We moved to a 55 plus community in September. So far so good. No stairs, no grass cutting, no leaf raking, no pool maintenance, etc. Very friendly diverse group of seniors. I wish we moved 10 years ago.
The trust idea is sound. Setting it up for $99 online is risky. A competent attorney is worth the money every time except maybe in the simplest situations.
This is not a good idea as it would disproportionally benefit wealthy people who do not need help. I wish the government would create a fair tax system and leave it alone, so we can depend on it and not have to dance around arcane rules that are constantly changing. Myself, I don't mind paying my fair share so we can have a country where everyone gets a fair shake.
My free advice is to hire a lawyer who is also an accountant who can prepare a present value calculation to show that the survivor benefit is the only responsible choice.
After reading a few of the comments, I would like to clarify that direct indexing, or separately managed accounts do not create any extra paperwork in preparing my annual income tax returns. I receive a 1099 just as I would for any other similar account. As noted, the 1099s are very long but you do not enter every position. The provider totals everything up and you only need to enter the summary data. These investments are not for everyone, but in the right situation can be very beneficial. I have not paid any capital gains tax for 10 years.
I use several Separately Managed Accounts from Fidelity and one from Schwab which are a different name for direct indexing. They work as advertised. The tax losses were greater initially but are still significant after 10 years. Each year is different. 2022 had large paper losses. 2025 did not. It depends on the market. My suggestion is to avoid them for the reasons discussed below unless you need the losses to offset gains or you have significant assets to invest. By the way, if you do not just make an initial deposit but continue to add assets, the paper losses can continue. For most investors a simple index fund is probably a better choice and you can harvest losses yourself if the market drops after your purchase.
If you want to save money and also have a great cup of coffee, get a French press and pour the hot coffee in a thermos. Been doing this for decades. It's why I could afford to retire.
My wife is an amateur artist and sells her paintings on her web site and Facebook. She gets contacted by scammers with similar pitches. One wanted to license one of her paintings to supposedly use the image on commercial products. My wife has a boilerplate licensing agreement she sent out and never heard anything more. The internet has made it possible for every criminal in the world to try to steal your money.
I remember Jonathan mentioning that he purchased no load, low fee variable annuities for his children, I think when they were born. He may have had something there that it is worth looking into. The compounding on 65 years of stock market gains is astonishing. You need low fees and no load though.
Comments
I just read the interview. It was very well done. Bravo Adam!
Post: Adam Grossman on The Long View
Link to comment from May 29, 2026
We moved to a 55 plus community in September. So far so good. No stairs, no grass cutting, no leaf raking, no pool maintenance, etc. Very friendly diverse group of seniors. I wish we moved 10 years ago.
Post: Percentage that “age in place”
Link to comment from May 25, 2026
The trust idea is sound. Setting it up for $99 online is risky. A competent attorney is worth the money every time except maybe in the simplest situations.
Post: The Financial Stress a Simple Document Could Have Prevented
Link to comment from May 24, 2026
This is not a good idea as it would disproportionally benefit wealthy people who do not need help. I wish the government would create a fair tax system and leave it alone, so we can depend on it and not have to dance around arcane rules that are constantly changing. Myself, I don't mind paying my fair share so we can have a country where everyone gets a fair shake.
Post: Should Retirees Get a Temporary Flat Tax Window on IRA and 401(k) Withdrawals?
Link to comment from May 20, 2026
My free advice is to hire a lawyer who is also an accountant who can prepare a present value calculation to show that the survivor benefit is the only responsible choice.
Post: Help for divorcing daughter
Link to comment from May 16, 2026
After reading a few of the comments, I would like to clarify that direct indexing, or separately managed accounts do not create any extra paperwork in preparing my annual income tax returns. I receive a 1099 just as I would for any other similar account. As noted, the 1099s are very long but you do not enter every position. The provider totals everything up and you only need to enter the summary data. These investments are not for everyone, but in the right situation can be very beneficial. I have not paid any capital gains tax for 10 years.
Post: Direct Indexing Anyone?
Link to comment from May 12, 2026
I use several Separately Managed Accounts from Fidelity and one from Schwab which are a different name for direct indexing. They work as advertised. The tax losses were greater initially but are still significant after 10 years. Each year is different. 2022 had large paper losses. 2025 did not. It depends on the market. My suggestion is to avoid them for the reasons discussed below unless you need the losses to offset gains or you have significant assets to invest. By the way, if you do not just make an initial deposit but continue to add assets, the paper losses can continue. For most investors a simple index fund is probably a better choice and you can harvest losses yourself if the market drops after your purchase.
Post: Direct Indexing Anyone?
Link to comment from May 11, 2026
If you want to save money and also have a great cup of coffee, get a French press and pour the hot coffee in a thermos. Been doing this for decades. It's why I could afford to retire.
Post: Dickie and his magic beans
Link to comment from May 7, 2026
My wife is an amateur artist and sells her paintings on her web site and Facebook. She gets contacted by scammers with similar pitches. One wanted to license one of her paintings to supposedly use the image on commercial products. My wife has a boilerplate licensing agreement she sent out and never heard anything more. The internet has made it possible for every criminal in the world to try to steal your money.
Post: New Face, old scam
Link to comment from May 6, 2026
I remember Jonathan mentioning that he purchased no load, low fee variable annuities for his children, I think when they were born. He may have had something there that it is worth looking into. The compounding on 65 years of stock market gains is astonishing. You need low fees and no load though.
Post: Saving for Grandchildren
Link to comment from May 2, 2026