Search found 3327 matches

by NotWhoYouThink
Sat Apr 10, 2021 9:01 am
Forum: Personal Finance (Not Investing)
Topic: How quickly did you receive your 2020 tax refund?
Replies: 137
Views: 11558

Re: How quickly did you receive your 2020 tax refund?

e-filed for my deceased mother, and needed a paper check rather than electronic payment. It took 3 weeks for the check to arrive.
by NotWhoYouThink
Fri Apr 02, 2021 8:49 am
Forum: Personal Investments
Topic: What Are You Doing Given Record Stock Market Highs and What Is Your Situation?
Replies: 120
Views: 12707

Re: What Are You Doing Given Record Stock Market Highs and What Is Your Situation?

That’s what markets do. +1 I see your point but I disagree as this is different. You refer to 2013 but that was a full 5+ years after the great recession low. Now we aren't even out of the great pandemic of 2020 and in March 2021 we are at all time highs. In March 2020 the Dow got down to about 18,...
by NotWhoYouThink
Sun Mar 28, 2021 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: Family Loan - Minimum Interest - Repaid by Annual Gift - Tax Implications
Replies: 66
Views: 3100

Re: Family Loan - Minimum Interest - Repaid by Annual Gift - Tax Implications

Are they going to get a mortgage on this house, or is this a $170K house? If a mortgage, are they going to disclose that they have a $170K loan outstanding? Because either they have to disclose the loan, even if it means a higher interest rate, or you have to call it a gift from the start. You can t...
by NotWhoYouThink
Tue Mar 23, 2021 6:31 am
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3318

Re: 529 affect on FAFSA?

For financial aid purposes, the 529 will be treated like any other after-tax account. So if you make too much money to qualify for financial aid, which you likely will, then using a 529 to reduce your tax burden on college expenses make sense. And if you have $1M in 529s, you have demonstrated that ...
by NotWhoYouThink
Mon Mar 22, 2021 8:40 am
Forum: Personal Finance (Not Investing)
Topic: Should bank accounts be in a trust?
Replies: 27
Views: 2056

Re: Should bank accounts be in a trust?

You can order checks online and specify how the account owner is listed. It can list Jane Doe, doesn't have to list Jane Doe Trust, Jane Doe Trustee.
by NotWhoYouThink
Thu Mar 18, 2021 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard Trust account keeps sending paper statements
Replies: 13
Views: 993

Re: Vanguard Trust account keeps sending paper statements

My trust account (my name only) at Vanguard is paperless, my husband's trust account there (his name only) sends paper statements and we can't seem to change it to paperless. One of life's mysteries we've given up on solving. So the trust is in one name. But are there 2 trustees for each trust? In ...
by NotWhoYouThink
Thu Mar 18, 2021 6:55 am
Forum: Personal Consumer Issues
Topic: Selling rare/expensive beanie babies
Replies: 56
Views: 5988

Re: Selling rare/expensive beanie babies

I couldn’t help but think of this when I read this thread... Late 90s Photo Of Divorcing Couple Splitting Up Their Beanie Babies Now that is a picture worth 1000 words or more! Glad we made sure each Beanie Baby that entered our household was de-tagged and treated like a toy. We wanted to discourag...
by NotWhoYouThink
Tue Mar 16, 2021 7:59 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard Trust account keeps sending paper statements
Replies: 13
Views: 993

Re: Vanguard Trust account keeps sending paper statements

My trust account (my name only) at Vanguard is paperless, my husband's trust account there (his name only) sends paper statements and we can't seem to change it to paperless. One of life's mysteries we've given up on solving.
by NotWhoYouThink
Mon Mar 15, 2021 7:34 am
Forum: Personal Finance (Not Investing)
Topic: High earners, about how much tax do you pay?
Replies: 79
Views: 9374

Re: High earners, about how much tax do you pay?

I am never surprised about what I owe at tax time, because tax planning has prepared me for what the total tax obligation for the year will be, and I know how much has been withheld or paid through quarterly estimates. I make sure to pay enough to avoid penalties. That said, it's been about 25% of ...
by NotWhoYouThink
Mon Mar 15, 2021 6:53 am
Forum: Personal Finance (Not Investing)
Topic: High earners, about how much tax do you pay?
Replies: 79
Views: 9374

Re: High earners, about how much tax do you pay?

