Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #39
Date: Sat, 24 May 1997 13:51:50 -0400 (EDT)
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persfin-digest Saturday, May 24 1997 Volume 04 : Number 039
IN THIS ISSUE:
ADVERTISEMENT: MCI AUTOFORWARD [Oppenheimer Software <Connect_Sales@mcim]
2nd Mortgage Advice [BOB FORD <BOB_FORD@compuserve.com>]
Re: AARP Insurance [BOB FORD <BOB_FORD@compuserve.com>]
RE: AARP Supplemental Medicare Insurance ["Cal Lester C.L.U." <Cal_Les]
Re: Peter Palma's way to doctor [Fred Decker <deckerf@ucs.orst.edu>]
Pending Legislation To Raise Homeowner's Exemption to $250K? [delair@pixi]
How much should I spend on a house? [ktjensen@juno.com]
Re: seeing an HMO physician quickly [Richard Alpert <rda@CS.Princeton.EDU]
re: borrowed downpayment [Randy Barnes <rbarnes@atl.mindspring.com>]
Re: I Had To Buy Windows 95 Regardless of Whether I wanted It [Richard Al]
Re: Vanguard MMF [David Meyers <dmeyers@panix.com>]
Any site for demographic details? ["Louis J. Schwarz, CFP, RFC" <sfc@clar]
Re: Medallion SIgnature Guarantee ["Louis J. Schwarz, CFP, RFC" <sfc@clar]
Re: IRA retirement saving accounts - Tax Deductability? [Rich Carreiro <r]
Re: Signature guarantee - fraudulent? [Boris Varshavsky <borisv@ctron.com]
Re: Signature guarantee/medallion - fraudulent? ["Mark J. Welch, Esq." <m]
RE: Signature guarantee/medallion - Followup [Jeff Morgan <Morgajs@parsec]
Bill Gates Shrugged [Ian Haggard <ian@shellus.com>]
Wills Question [Paul Balwierz <pbalwierz@earthlink.net>]
Re: Experience with Frank Armstrong's Book ["Hope Feinglass"<Hope_Feingla]
AARP Prescription Refills [eric <73354.3477@CompuServe.COM>]
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Date: Sat, 24 May 1997 13:24:19 -0400 (EDT)
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------------------------------
Date: Sat, 24 May 1997 13:29:49 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: 2nd Mortgage Advice
>Subject: 2nd Mortgage with little equity
>I have a question about getting a second mortgage to consolidate
>consumer debts. My wife and I received a mailing that offered us a
>second mortgage. After getting details, we were very interested for
>several reasons:
>snip
>This all sounds great to us. The problem I have is that they are
>offering approx 125% of the value of our home even though we have very
>little equity built up.
DON
There are several companies that will loan you 125 percent of the value of
your home. It is not a scam in the usual sense of the word. What it
really is is a VERY EXPENSIVE way to borrow money.
You will be charged from 10 to 20 points (percent of the amount borrowed),
lots of fees, and a very high interest rate. As someone pointed out,
give this careful thought before you do it. Converting unsecured debt to
secured debt is serious business.
Don't do it without a lot of thought as to the consequences. With
secured debt, you could lose your home if you do not make the required
payments.
BOB FORD
------------------------------
Date: Sat, 24 May 1997 13:30:50 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: AARP Insurance
>Subject: AARP supplemental medicare insurance?
A very close relative of mine who died recently had AARP supplemental
medicare insurance. They paid promptly all claims. They also refunded the
part of a months premium when the person died.
Most medical care providers will bill them for you at not cost. If they do
not, just send in the MEDICARE payment form and they will pay what they
have covered.
HOWEVER, they seem expensive when compared to other insurers . Check with
some other companies that offer this type of insurance.
I was the administrator of the estate of the person that died. When I
asked AARP insurnace to change the address where they sent their payment
forms, they did it without question.
