Dear Fanlax Experts - Help and advice thread.

[old salt]

trinity are you there?

got a traffic ticket. it was a rolling stop through a sign. officer says: when you get this ticket, plead not guilty. then winked at me.

fwiw, i came to almost a complete stop. it was hardly egregious.

what the H does this mean?

Go to court. Plead not guilty. He'll no show. Ticket will be dismissed. He had a quota to fill.

[ChairmanOfTheBoard]

that's what i've done in the past. but i've never been winked at like that before!

the hearing is... 10 months away. so i'll let you guys know in about a year's time!

[youthathletics]

that's what i've done in the past. but i've never been winked at like that before!

the hearing is... 10 months away. so i'll let you guys know in about a year's time!

Agreed with OS. Try and remember what he looks like so you can scan the room when the officers arrive....just to be sure he’s not fooling you. County probably needs money and they ramped up tickets.

[44WeWantMore]

And if he is there, you may just sit quietly and listen carefully. Once, before the judge was seated, a police sergeant came in and hinted that we were all a bunch of drivers (maybe 30 of us) each with a clean record and each with a ticket for a minor infraction. He advised us to all to stand together, plead no contest, and if we did so, we were to pay court costs, and a substantial fine (together amounting to almost as much if we simply paid the ticket via postal mail), but if we did so, there would be no points nor any moving violation recorded. But he could not make us do so, as we were all entitled to our day in court. But clearly, all 30 of us could not receive a full hearing in the 10:00 slot.

Some older gentleman, either hard of hearing or short on money (or maybe he really did believe he was not guilty) kept asking the sergeant questions, and the rest of us were whispering, "Sit down and say thank you." Eventually, he did, and then the judge came in, and after maybe two minutes of hearing, he banged the gavel, and we all lined up to pay our fines and court costs on the way out.

[youthathletics]

Financial Investment Support: Was just notified that I need to offload the UTMA I started over 18 years ago for one of my kids (probably should have chosen another avenue I know). He is no longer a 18 and the firm is emailing me that this needs to happen.

We do not need it for college for this child, but would certainly help with our 2nd college student. Which is the most prudent x-fer of funds that will have the least taxable/burden for the kids. I am thinking if I transfer directly to a kid....it is then earned income and could screw him come 2020 tax time. I was thinking send it to him and then he could gift it to his brother for college....of does that gift then become heavily taxed. Or just throw it in a brokerage account and slowly draw off it?

Thoughts?

[ardilla secreta]

that's what i've done in the past. but i've never been winked at like that before!

the hearing is... 10 months away. so i'll let you guys know in about a year's time!

Good luck in prison. I’ll send you a red velvet cake with a file in it.

[njbill]

Financial Investment Support: Was just notified that I need to offload the UTMA I started over 18 years ago for one of my kids (probably should have chosen another avenue I know). He is no longer a 18 and the firm is emailing me that this needs to happen.

We do not need it for college for this child, but would certainly help with our 2nd college student. Which is the most prudent x-fer of funds that will have the least taxable/burden for the kids. I am thinking if I transfer directly to a kid....it is then earned income and could screw him come 2020 tax time. I was thinking send it to him and then he could gift it to his brother for college....of does that gift then become heavily taxed. Or just throw it in a brokerage account and slowly draw off it?

Thoughts?

These would be my thoughts, though I’d certainly suggest confirming this with someone who really knows what they are talking about.

Kid 1 is currently the owner of this account for tax purposes, not you. I assume kid 1, not you, has been including any dividends or capital gains on his tax return, and that you have not included them on yours.

Not sure if you necessarily will be required to do this, but if the account must be re-titled into kid 1’s sole name, that is not a taxable event. Kid 1 owes no tax (CG or income) at that time.

Kid 1 can give the money to kid 2. Of course, kid 2 can put the money in a brokerage account in his own name. This is not a taxable event, with one exception, so neither kid owes any tax on account of the transfer. It is not a sale or disposition of the money so kid 1 does not owe any capital gains tax. It is not income to kid 2. The exception is that kid 1 may owe gift tax, that is, if you technically follow the rules. Currently, there is a $15,000 per year per person gift tax exemption. So kid 1 could give kid 2 $15,000 each calendar year without having to pay gift tax.

You should document this with a letter from kid 1 to kid 2 specifying the amount and date of the gift.

An important caveat is to be certain that if kid 1’s monies are with a broker at the time he gifts funds to kid 2, that the broker understands that the transaction is a gift and documents it as such. Otherwise, the broker may treat the transfer as a sale which would trigger reporting to IRS and the generation of a year end 1099. You definitely don’t want that.

Kid 2 will get kid 1’s tax basis in any monies transferred, i.e., gifted. The basis will be kid 1’s basis on the date of each transfer/gift.

[DMac]

Chairman, question for you: Don't figure you'll really have the answer but since you're a New York boy and the issue of tickets has come up (you think the cop might have winked at you just because he thought you were cute?) thought I'd ask anyway. The speed limit on the Mario Cuomo Bridge is 35 mph (was on it yesterday), if you're going 55 mph on that bridge you're slowest moving vehicle crossing it, and if you're going 65-70 you're just keeping up with traffic. Anyone going 35 mph on that bridge would be one huge traffic hazard. What the hell is the deal with the 35 mph signs on that bridge?

[ChairmanOfTheBoard]

it's a good question. technically, in violation of the VTL. how it's enforced is probably officer by officer. trinity???

i agree it's dangerous to go too slow at times. on a bridge, different story perhaps.

if i was an officer, and pulled someone over for speeding, the last thing i'd want to hear is: everyone else was going that fast. because they've heard that before, every time. at least come up with something original. i dunno.

