|
Joined: Dec 2005
Posts: 4,189 Likes: 1
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2005
Posts: 4,189 Likes: 1 |
A reverse mortgage is like an ejection seat: the absolute last resort. did you read the context of why I started this post?...this isn't about a last resort...its about a way of tapping into an asset .....if you know of a better way of doing it I am all ears....bob In all seriousness... I want to be helpful here in discussion. I am not a practicing attorney in any state, nor am I a practicing CFA. What is the purpose or need for the asset funds to be liquidated? Monthly expenses or "fun money?" If needed for monthly expenses, then downsizing might be a better option. Sell the dwelling, simplify to lower expense housing. Taxes can be the biggest driver of cost to keep a paid for dwelling.
|
|
|
|
Joined: Jul 2013
Posts: 1,116 Likes: 8
Campfire Regular
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,116 Likes: 8 |
No, Medicaid wouldn’t likely pick up the cost of a place that you would choose, trust me it won’t. But you’d get into some care facility, but it wouldn’t be your first choice.
The facts are that an RM is an expensive bet to make given fees, costs and your inability to predict your death. I would bet on increased financial flexibility down the road with less variability. are you planning on going into a nursing home or on hospice? my dad was bedridden for 15 years, I saw the decline, saw what it did to everybody around him, saw him deteriorate to where he could only communicate by typing on the computer. the day I saw him before he died he was trying to "talk" to me, but it came out aaaaaaaaaa that's it. now the reason for this sad tale is...I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. my wife will have other options than that.....and let me tell you all he ever talked about was what he wished he would have done....bob
|
|
|
|
Joined: Feb 2010
Posts: 16,189 Likes: 5
Campfire Ranger
|
Campfire Ranger
Joined: Feb 2010
Posts: 16,189 Likes: 5 |
One of the biggest inheritances you can give to your children is to not have a financial mess they need to sort out when you pass. Have your funeral plans made, finances in order, and let your passing be a positive experience not one filled with stress and dread. I concur. Wholeheartedly. I have a beneficiary deed on my house, which I own outright, and it will automatically transfer to my adult children on my death. And they receive the house on a stepped-up basis ~ no capital gains taxes at all. None. And the probate court has no say-so at all. None. I’ve taken it completely out of the hands of the probate court. Phuuk the probate court. I have beneficiary deeds on all of my vehicles, which I own outright, and they will automatically transfer to my adult children on my death. And the probate court has no say-so at all. None. I’ve taken it completely out of the hands of the probate court. Phuuk the probate court. And I have ‘transfer on death’ set up for ALL of my financial assets ~ bank accounts and retirement accounts. And the probate court has no say-so at all. None. I’ve taken it completely out of the hands of the probate court. Phuuk the probate court. And my kids don’t have to pay taxes on ANY of it. NONE of the things above are part of my ‘probate estate.’ The only thing in my probate estate is the schit that’s inside of my house (clothes, shoes, furniture, etc.). And that’s the ‘only’ schit that I mentioned in my will. Stuff that’s not part of your probate estate doesn’t need to be mentioned in your will, since the phuukin’ probate court has NO say-so about ANY of it; they don’t need to know about it. And I did all of this myself. I did the research and set all of it up myself. No need for me to pay money to a ‘financial planner’ or an ‘estate attorney.’ Death shouldn’t be such a complicated mess in our country like it is, but the thievin’ bastards have things in place so they can continue to fleece a person’s estate even after they’re dead. But there are ways to keep if from the organized criminals that our local, state, and federal governments are comprised of. Interesting. I'd like to know more about the process. I'll look into this. You care to steer us in the right direction?
