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What's Your Number?
- Thread starter r32
- Start date
About now. As soon as you have assets, basically. And of course, you need a will, which is it's own little side head trip. Did it all 10 years ago and I recall having a hard time getting my head around it. And I cannot tell you what it all says today and have no desire to even review the PDF copy I have on file somewhere. Ymmv.
I wanted to make sure I share this here and maybe save someone's financial ass in the future.
If you've been following this thread you might remember I'm dealing with my mom's rapid decline into dementia. Actually we finally got a neurologist's diagnosis- she has Alzheimers. After one week in the hospital, possibly due to a mini stroke, and a month in a post acute care facility, we are moving her to a nursing home this week. Shopping for the nursing home was an eye opener. Costs ranged from $6500 a month for a facility with no certified medical professionals on staff in an urban setting (and really bad decor) to over $12,000 a month. Given her diagnosis, the low end was not an option. But even the low end was above her monthly income which comes from renting her house and social security. So we were thinking she'd have to spend all her savings and, if she lives past three years, mortgage her house.
But then we found out she had long term care insurance. We figured it would be pretty paltry. My sister who has been doing her books said it only cost $250 a year. Turns out they will pay $375.....a day. So she's fully covered for 3-1/2 years, in an upper end facility. Plus she saves all her income which will give her a few more years. So for at least six years she's good. She's 86 and paid the insurance for 20 years.
Something to think about. I'll be shelling out for that insurance soon.
If you've been following this thread you might remember I'm dealing with my mom's rapid decline into dementia. Actually we finally got a neurologist's diagnosis- she has Alzheimers. After one week in the hospital, possibly due to a mini stroke, and a month in a post acute care facility, we are moving her to a nursing home this week. Shopping for the nursing home was an eye opener. Costs ranged from $6500 a month for a facility with no certified medical professionals on staff in an urban setting (and really bad decor) to over $12,000 a month. Given her diagnosis, the low end was not an option. But even the low end was above her monthly income which comes from renting her house and social security. So we were thinking she'd have to spend all her savings and, if she lives past three years, mortgage her house.
But then we found out she had long term care insurance. We figured it would be pretty paltry. My sister who has been doing her books said it only cost $250 a year. Turns out they will pay $375.....a day. So she's fully covered for 3-1/2 years, in an upper end facility. Plus she saves all her income which will give her a few more years. So for at least six years she's good. She's 86 and paid the insurance for 20 years.
Something to think about. I'll be shelling out for that insurance soon.
Mine's 87, living with me for over a year and a half, for that very same reason, well that and she so cray cray and full on rudely disrespectful of anyone caring for her, that she'd surely be targeted as an abuse victim.
Sux to be me, the only one of her 4 children willing to put up with said treatment.
Sux to be me, the only one of her 4 children willing to put up with said treatment.
Many elderly people put their assets in a trust for their kids so that they can get Medicaid or Medicare to pay for long term care without spending down their assets
Costs money to keep the money in the family
It’s got to get done in advance. I think there’s a 3 or 5 year lookback, so you can’t just put assets like a house in a trust for the kids, and then the next week tell the nursing home, or Medicare / Medicaid there’s no money or assets
I am not your financial advisor
Some people look at it as gaming the system, or a loophole, and choose not to do it, and others think its the right thing to do for their family
No judgement here, just something to think about
Costs money to keep the money in the family
It’s got to get done in advance. I think there’s a 3 or 5 year lookback, so you can’t just put assets like a house in a trust for the kids, and then the next week tell the nursing home, or Medicare / Medicaid there’s no money or assets
I am not your financial advisor
Some people look at it as gaming the system, or a loophole, and choose not to do it, and others think its the right thing to do for their family
No judgement here, just something to think about
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It's getting what you paid for, but because the system gets sucked dry by those who haven't a right (politicians, have you SEEN what they retire with? ) cause they've practically done nothing all their lives, and get the best retirement, health care, etc.. paid for on your dime.
No gaming, you don't do it, you are plain dumb and enjoy paying for someone richer than you to do the exact same thing,hello?
) cause they've practically done nothing all their lives, and get the best retirement, health care, etc.. paid for on your dime.No gaming, you don't do it, you are plain dumb and enjoy paying for someone richer than you to do the exact same thing,hello?
This ain't legal advice, but you should take care of it as soon as you have significant assets, especially if you're married and more especially if you've got kids. A lot of people don't. Probate sucks for those you leave behind. Go talk to an attorney, get it done.
will do. I've built a solid nut in the last 14 years...... no kids, but a spouse who's 8 years my senior, the nephews and niece would be the next logical heirs if Cthulhu forbid I outlive my wife. I would certainly earmark assets for some places, causes, and people who are near and dear to me as well. "Planned Giving" is the current preferred euphemism lol
In all seriousness I would be willing to take up an erBB ”suggestion box” so to speak of some of all y’all’s favorite charities. Anything even remotely political will not make the cut, and of course I choose which charities/causes/heroic financial deeds make the cut. And when I’ve chosen say 5 or 10 that resonate with me and I feel are worthy or interesting or noble or whatever, ideally some combo of all those attributes, here is my vow, right here in public. I will allocate $50,000 of my estate split evenly among those chosen recipients off my “planned giving” and it will be an erBB legacy. I will even title the bequests as such. Totally serious, full stop, who deserves 5 or 10 k?( hopefully 50+ years from now obviously) What orgs have that kind of staying power that you just KNOW will be around in a few decades? long lived orgs with low expense ratios ?
anyone in? I’ll be meeting with an estate lawyer in the next few months
anyone in? I’ll be meeting with an estate lawyer in the next few months
FinancialYou called me Uncle
but you’re still like 16 years my senior
Not emotionally. Thanks again
So I’m like your bankroll uncle now or something? what’s my ROI in that particular path? You give me 250k now and I‘ll put you and/ or your kids in my will for double that amount
also, I was a drunk for a couple of decades, so according to my wife and my shrink, I have the mentality of an early 20something
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Think about where you bought your property. That’s an investment in your future.
My daughter is willing to be adopted. She’ll be spending money for several decades.
Anyone in? Would this be the 2021 version of the Newport booze cruise?
Yeah I have ambitions for local volunteer projects when we build there and start spending serious time down there. That’s probably on the 5 year plan, getting our dream home built. Maybe 3 years if the comeback in my industry remains even CLOSE to the vigor it’s been showing since May. And maybe in 8-10 years (less?) we can rearrange our lives to be more Nica centric and just spend early to mid fall back on LB. travel a month or two every year to lands far and wide. Rinse and repeat
No I’ll literally find a way for my estate lawyer to set up a trust to donate, upon my death, $50,000 to an assortment of causes you guys suggest and in 30, 40, 50 years, or tomorrow, I die, then those chosen charities will get an even split of that cash. I’m sure your daughter is a fascinating woman, but I’m not in the market sorry. If she starts a really cool like, fresh water access project in chipalalatenagemgo, I’ll gladly donate to that, and even leave it in my will if I feel it has staying power
if you can’t tell, I’ve been thinking a lot about legacy these last few weeks