Search found 2957 matches

by J295
Sun Aug 01, 2021 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: How strong are my golden handcuffs
Replies: 197
Views: 16744

Re: How strong are my golden handcuffs

Some food for thought …..
OMY
FMM
Tolstoy, How Much Land Does a Man Need
by J295
Sun Aug 01, 2021 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: How best to unwind an account held by DW for a relative in a legal way
Replies: 26
Views: 1569

Re: How best to unwind an account held by DW for a relative in a legal way

Retired lawyer here. I ran across analogous situations occasionally during my practice. I think a capable trust/estate attorney can give you the analysis you need to make and implement a decision. I think you would be best served by having dialogue with the attorney so he/she was cognizant of all pe...
by J295
Fri Jul 30, 2021 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Attorney is Ghosting Me when asked for retainer back
Replies: 17
Views: 2728

Re: Attorney is Ghosting Me when asked for retainer back

As a retired lawyer, I know there are two sides to every story and there are often unknown material facts that present themselves.*. However, from what we know from OP at this time this is disappointing. I think I’d call the office and ask for the lawyer, and if he is not available I’d ask for the O...
by J295
Fri Jul 30, 2021 1:56 pm
Forum: Personal Investments
Topic: How do I qualify for ACA subsidy with $90K in income?
Replies: 29
Views: 3742

Re: How do I qualify for ACA subsidy with $90K in income?

Glad to help more if you provide precise detail on your assets, gross income, debt service if any, your annual cash flow needs, and the ACA MAGI cutoff for a full premium subsidized policy By way of an example where the detail will be helpful … if you had a home with no debt, and if the ACA cut off ...
by J295
Fri Jul 30, 2021 11:48 am
Forum: Personal Investments
Topic: How do I qualify for ACA subsidy with $90K in income?
Replies: 29
Views: 3742

Re: How do I qualify for ACA subsidy with $90K in income?

You indicate the $90k income is from taxable account. As far as I can tell, the SPY annual income is about 1.5%, and BND about 2%. If you are invested only in these or similar income producing assets, your gross capital is approximately $5 million. I’m not sure I would let the ACA tail wag the inves...
by J295
Fri Jul 30, 2021 6:44 am
Forum: Personal Investments
Topic: How do I qualify for ACA subsidy with $90K in income?
Replies: 29
Views: 3742

Re: How do I qualify for ACA subsidy with $90K in income?

Please list details on the nature of investments generating this income, which may provide more targeted and helpful replies. In our case, for example, our gross income is six figures, yet due to the nature of the income we can structure (as a couple) to have modified adjusted gross income below the...
by J295
Thu Jul 29, 2021 9:24 am
Forum: Personal Finance (Not Investing)
Topic: How strong are my golden handcuffs
Replies: 197
Views: 16744

Re: How strong are my golden handcuffs

Only the thoughts of two people matter here.

For us, leaving $$ behind was not pertinent. Enough for us is enough.

Regardless of gross dollars (and I’m assuming the gross is “high”) I’d suggest that 4% of NW in your situation is not material.
by J295
Mon Jul 19, 2021 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: Need advice on how to retire with two underwater properties
Replies: 49
Views: 4401

Re: Need advice on how to retire with two underwater properties

Locate a quality experienced debtor side personal bankruptcy attorney. Should explore Chapters7 and 13 and in any case get counsel on income tax consequences (forgiveness of indebtedness income rules).
by J295
Sun Jul 11, 2021 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Quit now, or work four more years for federal healthcare?
Replies: 85
Views: 8212

Re: Quit now, or work four more years for federal healthcare?

I posted above and I’m just revisiting the thread. Very interesting observations. Seems to confirm, at least among the posters on this thread, that I was an outlier by not letting the insurance tail wag the dog and by retiring early during my peak earning years. In a financial vacuum, of course, th...
by J295
Sun Jul 11, 2021 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Quit now, or work four more years for federal healthcare?
Replies: 85
Views: 8212

Re: Quit now, or work four more years for federal healthcare?

I posted above and I’m just revisiting the thread. Very interesting observations. Seems to confirm, at least among the posters on this thread, that I was an outlier by not letting the insurance tail wag the dog and by retiring early during my peak earning years. In a financial vacuum, of course, th...
by J295
Sun Jul 11, 2021 6:49 am
Forum: Personal Finance (Not Investing)
Topic: Quit now, or work four more years for federal healthcare?
Replies: 85
Views: 8212

Re: Quit now, or work four more years for federal healthcare?

