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Old 12-26-2015, 04:22 PM
 
Location: Columbia SC
9,011 posts, read 7,770,007 times
Reputation: 12247

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Many of the discussions about financial planning, retirement, etc. always have a "fudge factor" like I have a spouse to protect or I have kids/grandkids. etc. to protect. It is always "somebody" to protect.

Let us start a chat about financial planning/preparation, etc. when only having to take care of/protect yourself with little to no concern about anyone else.

First subjects, playing of other chat subjects:

1. Reverse Mortgages.

2. Nursing Home Care Financing ala Medicaid kicking in.

3. Annuities.

Anything else?
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Old 12-26-2015, 04:38 PM
 
Location: Near a river
16,042 posts, read 18,997,544 times
Reputation: 15649
Quote:
Originally Posted by johngolf View Post
Many of the discussions about financial planning, retirement, etc. always have a "fudge factor" like I have a spouse to protect or I have kids/grandkids. etc. to protect. It is always "somebody" to protect.

Let us start a chat about financial planning/preparation, etc. when only having to take care of/protect yourself with little to no concern about anyone else.

First subjects, playing of other chat subjects:

1. Reverse Mortgages.

2. Nursing Home Care Financing ala Medicaid kicking in.

3. Annuities.

Anything else?
With no one else to consider, I'd think all of the above. Plus an extended visit to Italy.
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Old 12-26-2015, 07:08 PM
 
491 posts, read 598,847 times
Reputation: 2095
I struggle somewhat with this also. I left my job early do to health issues. I don't have a lot of money, but I get by, I left in part because there isn't anyone else to be responsible for. It seemed silly to be in that much pain at the end of every day when I could live on less and be able to lay down if needed etc.

One thing I figure is my house(paid for) is my nursing home insurance. I have a disease that probably at some point will cause my death. If I get to the point I need much nursing home care I probably won't last too much longer, I will sell the house to finance it. When that is gone, hopefully I will be gone too. It should cover several years in this part of the country.

I have always been a minimalist, frugal and a saver by nature. I struggle more with spending what I have. The people who will inherit it are my 3 nieces, and I don't know that it is doing them a favor to have a windfall. The two older ones are in their late 20's and very responsible, so for them it probably is fine. The youngest is 4, being raised VERY different from how I would have raised a child. Her mom has said, this is my only child and I will give her everything she wants, and so far she has. I hesitate to leave her money and I hesitate to leave her out. But that is probably a whole different discussion.
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Old 12-26-2015, 07:26 PM
 
Location: Midwest transplant
2,013 posts, read 5,000,803 times
Reputation: 1570
We're leaving a modest/small % inheritance from the estate to our 2 nieces (to be held in trust until they are 35, making sure that they don't squander it foolishly). They can have the contents of the house or wherever we are living; jewelry, family heirlooms, furniture, antiques etc. The rest (if there's any left) will go to named charities.
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Old 12-26-2015, 08:27 PM
 
1,227 posts, read 1,262,491 times
Reputation: 4310
Hi Johngolf,

I am so very sorry for your loss.

I was in the same position as you. I was widowed, I had no family at all, no one to leave assets to, and had to make sure I was protected in the event that I grew old and was unable to make decisions or care for myself. Having said that, men and women grieve differently and it is not uncommon for a widower to remarry. So, regardless of your feelings on the subject at this exact moment, I would not completely rule out the possibility until you are much further along in your grief journey.

I chose to purchase long-term care insurance. This would cover me in case I couldn't care for myself in the future. At the time I bought this I was very young and it was just after I got out of the long-term care that I needed due to the accident that took the life of my husband and child. I still think long-term care insurance is very important if we don't have family to look after us.

I have chosen to purchase an annuity (either DIA or SPIA) because I want to make sure I don't run out of money even if I become senile and have every cent stolen from me. I want to know that next month there will be more money coming in. I think this is also important if you don't have someone looking out for your finances if you get to a point that you can't make good decisions any more or get easily confused.

Depending upon your current age, you might want to talk to an attorney about setting up a trust so that if you do become incapacitated there will a board of people (attorney, accountant, financial planner) to pay your bills, file your insurance claims and any tax returns, and oversee your investments.

I would also discuss getting your will updated and your durable power of attorney, and your living will, etc.

If you own a home, some states have a widow's exemption for property tax. I would call to ask if you qualify.

I also looked into the unclaimed money sites for many years after my spouses death to make sure that there was nothing in his name that was floating around. I did find money.

Finally, I decided that I would move to a CCRC when I was older to make sure that there was someone around who could recognize that I was a danger to myself and move me from independent living to whatever care I needed.

People who are newly bereaved are cautioned that they should not make any major decisions for a year. This is very sound advice. At this time, whether you recognize it or not, you are very vulnerable, so you should give yourself time to heal.

I hope this helps. Sending you wishes for peace.
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Old 12-26-2015, 08:49 PM
 
Location: Close to an earthquake
890 posts, read 679,057 times
Reputation: 2390
For those who are charitably inclined, have appreciated assets and are in a higher income tax bracket in the year in which they set one up, a charitable remainder trust is something I'd advise you understand and determine if it might make sense for you. It's a different way to annuitize part of your retirement nest age and can provide you the income stream you're seeking. I've seen them work quite well but again they're only for those who are charitably-inclined.
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Old 12-26-2015, 09:25 PM
 
4,649 posts, read 6,490,848 times
Reputation: 5395
I say spend it all. Enjoy life if there's basically no heirs. Today it's possible to to pass on financial knowledge to let time and compound interest build wealth for the young. I have never been married and have no children so it's enjoy the fruits of my labor.

