It was a good, thorough discussion. With my bias, however, I am going to stick with the donor advised fund route. Many of the pro's for it directly fit my situation.
Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Pretty much all the 2nd author's objections to the DAF could be solved by simply selling the assets as soon as they're transferred and donating away.
The fees are a bit of an issue, but the idea is that the amount you save in capital gains taxes by donating shares should more than cover the fee. In my case, the capital gains taxes saved with my very first donation were on the order of $1,500, compared to the $100 fee. Plus, I decided to let most of the money stay invested, and it's gained in value by another $1000 in a little over a year. Again, that's a win compared to the fee. And the charities are the ones who will eventually benefit!
So calling this a "jerk move" doesn't make sense to me. When it comes to the IRS, you bet that it pays to be selfish, and I see nothing at all immoral about it.
sophie wrote: ↑Thu Dec 12, 2019 9:36 am
Pretty much all the 2nd author's objections to the DAF could be solved by simply selling the assets as soon as they're transferred and donating away.
The fees are a bit of an issue, but the idea is that the amount you save in capital gains taxes by donating shares should more than cover the fee. In my case, the capital gains taxes saved with my very first donation were on the order of $1,500, compared to the $100 fee. Plus, I decided to let most of the money stay invested, and it's gained in value by another $1000 in a little over a year. Again, that's a win compared to the fee. And the charities are the ones who will eventually benefit!
So calling this a "jerk move" doesn't make sense to me. When it comes to the IRS, you bet that it pays to be selfish, and I see nothing at all immoral about it.
Why, that sounds almost like the old saying "Taxation is theft".
ochotona wrote:So far, the gold IRA process is going well. The new custodian is going to oversee an in-kind transfer of SGOL from Schwab to their broker, US Bank, then I'll put in a sell order, and call the dealer and buy the metal after the cash is confirmed, so little or no time not being in my gold position. Hopefully less than a day. It's all transparent, with trusted (as far as you can trust your gold dealer, Schwab, and US Bank) public actors. The custodian doesn't own anything, they are just the traffic cop. It's fine.
I'm going to open an account with them as soon as I get the cashout of my Swiss annuity, hopefully this week or next.
Did you do this? If so, how has it worked out so far?
Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
ochotona wrote:So far, the gold IRA process is going well. The new custodian is going to oversee an in-kind transfer of SGOL from Schwab to their broker, US Bank, then I'll put in a sell order, and call the dealer and buy the metal after the cash is confirmed, so little or no time not being in my gold position. Hopefully less than a day. It's all transparent, with trusted (as far as you can trust your gold dealer, Schwab, and US Bank) public actors. The custodian doesn't own anything, they are just the traffic cop. It's fine.
I'm going to open an account with them as soon as I get the cashout of my Swiss annuity, hopefully this week or next.
Did you do this? If so, how has it worked out so far?
Vinny
Yes, I did it, and it has been working out very well.
To change the topic slightly, I stumbled into the fee schedule for the GoldStar gold IRA, they only charge a $175 total annual fee for a $100,000 account, 17.5 basis points. That includes storage. That's lower than any gold ETF. I stumbled into that one yesterday. That is cheaper than buying the next increment of safe deposit box insurance, my insurance is fully utilized, and I can't buy any more physical gold until I buy the next increment.
I'm serious thinking of taking my SGOL (39 basis points) holding at Schwab and flinging it over to GoldStar and saving money immediately and having real metal. They work with my favorite PM dealer.
Has anyone else used the GoldStar gold IRA? I'd love to hear from ochotona how it has worked out for him in the intervening 3+ years but he seems to have been inactive here since January of this year...
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
ochotona wrote:So far, the gold IRA process is going well. The new custodian is going to oversee an in-kind transfer of SGOL from Schwab to their broker, US Bank, then I'll put in a sell order, and call the dealer and buy the metal after the cash is confirmed, so little or no time not being in my gold position. Hopefully less than a day. It's all transparent, with trusted (as far as you can trust your gold dealer, Schwab, and US Bank) public actors. The custodian doesn't own anything, they are just the traffic cop. It's fine.
I'm going to open an account with them as soon as I get the cashout of my Swiss annuity, hopefully this week or next.
Did you do this? If so, how has it worked out so far?
Vinny
Yes, I did it, and it has been working out very well.
Libertarian666 is the former Technovelist (who seems to be no longer with us)...but he seems to have also had an excellent experience (along with ochotona) with the Goldstar IRA...giving a response to a question I'd earlier asked today regarding other forum members' experiences with the GoldSTar IRA...
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."