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Subject: persfin-digest V4 #27
Date: Thu, 24 Apr 1997 22:19:48 -0400 (EDT)
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persfin-digest Thursday, April 24 1997 Volume 04 : Number 027
IN THIS ISSUE:
ADVERTISEMENT: MCI AUTOFORWARD [Oppenheimer Software <Connect-Sales@mcim]
Use VISA Card to Get Best Exchange Rate ["David J. Churchill" <churchilld]
Re: Books as deductible expenses? ["Louis J. Schwarz, CFP, RFC" <sfc@clar]
Re: Dropping PMI [hartwig@gate.net (Bob Hartwig)]
NJ State Income and Property Taxes? [hartwig@gate.net (Bob Hartwig)]
Cash gifts for a disabled child ? [MAMcDaniel@aol.com]
Re: Best currency exchange rates - Charge Everything [George_McAuliffe.BN]
On-line Banking and On-line Bill Payment? [Jim Yount <jimyount@ix.netcom.]
Putnam Problems? ["Jim Reed" <jreed1@airmail.net>]
Re: Best Exchange Rates in Asia ["Mike Stefani" <stefani_m@orgella.com>]
clarify changing divorce settlements [Elizabeth Kennard <kennard.3@osu.ed]
Deducting term-life insurance premiums? [jeff@scrooge.idec.sdl.usu.edu (J]
RE: Car Rental in France / Medicare and Blue Cross ["Cal Lester C.L.U."]
The great HMO debate - A Vote For HMOs [Mary Winters-Meyer <mjwmeyer@uiuc]
A Good Word for Kaiser Permanente [Mirin Lew <mirin@scmkt.sr.hp.com>]
Investment clubs - How Did They Work Out? [MoneySecre@aol.com]
HMO's - Experience with PruCare [Bart & Helen Levitan <hlevitan@southeast]
Paying off Debt? [WRobinette@aol.com]
Re: Books as Tax Deductions [georgene@psyberlink.net (Georgene Harkness)]
Re: Cal prop 13 question [BOB FORD <BOB_FORD@compuserve.com>]
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Date: Thu, 24 Apr 1997 21:48:22 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI AUTOFORWARD
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------------------------------
Date: Thu, 24 Apr 1997 21:50:56 -0400 (EDT)
From: "David J. Churchill" <churchilld@worldnet.att.net>
Subject: Use VISA Card to Get Best Exchange Rate
To get the best exchange rate, I'd use my VISA card wherever possible.
You get wholesale exchange rates that way, which is something you will
NOT be able to duplicate at any currency-exchange window.
------------------------------
Date: Thu, 24 Apr 1997 21:52:31 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: Re: Books as deductible expenses?
"I am employed as a software developer and I have a question regarding
the deductability of the books and magazines I need to buy to keep on
top of things. Employers do not provide these and I believe it is
typical for programmers to keep their own libraries. I was recently
told I could take this as an itemized deduction, but I don't itemize (no
mortgage, dependents, etc.). Is this then lost to me? Someone else
sugested setting up a business, write a few "silly" controls, advertise
them on the web and I could then take the books, etc. as part of my
business expenses -- this sounds like alot of hassle, but I might
consider this if it seems to an economical way to keep sharp and not all
behind (which could be career endangering). Any opinions?"
- --
My tax clients asked me similar situations - my simple advice is to
establish your own business as a sideline - making some money to show
the profit motives - then you can deduct all related expenses, including
books, rather than subject to the need of Form 1040 Schedule A Itemized
Deductions or to the 2% limitation of Adjusted Gross Income. Just
beware of additional self-employed FICA/Medicare expenses if there is a
substantial net business profits.
Louis J. Schwarz, CFP, RFC TTY 301-587-5996
Schwarz Financial Concepts FAX 301-587-5997
814 Thayer Avenue, Suite 301 Voice Relay 800-735-2258
Silver Spring, Maryland 20910-4500 Mailto:sfc@deafcfp.com
------------------------------
Date: Thu, 24 Apr 1997 21:53:48 -0400 (EDT)
From: hartwig@gate.net (Bob Hartwig)
Subject: Re: Dropping PMI
>The balance to loan ratio on my mortgage has fallen below 80%, which is the
>level at which the mortgage company should be willing to stop charging PMI.
