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Old 08-15-2012, 05:10 PM   #21
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Quote:
Originally Posted by Danmar

Forgot that she will get a mid 6 figure life insurance payout on my death as well.. Looks like she will have more money once I'm gone.
Better keep on the right side of Mrs. Danmar, eh?
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Old 08-15-2012, 05:28 PM   #22
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How do you "leave" American citizenship. As you have indicated previously she hasn't lived in the US so she's not eligible for SS survivor benefits unless she relocates. Even with US citizen family members she still needs to go through the same process everyone else does.
SHHHH! Between us "Guy's", there is no plane ticket either!
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Old 08-15-2012, 05:35 PM   #23
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SHHHH! Between us "Guy's", there is no plane ticket either!
Got it. Hope you looked over your shoulder before posting that.
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Old 08-15-2012, 06:00 PM   #24
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My husband has pointed out several times that I'm worth more dead than alive. Then he talks about getting a boat and an extra "spare" anchor that is extra heavy.

Funny guy.

Once I retire that changes - I get a decent life insurance policy through work and that will go away.

We're joint owners on everything. My pension is so small it's insignificant... but he'd get it.
Our trust is set up so that it rolls to each other if one of us dies first... and to the kids after. We have it going to the kids in dribs/drabs so they don't get a huge lump sum on their 18th birthday and go out and party it all away.
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Old 08-15-2012, 06:33 PM   #25
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I also have a long term SO .I have a will that leaves him some money but the important thing is that I have legal powers of attorney for him & my daughter . I also have health care surrogacy for both of them because without that your SO is not allowed to make any decisions about your health care and may even be excluded from visiting you in certain units .
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Old 08-15-2012, 07:05 PM   #26
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Friar,
I think this is a very important topic.

For the past 6 years, I have been a volunteer tax preparer at a local military base and a local senior center.

During this time, I have worked with several survivors. While the emotional side of this issue is always heartbreaking, there are no words to explain when the financial side leaves the survivor in dire straits. . .
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Old 08-16-2012, 12:10 AM   #27
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Friar, During this time, I have worked with several survivors. While the emotional side of this issue is always heartbreaking, there are no words to explain when the financial side leaves the survivor in dire straits. . .
Eight months ago a good friend/neighbor died suddenly of a stroke. He's retired military, so unfortunately we had a front-row seat to the entire casualty-assistance process. Even when it goes well it's miserable.

It turned out that one of his duties was to fill out paperwork and make customer-service phone calls for his spouse. His adult son (active-duty military) stepped in to take that duty for his mom. Unfortunately he was then deployed to Afghanistan, so now I'm the designated adult male temporary admin support. And even when it goes well, it's miserable.

The son will be back from Afghanistan in another month or two, and heaven help any civil-service employee who hasn't finished the claims process by then. But it's all been a very thought-provoking eight months for me & spouse, with lots of what-if discussions. I've been informed that if I leave my spouse a young widow... she'll kill me. So now I exercise a lot and eat healthy (and sleep with one eye open).

When I retired, it looked as though our savings and my pension would cover everything. Today that looks better than ever. Spouse expected to retire to a military pension, too, so she declined my survivor benefits. Then she did a bit better with the last few years of her career than either one of us had ever anticipated, so when her Reserve pension starts in 2022 it'll be ~50% more than mine. If I was to kick off tomorrow she'd still have enough savings (and SS survivor's benefits) to bridge the gap until her pension. After that she's set for life.

Ironically my father's monthly pension/SS is not much less than my current military pension. Depending on how long-term care shapes up over the next decade, we may be able to self-insure ourselves... my pension for my semi-private room in a budget accommodation (much like my submarine duty) and her pension for a deluxe private suite.

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Not yet but I will have to stay on my toes. She would make a very attractive, wealthy, widow.
I wonder what ads she gets from the Early-Retirement.org server when she's reading these forums...

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Yes, I need to see a lawyer and get a will drawn up. It will be very simple; $X to Frank and the rest to Christina. I wanted to just use one of those willmaker computer programs, but almost all say in the fine print that they don't make Louisiana wills. Louisiana has very weird laws because they are based on Napoleonic code.
I was waiting until after the move to Missouri to so that I could do it myself with one of those computer programs, but now that we are probably staying here I guess I have to spring for an actual lawyer to draw up a will.
FWIW you may still want to chug through Intuit's Willmaker (or something similar). It'll ask you a bunch of questions on your own time, and you can craft a will that works for your preferences. You can work at your own pace and research all the questions as much as you want without the pressure of the lawyer's clock ticking away at $250/hour. Then you can take the finished product to your lawyer, and you'll be ready with answers to the same questions while he's translating your English will into Napoleonic Creole code...
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Old 08-16-2012, 07:21 AM   #28
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When I get The Big Ache DW will have 70% of the COLA'd pension, zero debt, medical and prescription coverage, nice house, and a few hundred k in cash and investments. SS when she'll eligible. She won't be driving a 'benz and cruising around the world but she'll be comfortable.

I've told her I expect her to wait a year before she starts partying and running around.
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Old 08-16-2012, 07:39 AM   #29
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[



I wonder what ads she gets from the Early-Retirement.org server when she's reading these forums...

Creole code...[/QUOTE]

She never reads forums like this and thinks I waste too much time this way. Go figure.
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Old 08-16-2012, 07:54 AM   #30
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If I was to kick off tomorrow she'd still have enough savings (and SS survivor's benefits) to bridge the gap until her pension.



Nords,
I don't know that much about social security benefits -- but isn't 60 the earliest age the surviving spouse can collect? (unless there are minor children)
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Old 08-16-2012, 08:32 AM   #31
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I planned for maximizing DH's income if something happened to me because his income is less and less colaed and his mother is 96 years old, a common age for his family to attain.

Here are the results if one of us died today:
Current income = 100%
He dies; my new income = 100.1%
I die; his new income = 105%

This is before tax. The after tax (current law) income is slightly less than 100% because of filing singly taxes.
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