Search found 7219 matches

by Gill
Fri May 07, 2021 8:51 am
Forum: Personal Finance (Not Investing)
Topic: really necessary to split up CD's at different banks?
Replies: 5
Views: 349

Re: really necessary to split up CD's at different banks?

Lehman Brothers customers said the same thing. Why take the risk when it is so easy to diversity?
Gill
by Gill
Thu May 06, 2021 9:24 am
Forum: Personal Consumer Issues
Topic: Recommendations for Umbrella Insurance?
Replies: 10
Views: 669

Re: Recommendations for Umbrella Insurance?

We live in CT, ages 74/69, with 2 boring SUVs and a home. No special hazards (e.g., swimming pool, high risk dog), and no prior claims. We just paid our 2021 premium of $753 for 1M of coverage. I'd be curious if other folks around our age in CT have similar costs. Similar to you in all respects exc...
by Gill
Wed May 05, 2021 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Tax advice for selling stock
Replies: 9
Views: 760

Re: Tax advice for selling stock

I would sell the tax lots with the least gain. Why realize more gain than necessary regardless of your projection of future tax law.
Gill
by Gill
Wed May 05, 2021 4:22 pm
Forum: Investing - Theory, News & General
Topic: Lawsuits and taxable accounts
Replies: 30
Views: 2388

Re: Lawsuits and taxable accounts

Transferring an asset to satisfy a pecuniary obligation is treated as a sale of the asset by the transferor.
Gill
by Gill
Wed May 05, 2021 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited trust question
Replies: 20
Views: 1309

Re: Inherited trust question

In terms of running down the trust principal, is there any benefit to doing so vs. drawing down on our taxable brokerage account in order to, for instance, purchase a home or something else that is permissible under the trust agreement? There is no real benefit in doing so that I can see other than...
by Gill
Wed May 05, 2021 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited trust question
Replies: 20
Views: 1309

Re: Inherited trust question

I agree with the others who feel you might be able to make a case that the size of the trust doesn't warrant the cost. I don't believe you've stated the terms of the trust although it appears it may be for the life of your wife and to her children at her death. A trust of $650K is somewhat marginal ...
by Gill
Wed May 05, 2021 8:50 am
Forum: Personal Investments
Topic: Vanguard Adjusted Cost Basis on Date of Death
Replies: 14
Views: 1222

Re: Vanguard Adjusted Cost Basis on Date of Death

My dad created the trust and it became irrevocable on his death. The Vanguard accounts were put in the trust when it was created. Then it was a revocable trust at his death and you should get a new basis as of his death. It’s not Vanguard’s responsibility to calculate and change the basis of assets...
by Gill
Wed May 05, 2021 8:00 am
Forum: Personal Investments
Topic: Vanguard Adjusted Cost Basis on Date of Death
Replies: 14
Views: 1222

Re: Vanguard Adjusted Cost Basis on Date of Death

My dad created the trust and it became irrevocable on his death. The Vanguard accounts were put in the trust when it was created. Then it was a revocable trust at his death and you should get a new basis as of his death. It’s not Vanguard’s responsibility to calculate and change the basis of assets...
by Gill
Wed May 05, 2021 7:51 am
Forum: Personal Investments
Topic: Vanguard Adjusted Cost Basis on Date of Death
Replies: 14
Views: 1222

Re: Vanguard Adjusted Cost Basis on Date of Death

They where held by him in an irrevocable trust. They were moved to the account at vanguard that is now identified by the IRS trust EIN. The larger issue is that 80% of the beneficiaries reside in Canada. My understanding is in the year if sale they would pay tax on the stepped up basis. The followi...
by Gill
Wed May 05, 2021 5:46 am
Forum: Personal Investments
Topic: Vanguard Adjusted Cost Basis on Date of Death
Replies: 14
Views: 1222

Re: Vanguard Adjusted Cost Basis on Date of Death

I don’t understand your question. What event do you feel triggered a new basis?
Gill
by Gill
Sun May 02, 2021 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: How are Trusts monitored and enforced?
Replies: 34
Views: 2646

Re: How are Trusts monitored and enforced?

Lee_WSP and Investing Lawyer are correct. A trustee is a capacity like an executor, guardian, receiver, or custodian, rather than an entity like a corporation, partnership or LLC. We represent executors and trustees in their fiduciary capacity, not estates or trusts. An estate or trust can't sue or...
by Gill
Sun May 02, 2021 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: How are Trusts monitored and enforced?
Replies: 34
Views: 2646

Re: How are Trusts monitored and enforced?

