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Old 09-06-2020, 12:02 PM   #81
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The concept of ‘making the last check bounce’ is interesting. Rather than that, some people will probably leave this earth with $100,000 in credit card debts. LOL. That’s better than bouncing a $100 check.

I remember a guy. He was a green card holder, a permanent US resident. But he decided he did not want to be a US citizen and was going back home to Asia. So, he open tons of new credit card, I think $60,000+. Then he use it to buy tons of electronic items and other stuff .. fLat screen TV, etc, and ship it in 2 large container to Asia. He sold all the stuff when he went back to Asia with a nice profit. Never paid back the credit card companies. He’s retired now, and just do scuba diving and stuff. He was a smartass with no guilt for what he did.
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Old 09-07-2020, 08:07 AM   #82
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Originally Posted by Go-NoGo View Post
I would still keep the early withdrawals to 4% or less - otherwise I could imagine a scenario where I am, say, 85 and having a balance close to zero would leave me extremely stressed.

When I approach the end of runway, maintaining a constant balance of 7-10 years of living expenses would allow me to sleep a lot better at night. I would be quite happy to leave that to my nephew and nieces or some worthwhile charity



So is the end of the runway taking off or landing?
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Old 09-07-2020, 08:16 AM   #83
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Our problem is my military pension comes to our Hungarian bank and because of FATCA rules we must keep the balances below $10K or face onerous reporting requirements, which if you fail to do, can result in a 50% loss of all assets. This is my benevolent government serving me as a citizen. So, we end up moving money around between accounts and spending down the overseas account as much as possible. We have shifted to using Transferwise which has saved us quite a bit in fees.

I do the FATCA reporting each year and it is a breeze. I just save last years and make a couple adjustments - done! Also, Fidelity will do free wire transfers overseas if you want to cutout the TW expenses. Good luck!
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Old 09-07-2020, 08:34 AM   #84
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We have no kids, and we will leave distant relatives and charities whatever we have left after we’re gone. But our financial plan doesn’t include maximizing whatever’s left.

Now that ss is coming in and I’m tethered to home base by Covid and elder care, I’m around a 1% wr.

But I would take our wr above 4% if given the chance.
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Old 09-07-2020, 09:23 AM   #85
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Should those retirees without kids be more careful about the end planning? I could probably ask my children for help if I run out of money at 90 years old, given the fact that I have treated them well when raising them.
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Old 09-07-2020, 09:28 AM   #86
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... But I would take our wr above 4% if given the chance.
Post #80 has the solution to your problem:
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... We believe that giving with a warm hand is better than giving with a cold hand, therefore our giving it built into our annual budgets ...
Actually it is quite satisfying to give from warm hands, especially now that we can do it with QCDs..
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Old 09-07-2020, 10:32 AM   #87
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I have no kids and my one sibling, a younger brother, is married with a kid but is wealthier than I am. In a will I drew up with a lawyer back in 2008 (just before I retired), I am leaving some money for him, some for his son (now 16), some to friends and charities, and most of it to my ladyfriend of 16 years. She has little money and doesn't live with my but lives nearby, so if I were to croak before she does (she is my age), i'd want her to be set financially for life.


My spending is around 2% of all assets, including the tIRA I can't touch for a few more years (I am 57). If I exclude the tIRA, the spending rises to about 3%. HI and medical costs have been the most volatile, with income taxes second (they rise only if income spikes, so I don't worry much about covering that; I have recently changed my portfolio to more stabilize the income to get back on the ACA subsidy train). I'll be back under 2% overall in 2020.


I have been helping out my LF with some expenses. What seems like a large amount to her ($15k) is still pretty small to me, and has no impact on my budgeting - as long as I am not doing it every year.
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Old 09-07-2020, 12:11 PM   #88
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So is the end of the runway taking off or landing?
Take off into the white light and the great blue beyond
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Old 09-07-2020, 03:20 PM   #89
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Reading this with interest. No kids long ago divorced. No significant other. Three nieces: one a decent woman who I wouldn’t mind leaving some to, the second is her sister- she has a temper I’ve had a couple of run ins with her. The last run in left me Leary, she never apologized but we do speak when we’re together. They’re both in their mid 30. Both far poorer than I was at that age and both more financially more irresponsible. They’re both live for the moment. My other niece is around 10. I like her, but here immediate family is in a very good position financially. I try to do things with her

I am at a loss as to dividing assets. In my heart I’d like to leave the middle one out totally but that would probably not be good. Of course I won’t be here to know will I?

I have increased my spending but old habits die hard. I have turned the ac down and the heat up the last few years...progress I guess��
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Old 09-07-2020, 03:43 PM   #90
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Reading this with interest. No kids long ago divorced. No significant other. Three nieces: one a decent woman who I wouldn’t mind leaving some to, the second is her sister- she has a temper I’ve had a couple of run ins with her. The last run in left me Leary, she never apologized but we do speak when we’re together. They’re both in their mid 30. Both far poorer than I was at that age and both more financially more irresponsible. They’re both live for the moment. My other niece is around 10. I like her, but here immediate family is in a very good position financially. I try to do things with her

I am at a loss as to dividing assets. In my heart I’d like to leave the middle one out totally but that would probably not be good. Of course I won’t be here to know will I?
I don't know if it's still true, but I had always heard that you should leave people like that at least a token amount. That way they can't contest the will with the claim that you weren't of sound mind and simply forgot them. Makes sense to me.
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Old 09-07-2020, 03:55 PM   #91
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I don't know if it's still true, but I had always heard that you should leave people like that at least a token amount. That way they can't contest the will with the claim that you weren't of sound mind and simply forgot them. Makes sense to me.
Yes. If you leave her out or give a token amount, be sure to have an attorney do the will and other paperwork so there are no mistakes. Not DIY. Ideally, an attorney who is younger, who will probably still be around if she decides to make a fuss. I would cut her out, too. It's your money --- you don't "owe" it to anyone.

To solve "irresponsible" and for the minor, your attorney may advise protecting your money and your intentions with testamentary trusts.
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Old 09-07-2020, 07:04 PM   #92
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Why bother with a token? Just say you're aware that you have a niece/son/second cousin once removed, named _______________, and it is your wish that they receive nothing from your estate. No reason needed.

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I don't know if it's still true, but I had always heard that you should leave people like that at least a token amount. That way they can't contest the will with the claim that you weren't of sound mind and simply forgot them. Makes sense to me.
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Old 09-08-2020, 06:17 AM   #93
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Rushmore, just name the 2 favored nieces as beneficiaries of your IRAs, bank accounts, whatever. Therefore, they are not included in your probate estate. Change deed to house to add the favored nieces.

Now, get a will drawn up. Have a codicil that lists the valuable personal property. This codicil would direct that the listed property go to the favored nieces. You can change the codicil without writing up a new will. The will would further direct that BAD niece gets 100% of your assets. Well, since you have excluded everything of value with titling and the codicil, bad niece gets that pencil in your drawer and the spices and pots and pans in your kitchen.

This would obviously be a cruel joke, but...
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Old 09-08-2020, 07:13 AM   #94
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Thanks for the ideas. Will be mulling them over. Would like something I could change pretty easily because she may mature...if I live long enough. ��
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