I have my basic estate plan in place with enough for burial and what's left the siblings will divide if anything. Here's the thing. When leaving assets to others they will tend to liquidate them to cash and blow the money unless you rule from the grave per a trust and even that's not 100%…

You work hard for years going to a job you probably hate in many cases getting there at ungodly hours so you earned it so you enjoy it. That being said yea give to any cause but like I said you earned every penny.
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Old 12-27-2015, 05:43 AM
 
10,819 posts, read 8,077,208 times
Reputation: 17034
Quote:
Originally Posted by LookingatFL View Post
Depending upon your current age, you might want to talk to an attorney about setting up a trust so that if you do become incapacitated there will a board of people (attorney, accountant, financial planner) to pay your bills, file your insurance claims and any tax returns, and oversee your investments.
>snip<
Finally, I decided that I would move to a CCRC when I was older to make sure that there was someone around who could recognize that I was a danger to myself and move me from independent living to whatever care I needed.
Although we have children, DH & I don't intend to depend upon or burden them with decisions and arrangements for our care. And even though we have each other for now, inevitably one of us will die or be incapacitated, leaving the other alone.

The two things above are our primary planning vehicles. We've set up the trust with an estate management team and we plan to begin arrangements for reserving our spot in the CCRC we've selected.

We are fortunate in both aspects. We already have a long relationship with the bank under which the estate mgt team functions. They've been around since 1875 and we know many who have used the service through the years.
The CCRC we've selected is in the area to which we hope to relocate within the next 2 years. It's been there for 35 years, is a non-profit established and operated by 5 mainstream denomination churches, has a healthy financial record, and is near an institute known nationally for training and certifying caregivers for the elderly. It's common there for seniors to be able to remain in the "independent living" section of the CCRC and avoid moving into the "assisted living" section because of the availability of skilled caregivers to make regular home visits and checks.

Unfortunately many seniors, due to geographic and other reasons, don't have access to such quality services. It's a quagmire trying to find and evaluate trust managers and CCRCs.
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Old 12-27-2015, 05:59 AM
 
1,076 posts, read 1,119,736 times
Reputation: 1421
Quote:
Originally Posted by LookingatFL View Post
Hi Johngolf,

I am so very sorry for your loss.

I was in the same position as you. I was widowed, I had no family at all, no one to leave assets to, and had to make sure I was protected in the event that I grew old and was unable to make decisions or care for myself. Having said that, men and women grieve differently and it is not uncommon for a widower to remarry. So, regardless of your feelings on the subject at this exact moment, I would not completely rule out the possibility until you are much further along in your grief journey.

I chose to purchase long-term care insurance. This would cover me in case I couldn't care for myself in the future. At the time I bought this I was very young and it was just after I got out of the long-term care that I needed due to the accident that took the life of my husband and child. I still think long-term care insurance is very important if we don't have family to look after us.

I have chosen to purchase an annuity (either DIA or SPIA) because I want to make sure I don't run out of money even if I become senile and have every cent stolen from me. I want to know that next month there will be more money coming in. I think this is also important if you don't have someone looking out for your finances if you get to a point that you can't make good decisions any more or get easily confused.

Depending upon your current age, you might want to talk to an attorney about setting up a trust so that if you do become incapacitated there will a board of people (attorney, accountant, financial planner) to pay your bills, file your insurance claims and any tax returns, and oversee your investments.

I would also discuss getting your will updated and your durable power of attorney, and your living will, etc.

If you own a home, some states have a widow's exemption for property tax. I would call to ask if you qualify.

I also looked into the unclaimed money sites for many years after my spouses death to make sure that there was nothing in his name that was floating around. I did find money.

Finally, I decided that I would move to a CCRC when I was older to make sure that there was someone around who could recognize that I was a danger to myself and move me from independent living to whatever care I needed.

People who are newly bereaved are cautioned that they should not make any major decisions for a year. This is very sound advice. At this time, whether you recognize it or not, you are very vulnerable, so you should give yourself time to heal.

I hope this helps. Sending you wishes for peace.
Thank you for this invaluable advice. I am 61 and single. I have no family and my mother died of Alzheimer's. I am very concerned about my future care and finances.
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Old 12-27-2015, 06:36 AM
 
Location: Columbia SC
9,011 posts, read 7,770,007 times
Reputation: 12247
Quote:
Originally Posted by biscuitmom View Post
Although we have children, DH & I don't intend to depend upon or burden them with decisions and arrangements for our care. And even though we have each other for now, inevitably one of us will die or be incapacitated, leaving the other alone.

The two things above are our primary planning vehicles. We've set up the trust with an estate management team and we plan to begin arrangements for reserving our spot in the CCRC we've selected.

We are fortunate in both aspects. We already have a long relationship with the bank under which the estate mgt team functions. They've been around since 1875 and we know many who have used the service through the years.
The CCRC we've selected is in the area to which we hope to relocate within the next 2 years. It's been there for 35 years, is a non-profit established and operated by 5 mainstream denomination churches, has a healthy financial record, and is near an institute known nationally for training and certifying caregivers for the elderly. It's common there for seniors to be able to remain in the "independent living" section of the CCRC and avoid moving into the "assisted living" section because of the availability of skilled caregivers to make regular home visits and checks.

Unfortunately many seniors, due to geographic and other reasons, don't have access to such quality services. It's a quagmire trying to find and evaluate trust managers and CCRCs.
I envy you on finding a good CCRC and it is something I will soon start looking at. My present life style is very care free but I do not have someone to look after me if needed.

I myself am not the type that would live an incapicated life style but that is another subject.
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