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Old 04-01-2016, 03:22 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,537 posts, read 39,914,033 times
Reputation: 23643

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Quote:
Originally Posted by germaine2626 View Post
These are excellent points. Yes, there are some things that need to be done quickly, ...
Good luck.
Yes,
1). Make sure a living trust or other provision is in place for dependent daughter. NOW
2). Get (term?) life insurance for 'mom' / caregiver NOW. (Much cheaper at age 55 than age 60). Payable to dependent trust. You may be all she has left... Don't leave her 'wondering' if she will become a ward of the state. Bolster her security today, it will help her healing process from the loss of her father.
3). Secure enough cash flow NOW so money is not an issue for next 2 yrs.


.... Make accounts and beneficiaries current.

Have a plan B and a plan C for the next 'what-if'.
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Old 04-01-2016, 05:59 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,920,408 times
Reputation: 6716
Quote:
Originally Posted by germaine2626 View Post
These are excellent points. Yes, there are some things that need to be done quickly, but I have seen or heard about horrible, irrevocable decisions made by widows/widowers in the middle of grief. Things that looked and sounded great in the first days or weeks after the death but should have waited a few months or even a year or so.

Good luck.
Well I am not talking about things like changing all of one's investments. Or selling a house. Or buying new insurance. Or setting up a trust or something else for the disabled child. Things which should be discussed/explored thoroughly - possibly with professionals - and given careful consideration before taking any action.

The things I am talking about are things like re-titling assets. Which may be easier or harder. Depending. For example - on whether accounts were in joint name - or had payable on death provisions - or - OTOH - were only in the husband's name. And what the provisions in any will are.

When it comes to the IRA account(s) - the beneficiary form(s) are the governing documents. And I hope those are in order.

Note that one decision that has to be made is whether to go through a formal estate administration. It may or may not be necessary. And - even if unnecessary - may be desirable. A local estate planning lawyer will be in the best position to advise the OP.

FWIW - I am a lawyer (in Florida) and I think some of the "legal advice" here is at best questionable. For example - if there are debts that only the husband owed - and the OP for some reason doesn't want to pay them - you would have to go through a formal estate administration to contest the claims (at least in Florida). Give notice to creditors - and allow them to litigate their claims in court. You can't just throw up your hands and walk away from the debts of decedents. And figure - "that's that". I'll also note that many wills have provisions that direct a personal representative to pay all of the decedent's "just debts". IOW - it's an area where the OP should get advice from a local estate planning lawyer about what's legally appropriate/best in her case. Robyn
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Old 04-01-2016, 06:50 AM
 
Location: Coastal Georgia
37,092 posts, read 45,594,679 times
Reputation: 61699
I am sorry for your loss. We all just never know when life will throw us a curve. Take your time.

I think you will be fine. With your 401k safely invested, you will be able to take about 4% a year in your 60s. If your house is paid off, you can be comfortable on $52000. a year. You will not have as many expenses after you retire.

We have an Edward Jones account, and I feel like someone is steering the ship and keeping our investments balanced, and this gives me piece of mind. So first find someone you trust to do this for you.
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Old 04-02-2016, 07:30 PM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,907,213 times
Reputation: 3838
I'm sorry for your loss. You are in shock right now so take it easy and don't panic. Things will be different but they can eventually be good too when you get a handle on things, and you will.

First thing will taking care of bank, estate items, and going over papers so you know what and where everything stands. Your attorney, financial institutions, and bank will help you. Social Security will aid you with options and filings. I agree if possible to let his benefits grow at the higher 8% if you can before collecting.

Whatever you do do not put yourself in the red or dip into your 401k if at all possible. That would be a sign that you need to make some changes. Keep up necessary maintenance on your house to keep it saleable but don't go overboard with any kind of spending. Without a husband around a condo may be a better choice. You can live on a lot less than you might imagine if you're in the right locale. Take care of yourself.
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Old 04-06-2016, 10:16 PM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,034,332 times
Reputation: 5032
Quote:
Originally Posted by jontwin4 View Post
My husband died suddenly two weeks ago at age 60. He was the main breadwinner. I am 55 with job skills that will not increase my Social Security (I will do better with his), but I think I can support myself and my adult daughter with a disability on Social Security (mother with child-in-care plus my daughter's survivor portion) by continuing to work in jobs that rarely offer 401Ks. There won't be much, if anything, left to save. My worry is that since my husband can't max his Social Security as we had hoped (both parents lived close to age 90), my daughter and I may not have enough to survive when I can no longer work. Hopefully, I can work well into my 60s, even until age 70. I will own our home, or nearly own it, and will have the $400,000 IRA my husband and I had saved so far. In addition, the estimated total Social Security would be $36,000 annually. I could live well into my 80s. Our 401K doesn't grow much and our house appreciation has been flat for four years. Is 20 years long enough to hopefully experience some growth in what we have already? I wish I didn't have to do this without him. I wish I had gone instead of him.


I am so very sorry for your loss. That said, just the $400,000 alone should be enough, along with the SS you expect and whatever other benefits/life insurance you have, I can't imagine that in itself wouldn't be enough...I hope to retire in 2018, and doubt I will have anywhere NEAR what you have even now. My home will be paid for, and I expect to live happily on about $2400/month supplemented by whatever I have saved in my 401K which isn't much right now due to withdrawals I made earlier.
Please don't stress and think you need millions to be okay...you don't.
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Old 04-07-2016, 01:39 AM
 
Location: RVA
2,164 posts, read 1,264,598 times
Reputation: 4451
This is CD at it's very best. My condolences on your loss. When time permits get a real handle on your living expenses including long term costs of your child. Without knowing the expenses, knowing if you have enough income to live retired is impossible.
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