|
|
|
|
Joined: Jul 2013
Posts: 1,116 Likes: 8
Campfire Regular
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,116 Likes: 8 |
A reverse mortgage is like an ejection seat: the absolute last resort. did you read the context of why I started this post?...this isn't about a last resort...its about a way of tapping into an asset .....if you know of a better way of doing it I am all ears....bob In all seriousness... I want to be helpful here in discussion. I am not a practicing attorney in any state, nor am I a practicing CFA. What is the purpose or need for the asset funds to be liquidated? Monthly expenses or "fun money?" If needed for monthly expenses, then downsizing might be a better option. Sell the dwelling, simplify to lower expense housing. Taxes can be the biggest driver of cost to keep a paid for dwelling. fun money...bob
|
|
|
|
Joined: Dec 2005
Posts: 3,182 Likes: 7
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2005
Posts: 3,182 Likes: 7 |
No, Medicaid wouldn’t likely pick up the cost of a place that you would choose, trust me it won’t. But you’d get into some care facility, but it wouldn’t be your first choice.
The facts are that an RM is an expensive bet to make given fees, costs and your inability to predict your death. I would bet on increased financial flexibility down the road with less variability. are you planning on going into a nursing home or on hospice? my dad was bedridden for 15 years, I saw the decline, saw what it did to everybody around him, saw him deteriorate to where he could only communicate by typing on the computer. the day I saw him before he died he was trying to "talk" to me, but it came out aaaaaaaaaa that's it. now the reason for this sad tale is...I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. my wife will have other options than that.....and let me tell you all he ever talked about was what he wished he would have done....bob I hope not but one never knows or can predict what kind of care you might need. Sorry, but that’s reality. After following all of the responses and your feedback I am of the opinion that you want to spend more money than you can without doing an RM. I’m pretty sure you know the risks and associated costs, so I guess you should go for it. Like others and myself have clearly stated, it’s a risky and expensive bet you are willing to make, just make sure you fully understand all the fine print. It’s not the path many would take but you seem to be trying to talk yourself into it.
|
|
|
|
Joined: Apr 2017
Posts: 19,894 Likes: 26
Campfire Ranger
|
Campfire Ranger
Joined: Apr 2017
Posts: 19,894 Likes: 26 |
This business will get out of control. It will get out of control and we'll all be lucky to live through it. Fred Thompson used to pitch RM’s too. I think he’s ded now. That's what RM's do....they kill people. Exactly!
"Maybe we're all happy."
"Go to the sporting goods store. From the files, obtain form 4473. These will contain descriptions of weapons and lists of private ownership."
|
|
|
|
Joined: Dec 2005
Posts: 4,189 Likes: 1
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2005
Posts: 4,189 Likes: 1 |
I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. Unfortunately there is no clearcut way to insure that happens. We are all simply one bad stroke away from serious disability. Spouses are not always able to perform at home care. States do not always offer the best at home coverages. Waiting lists. Small reimbursements. Sometimes the care facility is the only way. And that, my friend, will tap assets in a hurry.
|
|
|
|
Joined: Jul 2013
Posts: 1,116 Likes: 8
Campfire Regular
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,116 Likes: 8 |
No, Medicaid wouldn’t likely pick up the cost of a place that you would choose, trust me it won’t. But you’d get into some care facility, but it wouldn’t be your first choice.
The facts are that an RM is an expensive bet to make given fees, costs and your inability to predict your death. I would bet on increased financial flexibility down the road with less variability. are you planning on going into a nursing home or on hospice? my dad was bedridden for 15 years, I saw the decline, saw what it did to everybody around him, saw him deteriorate to where he could only communicate by typing on the computer. the day I saw him before he died he was trying to "talk" to me, but it came out aaaaaaaaaa that's it. now the reason for this sad tale is...I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. my wife will have other options than that.....and let me tell you all he ever talked about was what he wished he would have done....bob I hope not but one never knows or can predict what kind of care you might need. Sorry, but that’s reality. After following all of the responses and your feedback I am of the opinion that you want to spend more money than you can without doing an RM. I’m pretty sure you know the risks and associated costs, so I guess you should go for it. Like others and myself have clearly stated, it’s a risky and expensive bet you are willing to make, just make sure you fully understand all the fine print. It’s not the path many would take but you seem to be trying to talk yourself into it. exactly the opposite...trying to see both sides.....bob
|
|
|
|
Joined: May 2016
Posts: 61,012 Likes: 72
Campfire Kahuna
|
Campfire Kahuna
Joined: May 2016
Posts: 61,012 Likes: 72 |
This business will get out of control. It will get out of control and we'll all be lucky to live through it. Fred Thompson used to pitch RM’s too. I think he’s ded now. That's what RM's do....they kill people. Exactly! Hahaha! I give it a single ping. One ping only.
