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Old 01-29-2019, 02:44 PM   #4451
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Re: Jmakinmeangry's debauchery and general idiocy blog

Isn't no estate tax on the first $5.5M standard?
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Old 01-29-2019, 03:03 PM   #4452
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Re: Jmakinmeangry's debauchery and general idiocy blog

Quote:
Originally Posted by microbet View Post
Isn't no estate tax on the first $5.5M standard?
That's true when you have the assets moving from deceased person to inheritor.

But here, I think the issue is that you have assets moving from deceased person -> trust -> inheritor. So, as I understand it, you have estate tax hitting the overall estate upon death (or not, if estate is under the threshold). But if the assets are put into a trust and not to be distributed until some later date (e.g., jmakin's 30th birthday), then I think it's possible that either the trust or jmakin could owe taxes on trust income/gains that occurred after the transfer from deceased->trust.

To be clear, I am not a lawyer and this is not legal or tax advice.
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Old 01-29-2019, 03:06 PM   #4453
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Re: Jmakinmeangry's debauchery and general idiocy blog

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Originally Posted by spidercrab View Post
That's true when you have the assets moving from deceased person to inheritor.

But here, I think the issue is that you have assets moving from deceased person -> trust -> inheritor. So, as I understand it, you have estate tax hitting the overall estate upon death (or not, if estate is under the threshold). But if the assets are put into a trust and not to be distributed until some later date (e.g., jmakin's 30th birthday), then I think it's possible that either the trust or jmakin could owe taxes on trust income/gains that occurred after the transfer from deceased->trust.

To be clear, I am not a lawyer and this is not legal or tax advice.
Ah, that does make sense.
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Old 01-29-2019, 03:11 PM   #4454
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Re: Jmakinmeangry's debauchery and general idiocy blog

Correct, but capital gains taxes may be an issue if / when the inherited asset is sold. Generally the tax basis of inherited assets gets stepped up to the value at the time of death, so in the majority of cases won’t pose an issue.

Now unused (due to the virtual elimination of most estate taxes) estate planning methods included things like generation skipping trusts and family partnerships, which, when combined with contribution of assets while the relative was still alive, would result in a tax basis for the inheritor that was not stepped up at the time of death, since the assets were technically outside of the estate. Then when you sold the asset you would owe capital gains taxes on the difference between liquidation value and the relative’s original purchase cost.
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Old 01-29-2019, 03:12 PM   #4455
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Re: Jmakinmeangry's debauchery and general idiocy blog

Also not a lawyer or accountant
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Old 01-29-2019, 11:28 PM   #4456
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Re: Jmakinmeangry's debauchery and general idiocy blog

Quote:
Originally Posted by spidercrab View Post
Once you decide how you want to allocate between short-term funds (savings account and CDs) and long-term funds that you don't expect to touch, it's totally fine to put 100% of the second category into that investment.

I'm a little ambivalent between the idea of:
Choice A:
30k in savings/CDs
100k in a 50/50 stock/bond fund

vs.

Choice B:
80k in savings/CDs
50k in a 100% stock fund like VTWSX

but the difference is probably more psychological than financial.
Choice C:
Nimadamus Sports (very bullish on West Coast equities)...
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Old 01-30-2019, 04:32 PM   #4457
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Re: Jmakinmeangry's debauchery and general idiocy blog

Ok great advice everyone thank you
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Old 01-30-2019, 04:33 PM   #4458
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Jmakinmeangry's debauchery and general idiocy blog

I got a $400 gift card to roger dunn golf shop and I think im gonna go buy some game improvement irons. My starter set is complete garbage. I dont know what to get though, i think my swing speed is 80-85mph but i expect it to improve.

Also need a driver but i know even less what to look for there.
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Old 01-30-2019, 05:07 PM   #4459
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Re: Jmakinmeangry's debauchery and general idiocy blog

Get some quality clubs with your $$$. They will feel great
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Old 01-30-2019, 05:40 PM   #4460
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Re: Jmakinmeangry's debauchery and general idiocy blog

Ping G700 irons seem like the absolute best game improvement irons money can buy, and will last as i improve...

But theyre a ****ing grand.... holy ****
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Old 01-31-2019, 07:48 PM   #4461
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Re: Jmakinmeangry's debauchery and general idiocy blog

Man, customer reviews of Vanguard are about the most abysmal I have ever seen:

https://www.consumeraffairs.com/auto.../vanguard.html

It is giving me huge pause. Their price is really good, but it seems like withdrawals are a huge pain. From these reviews it does not seem like a very safe company to invest my money.

I avoided losing a LOT of money on FullTilt pre-black friday by observing how their customer service was and how hard they made it to withdraw funds. They made it nearly impossible, so I went to pokerstars, despite the much lower rakeback and reward program. It ended up paying off for me and pokerstars reimbursed me promptly and quickly.

Any company that handles money that makes it hard for customers to get their money is super suspicious to me.
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Old 01-31-2019, 08:30 PM   #4462
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Re: Jmakinmeangry's debauchery and general idiocy blog

Vanguard is the largest mutual fund company in the world and is subject to the same SEC oversight as any other fund provider. I've never had issues with them in 15 years as a customer and it would really be an unfathomably huge scandal if there were widespread issues of people not being able to access their money, considering they hold trillions of dollars in assets. This is not some unregulated mom & pop operation like Full Tilt.