I posted above and I’m just revisiting the thread. Very interesting observations. Seems to confirm, at least among the posters on this thread, that I was an outlier by not letting the insurance tail wag the dog and by retiring early during my peak earning years. In a financial vacuum, of course, the...
by J295
Sun Jul 11, 2021 6:37 am
Forum: Personal Finance (Not Investing)
Topic: Legal ramifications for gifting a non-family member to fund Roth?
Replies: 6
Views: 730

Re: Legal ramifications for gifting a non-family member to fund Roth?

No issue.
(Assume total gifts to this person are less than $15,000 this year, or $30,000 if you are married).
by J295
Sun Jul 11, 2021 6:30 am
Forum: Personal Investments
Topic: Turning 27: Time to Reduce Equities?
Replies: 98
Views: 7669

Re: Turning 27: Time to Reduce Equities?

100% equities +\- made the most sense to us during my working years. One reminder , however, with the time horizon you have be prepared for a few times (some potentially quite lengthy), where your account values drop unexpectedly and significantly. When your account value drops six figures in a shor...
by J295
Sat Jul 10, 2021 6:51 am
Forum: Personal Finance (Not Investing)
Topic: Immediate Annuity, opinions wanted
Replies: 74
Views: 4583

Re: Will I be able to generate enough income?

Love your concern for your sons. 👍
by J295
Sat Jul 10, 2021 5:38 am
Forum: Personal Finance (Not Investing)
Topic: Buying home while working towards FI
Replies: 39
Views: 3342

Re: Buying home while working towards FI

abhi764, A) Is your current rent $3,750 to $4,000 per month? If not, don't buy the house. B) Why buy a house if it is not significantly cheaper than renting? KlangFool Our rent is around $2100, so from a purely financial angle, it doesn't make sense to buy a home in this area. Our current living ex...
by J295
Fri Jul 09, 2021 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Buying home while working towards FI
Replies: 39
Views: 3342

Re: Buying home while working towards FI

Buy a $750K home with 20% down payment (~150k), with a monthly mortgage around $3000. abhi764, A) Is your current rent $3,750 to $4,000 per month? If not, don't buy the house. B) Why buy a house if it is not significantly cheaper than renting? KlangFool Our rent is around $2100, so from a purely fi...
by J295
Fri Jul 09, 2021 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Quit now, or work four more years for federal healthcare?
Replies: 85
Views: 8212

Re: Quit now, or work four more years for federal healthcare?

I transitioned out of law firm partner status in 2013 at age 53 when ACA viability and our health care options were uncertain. The certainty firmed up later when the Supreme Court determine the constitutionality of the ACA. To us, it made no sense to let the insurance tail wag the dog. Which state a...
by J295
Fri Jul 09, 2021 6:19 am
Forum: Personal Consumer Issues
Topic: Should you tip when picking up takeout food?
Replies: 197
Views: 33204

Re: Should you tip when picking up takeout food?

Yes. It’s an inexpensive way to reinforce a mindset of detachment, gratitude, and sharing.
by J295
Wed Jul 07, 2021 11:05 pm
Forum: Personal Finance (Not Investing)
Topic: Strike Two; Seeking a Boglehead-like lawyer!
Replies: 26
Views: 5094

Re: Strike Two; Seeking a Boglehead-like lawyer!

Re:"Bogle head lawyer" Wouldn't that more or less limit the class to lawyers who are members here and those who ascribe to the principals but are not members? Just musing as I find the continued discussion regarding the term mildly interesting. The term is confusing to me but that’s ok. I...
by J295
Wed Jul 07, 2021 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Strike Two; Seeking a Boglehead-like lawyer!
Replies: 26
Views: 5094

Re: Strike Two; Seeking a Boglehead-like lawyer!

Retired lawyer here. What is a “boglehead-like lawyer”?
by J295
Fri Jul 02, 2021 9:21 pm
Forum: Personal Investments
Topic: Portfolio advice please (too much cash)
Replies: 24
Views: 2845

Re: Portfolio advice please (too much cash)

What is your actual percentage in equities now?

If it’s not 60% and that’s your desired allocation, why don’t you move to 60% now?
by J295
Tue Jun 29, 2021 9:06 am
Forum: Personal Investments
Topic: Ally account blocked after lump sum investment
Replies: 38
Views: 3953

Re: Ally account blocked after lump sum investment

Not sure you could’ve avoided this. Early last month I worked with Ally to process a straightforward wire, and it was an abysmal experience that took more than 10 days. We no longer use Ally. As some say, the juice is not worth the squeeze for the slightly higher rates. I am curious what was the is...
by J295
Tue Jun 29, 2021 8:10 am
Forum: Personal Investments
Topic: Ally account blocked after lump sum investment
Replies: 38
Views: 3953

Re: Ally account blocked after lump sum investment

Not sure you could’ve avoided this. Early last month I worked with Ally to process a straightforward wire, and it was an abysmal experience that took more than 10 days. We no longer use Ally. As some say, the juice is not worth the squeeze for the slightly higher rates.
by J295
Fri Jun 25, 2021 12:27 am
Forum: Personal Finance (Not Investing)
Topic: Do contractors charge you more if you live in a nice area?
Replies: 60
Views: 6801

Re: Do contractors charge you more if you live in a nice area?