This article is 10 years old but chilling nonetheless. I would be interested to know whether trusts administered by corporate trustees are audited less frequently due to the internal and external oversight they receive. https://www.thewealthadvisor.com/article/irs-tightens-screws-trust-tax-returns ...
by Gill
Sun May 02, 2021 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: How are Trusts monitored and enforced?
Replies: 34
Views: 2646

Re: How are Trusts monitored and enforced?

Cruise wrote: Sun May 02, 2021 6:39 pm
BillWalters wrote: Sun May 02, 2021 6:04 pm There is no trust police.

Not true for at least one state with which I am familiar. In that state, I’ve seen the Attorney General’s office spring into action in a rare case.
This is certainly true for charitable trusts.
Gill
by Gill
Sun May 02, 2021 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: How are Trusts monitored and enforced?
Replies: 34
Views: 2646

Re: How are Trusts monitored and enforced?

Of course it can. But how do you explain the trustee/beneficiary/trustor relationship simply every time someone asks why the trust can't do some thing a person or business normally can? Come on, Lee. You’ve run out of support for your initial statement. I don’t even know what you’re saying here. Gill
by Gill
Sun May 02, 2021 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: How are Trusts monitored and enforced?
Replies: 34
Views: 2646

Re: How are Trusts monitored and enforced?

A trust is not a business or person entity, it is a fiduciary relationship between the trustor and trustee. As such, no one monitors or oversees the trustee except themselves. When questions arise as to actions the trustee has taken, it is up to those with the equitable interest in the property to ...
by Gill
Sun May 02, 2021 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: How are Trusts monitored and enforced?
Replies: 34
Views: 2646

Re: How are Trusts monitored and enforced?

A trust is not a business or person entity, it is a fiduciary relationship between the trustor and trustee. As such, no one monitors or oversees the trustee except themselves. When questions arise as to actions the trustee has taken, it is up to those with the equitable interest in the property to ...
by Gill
Sat May 01, 2021 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: GEICO Umbrella: Significant Increase in Premium
Replies: 122
Views: 14633

Re: GEICO Umbrella: Significant Increase in Premium

I hadn't paid much attention to this thread until my premium notice from Geico arrived. The Umbrella policy increased from $670 to $1,111 for $3M of coverage, a 66% increase on top of a smaller increase last year. We are the most risk free couple imaginable with a house and two cars which mainly sit...
by Gill
Sat May 01, 2021 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Trust Services
Replies: 13
Views: 1275

Re: Vanguard Trust Services

Does the lawyer feel you shouldn't use a corporate trustee or is it just Vanguard Trust Company specifically? There are many reasons to favor a corporate trustee over family for many trusts and there are also some good reasons to select Vanguard as a corporate trustee. Your lawyer's argument about e...
by Gill
Fri Apr 30, 2021 9:57 am
Forum: Personal Investments
Topic: Vanguard Donor Advised fund/Trust brokerage account
Replies: 7
Views: 592

Re: Vanguard Donor Advised fund/Trust brokerage account

Is this a revocable trust of which you are the grantor? If so, there shouldn't be any problem.
Gill
by Gill
Mon Apr 26, 2021 8:38 am
Forum: Personal Investments
Topic: What is the current SPIA Annuities rate with inflation?
Replies: 7
Views: 967

Re: What is the current SPIA Annuities rate with inflation?

You need to check rates at one of the many websites such as blueprinincome.com or immediateannuities.com using your sex and age. Also, you're not going to find one that covers inflation although there are a few that offer a fixed annual increase such as 2 or 3%.
Gill
by Gill
Sun Apr 25, 2021 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Estate tax education and avoidance
Replies: 16
Views: 1298

Re: Estate tax education and avoidance

RickBoglehead wrote: Sun Apr 25, 2021 6:56 am Retirement accounts are not subject to any estate tax.
What say you? Obviously you’re mistaken.
Gill
by Gill
Sat Apr 24, 2021 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting IRA: withdrawal this year?
Replies: 4
Views: 477

Re: Inheriting IRA: withdrawal this year?

Did your father take a RMD in 2021? That’s probably what is being referred to by the broker.
Gill
by Gill
Sat Apr 24, 2021 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Extra principal mortgage payment applied to following month
Replies: 20
Views: 1244

Re: Extra principal mortgage payment applied to following month

K-knows wrote: Sat Apr 24, 2021 1:09 pm
In the memo section of the monthly check (P&I plus extra payment amount) I state "Apply extra to principal".
That's not going to work. They don't even read that.
Gill
by Gill
Sat Apr 24, 2021 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Townhome sale not going as expected, advice please
Replies: 71
Views: 7630

Re: Townhome sale not going as expected, advice please

Show the house on Sunday mornings if that is the quietest time of the week. :happy
Gill
by Gill
Thu Apr 22, 2021 8:07 am
Forum: Personal Investments
Topic: Question regarding transferring home to son
Replies: 11
Views: 977