I am never surprised about what I owe at tax time, because tax planning has prepared me for what the total tax obligation for the year will be, and I know how much has been withheld or paid through quarterly estimates. I make sure to pay enough to avoid penalties. That said, it's been about 25% of A...
by NotWhoYouThink
Sat Mar 13, 2021 9:50 am
Forum: Personal Investments
Topic: Advice to give dad and mom
Replies: 21
Views: 2603

Re: Advice to give dad and mom

Looks like they are in great shape financially, but maybe you could help them learn to spend more. Not on designer handbags and luxury travel (not that there is anything wrong with either) but on household help. People that age who have always been frugal probably do their own lawn care, housekeepin...
by NotWhoYouThink
Thu Mar 11, 2021 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 407
Views: 46801

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

This thread is 100% depressing and makes me want to spend every penny I have. That's funny, I find the thread quite fascinating! It's like a sci-fi reading to me and very entertaining. I grew up in what Americans would call extreme poverty. I don't expect to inherit anything. I don't even know anyo...
by NotWhoYouThink
Wed Mar 10, 2021 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off parent's mortgage?
Replies: 44
Views: 3873

Re: Pay off parent's mortgage?

If she has no other assets, you need to consider the possibility that if she ever has to go to a nursing home her home equity would be used to pay for her care, and there would be nothing left to distribute after her death. So I wouldn't advise paying her mortgage (lump sum or monthly supplements) a...
by NotWhoYouThink
Tue Mar 09, 2021 11:46 am
Forum: Personal Consumer Issues
Topic: Estate (Home) clean-out after my parents passing - tips and best practices?
Replies: 53
Views: 5833

Re: Estate (Home) clean-out after my parents passing - tips and best practices?

I'm vaguely familiar with estate sales, having attended a few, but never having arranged one. I would assume, very possibly incorrectly, that this is not entirely an option for a hoarders house in the early stages. In the early stages I had several professional moving companies refuse to even bid t...
by NotWhoYouThink
Sun Mar 07, 2021 4:19 pm
Forum: Personal Consumer Issues
Topic: Estate (Home) clean-out after my parents passing - tips and best practices?
Replies: 53
Views: 5833

Re: Estate (Home) clean-out after my parents passing - tips and best practices?

check estatesales.net and their zip code. browse sales in the area and call a couple of th companies.
by NotWhoYouThink
Sat Mar 06, 2021 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 407
Views: 46801

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

3 kids are joint executors My parent's will is set up this way for my two siblings and I. We all get along and quite frankly are all financially secure so I don't think there will be too much drama as we split everything three ways. My concern has always been how much hassle(and possibly expense) i...
by NotWhoYouThink
Fri Mar 05, 2021 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Return for Deceased Relative
Replies: 12
Views: 983

Re: Tax Return for Deceased Relative

Are you talking about the Drivers License Number of other ID that Turbo Tax asks for? My state doesn't require it, so I skip it on my own taxes. My mom's state doesn't have state income taxes, so I skipped it on the Turbo Tax form I sent yesterday for my deceased mother. The IRS does not require it.
by NotWhoYouThink
Fri Mar 05, 2021 9:53 am
Forum: Personal Consumer Issues
Topic: How to make strong coffee equivalent to Starbucks for cheaper?
Replies: 134
Views: 10529

Re: How to make strong coffee equivalent to Starbucks for cheaper?

Equipment: Burr grinder - Baratza Encore ($130) Kettle - Cuisinart electric kettle CPK-17 ($99) Brewer: Aeropress ($30) Use freshly ground beans. Starbucks uses medium to dark roasts. Even their blonde roasts are on the darker side. When you buy your beans, get light roasts. Lightly roasted beans r...
by NotWhoYouThink
Fri Mar 05, 2021 7:57 am
Forum: Personal Finance (Not Investing)
Topic: Taxes - Success in Doing Them Yourself
Replies: 34
Views: 2748

