Personal Finance Grandmother made me executor and beneficiary of her will, including 200k house |
- Grandmother made me executor and beneficiary of her will, including 200k house
- I've been homeless. I have no valid ID. I don't know where to start.
- Parents keep me in the dark financially, which gives me anxiety. How can I support myself without their help (18)?
- Graduated College in December, starting job next month. Wondering about paying off loans, budgeting, savings, etc
- HELP! I've been Beverly Hillbilly'd
- Moving out for the first time. I've drafted up a budget and I've got a plan. What can I improve on?
- Good or bad idea to stash money in a house ?
- Where to move HSA after leaving job?
- Car Insurance - How Often to Switch?
- My mom's only income is disability, no bank account, budget, or credit score -- how can I help?
- Woke up to my student loan total repayment doubled! Story inside
- 30F, Living At Home, Stuck Between Rent or Stay/Save/Buy
- Thoughts on Vanguard Target Retirement Funds
- Is it safe/smart to use lending companies like “Upstart” to pay off credit card debts (In my case, 2 credit cards, around $16,000 combined balance)? Any tips?
- New set of life goals.
- How can I properly prepare to rent an apartment?
- How to file taxes as Independent Contractor?
- Class action suit - Bank of America
- [Credit] My bestfriend who's a college student is in Credit ruin. Please help
- Car loan 10% HELP
- Investing for my kids.
- Has anyone setup HSA / Simple 401k contributions for a small business?
- Help with tax-related identity theft
- Should I put extra $ toward mortgage principal (to get PMI taken off) or allocate it toward retirement savings?
| Grandmother made me executor and beneficiary of her will, including 200k house Posted: 25 Feb 2018 01:38 PM PST Hi all. X-posting from legal advice but I'm hoping to get some recommendations on how to prepare or handle this in the best way. My grandmother created a will where I am the executor. I am in MA, she is in FL. The will says "I direct all expenses of administering my estate be paid out of my residuary estate. All expenses of packing, storing, and shipping my tangible personal property shall be paid as expenses of administration. I give and devise all of the remainder of my tangible personal property and my estate, real, personal, and mixed, to my granddaughter, Branches26." She also specifically names her four sons in the will and says they should get nothing. My grandmother is not smart and she is not logical. According to her, she has 13k in her bank account for the rest of her life and is living off of her pension and social security. She claims there is a life insurance policy that I will get but I've seen no information on it. She hasn't arranged anything with a funeral home and has no direction on a funeral, whether or not she'd like to be cremated, etc. on her will. As far as I can tell, I will have to arrange everything myself - including taking money out of pocket to fly down to Florida (I am in MA) and hiring a lawyer, etc. I expect that 13k in her bank account will be gone by the time she dies. Her house is worth 200k, and that will be the biggest chunk of money that would go to me, but to be honest - I have no idea where I will get the money to sell the house, fly down to Florida to take care of this stuff, and clear out the house and make it presentable. To give a better idea of where I'm at, I'm 25 years old. I don't have a lot of money to spend and am working on paying off my student loans. My grandmother REFUSES to do anything else to prepare her estate. She seems to think she has a lot of money and she'll be fine and in turn, I'll be fine when she dies. I asked her to work with a lawyer to figure this out and have offered to work with them, but all she can say is she doesn't understand why I don't want all this money. She is also thinking of doing a reverse-mortgage to get more money out of the house while she's alive. Point is: I'll likely be arranging everything on my own when she dies. The best outcome is for arranging everything, I will get a 200k-ish house to sell. I've been considering filing a disclaimer on her death just to stay away from this mess, but if I can handle this the right way, it would be great to get the money from the house and pay off student loans. I know this will be challenging and I don't know if I fully understand everything I have to do. I'm considering getting a financial advisor as well to prepare for this, but does anyone have any recommendations or suggestions on what I can do to prepare OR what I can do when the time comes? Thank you! [link] [comments]  |
| I've been homeless. I have no valid ID. I don't know where to start. Posted: 25 Feb 2018 05:40 PM PST I've been homeless, a combination of real homeless, and crashing on couches homeless, for about two years, in that time my drivers license expired, and my birth certificate and social security card were stolen (along with other stuff). I have court fees related to my car which is now gone, and my license even if valid is suspended. I just got a job and am looking to get myself together, but all this bureaucracy, I don't even know where to start. It seems like to get any ID you have to already have ID. I feel stuck in a hole I can't get out of. [link] [comments]  |