> However, when I contacted my mortgage company they informed me (with no
>previous warning) that they would not stop charging PMI because I had been
>late on two payments to the company.
I recently got my PMI dropped after having dropped below 20% on my mortgage
balance. My mortgage holder is American Home Funding in Richmond (is that
your company too?) However, I had never been late on a payment. I suggest
signing up for automatic deduction from your checking account. That way
you'll never be late again and it might be enough for your mortgage company
to change their mind. I've found AMH to be quite reasonable, they've even
let me stop escrowing my homeowners insurance.
------------------------------
Date: Thu, 24 Apr 1997 21:54:32 -0400 (EDT)
From: hartwig@gate.net (Bob Hartwig)
Subject: NJ State Income and Property Taxes?
Could anyone tell me what the state income tax rate is in NJ? Also, is
there a personal property tax on cars?
Thank you.
------------------------------
Date: Thu, 24 Apr 1997 21:55:02 -0400 (EDT)
From: MAMcDaniel@aol.com
Subject: Cash gifts for a disabled child ?
I've seen discussions here regarding the effect a child's assets have on
their ability to get good college loans. I have a similar question. My
godson has a number of physical problems. He is getting wonderful help from
the Shriners and now qualifies for government help as a disabled child living
at home.
I included a cash gift with his last Christmas present and planned to do the
same for his upcoming birthday. (Persfiners were a great help at Christmas
when I was trying to find a mutual fund I could start for him. Because I
couldn't meet the minimums, I ended up starting an ordinary savings account
with $250. The plan is that when there is enough money in the account we can
transfer it to a mutual fund or other investment.)
My question is what effect does this have on his ability to get aid? I have
other friends that believe this money should be kept in his younger brother's
name.
Thanks for your help,
Melanie
------------------------------
Date: Thu, 24 Apr 1997 21:56:59 -0400 (EDT)
From: George_McAuliffe.BNY@LNOTES.bankofny.com
Subject: Re: Best currency exchange rates - Charge Everything
Generally, you get the best exchange rates by charging everything (as well as
drawing cash) on your credit card. This is because your foreign transaction
gets converted to your home currency, by a large bank (your credit card issuer)
at a rate very close to the interbank rate for that day.
The only other option is to get cash or traveller's checks, but:
- - the spread is wider than the interbank rate (because exchange houses add in a
fee before turning around and covering the transaction with their bank);
- - you pay fees and commisions (generally weighed towards one or the other);
- - they get you coming and going (when you change back your excess).
Of course, if you don't have a credit card, then you can do some arbitraging:
- - Will you do one exchange transaction, or many? (fee v. commission)
- - Are the amounts large or small? (fee v. commission)
You need to calculate what you will be charged, for exchanging various amounts,
and plot a graph showing the results of a hi-fee-lo-commision v. a
low-fee-hi-commision transaction. This will give you a graph with two lines
crossing (the breakeven point, where one option becomes cheaper than the other).
This is long-winded answer because there are no shortcuts. But as a couple of
rules of thumb, I would say that if you're just taking a regular tourist
vacation and plan on blowing a few hundred or thou, then don't bother with all
these calcs - just use your credit card. But if you need large amounts of
cash, then the best option is probably to shop around, including asking your
bank, who though they don't advertise this service, will do forex for their
customers if significant amounts are involved (and don't forget the US $10,000
IRS declaration that any institution will file).
Disclaimer: Although I work for a bank, this analysis is based on years of
travelling, living abroad, and transferring money all over the place.
Good luck,
George McAuliffe
(Editor's Question - How about taking a stash of $1 bills? That way, if
you have to exchange money (and you'll need to do that for things like bus
fare), you won't have to exchange too much in local currency - unless, of
course that currency is stronger than the dollar - but then you'll still
loss on the exchange back. -IK)
------------------------------
Date: Thu, 24 Apr 1997 21:57:35 -0400 (EDT)
From: Jim Yount <jimyount@ix.netcom.com>
Subject: On-line Banking and On-line Bill Payment?
