rodi;1737366" said:I'm the wife - and I manage the money/investments/bills in our house. DH is the one who'd be lost financially if I die first."
Lol
Nice comeback!
rodi;1737366" said:I'm the wife - and I manage the money/investments/bills in our house. DH is the one who'd be lost financially if I die first."
Lol
Nice comeback!
Yes I also have one for DW. It keeps my conscience clear whether she reads it or not. After all, after I am gone, I stop worrying.I'm the wife - and I manage the money/investments/bills in our house. DH is the one who'd be lost financially if I die first.
I wrote a document for him "in case of death"... It outlines everything - tells him the routines for paying bills, what is autopay, what is manually paid. It talks about withdrawal processes. It lays out every account, every bill, etc. He put a hard copy in the safe deposit box, we put a copy with the will and trust, and there is an electronic copy on our shared backup drive.
Yes I had set that up and it would be administered by my two sons. But after crappy returns for five years, I simplified the whole will. Now she gets it all, and if there is anything left when she dies, the kids will get half and charities the other half.I've wondered about setting up a charitable remainder trust with a university, large community foundation or blue chip non profit as trustee. That way, DW would have a passive income for life, our charitable interests would benefit eventually and, if she remarried some ne'er do well who wanted her money, he couldn't get at the principal.
Exactly... Liquid/paper assets are easy. They transfer easily and free.
I have a trust, and I plan on starting to liquidate at ~age 62, or $5M in NW. There may be a 1031 to an investment, future retirement property.
I will have to move my residence to a lower tax state first. Maybe 1031 them all to some FL property, then sell the FL properties. Maybe even farm land to get a small income stream.
I start downsizing next month too, after I RE.
I myself haven't yet squared away financial instructions for my wife if I were to die first, but one of the things I didn't see was leaving her advice in regards to how to set up the beneficiaries post my death. Presently it's set up to primarily pass on to her, post my death I expect primary beneficiaries should be changed to my children, and perhaps secondary to any grandchildren. We have talked about the need for cross-training each other, but realistically talents and interests won't make for 100% interchangeability - she will live life differently and things I did myself may need to be hired out, including taxes, financial management, etc.
I have the same situation. I suspect she will get a Financial Adviser. Or go broke.
There is only so much you can do to prepare them. I think I am better off teaching a rock...
first and foremost. I did nothing for almost 16 months