Personal Finance Mother has terminal cancer, wants to give us kids everything before passing |
- Mother has terminal cancer, wants to give us kids everything before passing
- Will having my mom (with terrible credit) co-sign on my car loan improve her credit without hurting mine?
- I think my wife just got scammed on Venmo.
- Is it possible to recover after divorce and child support?
- Geico 300% Premium Increase
- create an Experian account using someone else's SS and DOB?
- Maxed out TSP Contributions. What now?
- Widowed mother is struggling with “new wealth” after father left majority of family assets to her. Can someone help us (me) with pointing her into the right direction?
- Got multiple checks from "unclaimed assets" I had no idea about
- What to do with 35k in savings
- Bought a house in CA only to be told I can work remote full time - Possible move to Vegas
- Saving for a house- buy sooner or wait until we have 20%?
- I’m in some legal trouble and looking at $20-30,000 in legal fees. Are there loans out there that can be deferred until after a prison sentence?
- I received some windfall money. I’m 21 and have no experience with saving/investing
- Timeshare default
- What does an aggressive retirement portfolio look like?
- How do I take out a loan?
- How do you save fortnightly
- I got a new job that offers a 401k, but I have no clue what to do with my current 401k
- Fiancé wants to refinance her new car
- Just created a Vanguard Roth IRA and don’t know where the Target Retirement Option is on the app
- Received a bill from the IRS today.
- I have a home loan and are planning to make a large purchase. Should I take an interest free option?
- Should I keep my property as a rental?
- IRS Private Collection Agency
| Mother has terminal cancer, wants to give us kids everything before passing Posted: 13 Oct 2020 07:12 AM PDT My mom has terminal cancer. She doesn't have much money but wants to be able to give as much to my brother and I when she passes as possible, for reference we live in Pennsylvania. I am currently on her bank account and my family has advised me to start taking money out to avoid inheritance tax. Is that wise? How should I record this money? She also bought a new car a little over a year ago and wants to give it to me. We are not sure what the best way to proceed is. Should she gift the car to me? Sell it to me for $1? Should we wait until after she has passed to transfer it to me? My brother and I honestly don't care one bit about the money but she so desperately wants to leave us both something. It is heartbreaking to see her so upset her savings have been depleted by treatments. We are all trying to get things settled for her so she can relax for the time she has left. UPDATE: Wow, I was not expecting such a big response! I am trying to reply to many of the comments and questions, but -as you are aware by my original post- I am juggling a lot of things and can't reply to everyone. As many people suggested, I will look into an estate lawyer. Given my mom's limited assets, it never occurred to me to do. . For those wanting more details on the finances: mom does not own her home (lives in a townhouse owned by her mom), has been on disability for years due to severe depression/anxiety. Her bank accounts do not total more than $10,000 and her most valuable asset is her Subaru (valued $20,000?) that she does owe a bit on still. . Thank you for every single kind wish and sympathy. This is the worst thing I have ever experienced and never thought it was possible to feel this level of despair. Please don't smoke, don't vape, it isn't worth it! [link] [comments]  |
| Posted: 13 Oct 2020 05:08 AM PDT Looking to get a new truck (that I can fully afford) that I'll be making the payments on solely. My mom has bad credit (low 600s) due to her divorce and the failure of the family business. In order to try to improve her credit I thought I could get her as a co-sign on my car loan. Will this work? Will this hurt my credit somehow? Edit: Thank you all for your help. This has made me make a few decisions. One is my new truck can wait until after the divorce. The second is I need to add my mom to my cards as an AU. Third I'm going to add a $5 limit to those cards if my bank will let me. Fourth I need to look into bankruptcy if this debt sticks after the divorce. This discussion with you all has been pretty eye-opening [link] [comments]  |