| Posted: 25 Feb 2018 10:43 AM PST Hello to /r/personalfinance: My parents' have always lied about our financial situation, however, I discovered through my dad's part of the FAFSA that we are earning near poverty levels of income. I recently made changes in life to improve my levels of anxiety caused by finances, and I withdrew from University. I am seeking to move out of my parents' house, support myself, and save enough money to go see a therapist. My parents keep intimidating me about leaving the house, which does not help. I have applied for a couple of jobs already, including Starbucks, and currently, I'm looking for an apartment. In the future, I hope to go back to school, but only after I improve my general wellbeing. Right now I'm just trying to live a happy life. Asking money from my parents would still tether me to them financially, and I would rather not be attached to them anymore. I want to live independently and have some financial security for once. Some advice going forward would be nice. Edit: I'd like to take a moment to thank everyone who contributed to the thread! I am doing my best to actively respond to your comments, and I apologize if I can not get to yours due to time constraints. Nonetheless, your contribution is deeply appreciated. I will do my best to keep up with the thread between doing further research and applying for more jobs. Thank you again!!! [link] [comments]  |
| Posted: 25 Feb 2018 03:46 PM PST Hey PF Lurked on here for the past year or so but need some personal advice. I recently graduated from school this past December, with a degree in Civil Engineering. I got a job in Denver-metro area and start next month. Job pays 72k a year. I'm going to live at home with my parents till next year, around January or February. I have about 100k of debt in loans. I've read a lot of PF and am starting a budget. However, I still have a few questions that you guys can help me out with. 1) I'm trying to kill as much of my loans as possible when living at home. I have no expenses living at home so I'm thinking that I can kill 50k of debt by the time I move out. I'm really determined to do so. Also, my parents are helping me out and paying 1k of my loans for each month for the next 3 years. Whats my best strategy to go about paying these off? If or when should I refinance my loans? My loans range from 6-8% interest with one at 10%. What companies are best to do this with, I was looking at Sofi. 2) My company does full 401k match up to 4% then half a percent up to 8%. Should I stop contributions to 401k until I pay off a large chunk of loans, like Dave Ramsey suggests? 3) How much should I have saved for when I move out next year? Probably going to get an apartment closer to Denver, where rent is 1-1.5k. Could find places around 800 too if I get a roommate. 4) I need to start building credit, whats a good credit card to start? I was thinking something along the lines of chase freedom. 5) Should I have an emergency fund fully saved by the time I move out? Any advice is appreciated! [link] [comments]  |
| HELP! I've been Beverly Hillbilly'd Posted: 25 Feb 2018 05:36 PM PST Long story short, I'm receiving a $400k payment from a settlement and a $600k payment from the same settlement in 5 years. I'm 28 don't know a thing about money. I've worked blue collar all my life, only have a high school diploma. I make $40k a year from having bounced around never sticking with a particular trade. Good job, with all the basic good benefits, health insurance, 401k etc, but no real room for growth. I have no debt, besides a $120k 30 year mortgage that I'm 2 years into paying off. I'm lost as I don't know a thing about money, any help or tips? Greatly appreciated [link] [comments]  |
| Moving out for the first time. I've drafted up a budget and I've got a plan. What can I improve on? Posted: 25 Feb 2018 02:01 PM PST I'm 25M and finally made the decision to move out of my parents place. I've decided I want to rent an apartment instead of buy a house because I don't want to live in this city long-term. There are two spots I'm considering, because both are close to work and keep my commute to 5 - 10 minutes and offer rent for the lowest in my area (which is a pretty good part of town, IMO). I've drafted up a budget here: https://imgur.com/sYPVLtf Other factors: I have a 6 month emergency fund. I plan to continually contribute the maximum amount ($5,500) to my Roth IRA annually. My company offers a 401(k) plan that I am eligible for in July. Since it's a nice local company, they're going to contribute 3% of my gross salary (and depending on profits) an additional 2% of my gross salary from "profit sharing." Thus, I don't need to contribute a dollar to get these amounts, which is cool. I don't know how much I want to contribute but I have a few months to think about it. Anyway, I've read up on a few threads and I still have the following questions:
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| Good or bad idea to stash money in a house ? Posted: 25 Feb 2018 01:07 PM PST Example having $1000 under the bed etc (accessibility purposes) [link] [comments]  |
