date of death appraisal

[welkin]

If you are losing $68.05 per day on a .20% APY spread, it must be a substantial amount in the CD. The only justification (if you want to call it that), is to keep your deposit on their books. That is not a good sign of the solvency of the bank.

 

[curlyq]

RE: welkin


IF I transfer the money to a new bank, I would get $68.05 per day, which is $921 more in a year than COMENITY offered me. Since 5/14 when I tried to transfer the money COMENITY HAS paid me 0 and has said, "YOU will not get interest during the period of the transfer process.'' I therefore am losing $68.05/day. IF Comenity were paying me 5.20% during this infuriating interval of non-transfer, then I would simply be losing $2.60 a day.

I have thought about leaving the money in COMENITY, despite my LACK OF RESPECT FOR AND TRUST of them NOW. After 15 days of no interest, my profit of $921 will have been negated. I simply have no confidence in Comenity, as you suggested.

THIS situation seems to be a type of FINANCIAL blackmail--'keep your money here or lose interest indefinitely.' I wonder if the FDIC or CFPB would get involved if I filed a complaint.

By the way, I found the Corporate Headquarters address and will send the WRITTEN letter today. Yesterday I sent the letter via email to customer support just to see what would happen. I got the following reply today:

Dear xxx,

Thank you for contacting Comentiy (Bread) Savings Customer Care.

i do apologize for the inconvenience, as the statement is being submitted to the concern team for the review, kindly wait for the response.

Please let me know if you have any additional questions or if I can be of any further assistance. Thank you for choosing Bread Savings.

Sincerely,

Bread Savings Customer Care

----1. I consider this situation to be more than an 'inconvenience.' THE 'apology' does not move me.

2. My 'additional question' to the customer care team, if I were to reply,
would be, "My only question is how long do I have to continue to lose $68 per day for your nonsense?''

 

[curlyq]

THE money was transferred this morning! I am pretty sure that the reason was the receipt of the FIRM, but not overly nasty, letter that I sent certified and RRR. THE bank did not send me the customary email to notify me of the transfer; instead, when I went to the site to sign in to see if the money had been moved, I was officially locked out, with the message, "DO not recognize user name or password.'' Perhaps COMENITY bank was angry at me. TOUGH!

I went to the receiving bank and saw that the funds were present and available. I am very grateful for the advice on this site (welkin) regarding sending a 'strongly worded LETTER' and 'citing the terms of the contract/service agreement' to show that I have rights and am asserting them.

THANKS again!

 

[curlyq]

My mom owned a REVOCABLE trust called the 'my mom's name trust' in LA, CA. THE only item in the trust was the house that she and I lived in for 63 years; I continue to live there. She owned the house free and clear and the property taxes were up to date.

My mom died in FEB of this year. I am the successor trustee. I would like to go to reg/rec and then assessor in LA county to file the papers for changing the ownership from the trust to MY NAME only.

1. Do I use a grant deed or a quitclaim deed or another form? DO I print the necessary deed from the internet or is it something that only the county reg/rec would have?

2. Do I have to file a gift tax return for my mom's trust? TO my mind, I am inheriting the house as successor trustee, which is worth roughly $900k, but maybe it is perceived as a gift by USA and/or CAL.

3. MY mom's total estate is roughly $1.5 mil, including the value of the house, so her estate is far below the $13.61 mil estate tax exemption. Do I have to file a USA and/or Cal estate tax return to PROVE that it is BELOW the threshold? I cannot see why the GOV would want me to justify that the estate was below the threshold, as it seems like a lot of unnecessary paperwork, but I need to be certain rather than take my chances and be held in contempt or worse down the road.

4. Are grant deeds and quitclaim deeds straightforward to complete? I have the old one that shows that my mom bought the house in 1961 and the one from 2022 that shows that she transferred title from herself to the trust; both of them seem simple. THE main issue is that I want to be sure to keep the low property tax assessment rate that we have, which means that I want to be sure that the reg/rec and then the assessor, if that is the right order for the filing of the documents, recognize that we have a parent-child transfer, which is not a change of ownership.

5. I also want to be sure that I get the stepped up tax basis so that I do not have to pay capital gains tax in the future if I decide to sell. What actions should I take to get that tax basis and what should I avoid doing?

6. DO other forms go with (need to be filed with) the quitclaim/grant deed at the Reg/rec and Assessor's office?

7. California has a Documentary transfer Tax. Is this transaction subject to that tax?

THANKS!