| I think my wife just got scammed on Venmo. Posted: 13 Oct 2020 01:46 PM PDT My wife was selling a piece of furniture on Facebook marketplace and someone expressed interest. The item was $150 and they buyer said they would pay now to reserve it and pick it up later. This is all pretty normal for previous experiences with Facebook marketplace. The weirdness starts when they pay via Venmo but instead of sending $150, they send $1500. "Omg, I sent too much can you send it back and I'll send the right amount!" So my wife does the refund and the buyer disappears. Not even viewing her FB messages or sending the correct amount. She tells me and I immediately think it's a scam and found this article that pretty much confirms it for me. TLDR of the article: You steal a credit card > send money to someone > request a refund > switch the card on your Venmo account to your own > withdraw the funds > close your account. This leaves the person that refunded you with with the fallout when the stolen card gets reported. I immediately removed the bank account associated with the Venmo and sent Venmo an email through their support form. The only info I have on the person is their Venmo account and the name on the Facebook account they used to contact my wife. What else can/should I do? Am I screwed out of $1500? [link] [comments]  |
| Is it possible to recover after divorce and child support? Posted: 13 Oct 2020 07:46 AM PDT I'll keep this as concise as I can. My ex was apparently taking out credit cards in my name and not telling me about it until it came to light when she decided she wanted to leave me for another man. Divorce documents showed everything and I found out I was $60k in credit card debt (not all of that was unknown to me). I am now 3 years out and have $25k left and my ex owes about $17k of it (debt was split in the divorce and she's supposed to pay me $200 per month, but the court won't garnish wages or deduct from my child support, and she hasn't paid since COVID started due to "financial hardships"). I'm fortunate enough to live with my parents, but as a 32 year old man I would quite like to move out. I just can't seem to get ahead enough to afford that, though... I make $26/hr at my company, so about $4,400 per month gross. Child support: $900 Insurances (health, dental, vision, and auto): $800 for myself and my daughter. Auto: $425 (I took advantage of a $6,000 lease rebate to pay down debt at 0.25%, which is why my payment is high.) Debt payments: $700 (consists of a $480/mo personal loan at 10% and a $220/mo 0% card which will be paid off during the promotional APR period ending December 2021.) Charitable contributions: $200 per month Gasoline/Food/Misc Expenses: $300 per month I have $4k in an emergency fund and $13k in a retirement account. I'm basically left with nothing every month after everything is paid and I'm not sure how I can turn this around. Even when the debt is paid off in 4 years, I'm only freeing up $900 per month (assuming my ex actually pays me the $200 per month she owes). That is certainly not enough to pay rent, utilities, etc... so is there something I'm missing? How am I supposed to get out from underneath this and be able to live? [link] [comments]  |
| Posted: 13 Oct 2020 05:13 PM PDT My sister and I share an auto insurance policy with Geico. This last 6 month period we were claim free and clean. Our premium was $1,900 for the 6 months. The premium has just renewed for the next six months. The new premium: $5,500???? THATS A 300% INCREASE. I emailed geico about how it must be a mistake and they confirmed, that's correct. What's going on? Thanks. [link] [comments]  |
| create an Experian account using someone else's SS and DOB? Posted: 13 Oct 2020 07:22 PM PDT Hi, so I applied for a credit card a week ago and got a letter from BofA saying they needed some more info to proceed with my application, and said I could check my credit report on Experian. So I try setting up an account with my SS and DOB and Experian tells me that they already have an account with this information on file. Well, that's news to me. So I click "Forgot Username" and they say they're sending reset instructions to a partially redacted gmail account that I've NEVER seen and definitely isn't mine. After a huge headache on the phone with Experian, I find that the email that used my SS and DOB to create the account belongs to my current landlord. They even set up a security question, PIN, the whole shebang using my sensitive information as the meat shield. I filed a police report this afternoon. this is financial fraud right? Does anyone with Experian experience know if this is typical? [link] [comments]  |
| Maxed out TSP Contributions. What now? Posted: 13 Oct 2020 03:36 PM PDT I have been able to max out my TSP contributions for the past couple of years and I am looking for something else to invest in for retirement. Is the simplest thing to do a Vanguard mutual fund? I have a lump sum and a couple hundred a month I can contribute. Thanks. [link] [comments]  |
