retirement late in life

[miguelmartino]

I actually don’t even believe this is real. Just a way to get a few laughs.

why would any of this be the bit most amusing to you? dont see what is funny.

 

[miguelmartino]

Goldman Sachs is a leader, but there are many more. If you don’t like that option, consider going to Dubai. It’s the Switzerland of the modern era.

but what makes goldmansachs so unique assuming it stands out from the rest?

 

[rodi]

he told me youre the only next of kin i have! dont want the government or non relative to have this money! 100% that the money will be all mine. what do you think or believe now?

Ok. Doesn't change my advice at all. You don't know when he'll pass. He could be incredibly long lived. You need to continue working and living your life. You don't have the money yet. Period. It's not yours.

When he does pass - you have a windfall. There is no reason to make sudden moves with the money.... Leave it where it is, and start looking for advisers. Perhaps pull a bit out for fun money... but leave the bulk where it is till you have a good reason to change things.

Presumably, your rich uncle has a good lawyer (or team of lawyers), good financial advisers, good banks. Why change that up... Continue with the same team. He's managed to accumulate the money - odds are he has also picked up a good team of advisers and institutions. Are you smarter than your uncle? Don't need to be... piggyback off of his work.

But in the meantime... the money is not yours. If/when it becomes yours, consider leaving it where it is (banks/advisers/lawyers) until you figure out what to do.

 

[SnowBound]

Mr MM: Any way you slice it, the majority of the money is also going to outlive you. So the question should be what would you like done it when you are gone? Why not set up a charitable trust, with yourself as the initial Chairman?

 

[gwraigty]

I'm going to regret this, but here goes:

IANAL and haven't done any research into this, but I don't know why you'd have to renounce US citizenship to inherit from someone overseas, regardless of the amount, currency, or country. There are many people in the US who still have parents living overseas. I suppose a number of those people will be inheriting money from their parents with no plans whatsoever to permanently relocate to the country they left to come to the US in the first place.

As far as the rest, I can somewhat understand, maybe, your frustration that your uncle won't die soon enough to allow you to enjoy some new-found wealth before you are too old to do much with it yourself, other than not having to worry about how you're going to afford potential assisted living/nursing home costs.

Take heart that you are not alone. Many people reach middle-age (and 50s/60s IS middle age, no matter what my young adult kids think) only to find that their elderly parents (in your case an uncle) just won't stop breathing!!!!!!!!!!!!!!!! I mean, how dare they?

News flash: retirement planning is generally something done when one has several more years to spend in the workforce, not when you're 65. If you inherit many multiples of millions of dollars, you should be set for life. There is no more retirement planning with that sort of money handed to you.

Best advice, if this is real, live and plan for your retirement as though you'll never see it. Can we have a show of hands of all the people who regret having saved too much money?

 

[NYEXPAT]

CD in SA is called "Plaza Largo".

Inheritance law in SA is pretty standard. If your uncle has residence and dies in Paraguay then his estate is governed by their laws.

This is how it will be dived up.

A certain portion of the estate (the 'reserved portion') must be distributed to certain persons, and is not available for division in accordance with the will (if any). What portion is reserved, depends on what inheritors are available.

If descendants are alive, 4/5th of the estate goes to them
If descendants are not alive, but ascendants are, 2/3rds goes to them
If a spouse owns property jointly with the deceased, s/he inherits ½ of the reserved portion. If not, s/he inherits the same proportion as the descendants, or 1/3 part if there are only ascendants.
When there are no descendants or ascendants, ½ is reserved for the spouse
For adopted persons, the reserved portion is ½ of that applicable to other descendants

 

[RunningBum]

 

[MichaelB]

CD in SA is called "Plaza Largo".

Plazo fijo is most common around Latin America, followed by depósito a plazo.

 

[miguelmartino]

Goldman Sachs is a leader, but there are many more. If you don’t like that option, consider going to Dubai. It’s the Switzerland of the modern era.

whats so special about dubai? what could be in dubai that would cater my needs? what would be my best option in my case specifically, dubai, goldmansachs, ect.....? with this much money if not accountants, lawyers, and fiduciary advisors then whom should i be doing business with then to help me use only part of that money for retirement? what kind of money professionals should i seriously contemplate doing business with if not any of the above then including dubai and goldmans sachs?

 

[UnrealizedPotential]

I actually don’t even believe this is real. Just a way to get a few laughs.

It's my Sunday afternoon entertainment.

 

[miguelmartino]

right now im going on 39 and dont know when so i can safely assume that if i were to inherit like 800 million dollars in the distant future i no longer need to plan for retirement? if you were to inherit 800 million dollars when youre 65 years old, how would you use some of that money to live of it assuming its retirement were talking about then in your opinion only?

I'm going to regret this, but here goes:

IANAL and haven't done any research into this, but I don't know why you'd have to renounce US citizenship to inherit from someone overseas, regardless of the amount, currency, or country. There are many people in the US who still have parents living overseas. I suppose a number of those people will be inheriting money from their parents with no plans whatsoever to permanently relocate to the country they left to come to the US in the first place.

As far as the rest, I can somewhat understand, maybe, your frustration that your uncle won't die soon enough to allow you to enjoy some new-found wealth before you are too old to do much with it yourself, other than not having to worry about how you're going to afford potential assisted living/nursing home costs.

Take heart that you are not alone. Many people reach middle-age (and 50s/60s IS middle age, no matter what my young adult kids think) only to find that their elderly parents (in your case an uncle) just won't stop breathing!!!!!!!!!!!!!!!! I mean, how dare they?

News flash: retirement planning is generally something done when one has several more years to spend in the workforce, not when you're 65. If you inherit many multiples of millions of dollars, you should be set for life. There is no more retirement planning with that sort of money handed to you.

