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Old 03-11-2017, 10:27 PM
 
Location: SoCal
13,323 posts, read 6,382,104 times
Reputation: 9952

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I have high dental plan that covers up to $4000 per year. But you can space them out like work on one problem year end and then the next problem in Jan. It's technically 2 years but it's within a short window.if you are still working, you can put $2500 per year, cover them back to back would be another $5k. So for one person you can cover $13k of dental work within a short time.
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Old 03-12-2017, 01:37 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,685 posts, read 40,050,764 times
Reputation: 23830
Spending it all now? Or maintain an estate to go to your heirs?

Spent it all at age 39..set up a "Family Foundation" and donated our 'nest egg'. Been living frugally ever since (That's OK)

Kids are successor trustees, so they will designate the gifting during their life.

Subsequent assets go to trust then to Family Foundation (Kids are now over age 18, so they need no care. 10% of liquid assets (very little) goes to them). House / equities / Qualified money / Business assets all goes to foundation for future gifting designated by our kids. Dozers, tractors, shops, cars (36 cars + 10 trucks and 10 MC) go to auction and into liquid assets / estate settlement.

Siblings and surviving parents are all destitute, they get a small payout of liquid assets.

We helped our kids build their ROTHs (pre age 18) and build their own homes (while they were in Jr High) Each had ~ $100k in assets / equity at age 18. 15 yrs later they have built their own NW, their own way +/-.

BTW: I inherited $100k family debt when I also inherited my disabled parent the day I turned age 18. I worked 3 jobs and paid off family and friends as possible. I didn't bother with repeating that 'lesson' for my kids (so far...)

If I had a farm that could support a family, or was a heritage, I would have given that asset to a family member that could hack the farm life. My Grandfather wanted to give his 1869 homestead to me, (the only farmer remaining in family), but as usual, his kids threw a tantrum, so... it got all split up into planting houses / estates for very wealthy rich kids (none of those in the family!) very very sad for me and ALL the family that sweat blood urging crops from that land. We all paid dearly (financially and efforts / danger and health). In the end... some little twip of a second cousin got a few hundred $K from a shark developer. The prairie dugout (Homestead home) the yrs of planting and watering (and replanting) windbreaks, hand dug wells, the barns we built with help of the neighbors, the many memories - farm horses and dogs and the calves and sheep we rescued from floods and blizzards.... POOF GONE! So too will we...
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Old 03-12-2017, 08:11 AM
 
18,467 posts, read 20,251,858 times
Reputation: 27046
Nobody in our family expects anything when we die. If they get anything they are grateful. We cashed out a investment because we knew all the kids needed money since things have been tough. We sent them all money. Nobody expected it, but everyone profusely thanked us.

Leaving something for your heirs is a personal matter. I know we're leaving money and items to loved ones. I don't need to make sure it's all spent to coincide to my last day. That's greedy and only a imbecile does something like that. If you love your wife/husband/kids you want to help them and make sure they have some benefit if you pass on right? You want them to have some money to cover things since you won't be there. Otherwise what's the point of buying a life insurance?

And maybe to the people that left you such amounts it could be that to them that was a lot of money. And unfortunately it sounds like you're unhappy with that was left to you. I would trade whatever inheritance I get if it meant having that person around again.
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Old 03-12-2017, 08:38 AM
 
Location: SW Florida
10,342 posts, read 4,898,086 times
Reputation: 21760
After my stepmother divorced my father he wound up living in a small condo with barely enough money to buy food after he was diagnosed with diabetes. He had nothing to leave us and we didn't expect him to. Ditto for my mother; the only thing she could possibly leave her two daughters is her house but after my stepfather died she had to take out a reverse mortgage so she could stay in it. We won't be seeing anything from her either.


If you have the money, it's nice to leave something for your children but if you can't you can't.


I have a small life insurance policy, enough to pay my cremation and leave my two sons about $4k each. That's the best I could do with my cancer history.
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Old 03-12-2017, 09:55 AM
 
358 posts, read 223,843 times
Reputation: 627
My father died and had $40,000 left in a savings account. We donated it to a local animal shelter in rural Arkansas. With four children, a gift of $10,000 would be appreciated but wouldn't change any lives. To a struggling animal shelter, it was a great gift.

Last edited by pilotpair; 03-12-2017 at 10:06 AM..
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Old 03-12-2017, 01:21 PM
 
29,819 posts, read 34,912,438 times
Reputation: 11737
Quote:
Originally Posted by NewbieHere View Post
I have high dental plan that covers up to $4000 per year. But you can space them out like work on one problem year end and then the next problem in Jan. It's technically 2 years but it's within a short window.if you are still working, you can put $2500 per year, cover them back to back would be another $5k. So for one person you can cover $13k of dental work within a short time.
Along those lines folks should be mindful of when they schedule their six month appointments. Late in the year and you may because of scheduling with a specialist have to carry it over to the next year and hopefully not have another problem midyear that needs to be taken care of.
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Old 03-12-2017, 01:51 PM
 
Location: Fort Lauderdale, Florida
9,256 posts, read 8,337,794 times
Reputation: 20181
My parents who are wealthy have made it very clear that nothing is going to me or my siblings but instead to all of their favorite charities.

They have provided college educations to me and my siblings and their grandchildren and said they are done.

My dad has made the money, he gets to spend it like he wants.

Methinks there is going to be a very wealthy set of humane societies in South Carolina one day.
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Old 03-12-2017, 05:20 PM
 
419 posts, read 258,119 times
Reputation: 1329
None of the oldest people in my family would ever take the attitude of "I'm gonna spend it all now before I die." Their main concern has always been to have enough money so they would have funds available to make the best choices possible regarding nursing homes and such. Trying to time running out of money with death would be too stressful for them. They didn't save to be able to leave an estate to their kids, but they have said they hope there will be something for all of us left behind.

When the time comes, my mother will probably have a fairly large estate with cash and property. My father set her up nicely, she inherited quite a lot from her parents which remains untouched, and she is smart with money. However, it is amazing the number of people she knows who had to go through all of their money and property because of serious, lingering illnesses. Nursing homes or home nursing care can add up if it is needed for many years. With her assets, my mother knows she will be able to get the best of care for a very long time. She likes having the financial freedom to make her own decisions and not have to rely on her kids although we all would help if necessary.

We haven't planned our own retirement anticipating a large inheritance because you don't know what will happen. My mother will use what she wants and needs, and if there is anything left, I know from things they've said that she and my father would have felt proud they could leave us something. Intentionally saving for their kids' retirement is something they would never have considered and something none of us would have expected. Fortunately, my mother is in great health and just might outlive us all.
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Old 03-12-2017, 05:48 PM
 
Location: Forests of Maine
30,714 posts, read 49,511,045 times
Reputation: 19157
Quote:
Originally Posted by Larry Siegel View Post
My goal is to retire in style AND leave something substantial behind. All you have to do is have a professional income, save aggressively, have a little bit of luck in investing, and not let expenses get out of hand.
I agree
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Old 03-12-2017, 05:56 PM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 13,970,124 times
Reputation: 6436
Quote:
Originally Posted by Unicorn hunter View Post
I did receive a rather large inheritance, but I am only acting as a "pass through". When I go, it will go into a "special needs trust" for my disabled granddaughter, so she will not end up living on the street and eating out of garbage cans. Oh well! I did use part of it to pay off my car and a couple of other minor bills. Nice to have a new, paid off car anyway!
Aren't there benefits for disabled people in the US?
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