Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Will
Old 11-03-2006, 02:32 PM   #41
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Will

Quote:
Originally Posted by brewer12345
I just got the solution to your problems, Az: if you croak, your dad could marry your widow. Solves all the issues at once.
......
__________________

__________________
azanon is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Will
Old 11-03-2006, 02:34 PM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Will

Quote:
Originally Posted by brewer12345
I just got the solution to your problems, Az: if you croak, your dad could marry your widow. Solves all the issues at once.
__________________

__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Will
Old 11-03-2006, 03:22 PM   #43
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: Will

Quote:
Originally Posted by Azanon
At least a third of my assets would also "poof".
That is called a "fraudulent conveyance," and is illegal. :
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: Will
Old 11-03-2006, 03:38 PM   #44
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,646
Re: Will

Once again, I have not carefully read all of the posts but I shouldn't let that keep me from venturing an opinion should it?

Az brings attacks on with his "tude" so I probably shouldn't be sympathetic to him. But I don't see his failure to do estate planning at his tender age to be a big deal. If he had built up a big pile of dough it would be wise to set up a trust in his son's name. DW and I have done that for a variety of reasons.

But Az is still a kid and probably doesn't have a huge fortune yet. Like most people he has things setup to go to his wife -- who also happens to be his son's mother. Not exactly reckless. If his wife dies with him -- or shortly after, everything goes to the son. No harm, no foul. If she gets remarried she would be wise to set up a trust - same would go for Az if his wife dies and he gets remarried. Plenty of time for that after the romance gets kindled.

On the question of whether his son's needs will be taken care of that isn't a question of wills and estate planning, it is a question of life insurance. Az chooses to trust his dad to cover the grandson's needs. I question the wisdom of that choice but Az certainly knows his dad better than we do.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Re: Will
Old 11-03-2006, 06:30 PM   #45
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 5,414
Re: Will

this is from an earlier discussion we had but its worth re-posting;


One thing i learned about wills i will pass on and save your heirs lots of grief. ,USE A GOOD ESTATE ATTORNEY.Using will kits and attorneys who are general practioners but not estate attorneys to save money can work fine but remember this."NOTHING IS A PROBLEM UNTIL ITS A PROBLEM".
As an example here in new york you can do a will kit and execute it yourself,no problem.But heres the rub executing your will.As proper protocal there is a bunch of questions that an attorney will ask in front of the witnesses such as do you know what the will is? are you of sound mind,,are you doing this with careful thought?
In the event the will is challenged by an unhappy heir and these questions were not asked it could be claimed by the court the will isnt valid.Had i done the kit i would have never known to do this.The witnesses that you choose become very critical as well as their relationship to the deceased.Using someone mentioned in the will,using someone who later could be claimed they were impartial,using someone who is old and may not be around when your will ends up in court.The list goes on and on.
This is a 2nd marriage for me and my wifes ex father inlaw drew up a trust where he specifically said he wasnt leaving anything to some estranged grand children.Well my wifes ex-husband died first and the trust had no provisions for pre-deceasing and so the court looked to my wifes ex-husbands will .Bottom line it was a mess.A 2 year court battle, 100,000 in legal fees and we had to buy out the estranged children from a family business for 400,000 when they were specifically written out of the will.All because the attorney who did the origonal paperwork was a general practioner and not an estate lawyer who would have had provisions for pre-deceasing just as standard fare but since the basically canned form didnt have it we had a very important but simple provision missing..I cant stress enough how important it is in 2nd marriages especially ,see a good estate attorney and dont attempt this on your own with a canned kit.
__________________
mathjak107 is offline   Reply With Quote
Re: Will
Old 11-03-2006, 06:33 PM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 5,414
Re: Will

I dont want to rehash what we already covered but ill give you an example of a simple will omission that was a headache.
We had refinanced an inherited house.The title company looked at the will and said they had to stop the closing.WHY?
Because it said i leave my house and all my possessions to my child beth.Well it didnt say only child beth.Bingo it cost me the lawyers fee for myself,the co-op attorny ,the bank lawyer,the title company.What grief that one word ommission cost me.We had to get affidivates from relatives stating there were no other kids.
We had a lot more issues with wills in my 2nd marriage that i could write a book about.Simple wording ommissions,failing to deal with pre-deceasing issues ,the list goes on and on.My wife and i spent 2200.00 doing our new simple wills and poa and health proxy to make sure it was done right.
__________________
mathjak107 is offline   Reply With Quote
Re: Will
Old 11-04-2006, 04:54 AM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 5,414
Re: Will

wills are important too for less obvious reasons. if your death is the result of an accident or mal-practice your estate or wife can bring suit.

but without a will the money thats awarded will be divided up by the laws of the state and not necessarily the way you may have wanted it.

here in ny your wife would only get 1/3 the rest goes to everyone in your blood line.
__________________
mathjak107 is offline   Reply With Quote
Re: Will
Old 11-04-2006, 09:36 AM   #48
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,619
Re: Will

Quote:
Originally Posted by TromboneAl
We did our wills a few years ago with WillMaker (back in the DOS age).
Good grief. I'm pretty sure that Microsoft and the Supreme Court have declared all DOS documents to be totally invalid. However you can upgrade to the WinXP series for a small conversion fee.

