Anyone here with any experience or knowledge of? We will end up alone in the near future and while that doesn't concern me; thirty years down the road does. We have no friends we would trust and no other family once MIL, DM & DF pass. Income and bills would be on auto pilot but there are always other money issues we may not be able to handle. Advice?
daily money managers
- Thread starter COZICAN
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Thank you for complicating my life again. I just recently solved the riddle of how to dispatch the final details & remnants of my life after I die without having anybody I know and trust well enough and without burdening aging siblings.
Now I have to worry about living. Thus far my safety net has been: If I am caught being that far gone and unable to keep my hand on the wheel, there are probably social workers or some related office who will set up an old man and keep me off the streets.
Sort of falls under the heading of: Just try to do the things you can do and don't worry about doing the things you can't do.
Now I have to worry about living. Thus far my safety net has been: If I am caught being that far gone and unable to keep my hand on the wheel, there are probably social workers or some related office who will set up an old man and keep me off the streets.
Sort of falls under the heading of: Just try to do the things you can do and don't worry about doing the things you can't do.
Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
There are places you can move to , so health is looked after. However a concern will always be someone at any place will steal all your money.
So maybe plan on buying an immediate annuity later in life so you get a monthly payment besides SS, that way if someone steals your last dollar, you will get more next month.
So maybe plan on buying an immediate annuity later in life so you get a monthly payment besides SS, that way if someone steals your last dollar, you will get more next month.
If they do, will you care?
That question has occurred to me as well, and if my mind is so far gone that I can't look after myself, probably as long as I'm kept under roof, dry and fed, I won't care. And if my heirs don't do their due diligence and make sure no one is stealing their inheritance, that's going to be their problem, not mine.
If they do, will you care?
That question has occurred to me as well, and if my mind is so far gone that I can't look after myself, probably as long as I'm kept under roof, dry and fed, I won't care. And if my heirs don't do their due diligence and make sure no one is stealing their inheritance, that's going to be their problem, not mine.
This perspective sort of solves my problem with it. Thanks
Nature Lover
Recycles dryer sheets
I would say banks can help with this; but bank trust departments have changed over the years. Out here, they're much like a private banking relationship, with high touch and high fees. Used to be they would administer bills, help with other financial situations for a monthly fee, but I think it's more complicated today (a requirement that you use them as FA in an AUM arrangement, plus fees for the day to day expenses - and for only as long as you have enough under management to make it worthwhile).
More to your question, in CA, we have a group of licensed professionals called "Private Fiduciaries", with typical professional licensing and certifications. (I'm not sure if this is a CA title or a common title used nationwide).
At the most simple level, these fiduciaries/firms operate on an hourly basis and can be tasked with paying bills, coordinating with accountants, lawyers, and even doctors if needed (although you need to sign HIPPA and POA type documents for health care, I expect). They're principally set up to help those who can't take care of these things for themselves, rather than as a convenience; so I expect they could be an answer to your question.
It's worth knowing that at the most complex, they can handle everything, even become a Successor Trustee to a Trust (although more legal documents/POAs needed, as well as listing them in your Trust documents, of course).
Obviously, for any purpose, you'd want to check them out, interview them, etc... A referral from another trusted professional on your team (lawyer, accountant, physician) could be a good place to start.
More to your question, in CA, we have a group of licensed professionals called "Private Fiduciaries", with typical professional licensing and certifications. (I'm not sure if this is a CA title or a common title used nationwide).
At the most simple level, these fiduciaries/firms operate on an hourly basis and can be tasked with paying bills, coordinating with accountants, lawyers, and even doctors if needed (although you need to sign HIPPA and POA type documents for health care, I expect). They're principally set up to help those who can't take care of these things for themselves, rather than as a convenience; so I expect they could be an answer to your question.
It's worth knowing that at the most complex, they can handle everything, even become a Successor Trustee to a Trust (although more legal documents/POAs needed, as well as listing them in your Trust documents, of course).
Obviously, for any purpose, you'd want to check them out, interview them, etc... A referral from another trusted professional on your team (lawyer, accountant, physician) could be a good place to start.
Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
If they do, will you care?
That question has occurred to me as well, and if my mind is so far gone that I can't look after myself, probably as long as I'm kept under roof, dry and fed, I won't care. And if my heirs don't do their due diligence and make sure no one is stealing their inheritance, that's going to be their problem, not mine.
The big danger is if someone steals all your money, suddenly you cannot afford the things needed, so you do get tossed outside.
misshathaway
Full time employment: Posting here.
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If they do, will you care?
That question has occurred to me as well, and if my mind is so far gone that I can't look after myself, probably as long as I'm kept under roof, dry and fed, I won't care. And if my heirs don't do their due diligence and make sure no one is stealing their inheritance, that's going to be their problem, not mine.
You haven't worried far enough. What if you get temporary dementia that clears up - traumatic event + bad diagnosis + careless prescription of sedating meds to keep you from bothering any attendants. Then you snap out of it sufficiently to find you are penniless.
The big danger is if someone steals all your money, suddenly you cannot afford the things needed, so you do get tossed outside.
Would that actually happen, though? I have to think there are government-run homes that are the last line of defense? I know here in Canada, there are. If you have no money, they will take your pension to pay for your place in the home, and if you have no pension and no money, they still let you stay for free.
There are, and possibly some of them are even good ones. But the majority rarely get good references and are indeed, barely better than being thrown out on the street.
They're not actually government-run, but they somehow get by on only what Medicaid pays, which isn't much.
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