I currently use Quicken 6 for Windows to keep track of my personal
finances. I've never used the On-line Banking or On-line Bill Payment
features, but I'm considering setting them up.
I would appreciate feedback regarding people's personal experience with
using the "On-line Features" of Quicken... both positive and negative.
------------------------------
Date: Thu, 24 Apr 1997 21:58:48 -0400 (EDT)
From: "Jim Reed" <jreed1@airmail.net>
Subject: Putnam Problems?
Hi, I was wondering if anyone else might be having the same experience
I'm having with the Putnam family of funds.
Putnam has, in the past, been my fund family of choice (other than
Vanguard) for my and my wife's IRA. In the past year of so, there have
been many mistakes that they have made regarding our accounts. I won't
bore you with the details unless you want to know.
Anyway, I am in the process of moving my IRA's out of Putnam.....
In a review I found at www.worth.com, this is a summary of some of the
info I read:
- - although Putnam fund performance (overall) has been good, it doesn't
come cheap for the customer. The family's funds have some of the
industry's highest fees. Chief executive officer Lawrence Lasser is one
of the industry's highest paid executives, reportedly receiving $17
million in 1994 and 1995. There have been persistent rumors that Putnam's
owner, the publicly traded insurance broker Marsh and McClennan, might
sell the firm.
- - there appears to be concern about the size of the assets under Putnam
management. Increased size might be one reason Putnam has fallen off the
Dalbar list of the best customer-service operations, after 6 years on it.
My own personal experience with Putnam is that they may be having some
problems with accuracy, communications, and posting to correct accounts.
I was wondering anyone had any comments on this.
Jim, in Texas
jreed1@airmail.net
------------------------------
Date: Thu, 24 Apr 1997 22:00:10 -0400 (EDT)
From: "Mike Stefani" <stefani_m@orgella.com>
Subject: Re: Best Exchange Rates in Asia
I've spent the last 3 or 4 years traveling frequently to Asia on business,
and although I'm not sure I can suggest the place to get the most favorable
exchange rates, I do know how to avoid some of the worst:
Avoid exchanging currency in the Hotel, unless for small sums for
convenience.
Avoid exchanging currency in the airport, for the same reasons.
Avoid currency exchange kiosks that frequently line the streets along
"tourist" routes (shopping or otherwise.)
Try to minimize exchanges of cash and use your credit card. The rate you
will get on a major credit card will be a very favorable bankers rate.
If you do need to exchange cash, use a reputable (and preferably major)
local bank.
And, overall- don't worry too much about getting the very best rate, if all
you are exchanging is small sums for incidental purchases!
Good Luck,
Mike Stefani
E-mail: stefani_m@orgella.com
http:\\www.allegromicro.com
------------------------------
Date: Thu, 24 Apr 1997 22:01:19 -0400 (EDT)
From: Elizabeth Kennard <kennard.3@osu.edu>
Subject: clarify changing divorce settlements
Stephan Iscoe said that parties to divorce can go back to court and
renegotiate the agreement regarding division of marital assets. This is
true. He then gave an example of "remarrying a billionaire" as a change in
circumstances which might lead to this activity. This would probably not be
a good example of a reason to attempt to change the terms of the divorce.
I believe that the assets of a future spouse have no relevance to how the
joint assets of a marriage should be divided. It might impact on alimony
payments but not the agreement for division of assets. What happens to the
financial circumstances of one party after the divorce is not an issue.
If the ex-spouse gambled their half away would they be successful in going
back and asking for more? Doubt it.
People do go back and change child support all the time based on income
changes. I'm talking about the agreement to divide up assets such as bank
accounts, investments, etc.
One reason to go back and change the agreement would be if one spouse
fraudulently concealed marital assets at the time of the agreement.
Not an attorney
Beth Kennard
Elizabeth A. Kennard, M.D.
Assistant Professor
Ohio State University
------------------------------
Date: Thu, 24 Apr 1997 22:01:58 -0400 (EDT)
From: jeff@scrooge.idec.sdl.usu.edu (Jeff Salisbury)
Subject: Deducting term-life insurance premiums?
