Re: Will

[azanon]

Re: Will

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.

 

[Brat]

Re: Will

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!

 

[FinanceDude]

Re: Will

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..........

 

[azanon]

Re: Will

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

 

[FinanceDude]

Re: Will

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...........

 

[azanon]

Re: Will

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.

 

[brewer12345]

Re: Will

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?"

 

[FinanceDude]

Re: Will

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.............

 

[azanon]

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

 

[brewer12345]

Re: Will

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

:

 

[FinanceDude]

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

$100K WAS A LOT........in 1960...........

 

[Caroline]

Re: Will

If i offered everything i have including my son (to my dad) in the event that we both died, do you think I should ask him to pay for the will? Have you ever heard of such an arrangement? We have a good relationship so i dont want to come across like a jerk, lol.

I (at 49 years old) take care of my own expenses. My sister, at 48 years old, runs to Papa for help because she hasn't yet figured out how to manage her finances.

She gets a few bucks now and then and gets told how to run her life. I get treated like an adult, taken into confidence on financial matters, and am respected for my advice and opinions.

Decide how you want to be treated by other adults, and you'll have your answer.

 

[azanon]

Re: Will

$100K WAS A LOT........in 1960...........

Regardless, you can bury about 10 people even today with $100K; at least here in AR. And that's with a plot and a casket.

If your wife is set for life with your life insurance policy, make sure and not pi** her off too bad, or you make check out a little early. I feel more comfortable with one less motive being there =p.

My advise is whatever life insurance policy one picks, dont create a situation where you're worth more dead than you are alive. That just fails the common sense test.

 

[FinanceDude]

Re: Will

Regardless, you can bury about 10 people even today with $100K; at least here in AR. And that's with a plot and a casket.

If your wife is set for life with your life insurance policy, make sure and not pi** her off too bad, or you make check out a little early. I feel more comfortable with one less motive being there =p.

My advise is whatever life insurance policy one picks, dont create a situation where you're worth more dead than you are alive. That just fails the common sense test.

Life insurance is NOT about burial expenses, it's about INCOME REPLACEMENT, and to a lMUCH LESSER extent, you can do some wealth transfer things with it if you end being very wealthy. For most people, it's a cost incurred for a finite period of time.

If you're not carrying life insurance because you think your wife would prefer you dead over being there with her, those are TRUST issues NOONE on here can help you with...................

 

[bdk]

Re: Will

You can get a really good idea of the maturity level of some folks by the kind of reasoning that they make.

 

[azanon]

Re: Will

You can get a really good idea of the maturity level of some folks by the kind of reasoning that they make.

Who are you talking to? Regardless, if you think about it, doesnt this go without saying?

 

[azanon]

Re: Will

Life insurance is NOT about burial expenses, it's about INCOME REPLACEMENT

Oh it is for you? I didnt realize that was a specific rule for what life insurance is intended for.

 

[azanon]

Re: Will

You can get a really good idea of the maturity level of some folks by the kind of reasoning that they make.

This is going to cause the thread to drift, but I want to answer whether you're talking to me or not. I assume you are talking to me since it is obvious that the gang mentality has me mostly speaking by myself here, and the rule of gang mentality says you'll statistically join the masses.

What constitutes maturity is different for everyone, and what is immature to some is mature to others. I willfully allow some things in my life that i have no doubt that older, and/or more conservative individuals would consider "immature behavior". They would, of course, neither be right or wrong, because the whole concept of maturity is subject to opinion.

Am i successful? I think so, but that's also an opinion. Am I happy? Absolutely. If these things are true, then is maturity (or lack thereof) really that relevant to anything?

 

[brewer12345]

Re: Will

What is the sound of one ego clapping?

 

[FinanceDude]

Re: Will

Oh it is for you? I didnt realize that was a specific rule for what life insurance is intended for.

Well, in my case I have two sons of minor age. My wife and I both work, as she has a job that pays well and that she enjoys. I do make substantially more than her, but we are very concerned about our children's well-being, and feel term insurance was a way to sleep better at night should either one of us or both die prematurely, before we have enough assets positioned that we do not need life insurance.

If my wife dies, I can make enough income that my children will not suffer a decrease in standard of living, have to sell the house, etc., without life insurance. However, I would use the life insurance proceeds to completely fund their education, allow them to get a jump start in life, etc.