Re: Taxes - Success in Doing Them Yourself

Congratulations! I'm one of the oldsters that stated out entering my income from my fast food job on paper forms picked up at the post office or library. Good old Publications 17! Which still exists, but I miss that printed book of instructions and data. Turbo Tax downloaded to my computer works wel...
by NotWhoYouThink
Wed Mar 03, 2021 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Mechanics of teen's 1st tax return
Replies: 35
Views: 2010

Re: Mechanics of teen's 1st tax return

Edit: Teen does have their own account, but wants "bank of dad" to cover the spread as it's my fault :shock: for the shortfall due to aggressive Roth contributing including unreported tip amount The first rule of taxes is that you are responsible for your own taxes, and don't get to blame...
by NotWhoYouThink
Sun Feb 28, 2021 11:02 am
Forum: Personal Finance (Not Investing)
Topic: External self-storage facility as 1-stop-shop for liquidating an estate?
Replies: 22
Views: 1505

Re: External self-storage facility as 1-stop-shop for liquidating an estate?

In my state, the Estate Sale companies have been back up and running for months. Check Estatesales.net and search your zip code to find companies conducting sales. My mom had been living in an Independent Living apartment at a CCRC when she died last summer. We would not have been able to have an es...
by NotWhoYouThink
Thu Feb 25, 2021 8:57 pm
Forum: Personal Investments
Topic: Transfer on Death Plan Beneficiary Designation
Replies: 16
Views: 1399

Re: Transfer on Death Plan Beneficiary Designation

People are careless and forgetful. If they have TOD beneficiaries on some but not all accounts, and forget to update them as life changes, then when they die their asset distribution might be very different from what they thought they planned. Some distribution will be determined by the will, others...
by NotWhoYouThink
Thu Feb 25, 2021 7:01 pm
Forum: Personal Investments
Topic: What is 50 joint and survivor annuity?
Replies: 22
Views: 1468

Re: What is 50 joint and survivor annuity?

As mentioned above, if you can take your retirement as a lump sum rather than an annuity, then you could leave the money to your son in an appropriate trust.
by NotWhoYouThink
Wed Feb 24, 2021 8:17 am
Forum: Personal Investments
Topic: Evaluating a financial advisor?
Replies: 10
Views: 828

Re: Evaluating a financial advisor?

Thank your FA for managing the money for you over the last few years. Since you weren't paying attention it's good that someone was. Now that you are willing to be more involved, you might want to change how the money is managed. Your FIL's advice on "index funds" is good as far as it goes...
by NotWhoYouThink
Mon Feb 22, 2021 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Private School - financially irresponsible?
Replies: 213
Views: 16738

Re: Private School - financially irresponsible?

For families in NYC, it is reasonable to consider cost of private school as part of the housing cost. So you just have to decide whether the location is favorable enough to make it worth the cost of rent + private school. For some families it is, for others not. We live in a leafy midwestern suburb ...
by NotWhoYouThink
Mon Feb 22, 2021 10:49 am
Forum: Personal Finance (Not Investing)
Topic: No tax refund for the first time
Replies: 81
Views: 5019

Re: No tax refund for the first time

As mentioned by others, the confusion comes when looking at the refund/amount owed at filing rather than at the total tax burden and what kinds of taxes are owed - regular income, capital gains, NIIT, etc. Turbo Tax puts the refund/owed boxes at the top of the screen, but you have to dig into the fo...
by NotWhoYouThink
Sun Feb 21, 2021 7:41 pm
Forum: Personal Consumer Issues
Topic: Anyone planning on traveling after vaccine?
Replies: 32
Views: 2390

Re: Anyone planning on traveling after vaccine?

As soon as we get vaccinated. I don't enjoy flying, but do like visiting other places. Hope we can get to/from Canada by summer.
by NotWhoYouThink
Sun Feb 21, 2021 2:51 pm
Forum: Investing - Theory, News & General
Topic: Friends don't let friends buy annuities...
Replies: 35
Views: 3869

Re: Friends don't let friends buy annuities...

