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I’m in quite a lot of debt right now. Here’s the figures as of 3/1/2016code:code:From what we’re able to determine so far, the estate is worth over $1 Million, most of it in $744,000 in fidelity roth IRA accounts. Both of us are on the same page that we want to not do what we’ve both done with any windfall and piss it all away. We want to pay all of our debts off, save up at least 6 months expenses, and basically live like nothing has changed. My plan for myself is to fully fund a roth IRA and contribute 20% to the company 401k, which sadly does not offer a match. I will be needing some very specific advice, because there is some debate whether to take a 5 year distribution of her share of the roths, or to take required minimum distribution over the rest of her life ($350k starting at age 46 looks like about it starts at $11K/year in perpetuity) and use that to pay down debts and then re-invest it. We also would like to try to avoid getting taxed to hell and back by making a stupid mistake with how we deal with those roths. Since we’ll be selling his home in CA, we’ll also have to figure out how to take our share of that and invest it to avoid long term capital gains. Basically, we want to follow in his footsteps of being quite miserly and careful with his money and invest wisely instead of having ‘lifestyle creep’. My parents are already saying we can move to Miami and travel and so on. Neither of us want that, at least not before we have no more debt and 6 months expenses saved. I don’t want a new car, she doesn’t want a new car, we don’t want a new house or new poo poo. We both just want to have no more debt and stack cash like her Father did; making $85,0000 a year in retirement from age 55 on. At the moment, the debt numbers are going to look worse until we get death certificates and can take over his wells fargo accounts to pay his outstanding bills and pay back SS and the pension. We also suspect there is a life insurance policy in his safe deposit box as well. I would really appreciate some help with how to actually do this investing thing and the legalities involved with all this poo poo.
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Mar 8, 2016 20:03
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BloodBag posted:I will be needing some very specific advice, because there is some debate whether to take a 5 year distribution of her share of the roths, or to take required minimum distribution over the rest of her life ($350k starting at age 46 looks like about it starts at $11K/year in perpetuity) and use that to pay down debts and then re-invest it. We also would like to try to avoid getting taxed to hell and back by making a stupid mistake with how we deal with those roths. Since we’ll be selling his home in CA, we’ll also have to figure out how to take our share of that and invest it to avoid long term capital gains e: nope 100% wrong SmuglyDismissed fucked around with this message at 21:31 on Mar 8, 2016 |
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Mar 8, 2016 20:24
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SmuglyDismissed posted:You can also roll it over into your own Roth IRA instead of taking distributions, I believe. Poster's title delivers  . This is wrong. You can roll a non-spouse's Roth IRA over to an inherited Roth IRA but RMDs must begin soon (12/31 of the year after the death) or you will have to withdraw it all within 5 years. It looks like the OP already know this though.On topic actual advice: if you play this right, you can make yourself debt free & set yourself up for a nice retirement by acting wisely today. I would start by reading some materials about financial independence.
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Mar 8, 2016 21:01
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You don't really mention what you are going to do to avoid racking up about a year's takehome in credit card debts in the future.
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Mar 8, 2016 21:09
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Evil Robot posted:Poster's title delivers Ah, spouse vs non-spouse. Good to learn something new!
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Mar 8, 2016 21:09
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KYOON GRIFFEY JR posted:You don't really mention what you are going to do to avoid racking up about a year's takehome in credit card debts in the future. That's really what the long-term goal of the thread is. The plan really depends on exactly how this trust can be distributed. If it's all lump-sum, which would be horrible for taxes, I would do all 4 cards at once, cancel all of them except the one that's presently at $22,xxx and cut it's limit way down, maybe down to $1,500 or so, for any possible hotel reservations in the future. That's the only reason I can see even keeping one. I've demonstrated over and over that when given a length of rope, I hang myself with it, financially speaking. If it's a long, slow payout, I would save a small cushion and then cut them all up and snowball them from smallest to biggest. I really am trying to set up an environment for success. I don't trawl shopping websites or cycling gear/computer part websites because the temptation is too great. I would also run purchases by the thread before they'd be made. I would say this thread is the beginning of an accountability thread. I would also save before-hand for a purchase. I hope my expectations and reality meet on favorable terms.
