|
|
Joined: Jul 2013
Posts: 1,056 Likes: 3
Campfire Regular
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,056 Likes: 3 |
What about someone like myself without a wife or children, and no body in particular to leave things to ? then find someone to leave it to....it is very selfish to only think of yourself.....just kidding....get all the info, contact a lawyer and make an informed decision based on what works for you in your situation...bob
|
|
|
|
|
Joined: Dec 2017
Posts: 4,576
Campfire Tracker
|
Campfire Tracker
Joined: Dec 2017
Posts: 4,576 |
I'm not a financial expert but after working part of my life to get everything paid for I have no desire to go back into debt. I think America is bleeding enough from too many unpaid bills. an rm pays you...not the other way around.....bob I know. Someone has to pay it back after I'm gone though, I assume that's how they're set up. Somewhat like selling a life insurance policy? yes it would get sold just like the trucks, boats and split whatever cash is left.....bob Are these RM offered at local banks or are they only offered through certain places? I tend to trust my local bank more than a stranger, maybe a fault on my part. Jim I cant answer that ...I started this thread because of post in another thread.....I just wanted to see others opinions on it....and if anybody has any real life experience with it.....bob I see. I've gotten fairly distrusting with most financial institutions over the years. For good reason. You seem savvy enough to avoid the bad places to do business with if you go this route. For me that would be a top priority.
|
|
|
|
|
Joined: Dec 2019
Posts: 3,027 Likes: 2
Campfire Tracker
|
|
Campfire Tracker
Joined: Dec 2019
Posts: 3,027 Likes: 2 |
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. This is correct. A stroke can change everything. Shucks, just bust a hip and you may need temporary placement. Life is messy sometimes. We love to hang onto the illusion of control. It doesn’t always play out like we plan. FWIW, in our area, nursing home patients get pretty much the same care regardless of their insurance. An exception is that some extra $ can mean a private room. VERY wealthy people,of course, have many other options. That’s always been the case. IMO, the best way to ensure good care in a nursing facility is to have involved family visit frequently and keep track of things. I think it means save the last round in your 30-30. yes...apparently some don't get ...I will wipe my own ass....bob Oh, I get the sentiment. Most everyone hopes to care for themself until the end. Sometimes things happen that make that impossible. Are you willing to use that last round on your wife to keep her out of the nursing home?
|
|
|
|
|
Joined: Jul 2009
Posts: 1,480 Likes: 2
Campfire Regular
|
|
Campfire Regular
Joined: Jul 2009
Posts: 1,480 Likes: 2 |
My wife and I have in place a plan much like Antlers. We chose to involve an atty, as we wanted to set up a trust for one of heirs.
All assets will transfer without any probate. This includes all bank accounts and other financial items.
|
|
|
|
|
Joined: Jun 2007
Posts: 24,578 Likes: 2
Campfire Ranger
|
|
Campfire Ranger
Joined: Jun 2007
Posts: 24,578 Likes: 2 |
If you are older, looking for extra money and don’t want to sell your house and go rent one somewhere else, why not just reverse mortgage your house and rent it from the buyer at a reasonable rate without having to relocate?
It sounds like it can work for those who don’t have any relatives to pass it on to. Nothing is a perfect solution for everyone..
|
|
|
|
|
Joined: Nov 2015
Posts: 5,657 Likes: 1
Campfire Tracker
|
|
Campfire Tracker
Joined: Nov 2015
Posts: 5,657 Likes: 1 |
What about someone like myself without a wife or children, and no body in particular to leave things to ? Setup a trust for something you feel strongly about. Had a friend set up a trust to help students, the stipulation, agricultural students.. How he accomplished this I'm not sure. I guarantee multiple lawyers were involved. His lifes work is going to something he felt strongly about!
|
|
|
|
|
Joined: Nov 2023
Posts: 35
Campfire Greenhorn
|
|
Campfire Greenhorn
Joined: Nov 2023
Posts: 35 |
Seems like it never dawned on some of the folks posting here that it's possible to A) do well financially; B) live comfortably; C) teach your kids the value of hard work; and, D) still leave something nice to help out your kids when you're gone ALL AT THE SAME TIME.