How much would you harangue them if you noticed they were putting on weight? And how effective do you think your harangues would be? They've heard your plans and made their own. And may be wondering if they should warn you that your path is risky, and that you might want to consider meeting with the...
by NotWhoYouThink
Sun Feb 21, 2021 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Sharing with family
Replies: 16
Views: 2154

Re: Sharing with family

Sounds a little awkward to me, especially for siblings. My siblings and I are close, but we've never given each other money, or given the nieces/nephews money except for Christmas/birthdays up to age 18. (And there are 2 orders of magnitude between richest/poorest sibling on each side of the family....
by NotWhoYouThink
Sun Feb 21, 2021 9:12 am
Forum: Personal Finance (Not Investing)
Topic: Revealing net worth
Replies: 251
Views: 16552

Re: Revealing net worth

When my sister-in-law found out my FIL's net worth, she started the campaign to get him to spend his money on her grandkids. He was a lifelong tightwad, which is why he had a fair amount of money. It really became a problem.
by NotWhoYouThink
Sat Feb 20, 2021 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Revealing net worth
Replies: 251
Views: 16552

Re: Revealing net worth

When my mom, who had given all her kids cash gifts for Christmas for years, started worrying about how long past 90 she'd live and whether the money would last, I mentioned how much I had in Megacorp deferred accounts. She never sent me another cash gift, but did give me the Waterford. When she died...
by NotWhoYouThink
Sat Feb 20, 2021 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Revealing net worth
Replies: 251
Views: 16552

Re: Revealing net worth

Hint that you might be carrying some debt, and might need a personal loan but aren't asking yet.
by NotWhoYouThink
Sat Feb 20, 2021 4:01 pm
Forum: Investing - Theory, News & General
Topic: Annuity payout choices
Replies: 11
Views: 911

Re: Annuity payout choices

Also consider social security, if it applies. I didn't dust off the linear algebra, but did make a few excel calculations, using 3 pensions and 2 social security payments. For example, if her SS payment is 3000/month, and yours would have been 1200/month on your own, but you get 3000 as half of hers...
by NotWhoYouThink
Sat Feb 20, 2021 3:37 pm
Forum: Investing - Theory, News & General
Topic: What's Wrong with Annuities?
Replies: 150
Views: 9781

Re: What's Wrong with Annuities?

You know more about your life expectancy than your employer knows. If all of your parents and grandparents lived past 90, and you are in good health, you'd have a good chance to come out ahead with the pension/annuity. If heart disease runs in your family and you are being treated for cancer, a lump...
by NotWhoYouThink
Sat Feb 20, 2021 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Who has the claim for his life insurance?
Replies: 11
Views: 903

Re: Who has the claim for his life insurance?

Listing of the insurance property in Schedule A probably means little - what matters is what the insurance policy itself says. If ownership of the policy was never moved to the trust, and if the listed beneficiaries are people rather than the trust, then the trust doesn't come into play as regards t...
by NotWhoYouThink
Sat Feb 20, 2021 8:27 am
Forum: Investing - Theory, News & General
Topic: What's Wrong with Annuities?
Replies: 150
Views: 9781

Re: What's Wrong with Annuities?

When I stop working and drawing a paycheck I will need income. I won't have time to wait years for interest rates to come up (which could have a negative impact on my stock portfolio, but oh well). I have enough capital in my "growth" portfolio to acquire additional annuities at a later t...
by NotWhoYouThink
Sat Feb 20, 2021 8:20 am
Forum: Investing - Theory, News & General
Topic: What's Wrong with Annuities?
Replies: 150
Views: 9781

Re: What's Wrong with Annuities?

Contrast this with my brother who saw a fancy AUM financial planner. She ran a Monte Carlo simulation and I think he was dazzled by it. She doesn't like annuities and wants them to nibble away at their growth portfolio which doesn't have a real income component except for soc sec. I think the CFP h...
by NotWhoYouThink
Fri Feb 19, 2021 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: WSJ reporter doing story on Specific ID.
Replies: 1
Views: 552

Re: WSJ reporter doing story on Specific ID.

Oh, Good! Maybe she can get Schwab to let us know when they plan to offer this option for mutual funds! See thread below. I was just ready to ease into the weekend now that the snow has been cleared from the streets, but reminding me of this got me all worked up again. https://www.bogleheads.org/for...
by NotWhoYouThink
Wed Feb 17, 2021 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Any issues just going intestate in this situation?
Replies: 40
Views: 2328

Re: Any issues just going intestate in this situation?