| Posted: 13 Oct 2020 04:41 PM PDT As the title says, I lost my father a couple years back and he left a small fortune to us but majority went to mother. Mother is 46yrs old and currently is employed as a government employee working on average +30hrs every week. She's currently being paid $19hr while investing a small, unknown to me %, to her 401k ($25k balance) and has a decade to go for her to receive her pension. She lives paycheck to paycheck undoubtedly, however she has other assets that she would love to invest in a low-risk longterm plan. So how can I guide her to do this in a way where she can educate herself on this and make her own decision? FINANCIAL RUNDOWN So I'd listed a brief rundown of her finances to better understand her position as a late 40's widow. To me it's a daunting feeling to think of mother late in age with no plan of retirement, so I'd like to start with expressing my idea and get feedback as to how to improve our game plan. Widowed **mother of 46yrs of age living on a bi-weekly (+60hr) paycheck feels like, ""she's losing her money like if it were water!"" Have I got the right idea to help her retire in the next +13yrs with a healthy retirement income through her pension, 401k IRA (?), savings and real estate? Her dream is to retire in Washington by selling both homes to purchase one there with $0 mortgage. I'm asking for advice on helping my mother with her retirement dream, so please comment with serious suggestion for me to follow. Thank you in advance. ., [link] [comments]  |
| Got multiple checks from "unclaimed assets" I had no idea about Posted: 13 Oct 2020 02:48 PM PDT About 6 weeks ago I got 3 letters in the mail from MetaBank (which I had never heard of and don't have any accounts with) saying that I had unclaimed assets. After a bit of googling I thought it was possibly the $1200 stimulus payment which I never received. I had received 3 letters for them which I found odd but whatever, I checked that the bank was legit and sent in my info. Fast forward to today, I received 3 checks in strange amounts - $124, $274 and $1351.20. It says they are "Tax refund proceeds" and mentions Drake software, which seems to be related to 1040.com, where I filed taxes 2 or 3 years ago but not for 2019. Long story short, should I just cash these checks and not worry about the details? They're from a reputable bank but I really don't think I was owed any money. Thoughts? [link] [comments]  |
| What to do with 35k in savings Posted: 13 Oct 2020 05:07 PM PDT Hi all, Most of my adult life I've lived paycheck to paycheck working in kitchens. Over the past two years I've been able to save about 35k, which is great for me, which is now in savings. I know there has to be something better to do with the money than have it sit in savings. I don't have much outstanding debt. Any advice? [link] [comments]  |
| Bought a house in CA only to be told I can work remote full time - Possible move to Vegas Posted: 13 Oct 2020 07:45 AM PDT Hey guys Just bought a house which has a guest house. My original plan was to live in the guest house and rent out the main house. Now I was just told I can work fully remote. so I thought I could live in Vegas to escape the taxes. I was approved up to 1.6m and I ended up recently buying a house for 1m with 20% down. Would it still be possible for me to get another loan to buy another property in vegas? Do you see any legal issues with the original mortgage? [link] [comments]  |
| Saving for a house- buy sooner or wait until we have 20%? Posted: 13 Oct 2020 08:41 AM PDT Hello! We'd love to be able to buy a house in the next few years, but a 20% down payment in the area we're looking is about 50-60k, not including closing costs. We can definitely do some penny pinching around retirement contributions, but I was wondering if the 20% is totally necessary? Is it better to buy and have to deal with mortgage insurance, or continue to rent in a HCOL area? Currently we're paying almost 2k in rent and utilities, but we plan on moving to an area where we can maybe get it down to 1.6k. We also want to save to start a family and maybe travel a bit since we're still young, and I'd like to save at least 10k for potential hospital expenses. It feels like something has to give but we're not sure what. On the financial side:
Any advice is welcome! [link] [comments]  |
| Posted: 13 Oct 2020 10:39 AM PDT |
| I received some windfall money. I’m 21 and have no experience with saving/investing Posted: 13 Oct 2020 02:17 PM PDT After paying off student loans/moving I'm left with 147k. I'm content right now, I'm in a serious relationship, and we don't spend on anything besides food, gas, rent. We both go to college while trying to get jobs. My reason for asking is because I want to be smart with it, I'm not a expert stonk guy but I know this money can help in the long run if put to good use. What would you do in my shoes? [link] [comments]  |
