Personal Finance Mom died in debt with no will. Where do I get started? (Michigan) |
- Mom died in debt with no will. Where do I get started? (Michigan)
- My Dads in the hospital was on a ventilator can’t talk. I don’t know how I’m supposed to pay his bills all the bills are under his name? I only have 140 dollars? What am I supposed to do in this situation?
- A win against Citi
- My parents haven’t filed taxes for the last 10 years. My mom’s earnings/expenses are nearly untraceable due to her hoarding disorder. What steps can they take to resolve this situation?
- How long does it take for buyer's remorse to go away after a car purchase?
- Gift tax question; married couple to married couple
- Roth IRA - Am I doing it right?
- Mom is worried settlement might make her ineligible for disability. Help!
- How do I determine which collections agency currently owns my debt?
- 21 y/o with $500 in Vanguard and no idea what to do with it
- Tax Advice for independent contractor
- Slow Money Movement
- My mom (50F) sold her house and received $84k after fees and paying off the remainder of the loan. She owns her own business, has no retirement plans, and doesn’t know where to begin.
- My mother had a stroke yesterday. She can't verbally respond well, and she won't be working any time soon. Is there anything I should do about her bank account?
- How should I leave an inheritance to kids without damaging them?
- I want to open a fidelity account to buy stocks, want to confirm i'm choosing the right one
- Do my Roth IRA contributions have to be taxed income?
- Teenager budget breakdown
- Choosing between 2 job offers
- I got my first credit card!
- Medicaid is a lifesaver
- Mortgage Forbearance and Credit
- Surprised by my Low Credit Score
| Mom died in debt with no will. Where do I get started? (Michigan) Posted: 27 Sep 2020 09:35 AM PDT Hi everyone. I lost my mom last Thursday and I'm having a hard time getting started with her affairs. My siblings and I are my mom's next of kin and they unanimously agreed that I'm the one in charge of her affairs. I'm waiting on her death certificates currently. She has $6,000 in savings, but $7,000 in debt under the same bank. Thousands upon thousands of medical debt, which I plan on telling them they can't collect. Same goes for other credit cards. I have her car and need to return it sometime here, but what would happen to the money my mom already put down on her car? Everyone is acting like all the possessions inside her [rented] house are free game, but I don't trust it's all that simple. Before we start giving items away or selling furniture, how can I tell whether the state will take them to try and recover debts? My mom was working until a few days before her death, then her workplace terminated her employment as soon as they caught wind of hospice care. She may have had a 401k or remaining salary, but how do I find that out? Thank you for any help or guidance. I'm really overwhelmed [link] [comments]  |
| Posted: 27 Sep 2020 12:33 PM PDT My Dads in the hospital was on a ventilator can't talk. I don't know how I'm supposed to pay his bills all the bills are under his name? I only have 140 dollars? What am I supposed to do in this situation? I'm his last family member? [link] [comments]  |
| Posted: 26 Sep 2020 09:16 PM PDT Citi had been harassing me about $10,000+ in debt on a credit card I never opened. I filed disputes with them to prove (a) the original signed contract; (b) all monthly statements; and (c) final balance. I filed these disputes to them as well as all three credit bureaus. Granted, this took about 6 months to get this resolution from Citi. They don't have the proof and are dropping the matter. [link] [comments]  |
| Posted: 27 Sep 2020 05:50 PM PDT My (24F) parents (early 60s) both own small businesses and have not filed taxes in ~10 years. The IRS has consistently contacted them and regularly deducts earnings from their paychecks at the store they work at on the side. My father has tracked all earnings and expenses for his business. On the other hand, my mother has little-to-no trail due to her bipolar and hoarding disorders impacting her organization skills. Any traceable receipts, invoices, or checks sit in piles of boxes filled with trash and cat feces in their house. As you might suspect, these boxes have no chronology. The lingering tax stress is severely impacting my father. They have enough savings to pay whatever they each owe from the past decade, it's simply a matter of helping them through the motions. What routes are there to resolve the situation, especially with respect to my mother's lack of paper trail? A few thoughts or questions that come to mind:
Any advice would be appreciated, thanks! [link] [comments]  |