| Where to move HSA after leaving job? Posted: 25 Feb 2018 03:32 PM PST My wife has left her job. She is not planning to look for job soon and I don't think she can transfer her balance to my HSA. Any suggestion where she should move her HSA to? I believe there is a monthly fee deducting from her account. She is currently with Benefit Wallet. [link] [comments]  |
| Car Insurance - How Often to Switch? Posted: 25 Feb 2018 11:55 AM PST Curious how others handle their car insurance and how often they switch carriers? I am going to start shopping around for another carrier to see if I can get a cheaper rate, but am curious how often you switch your carrier and how you handle when they raise your premiums? [link] [comments]  |
| My mom's only income is disability, no bank account, budget, or credit score -- how can I help? Posted: 25 Feb 2018 03:41 PM PST Hi, I want to provide some quick background and I'm hoping people could just point me in the right direction here. My mom is 57, living in NJ and her only income is SSI disability ($780/month) and SNAP (food stamps -- $15/month). She has no bank account (SSI loads onto a Direct Express card). Her credit score is essentially 300. She currently lives in a trailer park with a boyfriend for 10+ years, he works as a manager of the park and pays the rent but their relationship is rocky, and she'd like to find her own place. I told her to get on applying for Section 8 Housing but that waitlist is up to 3 years. Looking through low income properties using this site, I still see most are $800+/month, and I'm struggling to understand how people survive on solely disability benefits while also having to worry about rent. I looked up NJ assistance programs but the only one with real potential I see is Lifeline, which is a couple hundred bucks if she even qualifies. So I have some questions:
I was thinking of getting her set up with a bank account and a basic credit card so she can start working on her credit score, but I'm not sure which bank or card to go with. Honestly, I'm also not sure how much credit score matters when you're this deep in the hole and this late in the game. But definitely looking to get some info/advice on this!
Would greatly appreciate any info or advice! [link] [comments]  |
| Woke up to my student loan total repayment doubled! Story inside Posted: 25 Feb 2018 05:56 PM PST I owe 93k on my student loan. Here's the kicker and why I'm here. The loan itself is, so far as my mother and I can tell, 100% in her name with no cosigner. I pay the monthly bill as it's mine. So far so good. My parents about 8 or so years ago declared bankruptcy. The student loan that I was paying the fees on one day vanished from the system it was in. For half a second, I thought this debt was absolved. But no. The loan was moved to a holding company ECMC. I found out that it was in a holding state until the bankruptcy was over. I still paid money every month toward the loan and I saw the principle drop. Good I said no different in life. All should be well. Until today. My parents financial affairs are in order and the loan was moved back to the original company it was with. Now here's the kicker. There is a letter stating that 82k of interest accrued in the years it was on hold, so now my loan amount is almost doubled what it used to be. The monthly payments are only 100$ more than I pay now (500>600) but the term is up to 24 years. I was around 10 more years left before I got the new today. I essentially lost all my work towards student loan payment ending. I am crushed. Aside from trying to refi to a lower interest (it's somewhere in the 6-7% range), I don't know what the hell to do. My mom doesn't even have a job anymore. I can make the payments,but those years feel like dog years. Has anyone had this happen? Seen this happen? Have any thoughts? I could use any help or suggestions. Thank you Anon student loan guy PS - there's like a little part of me that thinks, she has no job, loan whole in her name, what if we just dont pay it. I dont know the legal there but I'm sure it has to be a bad idea. [link] [comments]  |
| 30F, Living At Home, Stuck Between Rent or Stay/Save/Buy Posted: 25 Feb 2018 05:02 PM PST I'm a 30-year-old nurse living in south LA with my mother. In an effort to be open and honest (and hopefully get great advice from the powerhouse of reddit PF), here is my financial situation: I bring in approximately $8,000/month after taxes. About $1500 of it is spent on taking care of a car lease, student loan payments, and helping my mom around the house. I do not have any other major monetary obligations, and my mom is financially stable. I have about $40,000 in savings. For the past few months, I've been actively looking around south Downtown LA and found an amazing loft that I'd like to rent. Ever since a failed relationship threw me toward depression a few years ago, I'm out, doing great, and enjoying life. I'm really, really, really excited about living on my own and starting a new chapter of my life. I am pretty set on DTLA because it's close to work, and I am (admittedly) looking