(10-19-2020, 04:51 AM)crimsonghost747 Wrote: This is indeed a very interesting topic. Thanks for starting it. I know this forum is indeed mostly based on how to create that retirement portfolio, much less about what happens to it when we end up 6 feet under.
I, hopefully, have some more decades before I even need to start thinking about this. But it's always good to get some new ideas. I currently don't have any kids, and currently not planning on any either, so this is indeed something that I do need to think about at some point. Something similar to this trust could be the answer indeed, assuming there is something left towards the end.
If you get in a tight spot looking for heirs, don't forget your old DGI forum friends lol.
My daughter knows I have a substantial stock port, and when she gave me trouble as a teenager I threatened more than once to will my entire estate to "The Cat Foundation". Told her I'd put a clause in there so she could go pet kitties anytime she wants lol. She wised up eventually and started threatening early nursing homes for me, so I was forced into peace talks.
Seriously though, I am almost certainly going to set up some of my money in a trust. I truly don't think it is going to be as easy for her to save enough money for retirement. Even if I only put $100K in an annuity 20 years in advance of her social security date, she would be one helluva lot better off. I definitely plan to spend some of this money myself when the time is right. There is nothing wrong with that. I don't act like it sometimes, but life is much more than a money accumulating contest.