However Medicare was a different story. I ask them to do the same thing
and they would not do it unless I had a letter from the insured person (the
person who is now dead) to change the address. When I pointed out that
a dead person could not sign a letter telling them to change the address,
they told me rules are rules and they must be followed.
BOB FORD
------------------------------
Date: Sat, 24 May 1997 13:32:00 -0400 (EDT)
From: "Cal Lester C.L.U." <Cal_Lester@msn.com>
Subject: RE: AARP Supplemental Medicare Insurance
I neither own nor sell the AARP Supplement Insurance contract. However I
just wanted to inform you that the Federal Government has required that there
be only (10) Ten Plans available for sale, and that ALL companies can only
offer as many of those SPECIFIC plans as they wish. EVERY company MUST provide
the SAME benefits for the same plan. Therefore if you buy Plan D from Ajax
Company, it will be identical to the plan offered by AARP.
They are permitted to vary the premium to suit their need, however they are
also required to make a profit. I guess the major difference ( other than
actual premium ) would be in their service. I would suggest that you
concentrate on checking with your friends and neighbors as to the service that
they receive. A number of companies ( I don't know if AARP is included) file
directly with Medicare, eliminating any extra work on your part.
If you have any problem or need any additional info, write me at
Cal_Lester@msn.com
Cal
------------------------------
Date: Sat, 24 May 1997 13:33:17 -0400 (EDT)
From: Fred Decker <deckerf@ucs.orst.edu>
Subject: Re: Peter Palma's way to doctor
You have raised a major problem area, especially in "attack"
cases (brain attack or "stroke" and heart attack), for in either of these
you don't have time to play games with the phone staffers playing at
triage. In fact, the primary care physician in most cases does not have
the competence to deal with such treatable emergencies. Lamentably,
every minute of delay means likely irretrievable loss of either heart
muscle tissue or brain neurons.
Regardless of HMO rules, etc., if you or a person you care about
has any of the symptoms of heart attack or brain attack, the best advice
is immediately without hesitation to dial 9-1-1 to get to the appropriate
chest pain center (for heart) or stroke center (for brain), or lacking
such center, then to an Emergency Room. If you are able to speak for
yourself or if you are advocate for a victim, don't let delay in ER
occur without prodding for another opinion by a qualified cardiologist
(heart) or neurologist (stroke).
My wife is permanently stroke-disabled as a result of delays
because we did the wrong thing in first trying to get the attention of
her primary care physician (PCP) and lost several hours there, and then that
doc apparently did not call for evaluation by a neurologist, even when the
symptoms were at least those of TIA. When responding to either attack,
the PCP may not be attuned to the extremely urgent need of the patient,
whereas the appropriate expert has the latest information on diagnosis
and response. If we get preoccupied with getting the bills paid by
insurance or HMO, etc., we forfeit the very time period that we can never
recover, and when that time passes the opportunity is lost forever.
Work out a plan so that you won't be left indecisive if either a
heart attack or brain attack hits you or someone you care for! Don't,
above all, just "let nature take its course"! Modern medical responses
can do much better than that!
Remember, these are treatable EMERGENCIES!!! Fred Decker
------------------------------
Date: Sat, 24 May 1997 13:34:23 -0400 (EDT)
From: delair@pixi.com
Subject: Pending Legislation To Raise Homeowner's Exemption to $250K?
I have a question about the legislation that's in Congress.
(H. R. 1391) "I think". It raises the exemption from 125,000
to 250,000 on the sale of a home for people over 55 years old.
Is there any real chance of this going through?
I have tried to get info, but no luck so far.
thanks
Don DeLair
delair@pixi.com
------------------------------
Date: Sat, 24 May 1997 13:35:00 -0400 (EDT)
From: ktjensen@juno.com
Subject: How much should I spend on a house?
According to the authors of the "Millionaire Next Door", any individual
should only take out a mortgage for about twice what there annual income
is. So since I make $50,000 and I have no down payment saved, I should
take out a $100,000 mortgage loan.
Of course if I have $20,000 saved then I should get a $120,000 home.