at more expensive and modern lofts for lease. Silly, I know, but I would prefer a place that's new and with lots of amenities over a cheaper place, even if I'd be saving money. But. My extended family and I had a sort of intervention over dinner a few nights ago. The topic was "why are you going to rent, if you can save a bit more and then buy?" Now, Reddit, I completely understand that the rent vs. buy situation is well documented and a lot of people ask the same question. I guess I'm just looking for some situation-specific advice from you all. The location I'm thinking about in Downtown will cost me approximately $2700/mo. I'd also have to buy new furniture and kitchen supplies, etc. So overall, I will be spending no less than a good $35-40,000 in the first year alone (not factoring in other incidentals, possibly more money due to going out around the area, etc.). Or, as my family puts it, "stay at home, save up for bit, and then try to buy your own place Downtown or somewhere else." Trouble is, from all of the Mortgage websites I keep exploring, I see that a mortgage for a Downtown condo (let's say $900k as an example) is really, really expensive. Even if I can score a mortgage that is a 30-year fixed with 5% down (sounds like a lot of my friends are able to get 5% down), I'd still be paying $5-6,000/month for the mortgage. So, on to action items, and thanks if you've been bearing with me so far:
Bottom line, mentally I'm struggling and want to experience independence and rent an apartment to move out of my home. But I don't know if ditching the plan and saving money will actually benefit me and allow me to be a homeowner in the near future. (I say near future because, ideally, I'd want to purchase my own place within a year). Thanks for reading all of it, and looking forward to comments. Tldr: 30yo living with my mom, want to move to DLTA but it's expensive and family is suggesting I stay home and continue saving. I am mentally ready and stoked to move out but I also understand what a money pit this lease might be. Suggestions? [link] [comments]  |
| Thoughts on Vanguard Target Retirement Funds Posted: 25 Feb 2018 06:56 AM PST I am about to start investing my savings with Vanguard, I had spent time on figuring out my asset allocation, but then I came along Vanguard's Target Retirement Fund which auto redistributes your assets based on how far off from retirement you are, like a sliding risk adjustment. Has anyone had any experience with this fund and have any insight into how beneficial it is? [link] [comments]  |
| Posted: 25 Feb 2018 06:25 PM PST |
| Posted: 25 Feb 2018 07:32 AM PST So, I am a 29 year old male. I set some very specefic life goals for myself back when i was 14 or so. I have officially met all of those goals and find myself a little lost in life right now. A little background info.. I have been a Plumber for 12 years, licensed for 9 of that. I recently changed jobs from a Journeyman position to a foreman/ administrative position. Last year I purchased two new vehicles with cash (~$70k) and just recently purchased a new home. In the process of selling my old house (I do have equity). And now I have health ins., 401k, retirement plan. Basically my goals i set for myself 15 years ago were; when I am 30: Own my forever home, own a new vehicle (own 2 now), have a plan to retire (I can now retire in 28 years), have a healthy savings, and have no debt (besides mortgage). All of those goals are met. And now I am a little lost. What are some goals I should set at my age? I have worked really hard my whole life to be where I am. I don't want to slow down now. Never stop climbing the ladder, you know? Thank you!!!!! [link] [comments]  |
| How can I properly prepare to rent an apartment? Posted: 25 Feb 2018 02:39 PM PST I've recently begun looking at potential apartments to rent and I want to plan ahead as much as possible. I'm probably not going to rent one until the Summer and in the meantime, I want to start planning and being as prepared as possible for when the time comes. Is there anything specific that you recommend doing to be ready? Anything relating to bank accounts, crunching numbers, etc? Any advice would be greatly appreciated. [link] [comments]  |
| How to file taxes as Independent Contractor? Posted: 25 Feb 2018 04:23 PM PST So I've been working as an independent contractor for both Appen & Postmates for the past few months and I'm very lost on how to go about taxes. I was wondering what forms I'd have to fill out since the IRS website just confuses me even more. Also I was wondering if those companies will send me a 1099 or do I have to do something else? I'm so confused about this all. Sorry for being an idiot and any advice is appreciated! [link] [comments]  |
| Class action suit - Bank of America Posted: 25 Feb 2018 05:46 PM PST Looking for help finding info on a class-action suit with Bank of America about overdraft fees. I got a letter in the mail last week and my husband mentioned that it was about that lawsuit or the settlement and then apparently he threw the letter away. I'm guessing this is related to the settlement in Nov/Dec 2017. Where can I figure out what this letter said? [link] [comments]  |