Re: Question regarding transferring home to son

SuzBanyan wrote: Wed Apr 21, 2021 2:44 pm
For a gift, your father would file a Gift Tax Return (Form 706) ...
Form 709.
Gill
by Gill
Wed Apr 21, 2021 7:56 pm
Forum: Personal Investments
Topic: Annuity gift
Replies: 3
Views: 317

Re: Annuity gift

If she cashed out the annuity you’re no longer talking about a gift of the annuity. Puzzled about your subject line.
Gill
by Gill
Wed Apr 21, 2021 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Gift amount from a joint trust
Replies: 8
Views: 569

Re: Gift amount from a joint trust

No, you still each have an annual exclusion of $15,000. The trust has no effect.
Gill
by Gill
Wed Apr 21, 2021 12:31 pm
Forum: Personal Investments
Topic: Question regarding transferring home to son
Replies: 11
Views: 977

Re: Question regarding transferring home to son

You can do whatever you like but your example would be a gift of $250,000 requiring a gift tax return but no tax obligation.
Gill
by Gill
Wed Apr 21, 2021 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Easiest way to split accounts into < FDIC limit?
Replies: 7
Views: 601

Re: Easiest way to split accounts into < FDIC limit?

Buy US Treasury Bills and forget using multiple banks.
Gill
by Gill
Wed Apr 21, 2021 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Schwab as trustee. Your thoughts?
Replies: 28
Views: 4795

Re: Schwab as trustee. Your thoughts?

One thing you can be certain of with the major trust companies is that the size and profitability of your relationship will determine which officers will be assigned to your account. Naturally the most qualified and experienced officers are assigned the largest and highest profile accounts to which ...
by Gill
Wed Apr 21, 2021 9:09 am
Forum: Personal Investments
Topic: 2001 Series I Savings Bonds - potential tax issue at maturity
Replies: 19
Views: 1779

Re: 2001 Series I Savings Bonds - potential tax issue at maturity

As I posted on the thread you referenced, I don't agree with the strategy of paying tax on the interest nine years before required. Who knows what your tax situation might be then. You might have high medical expenses that could entirely offset the interest on the bonds. There is also the opportunit...
by Gill
Tue Apr 20, 2021 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Retiring in Florida-Limited Requirements
Replies: 6
Views: 773

Re: Retiring in Florida-Limited Requirements

If you must be near a Cleveland Clinic or Mayo you will need to be on the east coast near Fort Lauderdale or Jacksonville. As for beachfront property for less than $750k it will probably need to be a condominium. Beachfront single family homes are likely unavailable at that price range. It's a huge ...
by Gill
Mon Apr 19, 2021 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: When is a lawyer needed for creating a will?
Replies: 24
Views: 1963

Re: When is a lawyer needed for creating a will?

An error in your will could cost you many times what you might have saved by not using a lawyer. There are no "do overs" with a will after you die. A simple ambiguity could lead to litigation with the fees being paid from your estate. You don't know what you don't know.
Gill
by Gill
Sat Apr 17, 2021 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Vacation Home with Parent?
Replies: 13
Views: 1342

Re: Buying Vacation Home with Parent?

Given their wishes the cleanest and easiest way would be for them to write you a check for half the cost and then you purchase the property in the names of you and your spouse. Yes, it would be a gift but that shouldn’t be a problem. Any other arrangement is overly complicated and presents too many ...
by Gill
Sat Apr 17, 2021 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Should/Can I file an tax amendment for incorrectly reported capital gains
Replies: 5
Views: 468

Re: Should/Can I file an tax amendment for incorrectly reported capital gains

ir0nhide wrote: Sat Apr 17, 2021 1:50 pm
One more question - Does it matter if I file my 2020 tax returns first and then file the amendment? I am hoping there is no order in that
No, unless the amendment affects a carryover to 2020.
Gill
by Gill
Sat Apr 17, 2021 8:04 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer vehicle title to Teen?
Replies: 4
Views: 486

Re: When to transfer vehicle title to Teen?

For liability reasons, I’d be inclined to transfer title to your son. I’d also check with your insurance carrier as to the effect of doing this.
Gill
by Gill
Fri Apr 16, 2021 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 tax records.. Destroy?
Replies: 20
Views: 2150

Re: 2017 tax records.. Destroy?

I still have all of my returns for the last fifty years, literally. Beat ‘cha! I have mine for the last 56 years but the supporting documents for only the last six. Gill I beat you back then. I have all supporting documents since 1970. 🙂 I had the supporting documents for many years but about five ...
by Gill
Fri Apr 16, 2021 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 tax records.. Destroy?
Replies: 20
Views: 2150

Re: 2017 tax records.. Destroy?