| How long does it take for buyer's remorse to go away after a car purchase? Posted: 27 Sep 2020 01:28 AM PDT Yesterday, I bought a new Toyota Corolla. My first ever car purchase. Initially, I planned to buy a used Honda Civic. But I was way too anxious and paranoid about buying a used car with 37K miles on it without any warranty. I was getting a new Toyota Corolla for the same price of used Civic + warranty. So I went ahead with a new car purchase after 2 weeks of email negotiations (got 22% off MSRP + taxes). I think that was a good deal and I have enough cash to prepay my loan in a couple of months. Got good insurance quotes too. Mostly everything checks out. Still, I am not able to sleep properly from last 2 days. My anxiety levels are through roof. I am reading contracts over and over again to see if I missed something. I am checking carfax to see if it was indeed a new car. Comparing it with other models and checking if there were better options that I could have opted for (e g. Used vs new) Is it normal to feel like this for your first car purchase? Hope it goes away soon. Edit: Thanks to everyone who pitched in and provided good insights. Now that I have read comments, I feel this is less of a buyer's remorse and more of a general anxiety about decisions. Past 3 years have been very stressful since I arrived in the US for grad school. Switched places many times for internship /job. Couldn't visit my home country due to Covid-19 and been stuck here. That must have taken a toll on mental health. This was my first car buying experience in the states and it felt rushed. That must have added fuel the fire. Thank you once again for your kind words and making me realize the bigger issue at play here. Need to work on my mental health. [link] [comments]  |
| Gift tax question; married couple to married couple Posted: 27 Sep 2020 05:39 PM PDT My wife an I were given 27,000 from her parents. Does this trigger a gift tax for anyone? I'm thinking the answer is no because the exclusion is 15,000 from an individual to another individual. In the situation of a married couple to a married couple, they should be able to give us 30,000 without having to report anything? [link] [comments]  |
| Roth IRA - Am I doing it right? Posted: 27 Sep 2020 03:47 PM PDT After much research the past couple of weeks I've done the following: - Opened a high yield checking account with Charles Schwab (my current primary's checking account is BoA, I eventually want to make C.S. my primary). - Opened a Roth IRA with C.S. - Currently have $4,000 contributed for the 2020 year. - I've invested the $4,000 into a Target Index Fund 2055. - I elected to reinvest dividends and capital gains since I'm still fairly young and can take the risk So now do I let the Index Fund do its thing? I don't touch it? What else can I do to help maximize my IRA? I do plan on contributing to the max for this year. Edit: Adding that I do have an employer match 401k. [link] [comments]  |
| Mom is worried settlement might make her ineligible for disability. Help! Posted: 27 Sep 2020 02:10 PM PDT Hello, my mom (56 years old) was a hairdresser for almost 40 years had an accident at work and got badly hurt which led to an operation on her wrist and can no longer use it to cut or do hair. At 56 her lifelong career is now over, she's been on workmen's comp and had just won a small settlement for this accident that happened at work. My moms best option is to file for disability and work part time doing something completely different, most likely retail. Between the two she wouldn't be as great off as she once was but she will be able to survive. Mind you she has no 401k or savings. She is scared that once she receives this settlement disability will reject her, looking for advice. Thanks! [link] [comments]  |
| How do I determine which collections agency currently owns my debt? Posted: 27 Sep 2020 06:34 PM PDT I am a recent college graduate who is in the process of becoming financially independent from my family for the first time. I just started a new job and I have found some semblance of financial security. Back during school in 2016 I had a few medical issues so I went to the local hospital, one of which was an emergency where I hit my head in the middle of the night and needed stiches. Since I was in school, I thought that I had my billing address for both of these issues be my permanent home address, and I discussed with my family that all of the bills would be handled by my parents since I had no income at the time. Fast forward to today and I have two medical bills filed against me on my credit report ($476 and $67 respectively). I guess since I was in college and moving every 10 months the medical bills got sent to an address I no longer lived at, and I was so busy me or my parents forgot about them and they didn't get paid. I have no doubt that the bills are valid and I am perfectly fine paying them and having them come off my credit report in a few years (other than getting a car loan and paying student loans, I'm not planning on any big purchases and my