J
John Galt
Guest
I am sure this has been covered before, but yesterday
I attended an "Estate Planning Workshop". It was
3 hours and very well attended (free with lunch provided).
Obviously they were selling services, basically insurance
and trust prep. Overall though it was well done.
I went mostly to try to anticipate problems with my parents situation, and for myself to a lesser extent. My Dad
(87) handles all their finances and thinks he is knowledgeable. In fact, he knows very little about
any of this stuff and there is no point in me or anyone else talking to him. He thinks everything is all set
and he does not need to spend any time on it. I would
guess my parent's net worth at $200,000 (no debts). They have
no LTC insurance, but do have excellent supplemental
health insurance. Only a basic will naming my brother
and I as co-executors (we have not spoken in 3 years).
Being retired and nearby, I am the obvious go-to guy
if they need help. The way things are, I can see one
or both ending up in a nursing home, or with long term home care and going through the Medicare/Medicaid
spend-down to get them to the point where the
cost is covered. Maybe with such a small net worth
it's not a big deal. Half of the 200K is their house
which they could keep anyway.
Does anyone have any ideas about what I might be able
to do here, other than wait for the inevitable crisis?
Anybody been in a similar spot?
JG
I attended an "Estate Planning Workshop". It was
3 hours and very well attended (free with lunch provided).
Obviously they were selling services, basically insurance
and trust prep. Overall though it was well done.
I went mostly to try to anticipate problems with my parents situation, and for myself to a lesser extent. My Dad
(87) handles all their finances and thinks he is knowledgeable. In fact, he knows very little about
any of this stuff and there is no point in me or anyone else talking to him. He thinks everything is all set
and he does not need to spend any time on it. I would
guess my parent's net worth at $200,000 (no debts). They have
no LTC insurance, but do have excellent supplemental
health insurance. Only a basic will naming my brother
and I as co-executors (we have not spoken in 3 years).
Being retired and nearby, I am the obvious go-to guy
if they need help. The way things are, I can see one
or both ending up in a nursing home, or with long term home care and going through the Medicare/Medicaid
spend-down to get them to the point where the
cost is covered. Maybe with such a small net worth
it's not a big deal. Half of the 200K is their house
which they could keep anyway.
Does anyone have any ideas about what I might be able
to do here, other than wait for the inevitable crisis?
Anybody been in a similar spot?
JG