The philosophy here is that you need the remainder to invest in for your
retirement, and your future.
Any opinions??
------------------------------
Date: Sat, 24 May 1997 13:35:44 -0400 (EDT)
From: Richard Alpert <rda@CS.Princeton.EDU>
Subject: Re: seeing an HMO physician quickly
Peter Palma's friend (in pers-fin v04 n 038) suggested exaggerating
symptoms to secure an earlier appointment with his HMO's primary care
physician.
I tried making an appointment for my annual physical at my HMO and was
told to call back in a month. I did. I was told to call back in a month.
Instead, I called the HMO's regional office to complain. The ASSISTANT
REGIONAL MANAGER told me to call my HMO and tell whomever answered the phone
that I had something, anything, that needed prompt attention (not as
severe as chest pains, though, but something a bit lower -- bad heartburn
or mild stomach cramps), because their triage staff does not specify the
reason for an appointment in the physician's schedule record.
I followed her advice. I had my physical the following day.
If you feign a severe disorder (any thoracic discomfort, for example),
simply saying it no longer bothers you won't get you out of several tests
your physician will want performed on you. Abdominal disorders are much
more easily dismissed.
- Richard Alpert
------------------------------
Date: Sat, 24 May 1997 13:36:25 -0400 (EDT)
From: Randy Barnes <rbarnes@atl.mindspring.com>
Subject: re: borrowed downpayment
JGM,
As a mortgage guy I can tell you that I've seen tons of deal like this.
It's perfectly OK to use a 1st, and 2nd when buying a house. The first
5-10% has to be yours, but after that you can easily borrow whatever you
want, or take it as a gift from family. Most investors limit the first
to 75% in these cases, so a typical deal is 75% First, 15% Second, 10%
cash: No mortgage Insurance! It sounds like you need to find a real
mortgage lender. What state are you in, (other that confusion;-).
R.Barnes
------------------------------
Date: Sat, 24 May 1997 13:38:25 -0400 (EDT)
From: Richard Alpert <rda@CS.Princeton.EDU>
Subject: Re: I Had To Buy Windows 95 Regardless of Whether I wanted It
Bonnie (bonsai@world.std.com) in pers-fin v 04 n 038, says "we don't HAVE to
buy MS if we don't want to." We do.
I use Linux on my home machine. After shopping around for a replacement
for my tired 50 MHz i486, I settled on what I felt was the best deal in
the configuration that I wanted. The price included MS Windows 95. I
told the dealer I didn't want it, since I wouldn't be using it. He told
me, "I can throw it away for you if you like, but you'd still be paying
for it. You might as well take it. You'll be reformatting the disk
anyway; just put the CD and manual on your bookself."
I didn't want to buy an MS product, I wanted to buy hardware. I paid for
an MS product that I didn't want and don't use.
- Richard Alpert
------------------------------
Date: Sat, 24 May 1997 13:39:05 -0400 (EDT)
From: David Meyers <dmeyers@panix.com>
Subject: Re: Vanguard MMF
>From: Richard Austin <rcaustin@startext.net>
>>but am unclear about something. When I make use of the check writing
>>privileges on such an account, do I have to pay capital gains on this
>>amount, since I'm essentially selling shares?
No tax issues with respect to purchase/redemption of Money-Market
fund shares. They are shares, as you said, but their NAV pretty
much always stays at exactly $1/share.
>>If I plan on writing checks
>>every other month or so, am I better off with a money market account from a
>>bank rather than a fund? Am I misunderstanding something? I would
>>appreciate any help.
>
>You are probably better off with Vanguard MM Prime than a bank MM if they
>pay a higher yield than the bank. You must write checks for a minimum of
>$250.00. There will be no capital gains with the VGMM account. The income
Assuming you only need period check, and that that check will
be sizeable, the Vanguard is as good as a Money-Market fund
gets.