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Mar 8, 2016 21:35
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Before any tax considerations you have $43,444.15 in unsecured debt. I'm assuming these all have high interest rates. Whatever the estate trust will be gaining I'm pretty sure that $43444.15 of post tax money from the estate won't be generating enough to justify the interest. I would recommend targeting nasty unsecured debt immediately even with a tax hit. This includes the 6% mastercard as that is chewing up $344 in payments per month. That would help with your bad cash flow position and would take the pressure off concerns in relation to a drop in income. Those make up $954.99 of your cash flow each month so you should be able to cope with that money being freed up. Next you need to change spending habits/stick to a budget/cut up all of your credit cards.
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Mar 9, 2016 02:42
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I don't know why you think there are tax implications to how it's distributed (unless you are considering a lump sum distribution of the IRA, which would be insane). You don't pay income taxes on inherited money unless it is subject to estate taxes which have like a $5.5 million exemption. The only really important thing I think you need to worry about as far as the actual probate/inheritance process is making sure you preserve the money that is currently in an IRA by rolling it into a new "inherited roth IRA" without screwing it up. If you leave the money with Fidelity I'm sure that they can help you through the process, and they are a perfectly acceptable place to leave it. In addition to the IRA money, once the estate is settled your wife should receive a check for the remainder of the money (i.e. half the proceeds from the sale of the house, other money they found, etc). That money is not taxable, and can be put into any account she wants (e.g. a standard brokerage account at Fidelity). It seems pretty obvious that you should use the life expectancy distribution method to preserve the money in the inherited roth IRA as long as possible, which will also help you not blow through it. You will almost certainly have enough money to pay off your credit cards from the sale of the house and other moneys without having to access the IRA money at all. Even if you don't, you will have to take an annual distribution from the inherited IRA which would let you pay off the cards pretty quickly anyway. I would also recommend to your wife that she keeps this money separate from you to avoid "comingling" the funds. I'm not trying to sound like a dick, but you managed to rack up $45,000 of credit card debt with an income of $2800 per month which is insane. Keeping the funds separate will prevent you from spending it all while simultaneously providing her with a legal separation of assets in the event of a divorce (i.e. you wouldn't be able to take half of her inherited money in a divorce, even if you live in a community property state like California http://heleneltaylor.com/inheritance-separate-property/).
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Mar 9, 2016 17:57
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oh lord, a Mini Cooper? the BFC gods taketh away and the BFC gods giveth back. Also I don't care what kind of inheritance you're getting, that much money on phones is ridiculous. Get a cheaper plan and suck it up, you've already let lifestyle creep eat away $150 every month from you.
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Mar 9, 2016 21:24
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Re: Phones. We have two smartphones, mine's a galaxy s4 and hers is an s5 that I'm still paying that $20/month thing to t-mobile for replacing her previous phone. I hate it. We both have unlimited talk&text through a shared plan and the data plans are like 3Gb each. We really like t-mobile and at the time it seemed a cheaper option than at&t or verizon. Once all the stuff with the estate dies down a bit, I'll start worrying about the phones. I'm juggling too many things at the same time to add another, but I will revisit. Maybe I just check t-mobile's site or call em up for a break?
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Mar 9, 2016 22:33
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It's pretty important to confirm a few lifestyle details before we delve in too deep here. 1. Can I get confirmation of how many cats? 2. How much you spending on these cats per month? 3. Post the cat room
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Mar 9, 2016 22:38
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BloodBag posted:Re: Phones. We have two smartphones, mine's a galaxy s4 and hers is an s5 that I'm still paying that $20/month thing to t-mobile for replacing her previous phone. I hate it. We both have unlimited talk&text through a shared plan and the data plans are like 3Gb each. We really like t-mobile and at the time it seemed a cheaper option than at&t or verizon. Once all the stuff with the estate dies down a bit, I'll start worrying about the phones. I'm juggling too many things at the same time to add another, but I will revisit. Maybe I just check t-mobile's site or call em up for a break? Also my goodness, your HOA is almost 40% of your mortgage. And you're not budgeting for home repair. I know you think this trust is going to make all your problems vanish, but right now you are spending above your means by a long shot. I agree with the other posters - your wife needs to not let you touch that money. You're going to use her dead father's money to pay off your stupid debt? And your parents are encouraging you to spend even more? It looks like you come from a family with lovely financial responsibility. How do you plan to break that cycle? And how on earth do you not know how much debt she's in? Start communicating!