All the whining about kids just wasting what you leave them or throwing you in the trailer park nursing home sounds like people who made bad decisions projecting on others....
|
|
|
|
|
Joined: Oct 2000
Posts: 30,286
Campfire 'Bwana
|
|
Campfire 'Bwana
Joined: Oct 2000
Posts: 30,286 |
Well, I read through a bunch of this - a few down right goofy, ignorant comments, but plenty of really thoughtful responses. I especially liked Calvin's comments.
There's no way I can tell you what to do Bob. I know what I'd do though. I'd liquidate all the dumb sh*t I've accumulated (personally I don't have much - not a "collector," and not into boats or motor sports, etc.), sell the house, downsize, and put the earnings that are left into a "fun" account (ie, 10 year bonds, etc., whatever), not touch the principal, and go play/travel with the earnings. I'd do my best to make sure my kids ended up with all or most of the principal.
Aside, if your kids are "entitled" the fault is entirely your own. You didn't raise them right. My kids aren't, nor will they be waiting for my death - they'll lose their friend. "A good man leaves an inheritance to his children's children."
“Perfection is Achieved Not When There Is Nothing More to Add, But When There Is Nothing Left to Take Away” Antoine de Saint-Exupery
|
|
|
|
|
Joined: Feb 2010
Posts: 16,076
Campfire Ranger
|
|
Campfire Ranger
Joined: Feb 2010
Posts: 16,076 |
You care to steer us in the right direction? I live in Colorado. So I did all of the research that pertained specifically to myself and my adult children according to Colorado law. All of the information that you need is available online, and pretty much any question that you have about any of it, can also be answered online. Another thing I learned about during the course of all of this is federal MedicAid Estate Recovery Laws. I had no idea about this prior to my research. Anyway, you can even find templates for beneficiary deeds and wills online, and then customize them for your specific needs and wants, and once you get them notarized, they’re just a valid as if they were done by an attorney. It’s really not difficult at all. All of the information that you need is easily accessible. You’ve just gotta invest the time and effort that’s required. It’s worth it. Many thanks! This is something I’ll look into. As I get older I’m starting to see a need for better tax planning as well. The more I learn, the more I discover I don’t know.
Last edited by gregintenn; 02/03/24.
|
|
|
|
|
Joined: May 2016
Posts: 60,496 Likes: 20
Campfire Kahuna
|
|
Campfire Kahuna
Joined: May 2016
Posts: 60,496 Likes: 20 |
Well, I read through a bunch of this - a few down right goofy, ignorant comments, but plenty of really thoughtful responses. I especially liked Calvin's comments.
There's no way I can tell you what to do Bob. I know what I'd do though. I'd liquidate all the dumb sh*t I've accumulated (personally I don't have much - not a "collector," and not into boats or motor sports, etc.), sell the house, downsize, and put the earnings that are left into a "fun" account (ie, 10 year bonds, etc., whatever), not touch the principal, and go play/travel with the earnings. I'd do my best to make sure my kids ended up with all or most of the principal.
Aside, if your kids are "entitled" the fault is entirely your own. You didn't raise them right. My kids aren't, nor will they be waiting for my death - they'll lose their friend. "A good man leaves an inheritance to his children's children." That's dumb.
I am MAGA.
|
|
|
|
|
Joined: Oct 2000
Posts: 30,286
Campfire 'Bwana
|
|
Campfire 'Bwana
Joined: Oct 2000
Posts: 30,286 |
Well, I read through a bunch of this - a few down right goofy, ignorant comments, but plenty of really thoughtful responses. I especially liked Calvin's comments.
There's no way I can tell you what to do Bob. I know what I'd do though. I'd liquidate all the dumb sh*t I've accumulated (personally I don't have much - not a "collector," and not into boats or motor sports, etc.), sell the house, downsize, and put the earnings that are left into a "fun" account (ie, 10 year bonds, etc., whatever), not touch the principal, and go play/travel with the earnings. I'd do my best to make sure my kids ended up with all or most of the principal.
Aside, if your kids are "entitled" the fault is entirely your own. You didn't raise them right. My kids aren't, nor will they be waiting for my death - they'll lose their friend. "A good man leaves an inheritance to his children's children." That's dumb. How is it "dumb" Jim? Did you inherit your farm Jim?