Quote:
Originally Posted by TromboneAl
2. If both of us die, DD is the secondary beneficiary on everything.
Again, one of the primary estate-planning benefits of a will is setting up trusts designed to preserve the full marital deduction. If your daughter inherits everything from both of you at once then she may end up paying some inheritance taxes. Not your problem (you'll be dead), but it could be avoided for the cost of a properly drawn-up will where there aren't any issues on who the trustees are vs who's setting up the trusts. Then there's the issue of making sure she knows how to retitle the IRAs to be able to take lifetime (possibly tax-free) withdrawals.

Quote:
Originally Posted by TromboneAl
2. She is 18 and there's plenty (too much?) in just the IRA's to set her up fine.
Here's another option since she may be legally an adult at that age. (In Hawaii the age of majority is 21.) Draw up your will so that in the event of both your deaths she's the executrix. You'll achieve every parent's fantasy-- you've finally lived long enough to be a burden to your child!
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Will
Old 11-04-2006, 12:56 PM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,019
Re: Will

About 10 years ago I wrote a will for the first time, working with a (budget) generalist lawyer. I am now doing some estate planning with specialists and have discovered that my old will was written in such a way that my wishes would not necessarily have been honoured. This time I'm going to do it right. My heirs will get testamentary trusts, saving them taxes. I am researching a planned giving strategy that will save me a bundle on taxes while I'm still around to enjoy it!
__________________
Meadbh is offline   Reply With Quote
Re: Will
Old 11-06-2006, 09:30 AM   #50
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Will

Quote:
Originally Posted by Meadbh
About 10 years ago I wrote a will for the first time, working with a (budget) generalist lawyer. I am now doing some estate planning with specialists and have discovered that my old will was written in such a way that my wishes would not necessarily have been honoured. This time I'm going to do it right. My heirs will get testamentary trusts, saving them taxes. I am researching a planned giving strategy that will save me a bundle on taxes while I'm still around to enjoy it!
Good you found that out now.......... Wills need to be reviewed every 3-5 years.
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Will
Old 11-06-2006, 10:04 AM   #51
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Will

Quote:
Originally Posted by donheff
On the question of whether his son's needs will be taken care of that isn't a question of wills and estate planning, it is a question of life insurance. Az chooses to trust his dad to cover the grandson's needs. I question the wisdom of that choice but Az certainly knows his dad better than we do.
I have about 175K total in life insurance, so its not like I dont have anything. This is to say nothing of my retirement savings so far that all of a sudden wouldnt be mine anymore if i die. Add that up, and they come out with just shy of 400K in the event of my demise. All this not counting daddy.

They're protected enough. As i've said, i dont get the mentality of replacing yourself for life. Life practically guarantees that you'll be thrown a curveball, and my wife is plenty smart enough and resources enough to adjust to me all of a sudden being gone. Well, certainly after a reasonable grieving period. If 400K doesnt buy her enough time to do that, she isnt as intelligent as i presumed her to be.

But back on wills,.... i just think * ugh * - i'm so unmotivated to bother with one. I dont see it happening for some time yet. My age plus my extreme optimism just puts it way down the priority list. The only think i really fear is us both dying, and my son going to my in-laws.

For me right now, the whole idea of thinking of a will just seems like i'm focusing on the negative.
__________________
azanon is offline   Reply With Quote
Re: Will
Old 11-06-2006, 10:14 AM   #52
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Re: Will

Quote:
Originally Posted by Azanon
But back on wills,.... i just think * ugh * - i'm so unmotivated to bother with one. I dont see it happening for some time yet. My age plus my extreme optimism just puts it way down the priority list. The only think i really fear is us both dying, and my son going to my in-laws.
That is the best reason in the world for the both of you to prepare wills. In some states, in common disaster (air crash comes to mind), it is presumed that the wife survived the husband. That is why you both need to prepare wills.

It takes little additional effort to prepare health care directives and a power of attorney for health care. Picture yourself for a moment: your wife was in a bad accident and a decision must be made to sustain her life or let her go. In walks the in-laws ... How do you protect whatever decision she would have wanted?