Not making an old lady do something she doesn't want to do, when there are minimal consequences of not doing it, sounds like an advantage to me. In the College Confidential forum, parents are often reminded to "love the kid on the couch" - don't try to make that kid want to be something he...
by NotWhoYouThink
Tue Feb 16, 2021 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Mother died intestate
Replies: 45
Views: 4577

Re: Mother died intestate

Has an estate representative been named by the probate court? Has anyone even applied? Not much can happen until that happens.
by NotWhoYouThink
Tue Feb 16, 2021 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Mother died intestate
Replies: 45
Views: 4577

Re: Mother died intestate

Don't be too hard on Mom, it doesn't sound like a will would have done much good if it split the properties 3 ways. You still have siblings that don't get along, and they have to split the value of a property one of them is living in. It is the life situations that complicates this estate, not the l...
by NotWhoYouThink
Tue Feb 16, 2021 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Recovery rebate credit
Replies: 6
Views: 502

Re: Recovery rebate credit

The instructions say it can be claimed for someone who died in 2020. You and I didn't write the law, Congress did, and that's what they decided. Go with it, just like you go with all their other laws.
by NotWhoYouThink
Mon Feb 15, 2021 1:41 pm
Forum: Personal Consumer Issues
Topic: giving money for college to young relatives - best options?
Replies: 15
Views: 1267

Re: giving money for college to young relatives - best options?

As a high school graduation present for a distant relative, we electronically and automatically deposited a weekly sum into his checking account during his first semester of college. There were no conditions on these weekly deposits. However, we told him that if he ever makes Dean's List anytime wh...
by NotWhoYouThink
Sun Feb 14, 2021 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Am I understanding the changes in my tax liability correctly?
Replies: 24
Views: 1578

Re: Am I understanding the changes in my tax liability correctly?

If you are looking at your refund/tax owed at filing instead of your total tax obligation and tax forms, then you are not understanding your tax liability at all. What is your tax bracket? What is your actual marginal rate? How are your capital gains and dividends taxed? You really need to start wit...
by NotWhoYouThink
Sat Feb 13, 2021 11:47 am
Forum: Personal Consumer Issues
Topic: How to get roadside assistance without AAA?
Replies: 116
Views: 11950

Re: How to get roadside assistance without AAA?

You're fortunate to live in an area with helpful folks. Two months ago I broke down on a very busy six lane highway. No motorist stopped, but the state highway truck and a police car did. I appreciated that they took the time. My dad explained this to me in the 1970s, as he was changing a flat tire...
by NotWhoYouThink
Mon Feb 08, 2021 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Economic stimulus for the deceased
Replies: 9
Views: 908

Re: Economic stimulus for the deceased

This was on the IRS website. We'll probably follow the instructions and claim the payment on my mother's return. If we don't, somebody somewhere will probably notice our "error" and spend time and money correcting it. Will a deceased individual receive the payment? (added January 5, 2021) ...
by NotWhoYouThink
Sun Feb 07, 2021 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Paying charities instead of income tax (CLAT?)
Replies: 17
Views: 1449

Re: Paying charities instead of income tax (CLAT?)

Check whether your state has tax credits for charitable contributions. Maybe Duck Duck Go "MyState tax credits charity" In my state, food pantries and some children's services charities can give state tax credits to people who make significant (~$1K+) donations. - you donate $1K, and can d...
by NotWhoYouThink
Sat Feb 06, 2021 4:32 pm
Forum: Personal Investments
Topic: How to invest money you may want to use in mid term?
Replies: 39
Views: 4128

Re: How to invest money you may want to use in mid term?

Asset allocation stays at 60/40. No emergency fund, I'm already retired. No sinking fund. No buckets. If we have a big expense, it comes out of the 60/40. If we are 61/39 it comes from equities. If we are 59/41 it comes from fixed income.
by NotWhoYouThink
Sat Feb 06, 2021 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Wills - how best to leave $ to nephew?
Replies: 12
Views: 883

Re: Wills - how best to leave $ to nephew?

DH could have a taxable account that is TOD/POD to nephew. Fund it with $10K today, and add to it or empty it later as needed.