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Mar 9, 2016 23:02
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moana posted:
Does your HOA cover repairs? You should still budget a little for things like "dishwasher broke" that your HOA would never repair. Also c'mon man, there is no way your budget for Fun is $0. You just omitted expenses until you didn't have a negative budget!
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Mar 9, 2016 23:09
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Sorry if this is a dumb question but I didn't see a clear answer though Googling. What is "Foundation"?
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Mar 9, 2016 23:24
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GoGoGadgetChris posted:It's pretty important to confirm a few lifestyle details before we delve in too deep here. 2. Roughly $150/month 3. Okay.   Frankly it's a cat house, no one room can fully show all the floofs. That's Taco, yes we're getting him to lose weight. Yes we have 11 litter boxes. No it doesn't smell of cat in here. moana posted:I don't know what coverage you have, but an option like the Republic Wireless option would save you crapton over the long haul. Mine is $10/mo I think for unlimited talk and text. No data plan, but with your debt that's a luxury and you can buy cheap bulk data through republic if you really needed to. Most of that debt is joint as my wife was stay at home for a couple years there, She's really putting me in my place these days now that she's coming into all this and I'm okay with that. She has an 800+ credit score and mine's 639. My family are one of those HENRY ones we all make fun of here and they also don't understand tax brackets. My Dad pulls in $500K+ annually and they bitch to me about a tax bill twice what I gross a year. I want to do better and get out of this hole. Also, it looks like starting this week, I'm back down to 40's after a month of 45's  The budget looks strange like that for the sake of the code window and my lack of access to imgur uploads at work. Otherwise I'd screenshot ynab like so:  It's a loving mess. That $23,000 limit card has been pretty much at $22,000+ since January 2013. e: you know what, gently caress it. Most of that debt is from me wanting a cool toy and not being patient. The only reason I listed the deductibles and stuff is because it wasn't something cool that I like, like a ps4 or a bicycle. I make idiotic impulse purchases and don't think things through. I stay off shopping websites because I'm easily tempted. BloodBag fucked around with this message at 00:25 on Mar 10, 2016 |
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Mar 10, 2016 00:05
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There's probably worse things you could do with the money than dumping a bunch of it into the mortgage, and at least there's it's safer from your apparently grabby hands.quote:No it doesn't smell of cat in here.
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Mar 10, 2016 00:30
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You used to have 12  I have 2 and I spend like $100/month on food and litter. How are you doing 11 at $150! Do any of them go to the vet?? You make it sound like you spend a lot of money on Stuff, like gadgets or fun nonsense items. But I don't really see any budget line items that reflect that. Are your historicals a little misleading here?
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Mar 10, 2016 00:47
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GoGoGadgetChris posted:You used to have 12 I used to spend so much more, but since I've limited out on pretty much everything, my hands are tied. I want to cancel every card I have so I have no options to charge anything. Mr. Crom (crumb) died from FIP. I miss him so much. He was the real chairman meow. Only had four years, but at least they were with a loving family. They're our children, since we can't have any. They're all current on vaccinations, but this year's gonna be when they all come due. Good timing, that.  He was Conan the Barbarian's God. We've agreed that we will have no more cats. They'll die over time and they will not be 'replaced' I'll be devastated when Taco goes. He's my son. I'm only doing the money I can control because frankly, that's really the problem. My wife takes care of the cats, I take care of everything else (minus groceries). It's worked for us for 9 years! (I've just been lovely at credit for all of them)
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Mar 10, 2016 01:07
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BloodBag posted:I'm only doing the money I can control because frankly, that's really the problem. My wife takes care of the cats, I take care of everything else (minus groceries). It's worked for us for 9 years! (I've just been lovely at credit for all of them) I think you need to make a totally honest assessment of whether what you're doing is actually working. I'm still not really sure how your finances are laid out, you seem to mix some, but have some separate, but you have debt and she does kinda but you're going to use her money for your debt and you have a budget that covers her expenses except where it doesn't. IMO, you need to either have separate finances or combined finances, but not part way like you have now. I think combined finances work best for a married couple that's on the same team but it's a personal choice. Just be honest with yourself on the what's actually worked in the past, because $57k of non-mortgage debt doesn't sound like it's working.
