Search found 4226 matches

by Lee_WSP
Thu Apr 15, 2021 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

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 Lee_WSP
Thu Apr 15, 2021 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth - SIMPLE IRA
Replies: 2
Views: 119

Re: Backdoor Roth - SIMPLE IRA

No, not worth it for you.
by Lee_WSP
Wed Apr 14, 2021 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Biggest expenses in life
Replies: 50
Views: 4088

Re: Biggest expenses in life

Children, housing, auto, entertainment, food in that order.

So far, not an issue for me, but health would be another one. Taxes too.
by Lee_WSP
Wed Apr 14, 2021 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable trust proposed for parent with early dementia
Replies: 18
Views: 2073

Re: Irrevocable trust proposed for parent with early dementia

Finding out about the loss of the capital gains exclusion cemented the rejection of doing an irrevocable trust. If the trustee buys the house from the Grantors, does it receive a step up in basis and a capital gains exclusion? edit: You mean if the child/beneficiary buys the house from the grantors...
by Lee_WSP
Wed Apr 14, 2021 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Irrevocable trust proposed for parent with early dementia
Replies: 18
Views: 2073

Re: Irrevocable trust proposed for parent with early dementia

Finding out about the loss of the capital gains exclusion cemented the rejection of doing an irrevocable trust. If the trustee buys the house from the Grantors, does it receive a step up in basis and a capital gains exclusion? edit: You mean if the child/beneficiary buys the house from the grantors?
by Lee_WSP
Wed Apr 14, 2021 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: "Nobody's ever regretted paying off the mortgage."
Replies: 292
Views: 18598

Re: "Nobody's ever regretted paying off the mortgage."

If mortgage rates were 6%, we'd be having a very different discussion. Low rates are a historical anomaly.
by Lee_WSP
Tue Apr 13, 2021 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: Any happy lawyers out there?
Replies: 107
Views: 9419

Re: Any happy lawyers out there?

I think you can spot the pattern OP. The more control over our daily lives we have and the greater the ability to choose our clients, the happier we report our job satisfaction.
by Lee_WSP
Tue Apr 13, 2021 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

It's a sliding scale. On one end someone holds a gun to your head, on the other they just say they won't do the deed unless you sign, and in the middle they drop it on the unsuspecting spouse right before the ceremony. Right, I've heard of cases where it was hours before the ceremony and someone tr...
by Lee_WSP
Tue Apr 13, 2021 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

It's a sliding scale. On one end someone holds a gun to your head, on the other they just say they won't do the deed unless you sign, and in the middle they drop it on the unsuspecting spouse right before the ceremony.
by Lee_WSP
Tue Apr 13, 2021 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

Where are you getting that prenups are "thrown out all the time"? Do you have any statistics? Prenups are far more likely to be held up than not. Most of the "headlines" for prenups not holding up are unusual cases, like when Steven Spielberg had one signed on a napkin. Usually ...
by Lee_WSP
Tue Apr 13, 2021 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

The only great answer if you are the spouse with the inheritance and your spouse doesn't want to sign and there's no other way to come up with the down payment is to stay married. But given this scenario, I find it hard to imagine that the recalcitrant spouse would have signed a pre nuptial in eith...
by Lee_WSP
Tue Apr 13, 2021 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

I see your point, but disagree on both counts. But let us work with the home down payment hypothetical we're already discussing. Option 1) spouse signs post nup, everyone is slightly happy Option 2) spouse refuses to sign, no house is purchased today, everyone loses Option 3) spouse refuses to sign...
by Lee_WSP
Tue Apr 13, 2021 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

I see your point, but disagree on both counts. But let us work with the home down payment hypothetical we're already discussing. Option 1) spouse signs post nup, everyone is slightly happy Option 2) spouse refuses to sign, no house is purchased today, everyone loses Option 3) spouse refuses to sign...
by Lee_WSP
Tue Apr 13, 2021 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

The same can be said of any contract. So I'm not sure what your point there is. The difference is, a prenup is a conditional for marriage (i.e. if they don't sign the prenup, no marriage). By definition, a postnup won't work this way. I see your point, but disagree on both counts. But let us work w...
by Lee_WSP
Tue Apr 13, 2021 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