I honesty have no idea what consumeraffairs.com even is, but I can guarantee you a few dozen negative reviews there aren't representative of Vanguard's actual industry reputation. But if you don't believe me, go with Fidelity or Schwab or any of the other big names with low cost index funds. They're all basically the same thing.
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Old 01-31-2019, 08:56 PM   #4463
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Re: Jmakinmeangry's debauchery and general idiocy blog

Just scanning through those reviews, it seems to most of the problems were most likely user error.


I have accounts at Vanguard and Schwab. I've never had any issues with either.
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Old 01-31-2019, 09:22 PM   #4464
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Re: Jmakinmeangry's debauchery and general idiocy blog

People are WAY more likely to leave a review if it's bad than if it's good, and double so if they are morons and it's likely their fault (even though they are too dumb to realize this).
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Old 01-31-2019, 10:33 PM   #4465
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Re: Jmakinmeangry's debauchery and general idiocy blog

So, depositing that check was about as big of a nightmare as I expected it would be. It kind of caused a scene and then they tried to sell me all this ****. I could decline for so long but said ok I'll talk to your merrill lynch rep. He's a financial advisor and told me what kind of advice he could give me for free and gave me a ****load of information, it was kind of overwhelming. Asked me a lot of questions I didn't really have an answer for. He got me to open an account that gives me $300 sign up bonus and then I can decide what I want to do from there.

I was going to tell him to **** off but the account seems like what I'm looking for. Looks pretty liquid and is 2%. It's not technically a savings account but it seems like I could basically treat it like one. I didn't commit to anything other than opening the actual account, so I'm going to do more research, come up with any questions I have and attack it with more knowledge.

It was so stressful, like it was clear as day to them I had no idea wtf I was doing and it was a total sharks smelling blood in the water type of situation. he backed off a lot when I told him I'd like to research my options but I was interested in what he was offering.

The brokerage account with them looks ok, I may park some money in there but like I said i need to do some research. For now this account I just opened looks like it's good for me, it's insured and looks really flexible.

But this guy did seem good, like he was talking about other products I could research other than merrill lynch. And he said he could give me a lot of advice for free so I may take him up on that.
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Old 01-31-2019, 10:36 PM   #4466
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Re: Jmakinmeangry's debauchery and general idiocy blog

I know vanguard is a reputable company that holds over a trillion $. you have to understand though that I came of age during the 2008 recession. A lot of reputable companies went under or were involved in some BS. Even madoff was reasonably reputable in his prime. A lot of people lost their ass in a lot of **** and I can just smell something like that happening again in the horizon so I am really, really suspicious and cautious.
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Old 01-31-2019, 10:46 PM   #4467
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Re: Jmakinmeangry's debauchery and general idiocy blog

Ive lived such a weird ****ing life. I dont believe in astrology but sometimes i think theres some force out there and i was born under some kind of lucky star. As clueless as i am things just always seem to work out for me. Even if i hadnt gotten this windfall i was already on a rocket trajectory that im still trying to cope with.
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Old 01-31-2019, 11:35 PM   #4468
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Re: Jmakinmeangry's debauchery and general idiocy blog

I'm confused. Just started following the thread. You decided to go against everyone's advice and open an account through a broker at Merrill Lynch? Because of the bad reviews at Vanguard?
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Old 01-31-2019, 11:40 PM   #4469
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Re: Jmakinmeangry's debauchery and general idiocy blog

i didnt go against anyone's advice. what am I supposed to do with a $130k check? of course I was going to go to my bank. the account is not an investment account. I can move the money wherever I want. I didnt even put any money into the new account yet.
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Old 01-31-2019, 11:47 PM   #4470
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Re: Jmakinmeangry's debauchery and general idiocy blog

Oh, gotcha. And then they brought out the investment sales team. Did he disclose how he was compensated? What was his line of questioning?
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Old 02-01-2019, 12:35 AM   #4471
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Jmakinmeangry's debauchery and general idiocy blog

He told me he was compensated by opening merrill lynch investment accounts but that was a bonus type of thing. He was pretty upfront and nice. He was asking a lot of questions about what my plans were and my immediate next steps. Some questions were probing my level of knowledge. He was a pretty good salesmen. I have a lot of salesmen friends so i got a little spooked. But i didnt commit to anything and just got a lot of information
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Old 02-01-2019, 12:42 AM   #4472
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Re: Jmakinmeangry's debauchery and general idiocy blog

I don't know a lot, but I do know one thing: Never invest through a bank.

Vanguard, Fidelity, Charles Scwab are who I would consider, in that order.
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Old 02-01-2019, 12:57 AM   #4473
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Re: Jmakinmeangry's debauchery and general idiocy blog

Everyone is right about Vanguard, but it's not *that* big a deal.
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Old 02-01-2019, 01:46 AM   #4474
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Re: Jmakinmeangry's debauchery and general idiocy blog

Yea but merrill lynch is an investment company, not a bank. This guys just a merrill lynch employee stationed at the bank.
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Old 02-01-2019, 02:14 AM   #4475
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Re: Jmakinmeangry's debauchery and general idiocy blog

fwiw, Merrill Lynch is just a division of Bank of America now.

I don't really understand the purpose of this account for you. It's just a brokerage account that earns 2% interest? I thought you already had an online savings account that would be just as liquid, insured, and earn a similar interest rate. Are you planning to actually trade stocks with this rather than opening a mutual fund account?
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