credit score is at ~670 depending on my utilization). However here is the main issue, my transunion and experian credit reports state that the debt is with one collections agency, RMP LLC (everything matches on both). But last March I received a letter from a completely different collections agency (Medical Revenue Services) asking for what I believe some part or all of this debt. The letter only mentions one bill in collections, not the two, and the amount is different ($494 instead of $476). The letter also stated that if I did not dispute the debt with them within 30 days of receiving the letter, then I would assume the debt is valid. I'm not sure if this letter is legit since they aren't listed as the debt holder on my credit report and the value is wrong, but I'm unsure how they would know the original hospital that the debt is unless the debt was sold to them. I'd like to just pay these bills and hopefully be able to ask for a delete if paid from whoever owns the debt and put it all behind me. Any help anyone can provide for me would be greatly appreciated! Thanks! Edit: Also due to my moving so much, I have never received any sort of contact from RMP LLC, the collections agency that holds my debt according to my credit report. This isn't to say that they haven't tried to contact me, I just have not received any correspondence either phone or mail, so I'm not sure if I have any sort of basis on asking to have the debt validated. [link] [comments]  |
| 21 y/o with $500 in Vanguard and no idea what to do with it Posted: 27 Sep 2020 06:12 PM PDT Hi all, [link] [comments]  |
| Tax Advice for independent contractor Posted: 27 Sep 2020 07:17 PM PDT Hi guys, this is my first time posting on this sub because i need some help. my brother says this is not allowed but idk if he knows what he's talking about in this particular circumstance. Now i am an online content creator and i stream on multiple platforms while also posting my content elsewhere. here's the thing, i lost my job at the beginning of this year due to covid and i haven't been able to find work since. so I've been collecting unemployment so i can still have a source of income to cover my life expenses until this pandemic has subsided enough for me to go back to work. But life has other plans seeing as though i actually started to gain a stable income from streaming, twitch is sending me independent contractor forms at the end of the year. i think the classification is a 1099 form of self employment. So i used the money from my unemployment to upgrade my streaming equipment. Camera, PC parts, controllers, Office Decorations, lights, microphone, monitors, new phone (used for streaming In public), And other electronic devices that i can easily prove the necessity for. now my question is are these items tax deductible even though I used my unemployment Revenue which is completely separate from my streaming Revenue? even though I use the unemployment Revenue to purchase equipment for my streaming. because the money would have had to come from somewhere in the first place for me to even do any of this. I'm unsure, which is why I'm asking all of you to clarify if I'm mistaken on any of this information. Thank you for your time and have a pleasant day. [link] [comments]  |
| Posted: 27 Sep 2020 03:31 PM PDT Why can Walmart and Amazon move money from my account almost instantly, but my stockbroker takes 3-4 days using ACH to move money? [link] [comments]  |
| Posted: 27 Sep 2020 02:39 PM PDT Apart from the money from the house, she has about $60k in the bank from her work, and her income has drastically increased this year since she tried something new for her business. She will easily be making upward of $150k per year from here on out. The only other debt she has is her car, which she owes about $8000 on and is planning to pay it off in full shortly. She doesn't want to retire until she absolutely has to, but she wants a safety net in case she gets sick or something, and she doesn't know the best way to approach it. She's afraid of investing, though she realizes that it's mostly because she doesn't know what she's doing and that it is probably something she should do. She has consulted with a few financial advisors, but since this is so foreign to her, she doesn't know how to pick one. Any advice on any part of this would be appreciated. [link] [comments]  |
| Posted: 27 Sep 2020 04:44 PM PDT Basically, I'm also on her bank account in case something like this were to happen, and now that it's happening I have no clue what to do. Any advice/ information would be greatly appreciated. Thank you. EDIT: I have never looked at her bank account out of respect for privacy, but it seems like all of her (few) bills are paid online automatically, except for 2 of them, which she pays by check. The problem with those 2 are that I can't exactly tell what they are just by the name of the charge on the bank account or the names of the companies written on the check. I have to look more into it and search them up. Autopayments: Spotify, water bill, internet bill, cell phone bill Check payments: Something called "Auto Club" and something called "FMG Trust" [link] [comments]  |