Get bids from appropriate vendors.

Obtain the goods/services when supply/demand is favorable to purchaser.
by J295
Fri Jun 25, 2021 12:18 am
Forum: Personal Finance (Not Investing)
Topic: Changing careers from tech to therapy - want to hear your advice
Replies: 54
Views: 5525

Re: Changing careers from tech to therapy - want to hear your advice

This is not a dress rehearsal. You can’t follow your own path if you’re on the road to another person’s city. Here are three data points. Close friend number one left the family business after five years to start a nonprofit for at risk youth, and in the process obtained another degree and became a ...
by J295
Wed Jun 23, 2021 10:44 pm
Forum: Personal Investments
Topic: Buy I bonds in in-laws' names?
Replies: 31
Views: 3217

Re: Buy I bonds in in-laws' names?

Not a good idea.
by J295
Sun Jun 20, 2021 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Tax and Legal, small company buyout
Replies: 13
Views: 1168

Re: Tax and Legal, small company buyout

If you decide to let the tax tail wag the dog and spread out the payment understand that you will be a creditor with the accompanying risks.
by J295
Sun Jun 20, 2021 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Golden Handcuffs
Replies: 104
Views: 15684

Re: Golden Handcuffs

Retired lawyer. Left partnership in 2013 at age 53. No regrets. My “identity” was never my job.
by J295
Wed Jun 16, 2021 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Dad wants Wife to live in house left to me and sister after he passes
Replies: 179
Views: 20431

Re: Dad wants Wife to live in house left to me and sister after he passes

1. Lawyer
2. Conditional life estate if allowed in subject jurisdiction.
by J295
Sat Jun 12, 2021 9:38 pm
Forum: Personal Investments
Topic: Where to park 130k for 6 months
Replies: 39
Views: 3853

Re: Where to park 130k for 6 months

….. Keeping it in the Ally account is the safest bet, obviously, but I feel like it could be doing better. Is there any thing that is pretty safe, I can leave it for 6 months, and maybe see 1-2%? I'm not looking for so huge return, but I feel silly just letting it sit in the Ally account. Let’s say...
by J295
Fri Jun 11, 2021 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Ethical to Work with Two Realtors?
Replies: 31
Views: 3811

Re: Ethical to Work with Two Realtors?

Agree with concepts of posts above that you are better off with one good agent. If you do choose to use multiple agents I believe it appropriate for you to tell each of them that you are using other agents. I am a retired lawyer, and my wife is a real estate agent, and we have multiple family member...
by J295
Fri Jun 11, 2021 8:10 am
Forum: Personal Finance (Not Investing)
Topic: Real estate agent reluctant to show offers to the seller prior to decision
Replies: 99
Views: 10167

Re: Real estate agent reluctant to show offers to the seller prior to decision

You asked why the agent might be doing this, and noted two possibilities. A reasonable guess based on limited facts is that the agent is inefficient, overwhelmed, or perhaps not customer oriented. A less charitable description would be lazy. You are wise to want to see the full offers. Terms other t...
by J295
Tue Jun 08, 2021 5:59 pm
Forum: Personal Investments
Topic: Treasury Direct/I-bond account for spouse?
Replies: 16
Views: 1092

Re: Treasury Direct/I-bond account for spouse?

Wondering if the process has changed over the last 8 years. When we made our first purchase about 8 years ago we logged on and opened up one account for me. Then log off and log back on again and open up another account for my spouse. No signatures required.
by J295
Sun Jun 06, 2021 12:57 pm
Forum: Personal Investments
Topic: Bonds vs Savings Account
Replies: 14
Views: 1622

Re: Bonds vs Savings Account

We have both.
by J295
Sat Jun 05, 2021 6:36 am
Forum: Investing - Theory, News & General
Topic: Inconsistencies with the Boglehead principles?
Replies: 68
Views: 5274

Re: Inconsistencies with the Boglehead principles?