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Mar 10, 2016 02:31
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Wait, really? 11 cats?
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Mar 10, 2016 02:54
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Moneyball posted:Wait, really? 11 cats? Yeah, this is blowing my mind.
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Mar 10, 2016 04:03
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House looks clean and cats sound loved. Ain't no problems I can see
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Mar 10, 2016 05:15
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That HOA must be quarterly, surely.
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Mar 11, 2016 03:44
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Supreme Allah posted:That HOA must be quarterly, surely. It's monthly. It used to be $275 when we first got the home in 2012. There's also a usual $1000 special assessment a year. They're in great shape compared to other complexes in the area that have cheaper HOA dues. The home was $85,000 in 2012 and it's very close to work. I can't touch a single family home in the area for under $250,000 and rising. Most of them are $300K plus. Houston real estate continues to seem cheap to people who don't live here, but lately people moving here from other places has been pushing up prices and property taxes seem rapacious. At least the units with the same floorplan are selling for $160K+ these days 
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Mar 11, 2016 04:00
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How do you not know your wife's finances at all? Why is she only making $700 per month? The amount of money you're looking at is the sort of thing that invested wisely would potentially allow you to retire young, or you could piss away in 5-10 years with nothing to show from it other than cat furniture and lovely electronics. The YNAB screenshot you posted isn't even close to a budget, how much money do you plan on spending for food in March? Do you plan on staying in Houston? It sounds like your job may be on the verge of losing your job. Do you think you could actually sell your place for $160k? I'd be drat tempted to sell the condo, use the profits to pay off the horrible financial decisions, and either rent in Houston, or consider relocating to Florida.
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Mar 11, 2016 16:42
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n8r posted:The amount of money you're looking at is the sort of thing that invested wisely would potentially allow you to retire young, or you could piss away in 5-10 years with nothing to show from it other than cat furniture and lovely electronics. Bloodbag you get on my rear end about finances often enough, so here's my chance: please don't do this. I pissed away $89,000 when I was younger on trips and cars and computers and fancy watches, and it's a huge regret of mine. I even had a cool plan on how to invest it in education and to increase my money and I lost like $20,000-$30,000 in "safe" stocks in 2008 and yadda yadda. Be wise man.
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Mar 11, 2016 18:47
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n8r posted:How do you not know your wife's finances at all? Why is she only making $700 per month? I don't know her finances because we have separate finances. My YNAB is a mess because I don't like how it is always in the negative and I can't time bills right that way. I don't make enough at the moment to get a month of money in the bank and do it like they suggest you do it. I end up using paper and excel to figure out how to pay for everything. On 40 hour weeks, I'm short a minimum $300 a month. They also just cut our hours to 40s again. The only budget I can really stick to is 'spend nothing except for bills'. Groceries is basically monsters and cheetos. Also Wine. All of which are getting cut the gently caress out. My FIL died from a heart attack and I don't want to share his fate over some salty bullshit. Our plan is to stay in Houston. My family and my wife's family are both here and my wife doesn't want to leave before her Mom passes. Those two are quite close. I really like my in-laws and Doug's passing has affected me a lot. I cried myself awake this morning. Never had that happen before. Rents are still way out of whack here and honestly living a bit closer to work is really not something we'd like. It's in a stupid suburb of Houston called Katy. Neither of us want to live in Katy. I hope they don't cut me at work. The most I can hope for is seeing how they'll lose capability if they do so. I was told by the president I'm one of the core guys and one who's job he's protecting. Knyteguy posted:Bloodbag you get on my rear end about finances often enough, so here's my chance: please don't do this. I pissed away $89,000 when I was younger on trips and cars and computers and fancy watches, and it's a huge regret of mine. I even had a cool plan on how to invest it in education and to increase my money and I lost like $20,000-$30,000 in "safe" stocks in 2008 and yadda yadda. Hey buddy! I pissed away $30,000 on cars when I was about 10 years younger and