| How should I leave an inheritance to kids without damaging them? Posted: 26 Sep 2020 10:33 PM PDT I have 3 kids and a sizable inheritance I plan in leaving them. The oldest is really responsible, the middle child not so much, and the youngest is too young to directly receive any money; they have another parent who I trust to manage the funds. My concern is the middle boy, 19, who lives at home, underemployed, a little bit of school, and a lot of parties, puff, and PlayStation. Is a trust or some other thing like that the way to go? Each kid will get something like 250k and I don't want to fund the party to end all parties. Any direction would be appreciated. [link] [comments]  |
| I want to open a fidelity account to buy stocks, want to confirm i'm choosing the right one Posted: 27 Sep 2020 03:22 PM PDT I am a student but have a pretty decent amount in my savings and have around $2000 id like to start investing in. I'm choosing to use fidelity but I have a lot of choices for investing and trading. Is the brokerage account- "The fidelity account" the correct account type to choose? [link] [comments]  |
| Do my Roth IRA contributions have to be taxed income? Posted: 27 Sep 2020 05:46 AM PDT Do my Roth IRA contributions have to be taxed income? I want to start saving for retirement as early as I can. This is my first paid job and it's a work study job at my university. I'll be getting about 2,000 a semester and I claimed exemption from income tax withholding. Can I put these earnings into a Roth IRA?sorry if my question is dumb. [link] [comments]  |
| Posted: 27 Sep 2020 10:40 AM PDT Hi guys! I am a 17 year-old teenager, not working at the moment, but I'd like to start budgeting now. For you to understand my situation better, I luckily don't really have any financial responsibilities, apart from everything I do for fun, which I obviously have to pay myself. My main source of « revenue » are gifts at the moment, so those are not very big amounts of money. Therefore, I only have a few categories in my personal finances sheet. Given all that (no big income and no financial responsibilities) how would you evaluate my budget percentage breakdown, and how would you remodel it if necessary? Giving: 35% Saving (for emergencies): 35% Having fun/any other expenses: 30% I hope you guys with more experience than me can help me. Cheers! [link] [comments]  |
| Posted: 27 Sep 2020 09:43 AM PDT So this is a weird situation because right now I have job offers for 2 separate internships. The reason this is a big deal is because the internship almost guarantees you a full time offer afterwards. The roles for each company are very similar (they are both leadership development programs for my field). To put things into context, I am currently pursuing my master's degree. The offer right now is only for a summer internship position, but with the likelihood of receiving a full time offer after. Job A: intern pay $31.50/hr Salary pay after: $84,000 Location: Austin, TX I absolutely loved this company and the people I met throughout the interview process. They seemed laid back, young, fun, and like the culture is somewhere I would fit in very well. Additionally, Austin seems like a great city to live in after graduation. Job B: intern pay $37/hr Salar pay after: $94,000 Location: Armonk NY or Raleigh NC This is a very reputable company that I was also very excited about! It seems like there is a lot of opportunity for growth and moving up within the company. I would not be quite as happy in Armonk I don't think since it's not right inside the city which I would prefer. Also I wanted to take into account cost of living. I think Raleigh and Austin would be comparable in this case. I grew up very poor so I am absolutely thrilled with both offers. It's hard for me not to jump right into going for the offer that pays more, especially since a $10,000 difference is a lot. Location wise I would probably prefer Austin, and I think company A would be a lot of fun to work for. That being said, I'm not sure if I would advance as quickly there and it might take me a long time to get up to the salary that Company B is offering initially. Would it be smarter for me to start out with the higher salary since it sort of sets the bar for my future offers? [link] [comments]  |
| Posted: 27 Sep 2020 03:52 PM PDT My credit card is the bofa cash rewards. I have a questions regarding due dates and closing dates. So my payment due date is on Oct 13 and the next closing date is Oct 16. Please keep in mind that I am paying the whole statement balance when it comes. I am really new to this and don't want to make mistakes.