Best advice, if this is real, live and plan for your retirement as though you'll never see it. Can we have a show of hands of all the people who regret having saved too much money?

 

[gwraigty]

ok i will give you now more information. i have a rich relative who made a fortune in the oil industry. he wrote a will which basically stated me as the sole beneficiary as to receive all of his money which currently is in offshore bank accounts in different countries like the cayman islands, maldives, switzerland, ect... he told me, when i die all of the money is yours! i know for sure all of the money will be mine, i just dont know when he will die?! since i dont know when my rich uncle will die then i dont know how old i will be when the money is actually in my possession! im 100% certain that it will be mine since im an only child! he has no other relatives and for sure doesnt want to leave the money to the state/government. he was born and lives in south america by brazil. i live in the u.s. but only as a legal resident and if its necesary to one day renounce my legal status here in the u.s. then so be it! i would rather live in some third world country than in the u.s. with some little pension or 401k assuming i even had one! do you need more information? rsvp.

You sound frantic to get your hands on this money. Are you struggling financially? If so, I suppose it could be frustrating. Yes, it would be nice if he would gift some to you now, if he has so much more than he would ever need for the rest of his life. Some people though, truly believe in keeping a tight fist over their wealth and making their heirs wait until after their death. It is their money and their right. Do you have proof that this money exists? Even so, there is no guarantee that you will get it, as others have already said.

As an aside, it truly warms my heart when I read of forum members gifting to their kids and grand kids. I think there's a lot to be said for seeing first hand the help it can bring. The money does more good to someone when trying to raise a family, pay for a kid's college, maybe struggling through a downsizing, etc., than when the heirs themselves aren't too far from end-of-life planning. I intend to take an example from you all.

 

[MichaelB]

whats so special about dubai? what could be in dubai that would cater my needs? what would be my best option in my case specifically, dubai, goldmansachs, ect.....? with this much money if not accountants, lawyers, and fiduciary advisors then whom should i be doing business with then to help me use only part of that money for retirement? what kind of money professionals should i seriously contemplate doing business with if not any of the above then including dubai and goldmans sachs?

What's wrong with Goldman Sachs? Don't you like them?

As for Dubai, it is special, but not unique, and I gave it as an example. Lots of investment opportunities and people specialized in providing the kind of assistance you need.



I think you require some creative options. Places where you can relocate, have access to your newfound wealth, and not worry about those pesky authorities and the questions they ask.

 

[RunningBum]

I give this about 1% chance of being legit, and the more gibberish this guy posts and cherry picks replies, the less likely it becomes.

 

[gwraigty]

right now im going on 39 and dont know when so i can safely assume that if i were to inherit like 800 million dollars in the distant future i no longer need to plan for retirement? if you were to inherit 800 million dollars when youre 65 years old, how would you use some of that money to live of it assuming its retirement were talking about then in your opinion only?

You should absolutely continue saving for your retirement! Do not count on receiving $800M. If you do receive that much, you could put it in a simple savings account at 2% and never touch the principle. Do the math.

I'm done playing now. I have to go fix my family's dinner.

 

[miguelmartino]

he has shown me his offshore bank statements! want more proof?

You sound frantic to get your hands on this money. Are you struggling financially? If so, I suppose it could be frustrating. Yes, it would be nice if he would gift some to you now, if he has so much more than he would ever need for the rest of his life. Some people though, truly believe in keeping a tight fist over their wealth and making their heirs wait until after their death. It is their money and their right. Do you have proof that this money exists? Even so, there is no guarantee that you will get it, as others have already said.

As an aside, it truly warms my heart when I read of forum members gifting to their kids and grand kids. I think there's a lot to be said for seeing first hand the help it can bring. The money does more good to someone when trying to raise a family, pay for a kid's college, maybe struggling through a downsizing, etc., than when the heirs themselves aren't too far from end-of-life planning. I intend to take an example from you all.

 

[N02L84ER]

If I were your uncle and read your posts on this topic, I would find a different beneficiary.

 

[socca]

Whether this is legit or not, the most interesting questions to me are:
• who is the executor of the uncle's estate?
• who is custodian of his will?
• has the OP read the will?
• has the OP verified that the uncle is wealthy by receiving and reviewing a comprehensive list of his assets?
• who are the uncle's "trusted financial and legal advisors"?
• what steps have been taken to insure that the uncle's assets aren't stolen either before or immediately after his death?
• is the uncle comfortable revealing the details of his current financial status to the OP?

Enough said.

 

[imoldernu]

Y'all are serious, right?

My mom's youngest sister, (younger than me) married a man who was from Rabat, Morocco, and a member of the royal family... (son of a crown prince)... As a member in line of succession, (somewhat distant), it is possible that he could inherit a part of the land properties as designated in the state constitution.
The question I have, in line with the subject of the discussion,will my 60 year old son be eligible to make claim.

If you think he'd need a lawyer, could you make a suggestion?

 

[gwraigty]

he has shown me his offshore bank statements! want more proof?

I don't need proof of anything.

If I were your uncle and read your posts on this topic, I would find a different beneficiary.

Scary, isn't it? On many different levels...

 

[steelyman]

Now it’s a thread worthy of Abbott & Costello!

 

[LoftyNotions]

And how much have you spent so far to facilitate this wealth transfer?

If not yet, ... wait for it.

 

[dtbach]

did you get an email from a Nigerian accountant??

 

[NYEXPAT]

At current rates we are only talking about $130,000.00! There is not anyone in Paraguay that is worth 1 billion USD. As far as I can tell the richest person has 20 million.

 

[jollystomper]

he has shown me his offshore bank statements! want more proof?

Bernie Madoff showed his friends and families bank statements, and based on that they thought they were doing very well...