If you need to write checks frequently, or smaller checks,
there are other money-market funds worth looking into,
for example, the "e-fund" run by citizen's trust - it has
an annual fee, but it has unlimitd checks, and also a
visa debit card so you can access your funds almost
anywhere. (and, actually, those visa debits enhance
the return on the fund - part of the transaction fees
from using the card go back into the fund).
Another option, with flexibility in other ways is to
look into something like a Fidelity Ultra Service
brokerage account. It has a "core" cash account, which
is actually just a Fidelity money-market fund, and
which you can write checks directly from (and also have
the option of a debit card against it, too), as well
as access to all the other fidelity brokerage services
through that same account (the downside to this is that
you need a much larger minimum for the brokerage
account than you do for either of the plain money-market
funds discussed above).
>is reported by Vanguard as Ordinary Dividends and you pay income tax on
>that the same as you would on bank MM interest.
>Vanguard is very good at producing, simple easy to understand statement and
>you can access your accounts on-line if you use 128 bit encrypted browsers
>such as Netscape or MSIE.
Without hesitation, I agree with the Vanguard recomendation,
and I didn't know about individual account access at their
site - I'll have to look into that. FWIW, Fidelity's
webexpress access to brokerage accounts is very nice, though
their commissions are higher than one needs to pay. If
you are just managing mutual funds and a money-market account,
its quite a good deal.
- --D
------------------------------
Date: Sat, 24 May 1997 13:39:55 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: Any site for demographic details?
I will appreciate if you know of any public WWW site(s) for showing
demographic details on all varieties of financial planning, such as
networth, ages, income levels, tax brackets, etc.
Thank you in advance.
- --
Louis J. Schwarz, CFP, RFC
Silver Spring, MD
------------------------------
Date: Sat, 24 May 1997 13:40:36 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: Re: Medallion SIgnature Guarantee
>From: Jeff Morgan <Morgajs@parsec.com>'s Signature guarantee -
fraudulent?
- --
If an investor goes thru his "own" registered representative's, his own
brokerage house will give a signature guarantee based on registered
representative's words. If going thru the bank, you have to be in
presence.
In either way, if there is any fraud, the financial institution who gave
the signature guarantee will be responsible for any damage, such as loss
of money due to illegal signature.
Louis J. Schwarz, CFP, RFC
Silver Spring, MD
------------------------------
Date: Sat, 24 May 1997 13:41:26 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: IRA retirement saving accounts - Tax Deductability?
[Disclaimer: this is my opinion, not advice. I am not a professional.]
>Do you know what contributions to an IRA are fully tax deductable? What
>are the income limitations? Is this an IRS question?? Thanks for any
>info.
Like all good tax-related questions, "it depends." :-)
The first thing to look at are the income limitations as described in
Publication 590 and the Form 1040 instructions. If you are below those
levels, your contributions is deductible no matter what.
If your income is the range where the deductibility of your
contribution is phased out or eliminated, you have to look to what's
going on at work. If you *or* your spouse participated for even one
day in a qualified employer plan, then the income limits for
contribution deductibility apply to *both* of you. If neither of you
so participated, your contribution is fully deductible regardless of
income.
If the company has a defined benefit plan, you are basically deemed to
be participating no matter what, even if you're not currently vested
or anything.
If the company has a defined contribution plan, you are only deemed to
be participating if either you or your company actually contributes
some money to your account in the plan. Just being "eligible" for the
plan does NOT in itself mean you are participating, even if the
company erroneously checks off the "pension" box on your W-2 (bitch at
them to get a corrected W-2 issued).
Finally, even if some or all of your contribution is not deductible,
earnings are still tax-deferred. Over time and depending on the types
of investments in the account, tax-deferred compound growth can give
as much a benefit as the initial tax deduction.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Sat, 24 May 1997 13:42:47 -0400 (EDT)
From: Boris Varshavsky <borisv@ctron.com>
Subject: Re: Signature guarantee - fraudulent?
I hope your fears are not valid, Jeff.
