fidler4
Recycles dryer sheets
- Joined
- Mar 31, 2013
- Messages
- 252
My dad recently passed away and my three siblings and I are committed to making sure my mom can financially maintain her standard of living during her remaining years. She is an active 78 y.o. and is in good health. Her income consists of Social Security and approximately $100k in investments which I have recently taken over the management of. She lives in a senior mobile home community so other than the value of her mobile home (maybe $30k) she does not have any other assets. I estimate I will need to withdrawal approximately $8,000-$9,000 per year from her investments to keep her at the same financial level as she was when my dad passed away. She does not have LTC insurance so I have not figured in health related expenses yet. Her four siblings are in the middle and upper middle class income level so should be able to support her financially if her investments run out or she has major medical expenses or needs LTC.
So I have a couple questions I am seeking advice on:
1. What happens if one or more of the siblings unexpectedly dies before she does? The financial responsibility will then be spread out over fewer people as I expect the remaining spouse will not want to contribute to their late spouse’s mother-in-laws finances.
2. Would it make sense to start having the siblings contribute now and keep it in a separate investment account in case it is ever needed? If my mom dies before her money runs out then her assets will be equally divided among the siblings. If one or more of the siblings dies before she does then they will have contributed something to the overall pot and the financial burden will be less on the surviving siblings.
So I am seeking any advice you can offer I am sure there are plenty of people on this forum that have dealt with these similar issues.
Thanks,
f4
So I have a couple questions I am seeking advice on:
1. What happens if one or more of the siblings unexpectedly dies before she does? The financial responsibility will then be spread out over fewer people as I expect the remaining spouse will not want to contribute to their late spouse’s mother-in-laws finances.
2. Would it make sense to start having the siblings contribute now and keep it in a separate investment account in case it is ever needed? If my mom dies before her money runs out then her assets will be equally divided among the siblings. If one or more of the siblings dies before she does then they will have contributed something to the overall pot and the financial burden will be less on the surviving siblings.
So I am seeking any advice you can offer I am sure there are plenty of people on this forum that have dealt with these similar issues.
Thanks,
f4