Consulting with an estate planner is definitely a smart move to ensure everything is set up for the kids. It’s great that Himself is handling the research—it’s a big job. Even if you’re not the one doing all the reading, your teamwork will definitely pay off. Best of luck with everything!No, but it sounds like good advice to me!
After going through probate and inheritance "stuff" from Himself's and my parents estates, I'm now trying to figure out the best way that we can protect what we have so that the kids can benefit from whatever we don't use up. Probably will need to visit with an estate planner, but Himself is pretty good at finding most information. I could find it, too, but I'm not the one in the house that spends most of the day on my butt reading...
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Aunt Bea
Master Chef
The best way to ‘protect’ it is to start giving it now while they are still young enough to need and enjoy it.No, but it sounds like good advice to me!
After going through probate and inheritance "stuff" from Himself's and my parents estates, I'm now trying to figure out the best way that we can protect what we have so that the kids can benefit from whatever we don't use up. Probably will need to visit with an estate planner, but Himself is pretty good at finding most information. I could find it, too, but I'm not the one in the house that spends most of the day on my butt reading...
Talk with them about allowing you to fund a portion of their annual 401k contributions so they always contribute the max.
Help with paying down mortgages, car purchases etc…
Don’t get stupid and cut yourself short but make a plan to gradually gift the surplus a little each year.
If I remember correctly that book, Die Broke: A Radical Four-Part Financial Plan by Stephen Pollan and Mark Levine, gives strategies and one is about buying an annuity to pay for your expenses when you have given all of the money away.
No, but it sounds like good advice to me!
After going through probate and inheritance "stuff" from Himself's and my parents estates, I'm now trying to figure out the best way that we can protect what we have so that the kids can benefit from whatever we don't use up. Probably will need to visit with an estate planner, but Himself is pretty good at finding most information. I could find it, too, but I'm not the one in the house that spends most of the day on my butt reading...
Unless you have a net worth of more that 13-million, you don't have to worry about estate taxes. Just invest what you don't need to spend in something low risk, like low risk mutual funds, and don't worry about it. You may not need an estate planner, a good accountant can probably help you. A CFP (Certified Financial Planner) can also help you develop a low risk investment plan. At our age, low risk is important. High risk (high potential gain) investments are for young people who are still working and earning a good income. We old folks need to sit on our nest eggs.
CD
Putting money in joint accounts (JTWROS) is also a good idea, if you trust your kids not to take the money and run. It makes passing the money on to the kids easy, and the kids can take care of you and your money if/when you can no longer manage it. My sister and I have that kind of financial situation with my 90 year old mom. We can pay all her bills with her money, which is something she could never manage on her own.
CD
Aunt Bea
Master Chef
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