| Posted: 13 Oct 2020 04:43 PM PDT Hi guys! First off, not a US citizen. Need some advice, back in December I got into a timeshare (before the whole covid thing) and was able to make the first payments of the loan with no trouble at all. Come march and my dad lost his job meaning that I became the main support for my family and next month I was sent on furlough. I'm currently employed again yet with the current conditions it became impossible to keep up with the payments and recently got a couple of emails from a, collections agency. My question is..will this affect any future travels to the US? Or will it have any legal repercutions if I ever go to the US again? Also wondering id there are any implications with the visa applications? The collections email had a couple of options including a non use settlement I think? Thanks in advance. [link] [comments]  |
| What does an aggressive retirement portfolio look like? Posted: 13 Oct 2020 07:31 AM PDT I plan to retire in around 35 years and currently have 98% of my retirement funds in a 401k and about 2% in a recently created Roth IRA. I plan on maxing my IRA contributions for a couple years and letting my company match slowly increase my 401k. My 401k is all in a T Rowe Price Target Date Fund (2055) and for the IRA I started out with a standard three-fund-portfolio with index funds in S&P 500, International, and total bond market with a split of 63%/27%/10%. After reading more on here and around the internet I'm starting to think that I don't need anything in bonds, especially since I have the Target Date Fund. Which led me to the question of "what does an aggressive portfolio actually look like?" I would like to stick to mostly index funds, but am happy to try managed. I know adding small cap funds would be more aggressive, but is there anything else? Does it make sense to find, for instance, a decent looking industry fund like a blue chip and put some in there? I don't want to go all in on individual stocks or anything crazy aggressive, but something like 5ish mutual funds that are just "more aggressive" than I have now would be interesting. [link] [comments]  |
| Posted: 13 Oct 2020 08:12 PM PDT I'm not sure if this is the right sub, but if it isn't I'll ask somewhere else. I make very little money, if I'm lucky I save 300 biweekly after rent, so maybe 600 a month provided my car stops adding unnecessary expenses with the battery not working right. I have 5,500 in savings. Surgery could cost anywhere from 7,500 to 9,000 dollars, so if I save my paychecks by the time surgery rolls around I might have saved 6,500 maybe because I think the earliest I can get surgery is December, but as December is the busy season for my job, I might be less likely to endanger my job if I schedule it for January. I know going into debt isn't the best plan, but I can't wait for surgery, don't know how to get medical coverage on the timeframe I need and I need to get surgery done before a certain date due to outside life circumstances. I don't have any other debts. I'm a member of a credit union, my credit limit is 1,200, and my credit score is 752. I would be eligible for FMLA with my job to be out 2 weeks provided I don't lose it in the next two-three months due to layoffs. My friend has offered to let me stay with them even if I can't pay for a bit but I'd still have a permanent address in my state. Anyone have any advice on how to take out a loan, if a credit union is the best option for loans of 2,000-4,000 dollars, or how to find a way to cover medical costs without insurance? I don't think taking out a credit card is a good plan, and if I might be temporarily homeless due to other reasons or lose my job I just want to make sure I can make the best decision financially in a bad financial situation. (I'm not sure if I can pay for surgery in installments yet, either, but I doubt it.) [link] [comments]  |
| Posted: 13 Oct 2020 07:52 PM PDT I started a new job and I'm getting paid fortnightly and I use to get paid weekly.any tips on how to budget/manage money fortnightly? [link] [comments]  |
| I got a new job that offers a 401k, but I have no clue what to do with my current 401k Posted: 13 Oct 2020 07:49 PM PDT Today was technically my first day of employment (but haven't started working yet), and I had to take care of a bunch of paperwork including a 401k auto enroll notice. It reminded me that I have a 401k at my current job, and I have no idea how to handle that. My mom has briefly mentioned rolling it over, but I have no idea how to do that. The new retirement plan would be through Vanguard, but my current one is with a different company. I don't know what's relevant with retirement plans, so I looked it up. I found that I could also rollover my current plan into a Roth, a financial dream to me, but I don't have a clue about the pros or cons on what to do. While I learned generally what the various retirement plans are, no one said a word on how to invest within these plans or how to manage them either. How should I handle this? [link] [comments]  |
