Obviously this is just conversation and you should seek proper legal advice before you execute any plans.
I attended my brother-inlaws funeral yesterday. He is my age and it definitely got me thinking about some things I'd prefer to ignore. He had few assets but so much going on. I'm not going to share excessive details but he faced very poor health by age 40, a rest home by age 55 and passed away at 60. He had two adult daughters and the oldest skimmed his assets repeatedly. His youngest daughter was better. I finally agreed to be his POA and give him some control back. His siblings wanted no part of it so I felt I should. I deeply regretted that as I was punished for helping. Everyone has hobbies, his became reporting his caregivers to state agencies, fabricating stories and calling sheriff for his entertainment. Hateful and lived for vengeance. He even hated me and destroyed me on Facebook. Distant relatives on his FB feed knew no better so my wife and other inlaws were busy clearing things up. Several months ago he contacted me and made amends. I was content to ignore him forever but glad he did that. You probably get the picture by now. Pure family drama.
So what is the point? He did some things right and wrong that others will deal with now.
When his house and car were sold a few years ago he completely arranged his own funeral and paid for it. That was a huge relief as his daughters would struggle to come up with money for the after funeral sandwiches at the church. It went smooth as butter and he had a dignified funeral. He got that right and I may do the same soon.
He had astronomical unpaid medical and nursing home bills. He maxed out the lifetime benefit on a Raytheon subsidiary healthcare plan ten years ago. I don't know what a normal person does about that one. Organ transplants and numerous cardiac episodes aren't cheap when they start halfway through your life. This is potentially a real threat to your net worth.
He had numerous wills through the years, but no longer wanted his children to receive whatever assets he had. No clue if he reescnded them. They never would have made it past creditors in probate anyway. He officially died broke. After his passing my wife grabbed a $20 Cabela's shaving bag we bought him for Christmas. It had a 12 pack of Snicker's bars in it. We like Snickers and that is her inheritance.
Just making things light. We didn't need anything from him.
Off the record, everyone knew he had a few $K hidden for years. When he had control of his money he would refuse to pay bills and squirrel it away over time. He knew his finances were hopeless. He probably had about $5K cash at his death. I've heard a rumor his cousin and best friend took it to an attorney and his desire was to put it in a trust for his grandchildren. He intended to leave zero to his children. He said that for years. I think I am going to get a lesson in the legal way to hide money so it will survive litigation.
This story is probably entertaining to anyone who didn't have to endure the drama. I did learn from it.
I attended my brother-inlaws funeral yesterday. He is my age and it definitely got me thinking about some things I'd prefer to ignore. He had few assets but so much going on. I'm not going to share excessive details but he faced very poor health by age 40, a rest home by age 55 and passed away at 60. He had two adult daughters and the oldest skimmed his assets repeatedly. His youngest daughter was better. I finally agreed to be his POA and give him some control back. His siblings wanted no part of it so I felt I should. I deeply regretted that as I was punished for helping. Everyone has hobbies, his became reporting his caregivers to state agencies, fabricating stories and calling sheriff for his entertainment. Hateful and lived for vengeance. He even hated me and destroyed me on Facebook. Distant relatives on his FB feed knew no better so my wife and other inlaws were busy clearing things up. Several months ago he contacted me and made amends. I was content to ignore him forever but glad he did that. You probably get the picture by now. Pure family drama.
So what is the point? He did some things right and wrong that others will deal with now.
When his house and car were sold a few years ago he completely arranged his own funeral and paid for it. That was a huge relief as his daughters would struggle to come up with money for the after funeral sandwiches at the church. It went smooth as butter and he had a dignified funeral. He got that right and I may do the same soon.
He had astronomical unpaid medical and nursing home bills. He maxed out the lifetime benefit on a Raytheon subsidiary healthcare plan ten years ago. I don't know what a normal person does about that one. Organ transplants and numerous cardiac episodes aren't cheap when they start halfway through your life. This is potentially a real threat to your net worth.
He had numerous wills through the years, but no longer wanted his children to receive whatever assets he had. No clue if he reescnded them. They never would have made it past creditors in probate anyway. He officially died broke. After his passing my wife grabbed a $20 Cabela's shaving bag we bought him for Christmas. It had a 12 pack of Snicker's bars in it. We like Snickers and that is her inheritance.
Just making things light. We didn't need anything from him.Off the record, everyone knew he had a few $K hidden for years. When he had control of his money he would refuse to pay bills and squirrel it away over time. He knew his finances were hopeless. He probably had about $5K cash at his death. I've heard a rumor his cousin and best friend took it to an attorney and his desire was to put it in a trust for his grandchildren. He intended to leave zero to his children. He said that for years. I think I am going to get a lesson in the legal way to hide money so it will survive litigation.
This story is probably entertaining to anyone who didn't have to endure the drama. I did learn from it.