[youthathletics]

Financial Investment Support: Was just notified that I need to offload the UTMA I started over 18 years ago for one of my kids (probably should have chosen another avenue I know). He is no longer a 18 and the firm is emailing me that this needs to happen.

We do not need it for college for this child, but would certainly help with our 2nd college student. Which is the most prudent x-fer of funds that will have the least taxable/burden for the kids. I am thinking if I transfer directly to a kid....it is then earned income and could screw him come 2020 tax time. I was thinking send it to him and then he could gift it to his brother for college....of does that gift then become heavily taxed. Or just throw it in a brokerage account and slowly draw off it?

Thoughts?

These would be my thoughts, though I’d certainly suggest confirming this with someone who really knows what they are talking about.

Kid 1 is currently the owner of this account for tax purposes, not you. I assume kid 1, not you, has been including any dividends or capital gains on his tax return, and that you have not included them on yours.

Not sure if you necessarily will be required to do this, but if the account must be re-titled into kid 1’s sole name, that is not a taxable event. Kid 1 owes no tax (CG or income) at that time.

Kid 1 can give the money to kid 2. Of course, kid 2 can put the money in a brokerage account in his own name. This is not a taxable event, with one exception, so neither kid owes any tax on account of the transfer. It is not a sale or disposition of the money so kid 1 does not owe any capital gains tax. It is not income to kid 2. The exception is that kid 1 may owe gift tax, that is, if you technically follow the rules. Currently, there is a $15,000 per year per person gift tax exemption. So kid 1 could give kid 2 $15,000 each calendar year without having to pay gift tax.

You should document this with a letter from kid 1 to kid 2 specifying the amount and date of the gift.

An important caveat is to be certain that if kid 1’s monies are with a broker at the time he gifts funds to kid 2, that the broker understands that the transaction is a gift and documents it as such. Otherwise, the broker may treat the transfer as a sale which would trigger reporting to IRS and the generation of a year end 1099. You definitely don’t want that.

Kid 2 will get kid 1’s tax basis in any monies transferred, i.e., gifted. The basis will be kid 1’s basis on the date of each transfer/gift.

Thanks njbill. Really appreciate the reply.

[DMac]

next up- the MIL asked for a birdhouse. two levels. any thoughts???

also a friend in CA just mailed me a brand new jigsaw. so i'll be breaking that out soon. pointers welcome!

Ummm, what happened here? Birds are making nests on tree branches, no nice little houses for them in your hood?

[ChairmanOfTheBoard]

golf season. that's what happened!

[ChairmanOfTheBoard]

i like bananas. so i built a banana stand. out of scrap wood!

i took a 3/4'' board, and it was only 4'' wide. so i cut triangles out, and made wings. glued them on:



i used some pine board to make arms, cut at 35' angles. piloted the holes:



then i simply sanded it all down, and assembled:



above you can see my plans on the left.





total cost: zero
time: 2 hrs

the model that i used for inspiration: https://s3.amazonaws.com/finewoodworkin ... 124/11.jpg

havent used it yet, because... no hooks!

[kramerica.inc]

it's a good question. technically, in violation of the VTL. how it's enforced is probably officer by officer. trinity???

i agree it's dangerous to go too slow at times. on a bridge, different story perhaps.

if i was an officer, and pulled someone over for speeding, the last thing i'd want to hear is: everyone else was going that fast. because they've heard that before, every time. at least come up with something original. i dunno.

My sis got pulled over heading down I83 in Baltimore City. Cop asked if she saw him running radar. She said “yes.”

Then he asked if she saw him, why didn’t she slow down?

Her response: “If I slowed down I would have been a hypocrite. You already caught me speeding, so better
to be ‘real’ and own it.”

He said he’d never heard that one before, appreciated her honesty, and let her off with a warning.

[ChairmanOfTheBoard]

good for her and the honesty worked!

of course it's bad days for cops. i may try that one next time i get pulled over!

[RedFromMI]

good for her and the honesty worked!

of course it's bad days for cops. i may try that one next time i get pulled over!

Back in the days of 55, when I was in grad school in Knoxville, I was headed north to MI to pick up my sister from a bluegrass festival to take her over to a wedding anniversary party we were both invited to. Car trouble meant I left really late, so it was just past midnight on US-30 I think and I had my car at exactly 60. Cop coming the other way had his radar on and lights on before I even passed him.

When he came up to the car I just said, "I thought the speed limit was 55." He said it was, asked me where I was going, and told me he was concerned that late at night I wasn't paying attention. But let me go with a warning. I asked him exactly what he clocked me at - answer was exactly 60. So at least I got a speedo check out of it...

[ChairmanOfTheBoard]

speedometer works!

[Nigel]

i like bananas. so i built a banana stand. out of scrap wood!




total cost: zero
time: 2 hrs

the model that i used for inspiration: https://s3.amazonaws.com/finewoodworkin ... 124/11.jpg

havent used it yet, because... no hooks!

Did you get poison ivy looking for a lost golf ball?

I used that same brand when ivy last visited me. It worked very well thankfully.

[ChairmanOfTheBoard]

i did!

i can't tell if it's working...

really, it's too much perspective.

[DMac]

Somehow I missed the whole bananna holder project, nicely done.
You could cut a piece, keeping the angle look going on, and glue it
to the bottom of the upper arm. Drill a hole in it and put a piece of
dowel in it....voi la, a hook!!

You'll have your poison ivy for about eleven days, don't care what
you put on it. Speaking from experience, got into a little myself
this year. Might have been when I was picking my incredibly tasty
morel mushroom (was worth it). Old school calamine lotion seemed
to relieve the itch about as good as anything.