I am MAGA.
|
|
|
|
Joined: Apr 2017
Posts: 19,894 Likes: 26
Campfire Ranger
|
Campfire Ranger
Joined: Apr 2017
Posts: 19,894 Likes: 26 |
This business will get out of control. It will get out of control and we'll all be lucky to live through it. Fred Thompson used to pitch RM’s too. I think he’s ded now. That's what RM's do....they kill people. Exactly! Hahaha! I give it a single ping. One ping only. Thank you Mr. Vasilli.
"Maybe we're all happy."
"Go to the sporting goods store. From the files, obtain form 4473. These will contain descriptions of weapons and lists of private ownership."
|
|
|
|
Joined: Jul 2013
Posts: 1,116 Likes: 8
Campfire Regular
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,116 Likes: 8 |
I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. Unfortunately there is no clearcut way to insure that happens. We are all simply one bad stroke away from serious disability. Spouses are not always able to perform at home care. States do not always offer the best at home coverages. Waiting lists. Small reimbursements. Sometimes the care facility is the only way. And that, my friend, will tap assets in a hurry. I have lived a good life, pretty much on my terms have done a lot of things more than most...not as much as some....the day I cant take care of myself, is the day I tap out....I will wipe my own ass thank you....thanks for everybody's input...bob
|
|
|
|
Joined: Dec 2005
Posts: 3,182 Likes: 7
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2005
Posts: 3,182 Likes: 7 |
I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. Unfortunately there is no clearcut way to insure that happens. We are all simply one bad stroke away from serious disability. Spouses are not always able to perform at home care. States do not always offer the best at home coverages. Waiting lists. Small reimbursements. Sometimes the care facility is the only way. And that, my friend, will tap assets in a hurry. I forgot to say the same, anyone who says “they aren’t going into a facility” is being incredibly naive!!! Many never have a choice and I can give about 50 diffeent examples where you have no choice. And if this happens you’ll be damn happy you have a paid for house that isn’t leveraged.
|
|
|
|
Joined: Jul 2013
Posts: 1,116 Likes: 8
Campfire Regular
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,116 Likes: 8 |
This business will get out of control. It will get out of control and we'll all be lucky to live through it. Fred Thompson used to pitch RM’s too. I think he’s ded now. That's what RM's do....they kill people. Exactly! Hahaha! I give it a single ping. One ping only. Thank you Mr. Vasilli. great show....bob
|
|
|
|
Joined: Dec 2005
Posts: 4,189 Likes: 1
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2005
Posts: 4,189 Likes: 1 |
A reverse mortgage is like an ejection seat: the absolute last resort. did you read the context of why I started this post?...this isn't about a last resort...its about a way of tapping into an asset .....if you know of a better way of doing it I am all ears....bob In all seriousness... I want to be helpful here in discussion. I am not a practicing attorney in any state, nor am I a practicing CFA. What is the purpose or need for the asset funds to be liquidated? Monthly expenses or "fun money?" If needed for monthly expenses, then downsizing might be a better option. Sell the dwelling, simplify to lower expense housing. Taxes can be the biggest driver of cost to keep a paid for dwelling. fun money...bob Oh no. Worse than I thought! Ha! Just kidding around with you! Please seek consultation and counsel before making any moves. Medicaid lookback at application is a tedious process. So is getting denied for any reason and having to appeal. Watch all large expenditures and "gifting" or anything that can be construed as such. Personally, I'd just sell and downsize when the market is prime to do so. Use the equity cash wisely. Protection for my spouse is my focus. I'm different, and more conservative in my approach. If I can't afford to do it, I simply pass.
