Another great post. What you present is interesting. I looked at annuities and thought they were a scam. I can't even imagine what they are like with interest rates at near zero now.
I am very pleased that you volunteered to be my free estate planner. Thanks for that.
Seriously though, I m not sure I will have enough assets to qualify for the attention of a trust manager without giving them a much larger than 10% cut. I took about four years off work at age 53 to do some adventure fishing in cool places and drag racing. No regrets as few even have that option. Anyway, I doubt my net worth will ever be more than about half your example and that includes some real estate. NilesMike knows real estate so I'll look forward to his advice as well.
Here is my approximate projection, and I'll share a bit more personal info than I usually would on an open forum.
When I re-retire in a few years I am going to have my primary residence I wish to sell. I also have my previous rental property I just sold on contract with large down payment. I should be completely free of it. No drama expected as I'd be happy to repo it. It will be all settled before I get very old.
I could live happy off my pensions I receive within a few years and leave my stock port completely alone and will it. I'll live even happier if I spend some of it. I intend to live a little large on the front end as I gave up so many luxuries to be in my financial situation in my old age.
I only have two heirs. My wife which I am highly likely to outlive but who knows? I have a daughter I'm not so sure is physically capable of giving me natural grandchildren. Maybe she will adopt like I did? I doubt she will ever have more than a two year degree but I can't be sure. She isn't great with finances. Capable of managing a DGI port, not the option income strat I currently run. Point is I have few heirs so a trust like you describe might not be optimal. A trust of some sort seems prudent though. I might protect my daughter from destitution in her retirement years. Divorces are just too common and I didn't do this to fund some guy I never even met yet.
If I end up a widower I would like to buy a property in the northland where I can fish. That's my longtime dream. My current plans are to put the next property in my daughter's name so I can get the five year gift done. I am NOT going to give all my life's wealth to a nursing home. I am nowhere near a nursing home today but life throws you curves. I wish to protect a large portion of my assets so she can enjoy it. As I said better yet leave at least some income she can't access until she is retirement age.
I am very pleased that you volunteered to be my free estate planner. Thanks for that.
Seriously though, I m not sure I will have enough assets to qualify for the attention of a trust manager without giving them a much larger than 10% cut. I took about four years off work at age 53 to do some adventure fishing in cool places and drag racing. No regrets as few even have that option. Anyway, I doubt my net worth will ever be more than about half your example and that includes some real estate. NilesMike knows real estate so I'll look forward to his advice as well.
Here is my approximate projection, and I'll share a bit more personal info than I usually would on an open forum.
When I re-retire in a few years I am going to have my primary residence I wish to sell. I also have my previous rental property I just sold on contract with large down payment. I should be completely free of it. No drama expected as I'd be happy to repo it. It will be all settled before I get very old.
I could live happy off my pensions I receive within a few years and leave my stock port completely alone and will it. I'll live even happier if I spend some of it. I intend to live a little large on the front end as I gave up so many luxuries to be in my financial situation in my old age.
I only have two heirs. My wife which I am highly likely to outlive but who knows? I have a daughter I'm not so sure is physically capable of giving me natural grandchildren. Maybe she will adopt like I did? I doubt she will ever have more than a two year degree but I can't be sure. She isn't great with finances. Capable of managing a DGI port, not the option income strat I currently run. Point is I have few heirs so a trust like you describe might not be optimal. A trust of some sort seems prudent though. I might protect my daughter from destitution in her retirement years. Divorces are just too common and I didn't do this to fund some guy I never even met yet.
If I end up a widower I would like to buy a property in the northland where I can fish. That's my longtime dream. My current plans are to put the next property in my daughter's name so I can get the five year gift done. I am NOT going to give all my life's wealth to a nursing home. I am nowhere near a nursing home today but life throws you curves. I wish to protect a large portion of my assets so she can enjoy it. As I said better yet leave at least some income she can't access until she is retirement age.