Just do it!
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Re: Will
Old 11-06-2006, 10:21 AM   #53
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Will

Quote:
Originally Posted by Azanon
I have about 175K total in life insurance, so its not like I dont have anything. This is to say nothing of my retirement savings so far that all of a sudden wouldnt be mine anymore if i die. Add that up, and they come out with just shy of 400K in the event of my demise. All this not counting daddy.

They're protected enough. As i've said, i dont get the mentality of replacing yourself for life. Life practically guarantees that you'll be thrown a curveball, and my wife is plenty smart enough and resources enough to adjust to me all of a sudden being gone. Well, certainly after a reasonable grieving period. If 400K doesnt buy her enough time to do that, she isnt as intelligent as i presumed her to be.

But back on wills,.... i just think * ugh * - i'm so unmotivated to bother with one. I dont see it happening for some time yet. My age plus my extreme optimism just puts it way down the priority list. The only think i really fear is us both dying, and my son going to my in-laws.

For me right now, the whole idea of thinking of a will just seems like i'm focusing on the negative.
With $400K, your wife can draw out MAYBE $16,000 - $20,000 a year for living expenses, and you feel this is adequate because your FIL will "help out"??

I just hope for your family's sake you don't die..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Will
Old 11-06-2006, 10:35 AM   #54
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Will

Quote:
Originally Posted by FinanceDude
With $400K, your wife can draw out MAYBE $16,000 - $20,000 a year for living expenses, and you feel this is adequate because your FIL will "help out"??

I just hope for your family's sake you don't die..........
You're in a "live off this for life mindset". My thinking was draw much more than that per year, and hopefully within 3-4 years, she will have adjusted her life to fit the situation; be that selling a house that's now too big, replacing me with another man, or if she needs more time, daddy pay's the mortgage.

I'm in her life now, in the year 2006. I might or might not be in her life in 2015. Nothing is forever. I just dont think in terms of forever. I adjust daily, and show should she.

Dont we all know people that are shocked by an event where someone thought nothing would change, but it most certainly did; such as a divorce? People who think in terms of "forever" are woefully naive.

Azanon
__________________
azanon is offline   Reply With Quote
Re: Will
Old 11-06-2006, 10:51 AM   #55
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Will

Quote:
Originally Posted by Azanon
You're in a "live off this for life mindset". My thinking was draw much more than that per year, and hopefully within 3-4 years, she will have adjusted her life to fit the situation; be that selling a house that's now too big, replacing me with another man, or if she needs more time, daddy pay's the mortgage.

I'm in her life now, in the year 2006. I might or might not be in her life in 2015. Nothing is forever. I just dont think in terms of forever. I adjust daily, and show should she.

Dont we all know people that are shocked by an event where someone thought nothing would change, but it most certainly did; such as a divorce? People who think in terms of "forever" are woefully naive.

Azanon
Well, I guess a LOT of folks on here are naive, then............ : : All I know is what works for me. You have made different choices, and that is your right. And it appears you are ok with the potential result, so it is what it is...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Will
Old 11-06-2006, 10:56 AM   #56
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Will

Quote:
Originally Posted by FinanceDude
Well, I guess a LOT of folks on here are naive, then............ : :
If i made decisions by popularity vote, i wouldnt be an atheist either. In the 1600s, most people thought the world was flat.
__________________
azanon is offline   Reply With Quote
Re: Will
Old 11-06-2006, 11:07 AM   #57
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Will

Quote:
Originally Posted by Azanon
You're in a "live off this for life mindset". My thinking was draw much more than that per year, and hopefully within 3-4 years, she will have adjusted her life to fit the situation; be that selling a house that's now too big, replacing me with another man, or if she needs more time, daddy pay's the mortgage.
Azanon
I wonder what your benighted wife thinks of this "plan?"
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Will
Old 11-06-2006, 02:02 PM   #58
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Will

Quote:
Originally Posted by brewer12345
I wonder what your benighted wife thinks of this "plan?"
A wise man would not ask, or tell..........

Just remember Shakespeare:

"Hell hath no fury like a woman scorned"............best phrase I ever learned in English Lit.............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Will
Old 11-06-2006, 02:34 PM   #59
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Will

She knows what life insurance policy I have. She "thinks" 100K is a lot and probably assumes those million dollar policies are just for rich people.

We're not the average finanically savy people here. With respect to just finances, my wife is average though, and that leaves me in a position to do pretty much what i want.

Azanon
__________________
azanon is offline   Reply With Quote
Re: Will
Old 11-06-2006, 02:35 PM   #60
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Will

Quote:
Originally Posted by Azanon
We're not the average finanically savy people here. With respect to just finances, my wife is average though, and that leaves me in a position to do pretty much what i want.

Azanon

:
__________________

__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 06:58 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.