Does anyone know if term life insurance premiums are deductable on income
taxes? If so, where on Sched A?
The benefits administrator at my place of employment indicated that they are,
but was not aware this was possible. I plan to consult with a tax
advisor, but wanted to run it by this august body first :^)
Best Regards,
Jeff Salisbury
------------------------------
Date: Thu, 24 Apr 1997 22:05:32 -0400 (EDT)
From: "Cal Lester C.L.U." <Cal_Lester@msn.com>
Subject: RE: Car Rental in France / Medicare and Blue Cross
>Subject: Car rental in France?
Anyone recommend a decent rental car comp. in France? Are there any hidden
things we should be careful about?
(Editor's Comment - Rent from Hertz or Avis. Take the maximum insurance.
If you're in an accident you don't want to go back to France for the
trial. You have recourse if you rent from Hertz or Avis because they're
easily reachable from this side of the Atlantic. -IK)
You should also check with your credit card company as well as your own auto
insurance carrier. You may find that either or both of them will provide the
neccessary coverage, and save a CHUNK of money.
- ------------------------------
>Subject: Medicare and Blue Cross Question
I'm getting close to needing to decide about Medicare- partA,B and sup.
Anyone had any experience with Blue Cross HMO? Will appreciate feedback,
good or bad experiences.
I have NOT had any direct experience with B/C HMO, however I can give you some
pertinent advice. The basic concept of the HMO is cost control ( for the HMO
). You will select or be assigned to a Primary Physician. You can NOT receive
any service from anyother Physician ( in most cases) UNTIL you first go to
your P/P, who will decide IF you need service from another Doctor, and if so,
provide a "referral" for you. Without that "referral", the other doctor would
not be paid by the HMO, and you would be responsible. This is NOT neccessarily
bad. The KEY to the use of HMO's, is to investigate and learn if YOUR present
doctor or doctors are a member of that or any other HMO. If so, join THAT HMO,
as you are already receiving good service and will continue to do so. IF your
personal doctor/doctors are NOT affiliated with an HMO, then you will have to
make a decision as to whether or not you are willing to change doctors.
Having said all of that, I personally did NOT join an HMO when I turned 65, I
chose to "go it alone". However, I will be 68 in a few days, and we have JUST
signed up with HUMANA HMO. The reason being that one of the doctors has been
highly reccomended to us, and we were able to select him as our P/P. Check
with me again in about a year, and I will let you kow how we did.
Cal Lester CLU
Insurance CoOrdinator, Broward Community College
------------------------------
Date: Thu, 24 Apr 1997 22:06:40 -0400 (EDT)
From: Mary Winters-Meyer <mjwmeyer@uiuc.edu>
Subject: The great HMO debate - A Vote For HMOs
I've read several messages from people saying how bad their HMO is, how hard
it is to get an appointment, etc, etc. I have to write in order to give the
other side of the story. I've had an HMO through my job(s) for about 4 years
now. In that time, I've averaged about 1 visit a month for various reasons,
including my allergies, various colds, bronchitis, normal yearly checkups,
arthritis, and so forth. During this time I have also had two major
operations, one to remove a pin from my ankle which was working it's way
loose from the bone, and one to remove my gallbladder.
In all this time, I have never had a problem getting an appointment within a
day or two for illnesses, and within a week for yearly appointments. I've
been referred to specialists without having to go in to see my primary care
physician a couple times, and the times I had to see my PCP before a
referral, the appointments were within a day of each other, if not on the
same day. Getting my allergy prescriptions refilled is a simple matter of
calling and speaking to the nurse assistant who checks with the doctor and
calls the prescription in to the pharmacy I use.
In the case of the operations, I don't remember the circumstances
surrounding the ankle operation, but in the case of the gallbladder, the
time between my visit to the emergency room when I had a late evening
gallbladder attack (not knowing that's what it was) and the time of my
operation was three weeks. Not only that, it was during the holiday season,
as the emergency room visit was the night before Thanksgiving! During this
time, I saw my PCP, had various tests performed, had another visit with my
PCP, and consulted with the surgeon who performed the operation. After
seeing the bills, I have to say that I couldn't have afforded the surgery
without the benefit of the HMO.
