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Old 04-12-2021, 02:45 PM   #61
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Before plunking down a bunch of money, I'd suggest pulling and reviewing a D&B reprot. I think most attorneys can get them for less than individuals can, but it looks like worst case a couple hundred $ gets it done: https://www.dnb.com/ca-en/products/f...t-reports.html

When I used to get them they showed liens and judgments as well as estimated or submitted financials. Very illuminating.
That link looks like some credit reporting for business owners?

So you can get a report of your own business or can you get reports on any business?
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Old 04-12-2021, 03:40 PM   #62
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That link looks like some credit reporting for business owners?

So you can get a report of your own business or can you get reports on any business?
Well, it's a report covering financial and legal information about a business. So if you're contemplating becoming an unsecured creditor it may have stuff you need to know. Or, later, wish you had known.

D&B tries very hard to get financial information from companies but will estimate where the company is not cooperative. They also get information from public records like liens and judgments. But generally it is in the interest of companies to cooperate because pulling a D&B report is the first step when they apply for credit somewhere. That's the way we used them.

It's definitely not just for getting a report on your own business but that is actually a good thing to do from time to time.
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Spending vs Leaving a Large Estate
Old 04-13-2021, 04:19 PM   #63
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Spending vs Leaving a Large Estate

My travel agent said shed tell her clients if you dont fly first class your kids will. Ive always loved that. My mom left me 300k via a property in So Cal. I then bought my first house in San Francisco (2001) for 390k which we gut renovated and then invested the rest. It wasnt so much money that I quit working but it was enough to seed my future. Id pick a number for your inheritors and what you need to keep you secure then spend the rest at will.
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Old 04-13-2021, 04:29 PM   #64
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If you are happy, why would you need to spend more? Having a lot of $$ to leave to (select) relatives is a great thing, something I plan to do myself. Wife and I have whittled down the list of inheritors as time has gone by. Those who couldn't be bothered trying to get ahead in the first place don't need anything from us - they would just waste it. Those who would create more opportunities and wealth for following generations, and have a proven track record, are the ones getting the $$. Being well off in your last years beats worrying about the bills anyway, so why not be well off and help others - or even the local animal shelter.
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Similar Situation
Old 04-13-2021, 05:07 PM   #65
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Similar Situation

We are in a similar situation and just a few years younger at 67. Our net worth kicks off more than we need in a year, but we live a great lifestyle already in our estimation. No debt, lots of travel, give to local charities, as well as our only child and her husband. If we wind up with a goodly amount after living a great life, I will be happy leaving it to our daughter that we love. Don't overthink this; enjoy your life while living within your means, and let your heirs and others deal with the estate. A nice problem to have.
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Old 04-13-2021, 05:11 PM   #66
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My travel agent said shed tell her clients if you dont fly first class your kids will. Ive always loved that.
Good one!
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Old 04-13-2021, 05:31 PM   #67
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I am watching my NW jump up despite helping 2 kids + 1 GS survive unemployment during covid. I never thought I could have this much. So now I am looking to beef up the legacy account not sure where to put it. GS1 / DD / and DS (mostly on the last one -- depressed after divorce) are acting responsible about saving for their retirement. I'd stick some in their Roths but they did it already. Then -- get this -- I'm getting SSA in a few months. It's just become numbers in the account.
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Old 04-13-2021, 05:53 PM   #68
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We are in a similar situation and just a few years younger at 67. Our net worth kicks off more than we need in a year, but we live a great lifestyle already in our estimation. No debt, lots of travel, give to local charities, as well as our only child and her husband. If we wind up with a goodly amount after living a great life, I will be happy leaving it to our daughter that we love. Don't overthink this; enjoy your life while living within your means, and let your heirs and others deal with the estate. A nice problem to have.
This is our plan...with one exception. We set up an education fund for each of our grandchildren at birth. Our current wills dictate a lump sum off the top for each grandchild's post secondary education. We will adjust this going forward as we age.

After that it gets split down the middle between our two children.
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Old 04-13-2021, 06:13 PM   #69
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I need to be more like my dog than worrying about these things.

Thanks for reminding me of this - https://www.poetryfoundation.org/poe...den-retrievals
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Old 04-13-2021, 08:38 PM   #70
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We have the same (first world) problem at age 66/64, the money is piling up much faster than were spending it **, and we live a very comfortable life wanting for nothing really. Wed love to give more to charity, but with 30 odd years to go and no secure income other than Soc Sec, I cant bring myself to spend more. DW is even less inclined to spend more. Historical odds are very good but geopolitics or other factors can screw up any plan and I dont want us to depend on others. We had a $150K boat that cost me $15-20K/yr to race but I sold that and wont buy another. Ive looked at a couple six figure cars but I just cant bring myself to buy, especially knowing how fast cars depreciate - I dont really want one anyway, seems frivolous for me.

Id love to know how to thread that needle now versus nearer the end. We dont have kids, so charities and nieces/nephews are our beneficiaries.

** Not that I believe it but FIRECALC says our residual will be between $5-40M, average $20M at 100% success rate.

My suggestion is to buy a Mercedes-Benz CL 600! It has a V-12, twin turbochargers, and it is an honest-to-God hardtop. A hardtop is an extremely rare body style these days. Most people don't know what a hardtop is!!!