The words mean an agreement before marriage and an agreement after marriage. The only reason to make an agreement before marriage is generally to agree on how to split things, and historically it's been used to disenfranchise a less wealthy spouse. A post nuptial by broad definition is any agreemen...
by Lee_WSP
Tue Apr 13, 2021 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

In cases where one spouse wants to retain the separateness of an asset post marriage, you'd typically, or wisely, make a post nuptial agreement. When prenups get thrown out all the time, I don't see postnups realistic. Separate assets must be separate from the get go and remain separate. With that ...
by Lee_WSP
Tue Apr 13, 2021 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

In cases where one spouse wants to retain the separateness of an asset post marriage, you'd typically, or wisely, make a post nuptial agreement. When prenups get thrown out all the time, I don't see postnups realistic. Separate assets must be separate from the get go and remain separate. With that ...
by Lee_WSP
Tue Apr 13, 2021 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Any happy lawyers out there?
Replies: 107
Views: 9419

Re: Any happy lawyers out there?

You could just take some self study courses, like those from Cali to scratch the itch.
by Lee_WSP
Tue Apr 13, 2021 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

In cases where one spouse wants to retain the separateness of an asset post marriage, you'd typically, or wisely, make a post nuptial agreement.
by Lee_WSP
Tue Apr 13, 2021 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Any happy lawyers out there?
Replies: 107
Views: 9419

Re: Any happy lawyers out there?

lgs88 wrote: Mon Apr 12, 2021 11:01 pm
do you have unalloyed good things to say about the profession? Have you found a niche that allows you to be well-compensated and intellectually stimulated while having a life outside of work?
Answering simply. No and no.

It's one of those choose one or the other choices for the most part.
by Lee_WSP
Mon Apr 12, 2021 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

Even the best drafted prenup is not going to save you from poorly made choices (such as commingling funds such that you can no longer tell who contributed what). I think this is the sad reality. The best protection is to separate everything, then keep demanding some form of split payment on expense...
by Lee_WSP
Mon Apr 12, 2021 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

I'm not a lawyer (and definitely not a divorce attorney) but possession being 9/10ths of the law is a practical reality. These things become way more difficult to unwind when you have both parties name on a piece of property, both parties are regularly putting money into it, and the default state l...
by Lee_WSP
Mon Apr 12, 2021 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

[ But I'm not really sure the point you're making, that someone shouldn't worry about commingling premarital assets that you want to be kept separate in the event of a divorce? Seems needlessly reckless to me. Almost like saying you don't really need to draft a will because it "should" en...
by Lee_WSP
Mon Apr 12, 2021 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Thinking of dropping State Farm 10 Pay Life Insurance
Replies: 34
Views: 1970

Re: Thinking of dropping State Farm 10 Pay Life Insurance

In 15 days, I would have paid $6,990 (25% of $27,960). I have been paying it for 30 months, since early Oct. of 2018. Thank you both for offering to help. So, the $7k is a sunk cost, you can't get it back. What you're looking at is whether the additional money is worth having $100k added to your es...
by Lee_WSP
Mon Apr 12, 2021 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

Your friend that was able to "get it back", I don't know the details, it could have been a situation where the other party went along in exchange for something else in the divorce or a unique state law or sympathetic judge. But I wouldn't draw a lesson from it that "tracing" it ...
by Lee_WSP
Mon Apr 12, 2021 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8893

Re: Prenuptial arrangements

Your friend that was able to "get it back", I don't know the details, it could have been a situation where the other party went along in exchange for something else in the divorce or a unique state law or sympathetic judge. But I wouldn't draw a lesson from it that "tracing" it ...
by Lee_WSP
Mon Apr 12, 2021 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Thinking of dropping State Farm 10 Pay Life Insurance
Replies: 34
Views: 1970

Re: Thinking of dropping State Farm 10 Pay Life Insurance

How far into the $27,960 premium are you? Unless you're really close to the finish line, it doesn't make mathematical sense to continue paying that much for only $100k in death benefits which is expected to be 50 years off. Imagine how much more you'd have with a simple 60/40 portfolio if you just i...
by Lee_WSP
Mon Apr 12, 2021 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: How do you define health, education, maintenance and support with a trust?
Replies: 18
Views: 1270

Re: How do you define health, education, maintenance and support with a trust?