Nicolas wrote: Fri Apr 16, 2021 4:48 pm I still have all of my returns for the last fifty years, literally.
Beat ‘cha! I have mine for the last 56 years but the supporting documents for only the last six.
Gill
by Gill
Fri Apr 16, 2021 3:25 pm
Forum: Personal Consumer Issues
Topic: Snowbirds establishing FL residency from Northeast- Residency audits
Replies: 81
Views: 7910

Re: Snowbirds establishing FL residency from Northeast- Residency audits

My point here is that I would not (in my mind) have one clear primary residence....I would have to choose one for practical purposes (voting, driving, taxation). Of course, given the option, I would choose FL because of the tax and estate advantage, but not out of dishonesty. MA is your current dom...
by Gill
Fri Apr 16, 2021 2:53 pm
Forum: Personal Consumer Issues
Topic: Snowbirds establishing FL residency from Northeast- Residency audits
Replies: 81
Views: 7910

Re: Snowbirds establishing FL residency from Northeast- Residency audits

My point here is that I would not (in my mind) have one clear primary residence....I would have to choose one for practical purposes (voting, driving, taxation). Of course, given the option, I would choose FL because of the tax and estate advantage, but not out of dishonesty. ...but you need to est...
by Gill
Thu Apr 15, 2021 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Fixing a simple tax error from 4 years ago
Replies: 13
Views: 1180

Re: Fixing a simple tax error from 4 years ago

gobel wrote: Thu Apr 15, 2021 1:41 pm If you filed by the Apr15 deadline in 2018, then today is the deadline to amend your 2017 taxes.
OP - Note Well! Make tracks!

Gill
by Gill
Thu Apr 15, 2021 2:36 pm
Forum: Personal Investments
Topic: sell all rental homes in one year or stager them yearly
Replies: 21
Views: 1684

Re: sell all rental homes in one year or stagger them yearly

Another point to consider; Are you sure of your basis? Is that after depreciation? The ones you have held for twenty years may be nearly fully depreciated.
Gill
by Gill
Wed Apr 14, 2021 6:13 pm
Forum: Personal Consumer Issues
Topic: Summerizing Florida House
Replies: 12
Views: 1384

Re: Summerizing Florida House

Number one priority is to set the A/C so it runs. Also someone should check the unit to be sure it and the refrigerator is running. Pour some cooking oil into the disposal. Covering toilets with a little bleach in the water. Gill Thanks everybody for the suggestions. I understad everything except p...
by Gill
Wed Apr 14, 2021 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Loaning $15K / IRS form implications
Replies: 10
Views: 551

Re: Loaning $15K / IRS form implications

If you hadn't been on Bogleheads for six years with 708 posts how would you do it? You'd write your mother a check for $15,000, perhaps get a note simply saying "I hereby agree to pay Calico $15,000 on demand with zero percent interest", she would eventually pay you and that would be the e...
by Gill
Wed Apr 14, 2021 10:52 am
Forum: Personal Finance (Not Investing)
Topic: How to estimate how much you can spend?
Replies: 14
Views: 1141

Re: How to estimate how much you can spend?

Vtsax100 wrote: Wed Apr 14, 2021 10:46 am You are 70 with over 4 mil. You can spend as much as you want.
Not really, with perhaps 20 to 30 years of life left.
Gill
by Gill
Wed Apr 14, 2021 8:57 am
Forum: Personal Finance (Not Investing)
Topic: W-4 error, had single filing status not married
Replies: 7
Views: 632

Re: W-4 error, had single filing status not married

Many people do this intentionally to increase their withholding. No harm done.
Gill
by Gill
Wed Apr 14, 2021 8:55 am
Forum: Personal Consumer Issues
Topic: Summerizing Florida House
Replies: 12
Views: 1384

Re: Summerizing Florida House

We had a refrigerator shut off thawing the frozen orange juice in the top freezer creating a huge sticky mess. Good advice about the refrigerator from other posters. Have lived in Florida 44 years and it becomes a habit to keep many things in the refrigerator just to protect them from humidity and i...
by Gill
Wed Apr 14, 2021 8:12 am
Forum: Personal Consumer Issues
Topic: Summerizing Florida House
Replies: 12
Views: 1384

Re: Summerizing Florida House

Number one priority is to set the A/C so it runs. Also someone should check the unit to be sure it and the refrigerator is running. Pour some cooking oil into the disposal. Covering toilets with a little bleach in the water.
Gill
by Gill
Tue Apr 13, 2021 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate
Replies: 3
Views: 344

Re: Life Estate

A life estate arrangement doesn't transfer the ownership to the life tenant; it only provides the right for the life tenant to occupy the property until any number of conditions are met. So, I don't understand what you mean when you say that the ownership "reverts back" to you when the li...