You can easily buy a used one, about 10-12 years old, for $20,000.
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Not really a forecasting issue
Old 04-14-2021, 01:38 AM   #71
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Not really a forecasting issue

We often frame this issue as a logical one with the answer pivoting on planning and forecasting. In all honesty, it's actually an emotional issue for most people who have achieved this level of wealth. "Bag lady syndrome" (at least that is what we call it) or the fear of ending up broke is very common. It's friend, "what will happen to it when i'm gone" is just another version of it (and often a reflection of one's own feelings and issues about money).

One does the math (a lot of times in many cases as a tool to contain the fear). The math, and simple logic, says one has a vanishingly small chance of losing it all. So why does the (outsized) fear persist?? How is this fear shaping my choices? What would I do (or not do) if this fear was proportional to the risk? And, most importantly, what do I want to do differently??

One may not like to use the word "fear", so it is simply a matter of picking another word that works and go with it.

Net net, it's as important to acknowledge and do the emotional work as it is the financial planning IMO.
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Old 04-14-2021, 05:38 AM   #72
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My mother died this year. She and my father always lived frugally, and in fact my sister and I always assumed we were quite poor growing up - we always had thrift shop clothes, rarely took vacations ... and behold, both my sister and I will now be getting seven figures. Nice for us, but a bit sad - Id have preferred it if theyd treated themselves more luxuriously during their lives. And certainly my plan never included an inheritance. But the poor immigrant family craving security and fearing the worst mentality was deeply set. And in the end I dont think they regretted anything, but still it seems a shame.
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Old 04-14-2021, 06:09 AM   #73
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I never thought I would have this much money at age 65/DW is 60 yrs, where was this money when we were struggling living in apartments in our 20's, on top of feeding 2 kids. Life is sarcastic in some ways.

The problem with us is, it is tough to shake off the frugal habits, (at least) I think I am not cheap, but I do look for value in things we spend money on. And again it is tough for us to fly first class, I do not know on what & how this stash of $8 m will be spent.

Although we do not go into kids finances, I think both kids are reasonably frugal, they do not ask us for money and are on their own financially.
We started gifting $30k (The limit without any tax consequences) a year to each of them. As one has 2 kids I gift them into their 529 Plans & Christmas.

We support one needy student's yearly tuition at the State School following the 'Teach them how to fish principle' and we donate to our church. Wife keeps looking for causes to support.

The money totals keep building up, I want to manage DIY the stash as long as I can. We will start deaccumulation phase in a few months & will see how that goes. Various Retirement Calculators have us supporting twice the spend of our present yearly expenses.

Thanks for a good contemplative thread to follow.
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Old 04-14-2021, 07:07 AM   #74
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Can you explain the process for gifting into Grandchildren 529?
Our daughter has set up accounts for both GC. Do we write a check to our daughter and then she can deposit into the 529. In this case, would she get tax deduction?

Or do we need to set up 529 for each GC and make deposit directly. We then get tax benefit.
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Old 04-14-2021, 07:24 AM   #75
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Rkser
Can you explain the process for gifting into Grandchildren 529?
Our daughter has set up accounts for both GC. Do we write a check to our daughter and then she can deposit into the 529. In this case, would she get tax deduction?

Or do we need to set up 529 for each GC and make deposit directly. We then get tax benefit.
Not rkser, but:

Yes, you can gift to DD and she can contribute the money to 529 and she would get any tax deduction. You'd need to keep the gift in mind for the $15K annual gift tax exclusion if you're doing that, and technically DD could just keep the money herself, but for most people neither of these would be an issue.

You can also set up 529s for the GCs and get the tax benefits if you want.

There may be financial aid differences down the road to consider. With the new FAFSA rules it appears that grandparent 529s may be better than parent 529s, but I expect that to be corrected soon if it even exists now. (The financial aid rules changed in December and there is not much guidance on what the new rules mean.)
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Old 04-14-2021, 07:38 AM   #76
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Thank you Secondcor!
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Old 04-14-2021, 08:00 AM   #77
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In our case, I set up the 529 plans for GC of NY state( managed by Vanguard www.Nysaves.org ) withdrawals are good for anywhere In the country.
I invested after tax money , to my understanding there is no tax advantage age on the deposits. The gains are tax free if used for education purposes - Tuition, Books, Room & Board.
We started the 529s when the GC were infants so already the totals are up with the Market growth so high, I chose aggressive portfolios.
We had used the 529s for our children too, the gains were much higher than the deposits came time to pay their college expenses . There is a 10% penalty(unqualified withdrawals) on the gains if not used for education.

I have found 529 useful in kids case & hopefully for grand children case. It sure beats saving in taxable accounts for college.

Lot of 529 information on the internet . Good Luck
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Old 04-14-2021, 08:21 AM   #78
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I don't post much here but do take in all words of wisdom. I still work as a laborer and DW and I have always struggled to put what we can towards our retirement. Anything we have will be what we saved and maybe a small amount of SSi . Our plan was moving along and on schedule until,,, adult son got very ill and is now disabled. He will never work again and as of now lives with us and requires tons of meds and drs.
So remember plans can change in 1 second as now our goal is to make sure he will have enough to survive after we are gone...
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Old 04-14-2021, 08:36 AM   #79
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wdwwildbill >> those are words of wisdom! I can't agree with you any more, so live each day and blessed with life. All things work out and having a large retirement really doesn't matter in life one way or the other. Life goes on regardless of what a portfolio has in it.

Thanks for keeping things real!!
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Old 04-14-2021, 08:43 AM   #80
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So remember plans can change in 1 second as now our goal is to make sure he will have enough to survive after we are gone...
FWIW, Look in to an ABLE plan which allows tax free savings for family members who need extra care.

https://www.irs.gov/government-entit...h-disabilities
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