For a noob and a teenager with no in-depth knowledge about this, the way I think of it is, first, pay the statement balance at least 3 days before the due date to avoid getting my payment in late because of pending and such. Second, try not to use the credit card between the 13th until the 16th to avoid things like "I have a new balance that needs to be carried out for the next cycle meaning I will get charged interest for not paying out the whole balance for the month" Please explain as simple as possible :( it really sucks that school don't touch on this subject at all [link] [comments]  |
| Posted: 27 Sep 2020 07:34 PM PDT I moved from a state without medicaid (FL) expansion to a state with medicaid expansion (OH). I qualified immediately and 2 months later, I had a 3 day hospitalization. With even private insurance, I may have had to fork out a couple grand, but with Medicaid, my care was completely free and only had to pay $10 for a months supply of drugs at Rite Aid. The amount of regulations that Medicaid is under is what really makes it so beneficial. All emergency services are required to accept medicaid, and if a practice doesn't accept medicaid, you would have to sign a form acknowledging it. Medicaid even beats the best private insurance and medicare in my opinion. I am incredibly grateful to Obamacare for expansing medicaid and our former and current governors, John Kasich and Mike DeWine, for supporting medicaid expansion. I even look forward to paying sales and income taxes to my wonderful state now. [link] [comments]  |
| Mortgage Forbearance and Credit Posted: 27 Sep 2020 07:25 PM PDT Hi, looking for suggestions here. When I first got my house (5 years ago) I was laid off and went on forbearance for something like six months. Little did I know, it showed me as missing those payments - even though I paid the mortgage company an adjusted monthly payment (roughly 1/5 of my mortgage). I knew this would bite me and I tried to follow up with them about a year ago to remove these items from my credit. I replied to an email that they "by law must respond to inquires" (according to the mortgage company) from one year ago and no response. I've called the various departments at the mortgage company over the last month without any substantial response. I've sent another email to that email, no response. I'm in the process of getting a mortgage for a new home and I'm worried about these six payments causing an issue. Also not having them on my credit would probably boost my score to the 800s (750 now and everything else is near perfect - zero other missed payments on my credit report). So this is not only costing me real money by preventing me from getting a reduced rate, it may screw me from being able to buy this new home :( Any thoughts or suggestions? [link] [comments]  |
| Surprised by my Low Credit Score Posted: 27 Sep 2020 05:10 PM PDT On the way to work on friday I smashed into a deer with my trusty rusty pickup. The trucks ok, just ugly. I am mulling over the idea of finally buying myself a new truck. I am 31 and have always had auto loans of some kind since I was a teenager until recently. I have never had a credit card. The last loan I took in 2017 was for $8,000. When I took the loan, the bank told me my score was a 785. I paid it off extremely early and haven't thought about my credit score since. My credit has been stagnant for two years I have never personally checked my score until today, when credit karma is showing me a 640!!! Was I penalized for paying my last loan off early? Is not being in debt hurting my score that bad? Or perhaps my old loans are falling off my report. Either way, I will be looking at vehicles and houses in the near future and need to beef up my score. Is a credit card finally necessary for me? [link] [comments]  |
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