Since there is a lot of liability for trustees... Au contrare... There is almost no liability associated with being a trustee. They are typically indemnified by the trust document and state law. And any defenses are almost always paid by the trust. Corporate trustees just like being conservative. I...
by Lee_WSP
Mon Apr 12, 2021 1:04 pm
Forum: Personal Consumer Issues
Topic: Flooring decisions for whole house - tile vs laminate
Replies: 31
Views: 2860

Re: Flooring decisions for whole house - tile vs laminate

Did you give consideration to LVP? Cheers Yes. Plenty of reports out there about fading due to sun. Revwood appears to be the better of the two. Interesting and disappointing to hear. LVT is what I was planning on going with if I ever had to replace floors. I would not go tile in bedrooms, having l...
by Lee_WSP
Sun Apr 11, 2021 11:47 pm
Forum: Personal Consumer Issues
Topic: Flooring decisions for whole house - tile vs laminate
Replies: 31
Views: 2860

Re: Flooring decisions for whole house - tile vs laminate

Did you give consideration to LVP? Cheers Yes. Plenty of reports out there about fading due to sun. Revwood appears to be the better of the two. Interesting and disappointing to hear. LVT is what I was planning on going with if I ever had to replace floors. I would not go tile in bedrooms, having l...
by Lee_WSP
Sun Apr 11, 2021 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 23
Views: 1816

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

While there seems to still be disagreement about whether the underlying auto or homeowners covers this situation, what is the wording of a basic umbrella policy? What about a personal liability policy?
by Lee_WSP
Sun Apr 11, 2021 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 23
Views: 1816

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

The auto exclusions in my homeowner's policy are: f. bodily injury or property damage arising out of the ownership, maintenance , use , loading, or unloading of: ... (2) a motor vehicle owned or operated by or rented or loaned to any insured; or Liability under the doctrine is incurred (1) when the...
by Lee_WSP
Sun Apr 11, 2021 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 23
Views: 1816

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

If you don't agree with me, you're most certainly welcome and should consult an attorney in your state. I am an attorney in my state. My question is more about insurance coverage and any practical experience of Bogleheads. Best reply ever. He who represents himself has a fool for a client.
by Lee_WSP
Sun Apr 11, 2021 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Financing to Purchase Law Firm
Replies: 45
Views: 3697

Re: Financing to Purchase Law Firm

For the OP, there is something else to consider -- there is an expression among equity partners of law firms, which in substance is: 95% of a firm's assets walk out the door every night, and you really hope they come back in the next day. That may not be the case in your situation re receivables, a...
by Lee_WSP
Sun Apr 11, 2021 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth IRA and Pro-rata Rule
Replies: 13
Views: 671

Re: Backdoor Roth IRA and Pro-rata Rule

I have one more question about the pro-rata rule though. Let's assume I have tIRA with $16k where $10k is pre-tax money and $6k is after-tax money. Do I have to pay taxes if I transfer $16k from tIRA to Roth IRA and on December 31 I will have tIRA with zero balance? It looks like the pro-rata rule ...
by Lee_WSP
Sat Apr 10, 2021 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 23
Views: 1816

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

But whether FCD applies or not I think the question is what (if any) coverage would pay to defend. Agreed, but the way homeowners policies are written, I'm 99.7% sure that it's going to be denied as an exclusion unless it's a very poorly written policy, after which, I'm sure they'll update all the ...
by Lee_WSP
Sat Apr 10, 2021 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 23
Views: 1816

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

The family car doctrine (as I understand it) basically implies ownership of the vehicle either through actual ownership or implied ownership (maintenance).
by Lee_WSP
Sat Apr 10, 2021 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 23
Views: 1816

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

If you don't agree with me, you're most certainly welcome and should consult an attorney in your state.
by Lee_WSP
Sat Apr 10, 2021 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Disclaiming inheritance as remainder beneficiary
Replies: 15
Views: 1329

Re: Disclaiming inheritance as remainder beneficiary

Man that seems rather punitive, particularly if one cannot plan for future circumstances, estate tax planning, children, etc. Sometimes you get what you pay for. Estate planning requires a lot of flexibility to work properly if the intended result is for the plan to go on for longer than a few year...
by Lee_WSP
Sat Apr 10, 2021 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 23
Views: 1816

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

No. Your homeowners will not cover it. Auto claims are always excluded from home/renters policies.