another $35,000 only five years ago. I will cancel all my credit cards once they're paid. I seem to hang myself with as little rope as I've been given. I have a car and a house. I honestly don't give a poo poo about credit scores anymore. Part of me wants to settle with the credit card companies, but 7 years is a long time... We discussed debts and such, she will pay off our debts in time. She wants to get us both debt free and just let the money in fidelity sit there and build like the German Empire. She doesn't want to touch it. When I asked her if she'd just pay off what's in our name (house/car) she said all of our debts. She also made it clear that if I ran my poo poo up again she'd be very disappointed... Hence why I'll close it all when it's paid. My plan is to get my retirement nest egg going again and stay away from 'the shiny'. We just got the death certificates and his ashes. I wish I had one more day with him.e: Since my wife has not only Coeliac disease but also is allergic to legumes, dairy, nightshades, and other stuff I'm probably forgetting, 100% of our food is home-cooked. My lunch is chicken breast with brown rice. Hers is eggs & pineapple. Dinner is either chicken or beef with either rice or steamed broccoli. Every day. I have some other stuff here and there, but all in all it's pretty much an Oxygen magazine clean eating diet aside from when I fall off the wagon and go get cheetos and a monster after a bike ride. I swim/bike/and run. She runs and bikes. I have a gym membership for $30 a month so I have access to a pool. If anyone has some houston-specific tips for getting into a 25 yard minimum pool for less, I'm all ears. gently caress Gyms. e2: exercise is our church, and my therapy. I was in therapy and on medication for sadbrains many moons ago. The meds (celexa) made me gain weight in a hurry and did not make me less depressed. I was moved to a pretty heavy dose of wellbutrin after that and ended up suicidal, so I stopped that and started riding my bike. That goddamn thing saved my life. Exercise is the only thing that keeps me in good spirits. I've been off any sadbrains meds for 13 years now thanks to it 
BloodBag fucked around with this message at 00:59 on Mar 13, 2016 |
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Mar 13, 2016 00:47
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You guys need to be pooling at least some of your finances. I don't know what's up with your YNAB but perhaps it's not the right software for you? It's not terribly hard to actually make a budget, god forbid even on paper. You didn't answer why your wife is making only $700 a month. First and foremost both you and your wife, combined, need to be spending less than what you are making. What plans are you putting this in place to make this happen?
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Mar 13, 2016 03:59
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n8r posted:You guys need to be pooling at least some of your finances. I don't know what's up with your YNAB but perhaps it's not the right software for you? It's not terribly hard to actually make a budget, god forbid even on paper. Once I'm done with my ride today I'll put it all in and post it. My wife works part time retail, 25 hours a week @ $8.60/hr. Putting that into paycheckcity, I'm getting $386 every two weeks or $772. She's been trying to get a better full time job and applying and interviewing. I guess her not having a degree is the drawback right now? Houston has a bunch of recently laid off professionals hitting the market and making even entry level stuff super competitive  I've been entertaining getting a part time job on the weekends, but my full time job has me come in on Saturdays every so often. It's really hard to plan around this job because the hours have been changing a lot. I used to get a minimum of 55s. 6-5:30 M-F and Sat/sun if I wanted them. Then it was rotating Fridays off, then it was 4-10s with Fridays off, unless they wanted you to work on Friday. Then it was 6-3:30 M-F. Now it's 6-3:30 M-Thurs and a half day on Friday, unless they want you for the whole day. A lot of dudes have taken to driving Uber, which I'm not about to do, thanks to the BWM thread. Not to mention the wear & tear on an 8 year old Subaru. I'll get the budget up and we can all go over it. At the moment I'm quite sure my wife and I will stick with separate finances. She pays for groceries, gas for her car, and cat stuff, I take care of the rest. E: Sweet loving christ, I'm in a hole when I'm on 40 hour weeks. Way worse than I thought. No wonder I feel like I've been sinking this whole last year.  
BloodBag fucked around with this message at 18:32 on Mar 13, 2016 |
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Mar 13, 2016 10:52
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BloodBag posted:E: Sweet loving christ, I'm in a hole when I'm on 40 hour weeks. Way worse than I thought. No wonder I feel like I've been sinking this whole last year. You've been operating on payments basis while living pay to pay. I'd recommend calling the credit card companies and saying you're struggling to pay and see if they'll give you 3 months of no interest. At least with that your payments could catch up on the principle of the debts.
