lwp2017
Recycles dryer sheets
- Joined
- Feb 10, 2014
- Messages
- 157
I have two brothers, age 66 and 68. The youngest can not manage money. He is currently temporarily living with our oldest brother and is self employed - his income is sporadic.
He never married, no savings, no pension. If he gets any money it is spent immediately on travel, etc. He has been enabled and the behavior is entrenched.
Our mom allows him to write checks on her account for health care, car insurance, etc.
Our mom is 90. She will leave each us about a million each in her investment accounts, she already has the shares " divided" three ways. Plus some property, etc.
I'm predicting brother will blow through the inheritance in less than five years and want to move in with me and we'll be stuck with his long term care.
DW already said heck no !
I am much younger, plan to ER in a few months, and supporting him isn't in our budget.
I plan to talk to my mom, she is also worried about his future and wants advice. I think he needs a fixed monthly income where he can't spend the inheritance principal.
Mom is in great health, smart with investing, and will probably live for several more years. In addition to her stock investments she has a full pension with COLA, Social Security, large IRA, and lives very comfortably in a modest retirement home.
I'm thinking mom should buy a $1 million annuity that would be his primary share of the assets.
Mom doesn't need another fixed income source but will see the logic.
Oldest brother and I don't get along, he tends to disagree with any advice I give mom, so won't be an easy discussion. Oldest brother is executor and a family law attorney, he wrote her will. He does have a big heart towards #2 brother, they are very close, thus he is a big part of the enabling problem.
Please provide insights and advice on keeping younger brother in at least 25 years of guaranteed income from the future inheritance.
I know very little about guaranteed income investments such as annuities.
Thanks!
He never married, no savings, no pension. If he gets any money it is spent immediately on travel, etc. He has been enabled and the behavior is entrenched.
Our mom allows him to write checks on her account for health care, car insurance, etc.
Our mom is 90. She will leave each us about a million each in her investment accounts, she already has the shares " divided" three ways. Plus some property, etc.
I'm predicting brother will blow through the inheritance in less than five years and want to move in with me and we'll be stuck with his long term care.
DW already said heck no !
I am much younger, plan to ER in a few months, and supporting him isn't in our budget.
I plan to talk to my mom, she is also worried about his future and wants advice. I think he needs a fixed monthly income where he can't spend the inheritance principal.
Mom is in great health, smart with investing, and will probably live for several more years. In addition to her stock investments she has a full pension with COLA, Social Security, large IRA, and lives very comfortably in a modest retirement home.
I'm thinking mom should buy a $1 million annuity that would be his primary share of the assets.
Mom doesn't need another fixed income source but will see the logic.
Oldest brother and I don't get along, he tends to disagree with any advice I give mom, so won't be an easy discussion. Oldest brother is executor and a family law attorney, he wrote her will. He does have a big heart towards #2 brother, they are very close, thus he is a big part of the enabling problem.
Please provide insights and advice on keeping younger brother in at least 25 years of guaranteed income from the future inheritance.
I know very little about guaranteed income investments such as annuities.
Thanks!
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