Am I missing something here? We're really only talking of one or two exceptions of ten: 1 Develop a workable plan 2 Invest early and often 3 Never bear too much or too little risk 4 Diversify 5 Never try to time the market 6 Use index funds when possible 7 Keep costs low 8 Minimize taxes 9 Invest w...
by J295
Fri Jun 04, 2021 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: How do I convince my cousin they are doing OK and not to take unwarranted risk?
Replies: 61
Views: 4417

Re: How do I convince my cousin they are doing OK and not to take unwarranted risk?

So your cousin wants to start/buy a business. Seems reasonable to me. Whether the risk/reward tradeoff is favorable is probably beyond the scope of this form. But people start businesses all the time and often not for financial reasons. Some people are attracted to the idea of being their own boss....
by J295
Fri Jun 04, 2021 12:37 pm
Forum: Personal Consumer Issues
Topic: Dual-agency in RE?
Replies: 34
Views: 1977

Re: Dual-agency in RE?

Only person I can think of who benefits from dual agency is the realtor. Of course he was put off. He lost his chance at a 6% commission instead of 3%. Inappropriate for agent to push back. Completely up to the seller of course. Probably varies by location and company. There can be some advantage i...
by J295
Wed Jun 02, 2021 6:33 am
Forum: Personal Investments
Topic: ROTH IRA conversion approaches for Over-saved T-IRA
Replies: 56
Views: 5126

Re: ROTH IRA conversion approaches for Over-saved T-IRA

Thank you DSBH and Lee_WSP
by J295
Tue Jun 01, 2021 1:33 pm
Forum: Personal Investments
Topic: ROTH IRA conversion approaches for Over-saved T-IRA
Replies: 56
Views: 5126

Re: ROTH IRA conversion approaches for Over-saved T-IRA

Not intending to hijack, but hoping someone can help me with the statement upthread that taxable IRA can be helpful in paying for long term care. Can someone help me with a brief explanation. Thank you.
by J295
Sat May 29, 2021 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting stock and cost basis
Replies: 22
Views: 1489

Re: Gifting stock and cost basis

No tax to the recipient upon receipt of the gift.

The recipient takes your cost basis in the gift, and does not have recognize gain until they sell.
by J295
Sat May 29, 2021 10:36 am
Forum: Personal Finance (Not Investing)
Topic: "Signatory" on Another Person's Bank Account
Replies: 11
Views: 1717

Re: "Signatory" on Another Person's Bank Account

According to the frequently asked question site, Bank of America will provide a limited power of attorney form along with a signature card which seem to work for your situation.
by J295
Tue May 25, 2021 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Opportunity - should I take it?
Replies: 23
Views: 4168

Re: Opportunity - should I take it?

Well your mileage may vary, I chose time over money. I have a couple of things that help me when I make decisions like this. One, I’m known for following the adage, “you can’t follow your own path if you’re on the road to another person’s city.”Similarly, I like a statement an elderly client said to...
by J295
Wed May 19, 2021 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking Online Bank Recommendations
Replies: 63
Views: 5605

Re: Seeking Online Bank Recommendations

Had highly unsatisfactory experience with Ally re wire transfers. I have experience with wires. I started the process 10 days before the time sensitive mid six figure funds were needed and fortunate that I did. We are nearly 40 years with Fidelity and been pleased. Went to Ally for CD rates but will...
by J295
Wed May 19, 2021 11:05 am
Forum: Personal Consumer Issues
Topic: Cars -- When and Why Did You Switch from Economy/Practicality to Luxury?
Replies: 211
Views: 15487

Re: Cars -- When and Why Did You Switch from Economy/Practicality to Luxury?

Early retired 2013, and bought new Lexus GX 460 in 2016. During the early kid years we had a minivan, followed by sedans that were driven up to 100,000+
by J295
Mon May 17, 2021 8:40 pm
Forum: Personal Investments
Topic: Ally Bank Wire Timing
Replies: 5
Views: 561

Ally Bank Wire Timing

Started a wire process May 6 regarding two CDs (one of husband one of wife). Multiple phone calls and chats resulted in one CD being closed and wired May 13, and the other remains in process for no known reason. (Wiring of the remaining one was promised in a chat for Friday and then for today, but n...
by J295
Mon May 10, 2021 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Losing Motivation in Work - 5 Years To Go - Suggestions?
Replies: 131
Views: 12816

Re: Losing Motivation in Work - 5 Years To Go - Suggestions?

Galawdawg offers valuable comments and direct response to the question. Not responding directly to your question on how to make the next five years enjoyable but will note that when I retired eight years ago at 53 I did not let the insurance tail wag the dog, and I was completely comfortable with gi...