I've even switched jobs in the time I've been with this HMO, and never had a
problem, despite the fact that the switch occurred right after the
gallbladder surgery. In fact, for a short time, I was covered under two
policies! Plus, this particular HMO is constructed in such a way that
pre-existing conditions don't trigger a non-response period. In other words,
I was covered from day one, even if I had a pre-existing condition.
I've never had to wait several months to see my doctor, and I would
recommend that the person who had to threaten non-existant life-serious
illnesses should look into another HMO or health plan. As with any business,
there are good and bad companies with the health care industry. If you have
one of the "bad" ones, don't just "live with it."
Thanks for listening!
Mary
************************************************
Mary Winters-Meyer, Management Methods Analyst
Office of Student Financial Aid
University of Illinois at Urbana-Champaign
E-mail: mjwmeyer@uiuc.edu
------------------------------
Date: Thu, 24 Apr 1997 22:08:03 -0400 (EDT)
From: Mirin Lew <mirin@scmkt.sr.hp.com>
Subject: A Good Word for Kaiser Permanente
> (Editor's Comment - Kaiser Permanente just settled with the State of Texas
> over several wrongful death suits related to Kaiser refusing to cover
> emergency room care and other treatments. Any Web site that rates HMOs?
> - -IK)
>
See the URL http://ncqu.org/scripts/dbWeb/dbwebc.dll/ASL?getresults.
While I'm writing, I'll put in a good word for Kaiser Permanente in
Santa Rosa, which I've been a member of for 10 years. So far, I've never
failed to get an appointment when I really want one, but:
* for routine appointments, their schedules are sometimes astronomical
* If you call on a Monday morning, be prepared to wait for a LONG time.
I tried calling them this Monday, and their phone was busy from 8 am
until about 10:30 am.
* Be ready to take an active part in understanding what you are or
aren't getting from them, and to insist on appointments if needed. They
probably won't refuse you, but they'll give you a hard time.
To relate my most recent experiences with them, I came down with some sort
of cold/flu suddenly around May 8. I was running a temperature of 103, which
is very unusual for me. I called Kaiser and they saw me that same day. The
doctor hadn't a clue what was wrong ("It's probably some virus") but they
prescribed some erythromycin because they were afraid I'd get bronchitis.
Later that week, the fever had gone away, but then Sunday it came right
back. I called Kaiser again. They saw me on a Saturday, and the doctor
went ahead and ordered blood tests and a chest x-ray, neither of which
showed anything. She stayed after-hours to make sure the x-ray was
okay. Then she gave me the option of switching antibiotics, which I
chose not to do. It turns out that a few days after I ended the erythromycin,
the fever was back, and so was a persistent cough. So I called again
and got an appointment with a third doctor (you can't choose your doctor
in urgent care, although they'll let you choose one for your regular
care). The third doctor put me on Keflex and Ventolin (oral inhaler),
and between the two of them they solved the problem.
Then about two weeks ago, I started having a problem with my balance and
equilibrium. The advice nurse thought it was labarynthitis, (sp?) an
inner ear viral infection that's a fairly common side effect of the flu,
and suggested I take some over-the-counter drug. When that did no good,
I called back Friday and got a same-day appointment. The doctor wasn't
sure what was wrong, but she consulted with a neurologist. She prescribed
some Valium and told me to come back on Tuesday. Well, by Monday the drugs
still were having no effect, so I left her a message Monday and asked to
see neurology. Her office called back that night and made an appointment
for me the next day to see the neurologist just before my appointment with
her so I could avoid two trips. As it happens, the neurologist still
isn't sure what's wrong, but they are scheduling me for an MRI, and
so far I've been pleased with what they've done. I also had occasion
to see the orthopedist last year, and that wasn't too much of a hassle
either. So while I have a positive opinion of Kaiser so far, I do
have a better medical education than the average person (3 people in my
immediate family are doctors), so that may account for the better
treatment at least partly. We'll see how things go from here.