| [Credit] My bestfriend who's a college student is in Credit ruin. Please help Posted: 25 Feb 2018 02:03 PM PST He currently has two credit cards with extraordinary interest fees that he's struggling trying to pay off. Someone recommended him to get another credit card through PayDay to pay it but the APR proposed to him was a 23.99 (!!) All of this began when he went to the hospital and ended up with astronomical medical bills that he was unable to pay off so he routed himself to using credit cards to pay it off. In unison with being a college student, his credit score plumeted as well as a collector reaching out to him for the medical bills. He's currently in the position of paying off both of these credit cards, so he could ultimately begin paying off his collector. What options does he have to better rectify the situation? Thanks for your help guys!! And if it helps in any way, he also has a car loan. [link] [comments]  |
| Posted: 25 Feb 2018 12:18 PM PST I had to purchase a car after breaking up with an ex and giving him his car back. My credit was whack - I ended up getting a used Acura for a decent price but was suckered in to getting the warranty as well for a total of 24,000 at a 10% interest rate. It's almost been two years that I have had this car and my credit score has improved but I've only payed off the loan to 18 grand ( i make 430 dollar payments monthly) and my Acura is now only worth 10,000 if I sell it to a car dealership. I am 8,000 upside down and hate my car, hate the interest rate, but not sure how to go about paying this off, getting refinanced or trying to get a good finance rate on another used car and trade this in and get a loan on the upside down. Help!!!! [link] [comments]  |
| Posted: 25 Feb 2018 04:32 PM PST I am looking on ways to grow investments for my children. I have a 3 and 5 year old and am looking at putting $1000 per year for each of them away somewhere it can grow. Would it better to do the Florida prepaid? Or is there a better way? We make sure our 401k is invested, I also have a personal IRA that I contribute to each month and we have about a years worth of savings in case something happens, I want to now focus on them. [link] [comments]  |
| Has anyone setup HSA / Simple 401k contributions for a small business? Posted: 25 Feb 2018 04:29 PM PST I'm working for a small company and asked my boss about HSA / 401k contributions. He said that sounds great - you should set it up. Has anyone done this? Would there be an additional payroll savings for my boss if my money is going into a 401k rather than being paid out directly? [link] [comments]  |
| Help with tax-related identity theft Posted: 25 Feb 2018 05:29 PM PST Hello! I am a victim of identity theft (credit cards opened, medical expenses in my name, etc.) and I have filed a police report, frozen my credit and done all of the things I have been told to do. In 2016, I filed my taxes and paid around $400. I later received a letter from the IRS saying that because of my amended tax return, I now owed them an additional $910. My identity thief filed an additional return (I don't know if it was before or after I filed) using my name (with a different middle initial), and it changed the amount of taxes due. I spoke to someone in December of 2017 when I received the letter saying I owed $910 and they gave me an ID theft protection PIN for my 2017 taxes and told me not to worry, they were looking into it, and I would be contacted when the matter was resolved. I filed my taxes for 2017 and should be receiving a refund of $2437. I have since learned "Your refund has been reduced to pay a past due IRS tax obligation" and that I would be receiving $1,493 back. So, a difference of $944. I have called the IRS and visited my local branch and have gotten nowhere, just a "it's being looked into and there's nothing we can do" response. I don't know if anyone else has been through this situation before or if there are resources for people in my situation, but I am desperate for help. What can I do to get my money from the IRS ASAP? tl;dr - I need help getting my full tax refund, the IRS is holding a portion because of identity theft. [link] [comments]  |
| Posted: 25 Feb 2018 03:15 PM PST I know, I know... I went against the advice of a number of PF folks and purchased a home without 20% down. There are a few data points that made that an appropriate decision, in my opinion (although I suppose the jury is still out on that...) but currently that is neither here nor there.. so, not looking for the canned 20% down mantra because that ship has sailed. The question I have pertains to what I should do with extra $. I have a modest income (~$53k) and I'm about to get an ~10% raise. My mortgage is $1200 (a roommate pays $400 of that) and of that ~$160 is PMI. I have 4ish months of expenses in emergency fund already. Just curious if you all think it would be better to allocate my extra $ toward mortgage principal until I get the pmi taken off, or better to put those doll hairs in retirement savings. Thanks in advance for your time and input [link] [comments]  |
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