|
|
|
|
Joined: May 2016
Posts: 61,012 Likes: 72
Campfire Kahuna
|
Campfire Kahuna
Joined: May 2016
Posts: 61,012 Likes: 72 |
I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. Unfortunately there is no clearcut way to insure that happens. We are all simply one bad stroke away from serious disability. Spouses are not always able to perform at home care. States do not always offer the best at home coverages. Waiting lists. Small reimbursements. Sometimes the care facility is the only way. And that, my friend, will tap assets in a hurry. I forgot to say the same, anyone who says “they aren’t going into a facility” is being incredibly naive!!! Many never have a choice and I can give about 50 diffeent examples where you have no choice. And if this happens you’ll be damn happy you have a paid for house that isn’t leveraged. They take the house regardless.
I am MAGA.
|
|
|
|
Joined: Jul 2013
Posts: 1,116 Likes: 8
Campfire Regular
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,116 Likes: 8 |
I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. Unfortunately there is no clearcut way to insure that happens. We are all simply one bad stroke away from serious disability. Spouses are not always able to perform at home care. States do not always offer the best at home coverages. Waiting lists. Small reimbursements. Sometimes the care facility is the only way. And that, my friend, will tap assets in a hurry. I forgot to say the same, anyone who says “they aren’t going into a facility” is being incredibly naive!!! Many never have a choice and I can give about 50 diffeent examples where you have no choice. And if this happens you’ll be damn happy you have a paid for house that isn’t leveraged. anybody that plans on going into a facility ......you do see how they get treated in those places ,don't you? have at it.....bob
|
|
|
|
Joined: Dec 2005
Posts: 4,189 Likes: 1
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2005
Posts: 4,189 Likes: 1 |
There are legal steps around that, Jim.
|
|
|
|
Joined: May 2016
Posts: 61,012 Likes: 72
Campfire Kahuna
|
Campfire Kahuna
Joined: May 2016
Posts: 61,012 Likes: 72 |
There are legal steps around that, Jim. That look back is a bitch though.
I am MAGA.
|
|
|
|
Joined: Dec 2005
Posts: 4,189 Likes: 1
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2005
Posts: 4,189 Likes: 1 |
anybody that plans on going into a facility ......you do see how they get treated in those places ,don't you? have at it.....bob Have you met anyone in a long term care facility who "planned" for being there? You plan for the possibility, not the inevitability. The fee you would spend to discuss your own case with an attorney is an investment in you and your spouse's future well being.
|
|
|
|
Joined: Dec 2005
Posts: 3,182 Likes: 7
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2005
Posts: 3,182 Likes: 7 |
I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms. Unfortunately there is no clearcut way to insure that happens. We are all simply one bad stroke away from serious disability. Spouses are not always able to perform at home care. States do not always offer the best at home coverages. Waiting lists. Small reimbursements. Sometimes the care facility is the only way. And that, my friend, will tap assets in a hurry. I forgot to say the same, anyone who says “they aren’t going into a facility” is being incredibly naive!!! Many never have a choice and I can give about 50 diffeent examples where you have no choice. And if this happens you’ll be damn happy you have a paid for house that isn’t leveraged. anybody that plans on going into a facility ......you do see how they get treated in those places ,don't you? have at it.....bob I will type slower: I don’t wish for myself or others to need to go to one of these places, but sometimes you don’t have a choice. That’s my point! And Jim you also miss the point, I’m trying to illustrate that having more liquidity and free cash gives you more options down the road versus overspending your budget. It’s called living within your means. 😄
|
|
|
|
604 members (10gaugeman, 1badf350, 160user, 06hunter59, 1911a1, 10gaugemag, 76 invisible),
14,643
guests, and
1,028
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
Forums81
Topics1,195,072
Posts18,541,350
Members74,057
|
Most Online21,066 07:15 PM
|
|
|
|