| Fiancé wants to refinance her new car Posted: 13 Oct 2020 02:35 PM PDT She has it finance thru capital one, $35k at 5% for 60 months. Her credit score is around 760 and that was the lowest she could get at the time. Long story short, the dealership overcharged her a lot of money cause she was a naive first time car buyer and got charged warranties and all that good stuff. In the end, she actually got it refunded and got the car for the actual listed price of $28k. Her payments are pretty damn high, I think around $650 or so a month. If she refinances, is there anyway to get the payment and the interest down? She received like $7k in refunds but her loan still says $35k. If you get what I mean. It would help her out a lot to knock off a couple hundred from her loan! Also, she purchased it in July. [link] [comments]  |
| Just created a Vanguard Roth IRA and don’t know where the Target Retirement Option is on the app Posted: 13 Oct 2020 07:30 PM PDT I'm 19 and decided I want to make a Roth IRA and seen Vanguard had an option where they automatically move between bond or stocks or whatever as I near retirement and since I don't know a lot about these things and want to get started as soon as possible I figured I want to go with a safe option. I put in 30 dollars as of now and plan to put in about 50 a week if possible but I don't know where on the app to get started on it investing for me in a safe place [link] [comments]  |
| Received a bill from the IRS today. Posted: 13 Oct 2020 07:12 PM PDT Me and my husband (joint filing) received a bill from the IRS today stating that due to some information changes on the 2018 form 1040 we owe them $2200. They are stating that it is due to excess social security tax withheld. We are not even sure what triggered this and why are we receiving a bill from 2018. Is this legit? And do we need to meet with a CPA to discuss this? Bill is due by November 2nd. Any insight on this matter is much appreciated. [link] [comments]  |
| I have a home loan and are planning to make a large purchase. Should I take an interest free option? Posted: 13 Oct 2020 06:52 PM PDT So I'm in Australia I have a home loan of approximately $250,000 at 2.9% with an offset feature and around 15years remaining. I'm looking to make a large home renovation purchase of around $15,000 and the company I am purchasing from has a 60months interest free option that I could use to finance the purchase. I have the cash in the offset so I could use it to make the purchase outright but I was wondering if taking the finance might be a smarter option and trying to work out what the savings may be? So notwithstanding any fees (that for brevity I will exclude from the question here) would I be completely better off taking the interest free option as it is effectively means that $15k is reducing my principal over the 5 years reducing at the repayment rate of the interest free loan. Is there any traps\issues that aren't immediately obvious? Also, I'm finding it difficult to calculate the savings in this scenario as most "Extra Repayment Calculators" assume you're making the payments over the life of the loan or after a certain time. Not from the start. Thanks [link] [comments]  |
| Should I keep my property as a rental? Posted: 13 Oct 2020 06:28 PM PDT I live in a high cost of living area. Just one town over from a major tech hub (CO) 3 1/2 years ago I purchased a townhome for $255,000. It's now worth $315,000. My mortgage is $1500/month (including $250/month HOA). Taxes and insurance are in escrow. My interest rate is 3.8% I can rent the property for $1700/month plus utilities. I plan on purchasing a second home to live in. I have enough cash and monthly income to pay for vacancies and maintenance if needed. However, the profit off this rental would be minimal if any to start. In the long run is it worth it? Appreciation seems like somewhat of a given based on the boom my city is experiencing. It's a really nice property too. Capital gains tax is another concern. However, my other plan is to dump a ton of money into stocks. So taxes seem to be somewhat unavoidable. Any advice is appreciated. [link] [comments]  |
| Posted: 13 Oct 2020 06:26 PM PDT My husband received a notice in the mail today (Notice CP40) that his overdue tax account has been assigned to a private collection agency. We are confused since we have been set up on an installment agreement with the IRS and have been making payments on time every month for over a year. My question is, will this show up on his credit report? We are in the middle of closing on a house and are v concerned. [link] [comments]  |
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