, etc... NO NO NO! Don't get your kids stuff just for the sake of wrapping something up or just because of tradition. They are probably too nice to tell you they don't want that stuff. Take him to...
by Bobby206
Mon Nov 02, 2020 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Wife asked to be co-executor for brother. Seems like a disaster waiting to happen
Replies: 35
Views: 5014

Re: Wife asked to be co-executor for brother. Seems like a disaster waiting to happen

Co-executors are generally a hassle at a minimum. However, your wife can always decline to act IF that day comes so I wouldn't worry about it now. Plus, the odds are they will get divorced, spouse will still be alive, other co-executor will be dead or not want to act, or other situation will happen ...
by Bobby206
Fri Oct 30, 2020 10:50 am
Forum: Personal Consumer Issues
Topic: Last day at work, to-do list?
Replies: 30
Views: 1996

Re: Last day at work, to-do list?

stan1 wrote: Fri Oct 30, 2020 9:21 am Contact information for colleagues (whether friends or professional references).
This is exactly what I was thinking. I am planning for a couple years from now and started keeping track of co-worker's personal contact info when I can.
by Bobby206
Sun Oct 25, 2020 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: Borrowing money from Trust
Replies: 69
Views: 4424

Re: Borrowing money from Trust

If it's a revocable trust you are way over-complicating it by borrowing it and paying interest. "Borrow" it if you want but it's your money. Borrow it, document it, and pay it back if you like but it's your money. Take it out of your left pocket, or your right pocket, but it's just money.
by Bobby206
Sun Oct 25, 2020 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Relationship mortgage discounts for moving a million assets
Replies: 779
Views: 121019

Re: Relationship mortgage discounts for moving a million assets

Does anyone have suggestions for jumbo loan lenders that are NOT wells fargo. I used them last time and want to avoid banking with them because they are horrible Will First Republic meet Wells Fargo rate with $1M relationship discount? I recently worked with Zions who has subsidiaries in different ...
by Bobby206
Mon Oct 19, 2020 9:04 pm
Forum: Personal Consumer Issues
Topic: Convince us to buy our first luxury car!
Replies: 193
Views: 10925

Re: Convince us to buy our first luxury car!

There are a lot of added costs to think about: - the cost of the car (either paying cash, purchase or lease); - Car insurance will be much more; - Car registration will be much more; - You might pay to wash it more and/or more expensive hand washes, or details, to be kind to the paint; - You might s...
by Bobby206
Mon Oct 19, 2020 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Wills/Trusts - Retirement Account Beneficiary
Replies: 30
Views: 1841

Re: Wills/Trusts - Retirement Account Beneficiary

Would the same principle apply to life insurance proceeds as the retirement accounts? i.e. Naming a trust as the beneficiary instead of (minor) children individually? Always have trust as bene of life insurance as there are no tax consequences involved. Also, in the rare instance (I have seen it so...
by Bobby206
Mon Oct 19, 2020 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Wills/Trusts - Retirement Account Beneficiary
Replies: 30
Views: 1841

Re: Wills/Trusts - Retirement Account Beneficiary

In my opinion: Spouse primary and trust as contingent. Once kids are 25 or 30 (or otherwise very mature) then I would make them contingent bene. I would have trust as contingent bene until then. I personally prefer having a smart/very mature trustee in charge of the funds until kids are older. 25 or...