Will your auto cover it? Maybe, they'll certainly start and adjudicate the claim.
by Lee_WSP
Sat Apr 10, 2021 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: Do budgets work?
Replies: 122
Views: 4851

Re: Do budgets work?

Don't financial advisors predominantly cater toward high earners. Not knowing the particular financial advisor, I'm assuming most of his or her clientele are in or near the "high earner" category. With hourly financial advisors making $100 to 300 per hour, I wouldn't expect they attract m...
by Lee_WSP
Sat Apr 10, 2021 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Do budgets work?
Replies: 122
Views: 4851

Re: Do budgets work?

Don't financial advisors predominantly cater toward high earners. Not knowing the particular financial advisor, I'm assuming most of his or her clientele are in or near the "high earner" category. With hourly financial advisors making $100 to 300 per hour, I wouldn't expect they attract m...
by Lee_WSP
Sat Apr 10, 2021 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Irrevocable subtrusts
Replies: 22
Views: 1154

Re: Irrevocable subtrusts

So I try to avoid limiting distributions to an ascertainable standard or mandating distributions for an ascertainable standard. It seems to me that the main draw for the clients is that they want the beneficiary to maintain "control" and not have to go "hat in hand" to a trustee...
by Lee_WSP
Sat Apr 10, 2021 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Financing to Purchase Law Firm
Replies: 45
Views: 3697

Re: Financing to Purchase Law Firm

While I think your plan is unwise, I'll try and help The only thing I can think of if the SBA (usually the source for loans to purchase a business) and the owners refuse to finance the amount needed, and you don't have assets or a rich Uncle, is to find an angel investor. Maybe your local SCORE chap...
by Lee_WSP
Sat Apr 10, 2021 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Inheritance - help me get my head straight
Replies: 11
Views: 1557

Re: Inheritance - help me get my head straight

You'll want to verify with the provider whether you qualify as a designated beneficiary. If you don't, you only have five years to empty the accounts.

Otherwise, everything else has been touched upon.
by Lee_WSP
Sat Apr 10, 2021 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Irrevocable subtrusts
Replies: 22
Views: 1154

Re: Irrevocable subtrusts

Well, if it's not defined in the document, here's a generally accepted definition.

https://www.law.cornell.edu/wex/independent_trustee
by Lee_WSP
Sat Apr 10, 2021 2:06 am
Forum: Personal Consumer Issues
Topic: Electric water heater for a confined space
Replies: 20
Views: 1260

Re: Electric water heater for a confined space

Edit Uh.... Those tanks from Lowe's are 240 volts..... What's the issue? Have you looked into the tankless water heaters? We are when time comes, but not sure of location for you. Tankless would be perfect if the wiring in the building could handle it, but it can't :( Why not? Have you had an electr...
by Lee_WSP
Sat Apr 10, 2021 1:40 am
Forum: Personal Finance (Not Investing)
Topic: How do you define health, education, maintenance and support with a trust?
Replies: 18
Views: 1270

Re: How do you define health, education, maintenance and support with a trust?

I’ll go out on a limb and speculate that this trustee is paid an annual fee based upon AUM. I'll take the opposite bet and say this is a family member trustee. A corporate trustee should be well versed in HEMS. Not the opposite. I in no way suggested that it wasn't a family member trustee. Just tha...
by Lee_WSP
Fri Apr 09, 2021 11:24 pm
Forum: Personal Finance (Not Investing)
Topic: How do you define health, education, maintenance and support with a trust?
Replies: 18
Views: 1270

Re: How do you define health, education, maintenance and support with a trust?

FIREchief wrote: Fri Apr 09, 2021 11:20 pm I’ll go out on a limb and speculate that this trustee is paid an annual fee based upon AUM.
I'll take the opposite bet and say this is a family member trustee. A corporate trustee should be well versed in HEMS.
by Lee_WSP
Fri Apr 09, 2021 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: How do you define health, education, maintenance and support with a trust?
Replies: 18
Views: 1270

Re: How do you define health, education, maintenance and support with a trust?

Without plaguerizing the restatement, here's a link which summarizes it https://www.natlawreview.com/article/administering-trusts-recession-support-trusthems-distribution-standard It sounds like the trustee is abusing his discretion. Would it be worth it to contact an attorney to resolve this? I th...