My Account
Sign up, and you'll be able to ignore users whose posts you don't want to see.
Sign up
Report problem with this ad
Start a related thread
Start a related poll
Reply via Boardmail
Jul 2, 2020
8:16
:34
am
Medute
All-American
Hahaha, now you’re talking!
Start a related thread
Start a related poll
Reply via Boardmail
Report problem with this ad
Medute
Bio page
Medute
Joined
Jun 29, 2010
Last login
Jun 14, 2024
Total posts
17,763 (1,132 FO)
Report problem with this ad
Messages
Author
Time
Asking advice for a friend who has managed someone’s investments (with edit)
Medute
7/2/20 6:59am
If I were Jill I wouldn't pay anything.
Little Britches
7/2/20 7:02am
Interesting, really?
Medute
7/2/20 7:06am
Here's my reasoning:
Little Britches
7/2/20 7:15am
There is certainly no obligation whatsoever
Medute
7/2/20 7:25am
Wouldn't it be easier to just say "I'm a yewt?"
BYUALWAYSNUM1
7/2/20 8:08am
Do you give your money away to everyone who has helped you out?
Little Britches
7/2/20 9:13am
I’ve never had anyone “help me out” to the tune of $400,000
Medute
7/2/20 9:17am
True. If I knew Bob more than casuallybid go 15k. If it was the equivalent of
Little Britches
7/2/20 9:34am
If I were Bob I wouldn’t accept a gift
Acorn
7/2/20 7:24am
He never expected or asked for a gift
Medute
7/2/20 7:28am
If you were asking for Jill
Acorn
7/2/20 7:39am
Ah.. so the true intentions of the “gift” come out
cougfanz
7/2/20 8:03am
That’s my theory...but Jill did make a statement about the size of the account
Medute
7/2/20 8:10am
I agree he shouldn't expect anything. But if Jill wishes to do something of her own accord then that is up to her. And
unctoothman
7/2/20 5:28pm
If Jill intends this gift to continue to procure Bob’s services
Linescratcher
7/2/20 7:38am
This sounds the most like a lawyer answer
Medute
7/2/20 7:54am
The issue is this:
Linescratcher
7/2/20 8:03am
I’m no lawyer, but I have a hard time seeing how there would be issue with gift
Medute
7/2/20 8:14am
Let's take a stroll down "Worst Case Scenario" lane:
Linescratcher
7/2/20 8:33am
Well that’s certainly a worst case scenario
Medute
7/2/20 8:38am
<< Deleted >>
ditch
7/2/20 11:02am
I have no idea what would be fair, but will Bob manage my investments too?
theOnceler
7/2/20 7:03am
Bob has done very well
Medute
7/2/20 7:14am
Maybe Bob should start a business?
BYUALWAYSNUM1
7/2/20 8:14am
How would your friend claim it as income? That could cause your friend some
MormonThug
7/2/20 7:04am
It would have to be done as a gift within the tax rules ($15,000 per year)
Medute
7/2/20 7:09am
RE: It would have to be done as a gift within the tax rules ($15,000 per year)
MormonThug
7/2/20 7:33am
Well, the tax implications are just that Jill has to report any amount of a gift
basman
7/2/20 8:04am
How close are they? Either party married?
BYUALWAYSNUM1
7/2/20 7:06am
They have worked together for probably 20 years
Medute
7/2/20 7:10am
Send the couple to Hawaii for 3 weeks. Two for quarantine and one for fun.
BYUALWAYSNUM1
7/2/20 7:13am
You can gift someone $15,000 without affecting either one's taxes, so I'd say
Broda
7/2/20 7:07am
The consequence is only that the giver has to report the amount gifted over
basman
7/2/20 8:06am
I think $15-20k
KingDave
7/2/20 7:11am
He didn't even beat just putting it in VTI for 10 years.
Baron
7/2/20 7:12am
Why did my post get a thumbs down? For asking a question?
Medute
7/2/20 7:15am
Thumbs down because the guy did nothing special.
Baron
7/2/20 7:16am
20% annual return when the S&P average was 10% isn’t special?
Medute
7/2/20 7:37am
RE: 20% annual return when the S&P average was 10% isn’t special?
Baron
7/2/20 7:38am
Also your math is wrong
Baron
7/2/20 7:19am
You are right, thanks. I just re-did her S&P numbers
Medute
7/2/20 7:34am
EDIT. I retract my post. I looked at VTSMAX but then compared it with VTI. Move
Baron
7/2/20 7:29am
Yeah, I think Bob is not as much of an outlier as it originally sounded.
d-coug
7/2/20 7:30am
The S&P return over that 10 years was 11.96%
Medute
7/2/20 7:42am
$10-15K. Over a 10 year period that's reasonable
GA_Coug
7/2/20 7:13am
$50k. Oh and good work Bob.
WDaddy
7/2/20 7:16am
This is closer to what I was thinking
Medute
7/2/20 7:21am
Probably nothing but I would thank him.
cougfanz
7/2/20 7:21am
I lightly encouraged people at my former company of 200 employees to invest in a
dYrtbYkerYder
7/2/20 7:26am
If I were Jill I would buy Bob something that means a lot to him
JOPE
7/2/20 7:56am
This is almost exactly what my response has been
Medute
7/2/20 8:02am
I hope you are negotiating a small fee for your role as arbitrator.
AFCougK9
7/2/20 8:05am
Hahaha, now you’re talking!
Medute
7/2/20 8:16am
Will you tell Bob I have $272 and would be happy to enter into a similar
Epileptic Beagle
7/2/20 8:20am
100k. 10% return over ten years is 705k. He added 700k over the an index fund.
valleus
7/2/20 8:46am
If I were Bob, I wouldn't accept anything over a dinner with friends. There is
msbbm760
7/2/20 9:22am
I don’t think I agree
Medute
7/2/20 9:40am
I am a tax professor, but he can do as he wants.
msbbm760
7/2/20 12:13pm
It's no different than a tip for tax purposes. It's income.
msbbm760
7/2/20 12:58pm
I am just so confused. I thought the IRS allowed a person to give a gift
Medute
7/2/20 2:16pm
I’m confused too. Aren’t you allowed to gift any amount, but if it’s over 15k
valleus
7/2/20 2:41pm
It's not a gift when the only reason it is being given is because a service was
msbbm760
7/2/20 4:58pm
I advised them to be careful for the reasons you mention
Medute
7/2/20 5:14pm
Here's an idea. Does Bob have a business he's always wanted to start?
dultso
7/2/20 9:35am
Personally, I don't like Jill's actions here. It seems she is putting Bob in a
delbert
7/2/20 10:01am
Variation on the theme - I want to help my mom manage her $. Best way to do it?
Blue Mountains
7/2/20 10:32am
Things get dicey with family often.
BYUALWAYSNUM1
7/2/20 10:39am
agreed. i'm a glutton for punishment
Blue Mountains
7/2/20 10:47am
No way I'd put myself on the hook if I lost money.
dYrtbYkerYder
7/2/20 1:17pm
I say it depends on how much available cash you have to "give back/share"
ditch
7/2/20 11:16am
Report problem with this ad
Posting on CougarBoard
In order to post, you will need to either
sign up
or
log in
.
Report problem with this ad