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Thank you all for your thought provoking responses. (Did I mention how much I love this forum)? :-) My main objective is to get an income stream that will fill the gap until I take Social Security in 4 years. I have been anguishing over how to best handle the variable annuity as it's now...

I am considering moving money I have in a Variable annuity into an Income Annuity that would give me a monthly income stream of $4837 until my death. Approximately 1/2 of the money would be taxable. I am age 66 and plan to wait until age 70 to take my social security ($4,000/mo). From my...

Thank you all for the detailed replies! You guys are the best! I neglected to mention in my original post that the buyer is a very experienced developer, with many large scale projects under their belt. They have a great reputation and deep pockets. They offered to buy our land before it was...

This might be a stretch for this forum, but I've concluded there are many experienced and wise people on this forum, so hoping I can get some good discussion on this one... I am the trustee of our family estate, which includes land. We have been under contract with a developer for nearly 5...

Thank you all for your input! My friend decided to call the local tv station who provides a service for consumers who aren’t treated fairly. One email message from the tv station to the bank is all it took and magically my friend received a call from the bank AND the $23k was deposited back...

Has anyone experienced a fraudulent withdrawal from their bank checking account that they weren’t able to resolve with the bank? My friend had 3 large withdrawals from his business checking account in late November. While 2 transactions ($4,000 and $11,000) from Wells Fargo were reversed by...

Thank you all4j and Cathy63 for your detailed replies. My CPA told me the federal rate for the trust is 37% and the state and medicare tax is another 9%. I don’t know what the trust is classified as now, after my fathers death. How do I know if it’s considered a non-grantor accumulator trust...

OldShooter, I absolutely would love to hire an expert and am more than willing to pay for the service. This is easier said than done. It is like trying to find a good therapist. You have to go through lots and lots of interviews before you finally find one that has the skillset you need. I...

It is a revocable living trust. Does that make a difference?

Trust taxable rate is 46% - Yikes! I learned from my CPA today that the taxable gain needs to be paid by the trust at a rate of 46%. This makes the 1031 exchange even more desirable. Does anyone have experience doing a 1031 exchange when a trust is involved? With 5 siblings as...

After meeting with an experienced tax attorney on this subject I've learned there are many complications as you've noted. This farm has been in our family for generations and the area is being engulfed by large company data centers. The market values are sky high because of this.

Thanks to all of you who replied. I appreciate all of the input.

We have been keeping an eye on all of the land sold in the area the past few years and the appraised value seems in line with most of the other sales. Thanks for all of your input.

Yes, this was land my father inherited in the 70s. We had an appraisal done after his death so it stepped up the value to $56k per acre. The offer is now $145k per acre so there will be significant capital gains. I’m trying to think outside the box of how I might do an exchange that my kids...

I am the trustee for my fathers estate. He passed away in 2020 at nearly 100 years old. We children (5) will inherit more money than we ever dreamt because the family farm is in an area where commercial property is in high demand. We recently received an unsolicited offer of $10 million. We now...

Thanks for all the good input. It pains me to know I could have easily stayed under the 32% bracket, which is prompting me to find a new accountant, as I had sought his advice before doing the rollover. �� Is there an online calculator you'd recommend for helping with this process?

I've read through all of these posts and am so grateful for the breadth of knowledge here. I am 65 and didn't learn about this issue soon enough so am playing catch up. Here is my current situation: Roth $300K Rollover $650K Deferred Annuity $850K We have a rental business that brings in $150K...

I am trying to decide what to do now that i have lots of growth in the annuity. I already have a significant amount of money in a rollover IRA that i’m working to move to Roth each year. Any advice is welcome.

Variable Annuity help! I purchased a variable annuity from my FA about 20 years ago as a tax shelter. It is now nearly 1/3 of my portfolio at $800k. The cost basis is $360k. I switched FAs and they moved the annuity into a Vanguard product to minimize expenses. The FA advised that I also...

This forum is amazing and I appreciate the various opinions. It is very helpful when sorting through tough issues like the one I’m dealing with. I am relatively new to this forum so am not clear why anyone feels the need to pass judgement about how we live our lives. I am simply looking for...

My husband and I were both married before and are about to celebrate our 25th anniversary. Since we each have 2 children from previous marriages we have kept our investments separate. When we married he moved into my house, which I paid off shortly thereafter. He rented his home for a few...

We are actually about to close on a cash purchase. My husband wanted to amend the contract and take advantage of the low interest rates but the seller would not agree, even after showing him our A+ credit and offering to pay all fees. We felt he was being unreasonable which is why I posed the...

Curious why, with these historically low interest rates, anyone would want to pay cash for a house?

I am 63 and have been retired for 8 years. My Rollover IRA is valued at about $800k and represents 1/3 of my total assets. My husband and I still bring in $150k per year through rental income that he owns. (We married later and keep our investments separate.) We live below our means and...

I do value the advice provided by my advisor but have concluded the cost is tough to justify. After reading the recommended Bogleheads Guide to Investing I have decided to cut the ties. All these funds are held at Fidelity and I can’t get anyone to answer a phone call. Unfortunately our local...