A week ago I sent stock certificate to my broker (NDB), and in a
rush I didn't endorsed it. They put stocks in my account, but
naturally I can't sell them till I transfer shares to them.
So they faxed me some Irrevocable Stock Power form, which I filled in
and signed. It had a section of Signature Guarantee. I believe that
they will compare my signature with one they have in my file.
It looks rather standard procedure for me.
P.S. BTW, they introduced $12/trade flat rate till June 30, if you use
their new Web interface. $14.75 for market orders thereafter.
http://www.ndb.com/ I see it as E-trade's pressure.
- -Boris
Dover,NH
------------------------------
Date: Sat, 24 May 1997 13:43:36 -0400 (EDT)
From: "Mark J. Welch, Esq." <markwelch@ca-probate.com>
Subject: Re: Signature guarantee/medallion - fraudulent?
Jeff Morgan noted that an illegible "signature guarantee"
had been appended to his signature on some IRA transfer
forms. He noted that he was never present for that process
and wondered if it was legal.
My understanding is that a "signature guarantee" or
"medallion" is simply a guarantee by one institution that
the signature on a document matches the signature on
file with the institution. If the signature is later proven to
be fraudulent, then the "guarantee" is exercised to recover
any lost funds from the institution issuing the guarantee.
Thus, I don't think that it is required that you be present
when the medallion is added, nor that you sign or
acknowledge your signature in the presence of the person
affixing the medallion. Of course, if you are not present,
then there is a risk that the signature is forged or that you
were incompetent or under duress at the time of signing;
I don't know how the rules for signature guarantees deal
with those problems.
This is obviously a very different procedure from
notarization. A notary public may only acknowledge a
signature which is signed or acknowledged by the signer
in the presence of the notary public.
- -- Mark J. Welch (510) 462-8483 http://www.ca-probate.com/
- -- Web Site Banner Ads (Networks, Brokers, Exchanges, Software, PSAs):
- -- http://www.ca-probate.com/comm_net.htm
- -- Web Counters: http://www.ca-probate.com/counter.htm
------------------------------
Date: Sat, 24 May 1997 13:44:50 -0400 (EDT)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: RE: Signature guarantee/medallion - Followup
Thank you for the info, Mr. Welch.
The only other time I've had occasion to have a signature
guaranteed, my wife and I were both in the presence of a
bank officer. We showed valid ID and signed a form in his
presence, after which he stamped the form with his seal.
This wasn't a notary action, it was a signature guarantee
required by a mutual fund company.
In this latest occurrence, the signature in question is the
*only* signature I've ever sent the broker, so there is no
signature card on file with which to compare it.
I had assumed, perhaps incorrectly, that the signature
guarantee "medallion" stamp placed on my transfer form
was governed by the same guidelines as the guarantee I
received months ago from the bank, i.e. that I sign in the
presence of the guarantor. Maybe my misunderstanding
is in the use of the term "guarantee."
Yes, the fact that my signature can be "guaranteed"
without my being there is what concerns me. Luckily,
no financial impropriety has been attempted by the
broker, but that doesn't make this any less frightening.
Since my original post, I've had occasion to speak to a
legal examiner at NASD, the SEC, the FBI, and the New
York state Attorney General's office. Unfortunately, since
no fraud was perpetrated, no intent to defraud can be
demonstrated, and no damages were incurred, none of
these four agencies will pursue this further.
So much for principles.
- --
Jeff Morgan - mailto:morgajs@parsec.com
------------------------------
Date: Sat, 24 May 1997 13:45:57 -0400 (EDT)
From: Ian Haggard <ian@shellus.com>
Subject: Bill Gates Shrugged
>
> But you're right -- we don't HAVE to buy MS if we don't want to.
> Fortunately we all have option of using things that are half the size and
> twice as stable as MS products ;-)
You're completely correct about OEM deals, but I would have to disagree
about not being forced to buy MS. Unless you want to build your own
computer, there's very little choice but buying one with an MS operating
system pre-installed. I did a lot of shopping around when I got my
computer, and every computer dealer I talked with prepackaged their
computer with some sort of MS operating system. I wanted Linux on my
machine, but most of these people had hardly even heard of Linux.
