Search found 15 matches

by glocklt4
Fri Mar 26, 2021 3:32 pm
Forum: Personal Investments
Topic: Estate planning resources for expected loss of parent
Replies: 13
Views: 965

Re: Estate planning resources for expected loss of parent

Well, unfortunately my mother passed away about a month ago :(. We are trying to make sure we do everything we can properly this year while my father (76) is still able to file MFJ. Can I please get a bit more advice about whether our plans for this year seem optimal or should be adjusted? 1) Max ou...
by glocklt4
Thu Dec 31, 2020 4:23 pm
Forum: Personal Investments
Topic: Estate planning resources for expected loss of parent
Replies: 13
Views: 965

Re: Estate planning resources for expected loss of parent

That's not what I meant. They're treated as the owners of their revocable trust(s). (Probating a Will in Texas isn't difficult, so their revocable trust is probably superfluous, but it won't hurt.) Upon their deaths, if you and your sister inherit the assets, if you put them into revocable trusts, ...
by glocklt4
Thu Dec 31, 2020 4:07 pm
Forum: Personal Investments
Topic: Estate planning resources for expected loss of parent
Replies: 13
Views: 965

Re: Estate planning resources for expected loss of parent

The most important thing is probably making sure that your parents' Wills provide that upon the death of the survivor you and your sister will receive your inheritances in separate trusts for your benefit rather than outright. That will keep your inheritances out of your estates for estate tax purp...
by glocklt4
Thu Dec 31, 2020 3:46 pm
Forum: Personal Investments
Topic: Estate planning resources for expected loss of parent
Replies: 13
Views: 965

Re: Estate planning resources for expected loss of parent

Roth IRAs inherited by "eligible designated beneficiaries" can be withdrawn following different rules. Two of the categories of "eligible designated beneficiaries" are those who are disabled/chronically ill, and those who are no more than 10 years younger than the deceased. Thes...
by glocklt4
Thu Dec 31, 2020 3:24 pm
Forum: Personal Investments
Topic: Estate planning resources for expected loss of parent
Replies: 13
Views: 965

Re: Estate planning resources for expected loss of parent

I'm sorry that you are going through this. Having a close loved one who also went through a stage 4 cancer battle and lost (no thanks to "oncologists"), I can imagine what you are going through. My advice is to take a step back and don't make any rash decisions. I'm having a hard time und...
by glocklt4
Thu Dec 31, 2020 2:43 pm
Forum: Personal Investments
Topic: Estate planning resources for expected loss of parent
Replies: 13
Views: 965

Re: Estate planning resources for expected loss of parent

bsteiner wrote: Thu Dec 31, 2020 2:30 pm It would help to have a sense of the size of their estates, the size of her IRA, and the size of his IRA.
Added above.
by glocklt4
Thu Dec 31, 2020 2:08 pm
Forum: Personal Investments
Topic: Estate planning resources for expected loss of parent
Replies: 13
Views: 965

Re: Estate planning resources for expected loss of parent

It might be helpful to others as well as generate more comprehensive responses if you "cut n paste" your post on "curry" into this forum post. Use the "pencil icon" to edit your lst post here, and edit accordingly per your questions. Why? Some will not click the link o...
by glocklt4
Thu Dec 31, 2020 1:56 pm
Forum: Personal Investments
Topic: Estate planning resources for expected loss of parent
Replies: 13
Views: 965

Estate planning resources for expected loss of parent

EDIT: My mother passed away last month, so have added new questions at the bottom. My mother is 67 with a rare and aggressive stage 4 adrenal cancer, and my father is 75 but in good health as far as we know. While my father tries to dedicate time to caring for my mother, I'm trying to use all of my ...
by glocklt4
Wed Dec 30, 2020 1:23 pm
Forum: Personal Investments
Topic: Solo 401K Deadline Sanity Check
Replies: 14
Views: 495

Re: Solo 401K Deadline Sanity Check

Thanks for the link, sohcahtoa.

Do you ever have to turn in these forms? I mean, yes, you should do this, but what if you forgot in the past or lost them? It seems like only a formality.
by glocklt4
Wed Dec 30, 2020 12:49 pm
Forum: Personal Investments
Topic: Solo 401K Deadline Sanity Check
Replies: 14
Views: 495

Re: Solo 401K Deadline Sanity Check

I found that as well and I also found it confusing... In order to make a contribution for this year, you must establish your Solo 401(k) plan by December 31, 2020 and make your employee contribution election by the end of the calendar year That makes it seem like you have to do it by year end. In c...
by glocklt4
Wed Dec 30, 2020 12:32 pm
Forum: Personal Investments
Topic: Solo 401K Deadline Sanity Check
Replies: 14
Views: 495

Re: Solo 401K Deadline Sanity Check

There is a lot of confusion on this point. I don't know about ETrade but this is what TDAmeritrade says: "Solo 401(k) important dates and deadlinescalendar In order to make a contribution for this year, you must establish your Solo 401(k) plan by December 31, 2020 and make your employee contri...
by glocklt4
Wed Dec 30, 2020 10:45 am
Forum: Personal Investments
Topic: Solo 401k Employer contribution required if under 401k contribution limit?
Replies: 4
Views: 317

Re: Solo 401k Employer contribution required if under 401k contribution limit?

Technically, the answer to your question is "Yes--you can do either an employee or employer contribution for less than $19k". The non-technical, but very true answer your question is--either way you look at it, it's still your money. The only difference is the timing of the contribution. ...
by glocklt4
Wed Dec 30, 2020 10:16 am
Forum: Personal Investments
Topic: Solo 401k Employer contribution required if under 401k contribution limit?
Replies: 4
Views: 317

Re: Solo 401k Employer contribution required if under 401k contribution limit?

Thanks for the reply, Terran. Great to hear that employee only is acceptable. She does not have a 401k with her W2 job, so all good there. We're pushing hard for that obviously though! Yes, we just opened her Individual Roth 401k so we don't lose the QBI deduction. Somehow I missed this the past 2 y...
by glocklt4
Wed Dec 30, 2020 1:06 am
Forum: Personal Investments
Topic: Solo 401k Employer contribution required if under 401k contribution limit?
Replies: 4
Views: 317

Solo 401k Employer contribution required if under 401k contribution limit?

Wife has a side-hustle which didn't earn very much income this year due to normal W-2 work picking up. Net income on the sole proprietorship is well under the $19,500 contribution limit for 2020. I'm trying to find definitive information which says whether the amount she contributes has to be a spli...
by glocklt4
Wed Dec 23, 2020 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Any way to "forfeit" income to avoid IRMAA cliff
Replies: 54
Views: 6719

Re: Any way to "forfeit" income to avoid IRMAA cliff

Pick a volatile stock, go long and short at the same time, and then sell whichever one is down :twisted: :sharebeer . Haha, boxed position - good idea. However most everyone here seems to be talking about plans you can do before the end of the calendar year. Many people who do active investing are ...