Mirin Lew
------------------------------
Date: Thu, 24 Apr 1997 22:08:29 -0400 (EDT)
From: MoneySecre@aol.com
Subject: Investment clubs - How Did They Work Out?
Anybody belong to an investment club? If so, how did it work out? Was it a
lot of work? Did everybody agree on which stocks to buy?
------------------------------
Date: Thu, 24 Apr 1997 22:10:56 -0400 (EDT)
From: Bart & Helen Levitan <hlevitan@southeast.net>
Subject: HMO's - Experience with PruCare
This is in reply to the HMO discussions.
In some ways I agree about the capitation situations, however it is up to the
insured person to make sure they have the best medical care, IE: Changing your
PCP when needed, or even insurance companies if need be.
I currently have Prucare HMO and have had it for over 4 yrs. NEVER have I
had to wait 6 months to see my PCP. If I'm sick, I call, they get me in
the SAME day! That is crazy that someone would stay with an insurance
company or even with a PCP that treats them like that. If I don't like my
current PCP, I call member services and they switch me the same day to
whomever I want as my new PCP. For a referral, I've gotten them the same
day also, or maybe the next day for a vision problem.
Now, I just started as a claims examiner, and haven't learned all the terms,
etc... but I do know that our doctors are screened by us and our members
(thru surveys, etc.) and if we find one not up to par, we don't keep them.
Afterall, it gives us a bad reference and name if we don't give our
members the upmost in care.
Now, HMO's are cheaper in the long run (small copays, no deductibles,
etc...) for the members. There are other options, you can use a
traditional plan and see ANY doctor you prefer. It won't be as cheap, but
you can choose the best doctor for you.
Helen
hlevitan@jaxnet.com
------------------------------
Date: Thu, 24 Apr 1997 22:12:09 -0400 (EDT)
From: WRobinette@aol.com
Subject: Paying off Debt?
Louis Schwartz wrote concerning:
>Subject: Re: Paying off Credit Card or Keep Savings Intact?
>
>I encourage my clients to pay off their credit cards' balance by using
>liquid assets as much as possible for two simple reasons:
This brings up a question I have. Everyone on the list is just about in
agreement about paying off credit card debt with liquid assets, but what
about other debt like cars? What if someone owes $5000 on a car and has
$8000 in the bank for example? This really hasn't been discussed in as much
depth, and not too many of us are _completely_ debt free.
My personal feeling is pay off the credit cards, but not necessarily autos or
other big ticket debts. My reasons are that the interest rates on these
items are not much higher than what you might make in a money market (3-3.5%
difference) and you can not always get your money back out in an emergency
(as you can with a credit card). I would be interested in what others have
to say.
Jim Robinette
WRobinette@aol.com
------------------------------
Date: Thu, 24 Apr 1997 22:13:39 -0400 (EDT)
From: georgene@psyberlink.net (Georgene Harkness)
Subject: Re: Books as Tax Deductions
As a non-reimbursed employee expense, professional journals and books
are deductible only to the extent they exceed 2% of your AGI, which
won't help you at all since you don't itemize your deductions.
If you have any 1099 income at all, the journals/books could be
directly deducted against this income (providing your 1099 income was
from software-related activities). I would never recommend a person
set up a dummy company just to take a deduction. First of all, in
order for your business to be taken seriously by the IRS you will have
to show a profit in 3 out of 5 years, so eventually your deduction
won't be useful anyway. Secondly, if you are questioned, it's likely
the IRS will see right through the formality to the substance and
disallow the deduction anyway.
Sometimes things just aren't fair (and "sometimes" becomes
"frequently" when it comes to taxes).
------------------------------
Date: Thu, 24 Apr 1997 22:16:32 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: Cal prop 13 question
I am not an attorney and the following is not legal advice. It is just my
opinion. It is based on my experience in California.
You can reach out and sue someone but it would probably be a waste of time.
The person to talk to about suing someone is your attorney.
I do not believe you can get the tax assessor to retroactivitly change your
tax assessment. Even if you could do this, how would you get the tax
collector to refund your money.
Bob Ford
------------------------------
End of persfin-digest V4 #27
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