Microsoft certainly has done a very good job of using "exclusive
contracts" with OEM's -- all the way from Compaq to the guy who builds
computers in his basement for some extra income -- to squeeze out the
competition. I was able to install Linux on my system, but only after I
had been forced to buy a system with an MS operating system on it.
Perhaps you meant to say that we all have the option of _using_ things
that are half the size of and twice as stable as MS products; but we're
still forced to _buy_ those MS products.
I've actually found the analogies to "Atlas Shrugged" rather amusing.
It's always seemed to me that MS-DOS and Windows 3.1 were perfect
examples of what you'd do if you were the anti-hero of that novel living
in today's world. Admittedly, Windows 95 and NT are actually useable,
but the technology they're using is a combination of stuff done by Unix
and Macintosh 10-20 years ago. MS products, in general, suck. And in
the places where they haven't succeeded in using monopolistic tactics to
squeeze out the competition (Java, MFC v. OWL, Netscape, and Quicken,
for example) it really shows. Of course, with Quicken it was only a
matter of luck that they escaped MS's clutches. And with Netscape, it's
probably only a matter of time until MS's dumping tactics squeeze them
out.
- --
Ian Haggard || ian@shellus.com (work) || IanHaggard@juno.com (home)
------------------------------
Date: Sat, 24 May 1997 13:46:33 -0400 (EDT)
From: Paul Balwierz <pbalwierz@earthlink.net>
Subject: Wills Question
Help-I'm stumpted on this one.
As editor of The CommonCENTS Journal of Personal Finance, I recently
recieved the following question regarding a story we ran about Wills.
Ira? anyone? What's the concensus?
T. Peter Cutsey wrote:
I like your web page...most informative...
I do have a question concerning wills.
Can a person have two(2) different wills that are active
simultaneously...ie. one will covering assets in one country willed to
specific people in that country...and another will granting assets in
another country to a person in that country?
- ---------------------------------------------
Paul Balwierz
Financial Directions Group, the creators of:
CommonCENTS Your Journal of Personal Finance
http://www.commoncentsjournal.com
DebtZAPPER! - take the FINANCIAL INDEPENDENCE tour
http://www.gen.com/debtzapper/tour/2044
ACTION PRODUCTS FOR FINANCIAL SUCCESS-Take Control Now!
http://www.galaxymall.com/shops/action_planning/
------------------------------
Date: Sat, 24 May 1997 13:47:35 -0400 (EDT)
From: "Hope Feinglass"<Hope_Feinglass@moneyminds.com>
Subject: Re: Experience with Frank Armstrong's Book
Avrum Lapin wrote:
>I must of glossed over his "investment planning service" I suspect that he
>has a CFP business. If I am going to use a CFP I want to see him across a
>desk or I might as well use Schwab
Hi, Avrum.
I enjoyed your review of Frank Armstrong's book. Just a quick response to
the above paragraph...
I don't agree that you need to meet face to face with a planner to get good
service. Besides, if you sit across a desk from your CFP, look around his
office (desk, decor, clothes, etc.), and know that you're the one who
ultimately pays for the surroundings.
Many of our clients are grateful to have a source of independent and
objective advice without having to trek downtown or pay for fancy office
space.
Ok, maybe I'm biased. : - )
Hope Feinglass, CPA, CFP
Director of Tax & Financial Planning
Money Minds: America's Premier Telephone Based Financial Counseling Firm
http://www.money-minds.com
------------------------------
Date: Sat, 24 May 1997 13:48:19 -0400 (EDT)
From: eric <73354.3477@CompuServe.COM>
Subject: AARP Prescription Refills
AARP has a mail order service. Get their 800 number from "Information."
------------------------------
End of persfin-digest V4 #39
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