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Mar 13, 2016 20:36
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Yeah your HOA is kind of crazy, between the special assessments and normal fees you're looking at $400/month right off the bat. With taxes, insurance, and repair costs on top of that it's basically like you're renting the townhouse
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Mar 14, 2016 05:04
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That's a pretty typical HOA expense, in my opinion. HOAs cover some big expenses (exterior maintenance/roof replacements, landscaping, most of the insurance) so it's not like he's paying that money just as a Living There Tax. I'm guessing your community also has something like a clubhouse or pool that is driving up the cost a bit?
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Mar 14, 2016 17:39
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You and your wife need to be pooling your money to keep your head above water. Until the windfall comes through, you need to look at cutting back on all that non-essential stuff like phones/hulu/etc. Your wife should be looking to get a second job or getting a full time job. In the short term, you and your wife need to start working together as a team financially. This means that you both pay some portion of the mortgage and working collectively on your finances. Why do you pay all of the mortgage and most all of the other bills? Most people with separate finances at least do some sort of balancing of the money where everyone is contributing. You need to start at least breaking even or not missing payments so your debt/credit does not get worse.
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Mar 14, 2016 22:57
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n8r posted:You and your wife need to be pooling your money to keep your head above water. Until the windfall comes through, you need to look at cutting back on all that non-essential stuff like phones/hulu/etc. Your wife should be looking to get a second job or getting a full time job. My wife contributes what she can financially. The only thing she can afford to cover is groceries, gas for her car, and feeding/litter and vet stuff for the cats. Our finances are separate, but not equal. I don't know how else I can explain it. I have no expectations of her to be able to pay for half of everything because she hasn't been able to land a position that pays enough for her to do so. She pays for what she can, and I pay for what I can. I don't look over her shoulder at her bank stuff and she doesn't look at mine. Just because we're married doesn't mean we have to combine that too. That tore her parents relationship apart and it continues to be a huge argument generator for my parents. We just don't want that added stress. When she makes more money, she'll cover half of everything like she used to when we made equal money, pre-2010. I'm not missing payments, I'm just continuing being deeper in debt. Looks like I'll have to take on the homeowners insurance for my FIL's house until my wife's sister gets her rear end in gear and either signs over control or actually participates. There's $790 up front, due on the 20th of this month and $400+ monthly until the house sells. Guess I'll have to take out another loan and get paid back on the flipside from the estate.  At least we were able to determine he's got $89K between savings and checking. I just want to pay his bills and not have his house go uninsured. Farmers won't renew the policy if it lapses. He set a hell of an example of how to household his money, that's for sure.
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Mar 15, 2016 23:30
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I couldn't even imagine being in a relationship with someone and having totally separate bank accounts and a fuzzy idea of what the other person is making or spending, that would drive me batshit insane. Like maybe if you're both doing very well, you have no debt and your savings is increasing by 5K a month, then who cares you're fine, but otherwise it sounds like a great way to end up in divorce court.
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Mar 16, 2016 00:01
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I can't imagine posting $400+ a month for house insurance. drat that is expensive. Hope you can get everything sorted out quickly.
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Mar 16, 2016 00:05
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Pryor on Fire posted:I couldn't even imagine being in a relationship with someone and having totally separate bank accounts and a fuzzy idea of what the other person is making or spending, that would drive me batshit insane. Like maybe if you're both doing very well, you have no debt and your savings is increasing by 5K a month, then who cares you're fine, but otherwise it sounds like a great way to end up in divorce court.
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Mar 16, 2016 00:57
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I am not saying your wife should be paying half of all the bills given her meager earnings. Despite how you work, everything in your relationship financially speaking is 50/50. Your debt is your wife's and vice versa.
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Mar 16, 2016 04:01
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Especially since Texas is a community property state. But inheritances can remain separate property if your wife is careful to not commingle any inheritance funds with marital property. Also, your OP mentions that the estate left her inheritance in trust. Do you know what kind of trust? That could have a big impact on how your wife can access the funds.
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Mar 16, 2016 05:22
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Add her income to the budget. Add her spending to the budget. Presto, combined budget.
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Mar 16, 2016 07:14
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