“Perfection is Achieved Not When There Is Nothing More to Add, But When There Is Nothing Left to Take Away” Antoine de Saint-Exupery
|
|
|
|
|
Joined: May 2016
Posts: 60,496 Likes: 20
Campfire Kahuna
|
|
Campfire Kahuna
Joined: May 2016
Posts: 60,496 Likes: 20 |
No. I bought it.
And I hope they spend every cent.
I am MAGA.
|
|
|
|
|
Joined: Oct 2000
Posts: 30,286
Campfire 'Bwana
|
|
Campfire 'Bwana
Joined: Oct 2000
Posts: 30,286 |
No. I bought it.
And I hope they spend every cent. They held paper, right? Did you pay full market value, or get a kids discount?
“Perfection is Achieved Not When There Is Nothing More to Add, But When There Is Nothing Left to Take Away” Antoine de Saint-Exupery
|
|
|
|
|
Joined: May 2016
Posts: 60,496 Likes: 20
Campfire Kahuna
|
|
Campfire Kahuna
Joined: May 2016
Posts: 60,496 Likes: 20 |
Full value.
Inheritance is dumb and the result of poor planning.
Get your stuff sorted while you are living and live a little.
You guys must have a guilty conscience or something.
I am MAGA.
|
|
|
|
|
Joined: Oct 2000
Posts: 30,286
Campfire 'Bwana
|
|
Campfire 'Bwana
Joined: Oct 2000
Posts: 30,286 |
Full value.
Inheritance is dumb and the result of poor planning.
Get your stuff sorted while you are living and live a little.
You guys must have a guilty conscience or something. So your parents hold paper... how is that not helping you? There's no way you were going to the bank to get a loan on a full market price transaction. Isn't that part of what an inheritance is? Are you entitled?
“Perfection is Achieved Not When There Is Nothing More to Add, But When There Is Nothing Left to Take Away” Antoine de Saint-Exupery
|
|
|
|
|
Joined: May 2016
Posts: 60,496 Likes: 20
Campfire Kahuna
|
|
Campfire Kahuna
Joined: May 2016
Posts: 60,496 Likes: 20 |
I am MAGA.
|
|
|
|
|
Joined: Oct 2000
Posts: 30,286
Campfire 'Bwana
|
|
Campfire 'Bwana
Joined: Oct 2000
Posts: 30,286 |
“Perfection is Achieved Not When There Is Nothing More to Add, But When There Is Nothing Left to Take Away” Antoine de Saint-Exupery
|
|
|
|
|
Joined: May 2016
Posts: 60,496 Likes: 20
Campfire Kahuna
|
|
Campfire Kahuna
Joined: May 2016
Posts: 60,496 Likes: 20 |
My parents have no assets related to the farm.
What paper?
I am MAGA.
|
|
|
|
|
Joined: Jun 2020
Posts: 10,166
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Jun 2020
Posts: 10,166 |
Full value.
Inheritance is dumb and the result of poor planning.
Get your stuff sorted while you are living and live a little.
You guys must have a guilty conscience or something. I’m proud to raise self sufficient kids that I treasure far more than any material goods. To each their own but I’d rather be able to enjoy my retirement when I get there and be able to leave something to my kids rather than blow it on garbage that I really don’t need. Maybe in return they’ll be able to leave a little extra for their kids. It’s that whole white man concept of generational wealth I guess.
|
|
|
|
|
Joined: Nov 2002
Posts: 33,727 Likes: 2
Campfire 'Bwana
|
|
Campfire 'Bwana
Joined: Nov 2002
Posts: 33,727 Likes: 2 |
Full value.
Inheritance is dumb and the result of poor planning.
Get your stuff sorted while you are living and live a little.
You guys must have a guilty conscience or something. More rubbish...
Conduct is the best proof of character.
|
|
|
|
|
411 members (160user, 1Longbow, 204guy, 12344mag, 10gaugeman, 10ring1, 38 invisible),
2,038
guests, and
1,097
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
Forums81
Topics1,192,377
Posts18,488,445
Members73,970
| |
Most Online11,491
Jul 7th, 2023
|
|
|
|
![[Linked Image from i.postimg.cc]](https://i.postimg.cc/G9RDVKXr/DSCN4329.jpg)
