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Old 03-05-2018, 01:51 AM
 
71,898 posts, read 71,971,035 times
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Quote:
Originally Posted by NoMoreSnowForMe View Post
You've been really blessed not to ever have been in the position to have lost your home to foreclosure or become disabled, or never made enough money to have a large savings account when you lost a job, or lost everything in a divorce, etc.

I'm honestly happy for people in that position. I would hope that those people may be able to have empathy for those less fortunate.
i wasn't born with money , we were quite poor and i went through a late life divorce . so yeah i do know what it means to make ends meet . i just did what i had to , to make bad situations better and to allow for bad stuff in the the plan when it does happen instead of ruling it out
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Old 03-05-2018, 05:22 AM
 
Location: Whidbey Island, WA
12,276 posts, read 11,343,460 times
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from my reading if you don't co mingle money social security benefits are untouchable. where is that wrong?
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Old 03-05-2018, 01:11 PM
 
Location: Las Vegas
13,905 posts, read 25,364,805 times
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I think this is worthy of discussion. I didn't know about the debt thing but that's good information. I have another reason I think is valid. I currently get widow's benefits and sometime down the road a bit I am going to change all my direct deposits to my savings account. Because that's a pretty static place to park the money. I will just make 1 transfer per month to checking(I am allowed 3 transfers per month).

Back in January I had some fraud on my checking account. Everything worked out OK and I spotted the problem while the debit was still pending. But that meant I had to open a new account and restrict the old one. I have to go in to the bank to take funds out of that account now. And of course I had to change all my direct deposits. So the old account can't be closed till all the direct deposits transfer over to the new one. And it is a hassle. It would have been less of a problem if all the direct deposits went into savings, and since I don't pay anything directly out of that account, it's safer than putting the money in checking. Hope that makes sense!

It also might encourage me to save more!
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Old 03-05-2018, 01:49 PM
 
13,993 posts, read 7,458,129 times
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Quote:
Originally Posted by mathjak107 View Post
like everything we do , we plan around what is best and most plausible for the likely outcomes . i can't say i ever made decisions about keeping separate ss counts or kept 401k's with old companies because i was afraid of creditors .
In theory, you could have a court judgement against you for a car crash that exceeds your umbrella policy. You can never predict what a jury will do.
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Old 03-05-2018, 01:58 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,178,706 times
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Quote:
Originally Posted by Zack59 View Post
So, one can open a new checking or savings and have all their SS checks deposited for years and all that money is protected? Or just 2 months?
All that money is protected except against government liens.
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Old 03-05-2018, 02:51 PM
 
71,898 posts, read 71,971,035 times
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Quote:
Originally Posted by GeoffD View Post
In theory, you could have a court judgement against you for a car crash that exceeds your umbrella policy. You can never predict what a jury will do.


there is a limit to what makes sense . leaving 7 figures exposed to be taken if it is over and above insurance but saving a few k a month in ss protected makes no sense .

you need a better plan for asset protection . things have to make sense , not just be legal .

Last edited by mathjak107; 03-05-2018 at 04:16 PM..
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Old 03-05-2018, 03:50 PM
 
Location: Raleigh
8,047 posts, read 5,911,119 times
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Umbrella policies are not expensive. Just ask. It can be just auto or any other liability. YMMV.
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Old 03-05-2018, 06:38 PM
 
13,993 posts, read 7,458,129 times
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Quote:
Originally Posted by Crashj007 View Post
Umbrella policies are not expensive. Just ask. It can be just auto or any other liability. YMMV.
That wasn't my point. My point was that some jury could decide to award $3 million when my umbrella policy is $1 million.
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Old 03-05-2018, 06:54 PM
 
2,952 posts, read 1,645,465 times
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^^^ seriously a $3 million dollar umbrelal is not goingto be 3 times the money. It might be just be $100.00 more. And worth it jstu so you don't have the attorney fees.

Quote:
Originally Posted by GeoffD View Post
In theory, you could have a court judgement against you for a car crash that exceeds your umbrella policy. You can never predict what a jury will do.
That is why one should sets up trusts. And not the cheap kind.

Although its more complicated than just saying set up a trust. Every state has different laws.
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Old 03-05-2018, 07:29 PM
 
Location: Raleigh
8,047 posts, read 5,911,119 times
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Quote:
Originally Posted by foundapeanut View Post
^^^ seriously a $3 million dollar umbrelal is not goingto be 3 times the money. It might be just be $100.00 more. And worth it jstu so you don't have the attorney fees.
That is why one should sets up trusts. And not the cheap kind.
Although its more complicated than just saying set up a trust. Every state has different laws.
If you have any doubts about marriage partners of your kids then a living trust is definitely an important thing to consider.
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