I realize that is my choice, but a choice a lot of other people make too. If you think $100K is enough life insurance, that is fine. You would not be the only one in America carrying little or no life insurance. That being said, I do not regard the small pittance I pay in premium to be excessive. Too each their own..............

 

[Brat]

Re: Will

Agree, FinanceDude

 

[azanon]

Re: Will

Well, in my case I have two sons of minor age. My wife and I both work, as she has a job that pays well and that she enjoys. I do make substantially more than her, but we are very concerned about our children's well-being, and feel term insurance was a way to sleep better at night should either one of us or both die prematurely, before we have enough assets positioned that we do not need life insurance.

If my wife dies, I can make enough income that my children will not suffer a decrease in standard of living, have to sell the house, etc., without life insurance. However, I would use the life insurance proceeds to completely fund their education, allow them to get a jump start in life, etc.

I realize that is my choice, but a choice a lot of other people make too. If you think $100K is enough life insurance, that is fine. You would not be the only one in America carrying little or no life insurance. That being said, I do not regard the small pittance I pay in premium to be excessive. Too each their own..............

My wife's worries ended when she married me (and, as a result, my family). I dont know how many times i have to state this for it to sink in. She is, in effect, part of my family and if i died, there is no doubt in my mind that would not change.

If my dad would offer to send my best friend (just a child friend) to college without having to repay him, how much more would he be willing to take care of his grandson and the daughter-in-law that he loves?

You buy life insurance because you need it, and it sounds like you need it having no fall-back, financedude. I have a basic term policy myself, and that's probably overkill.

One situation does not fit all, and if you're worth anything as a financial manager, then you should realize this.

 

[FinanceDude]

Re: Will

You buy life insurance because you need it, and it sounds like you need it having no fall-back, financedude. I have a basic term policy myself, and that's probably overkill.

One situation does not fit all, and if you're worth anything as a financial manager, then you should realize this.

I used to be almost evangelical about having enough life insurance coverage for my clients. Many people can buy CHEAP group term through their employer, with no evidence of insurability, and at a discounted rate (employer gets a tax break to provide). One of my clients bought an extra $250,000 of term life for $3.66 a month.

Funny you should question my worth, perhaps you could share your wealth of knowledge with me?? I certainly am not as intelligent as many on this forum, but one of the things I do share on here is real life scenarios I have encountered in the course of working with clients. I would say 75-80% of all working folks don't KNOW their benefits or don't take advantage of them.............

Perhaps you should view my input not as a personal attack but as advice freely given which does not have to be followed. Read my disclaimer, and learn from that..........

 

[azanon]

Re: Will

I used to be almost evangelical about having enough life insurance coverage for my clients. Many people can buy CHEAP group term through their employer, with no evidence of insurability, and at a discounted rate (employer gets a tax break to provide). One of my clients bought an extra $250,000 of term life for $3.66 a month.

Funny you should question my worth, perhaps you could share your wealth of knowledge with me?? I certainly am not as intelligent as many on this forum, but one of the things I do share on here is real life scenarios I have encountered in the course of working with clients. I would say 75-80% of all working folks don't KNOW their benefits or don't take advantage of them.............

Perhaps you should view my input not as a personal attack but as advice freely given which does not have to be followed. Read my disclaimer, and learn from that..........

I would love to view your responses not as personal attacks, but there have been a few of them so far. If you want to end the personal attacks, I'm more than willing to reciprocate.

I didn't question your worth at all. What i did was assume that you bougth a policy that you needed; which would be a compliment to you. The alternative would have been an insult (that you pay for policies you dont need), and i didn't choose that alternative. I have presented the reasons why i dont need the same level of life insurance coverage that you think you need, so that's really all I can do. I hope i dont actually die just so it can be proved in practice that my wife and son's financial needs will still be met by what I leave, themselves and those survivors that love them.

Yes, 75-80% (probably more really) have very little grasp of their overall financial situation. I know this because i work around people that i know probably dont save much, have massive credit debt, probably a warranty on everything in their house, etc etc etc. I'm not with the crowd, and i realize neither are you. In the grand scheme of things, the folks here are just (financial) elites arguing amonst themselves.

You should dig up the net worth polls. The average person here is very successful.

 

[brewer12345]

Re: Will

financedude, you are wasting your time talking to this narcissistic peckerhead. He doesn't give a rat's patoot about anyone other than himself (and he is "powerful" ), and nothing you tell him will change that.


Life will put a part in his wake at some point.