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Good article. Inheriting a bunch of money sure makes things easier.
yeah , except they did not get the whole story correct .it wasn't an inheritance , it was a buy out of my wife's estranged step children in a business interest which we sold off . she was supposed to have a claim to it but errors in the will and trust threw that in to question . he was a builder in manhattan of commercial buildings and owned a decent size construction company .
long story , but because of poorly constructed documents done by a general practice attorney and not a knowledgeable estate attorney the courts ruled the will and trust defective . my wife never got to inherit a thing since it would have led to a long costly court battle and we may not have won ..
these estranged step children were specifically by name mentioned as to get no part of their grand fathers estate . but because grandpa's will was ruled defective they ended up being in line for a share and my wife not in line anymore , since the problem was there was no provisions for my wife's deceased husband predeceasing his parents in the documents . it was omitted by lack of knowledge by the attorney who did their documents decades earlier ..
so my wifes deceased husband ended up in line to get nothing since he died before his parents and his brother could just lay claim to it all . .
so we ended up just buying them out and inheriting nothing . ..
this is why i am big on not doing wills off the internet ... this was a very very costly error in paper work ... when we went looking for our own attorney i showed him the old documents from this event and asked him what he saw, immediately he said there is problem ... it is missing any information pertaining to predeceasing .
it is basically one missing sentence that caused all this grief . but the judge said he clearly sees the intent of grandpa but the courts cannot add missing verbiage or re-write history .
so the lesson here is make sure your wills are done by a pro and don't think for a second that courts will go with " intent "
it was fun doing that article .... that was 16 years ago ..... i came home from work and i see all the furniture from the apartment in the hall . there is a csn photography team in my living room , make up people and screens as a back drop .
they took over 100 shots for just one picture ... they had my wife with all her tops on the bed and i hear the make up person going don't you have anything not so low cut or tight ha ha ha
Last edited by mathjak107; 07-26-2019 at 06:50 AM..
Some here are in the two comma club, but I’d wager that most retirees get by quite well in the one comma ghetto.
Some of us have the temerity to aim for three commas.
Quote:
Originally Posted by mathjak107
I liked money magazine too ...I liked those articles about the couples....I never expected one day we would have been one of the couples being featured .
Invigorating article - thanks for linking! But... what ought we to make of the advice? A precious-metals and commodities fund? How would that have fared? And, the article emphasizes long-term care insurance... for a 53-year-old... while totally eliding any mention of taxes. In my opinion, that's a gross misapprehension of priorities.
Off topic, but Mathjak's spouse looks very much like how I pictured her, whereas he himself looks totally different... I imagined a lanky balding fellow with a bushy goatee and thick-framed glasses.
Some of us have the temerity to aim for three commas.
Invigorating article - thanks for linking! But... what ought we to make of the advice? A precious-metals and commodities fund? How would that have fared? And, the article emphasizes long-term care insurance... for a 53-year-old... while totally eliding any mention of taxes. In my opinion, that's a gross misapprehension of priorities.
Off topic, but Mathjak's spouse looks very much like how I pictured her, whereas he himself looks totally different... I imagined a lanky balding fellow with a bushy goatee and thick-framed glasses.
They and others recommended LTCi when we were at that age point. We evaluated and got it and boy are we glad. They noted that the industry could change and future policies might not be as generous. They aren’t.
As far as metals and commodities go at one time T.Rowe Price New Era was A killer fund just feeding the portfolio profits like crazy and then it wasn’t. Interestingly it is up 30% YTD. However I am to old for that ride these days.
yeah , except they did not get the whole story correct .it wasn't an inheritance , it was a buy out of my wife's estranged step children in a business interest which we sold off . she was supposed to have a claim to it but errors in the will and trust threw that in to question . he was a builder in manhattan of commercial buildings and owned a decent size construction company .
long story , but because of poorly constructed documents done by a general practice attorney and not a knowledgeable estate attorney the courts ruled the will and trust defective . my wife never got to inherit a thing since it would have led to a long costly court battle and we may not have won ..
these estranged step children were specifically by name mentioned as to get no part of their grand fathers estate . but because grandpa's will was ruled defective they ended up being in line for a share and my wife not in line anymore , since the problem was there was no provisions for my wife's deceased husband predeceasing his parents in the documents . it was omitted by lack of knowledge by the attorney who did their documents decades earlier ..
so my wifes deceased husband ended up in line to get nothing since he died before his parents and his brother could just lay claim to it all . .
so we ended up just buying them out and inheriting nothing . ..
this is why i am big on not doing wills off the internet ... this was a very very costly error in paper work ... when we went looking for our own attorney i showed him the old documents from this event and asked him what he saw, immediately he said there is problem ... it is missing any information pertaining to predeceasing .
it is basically one missing sentence that caused all this grief . but the judge said he clearly sees the intent of grandpa but the courts cannot add missing verbiage or re-write history .
so the lesson here is make sure your wills are done by a pro and don't think for a second that courts will go with " intent "
it was fun doing that article .... that was 16 years ago ..... i came home from work and i see all the furniture from the apartment in the hall . there is a csn photography team in my living room , make up people and screens as a back drop .
they took over 100 shots for just one picture ... they had my wife with all her tops on the bed and i hear the make up person going don't you have anything not so low cut or tight ha ha ha
So if you hadn’t gotten this, we’ll call it “windfall” , from your wife’s deceased husband’s father, and only had the 700k at 53, where do you think you’d be today? Serious question....would you have retired with presumably way less than 1.7M at 65?
So if you hadn’t gotten this, we’ll call it “windfall” , from your wife’s deceased husband’s father, and only had the 700k at 53, where do you think you’d be today? Serious question....would you have retired with presumably way less than 1.7M at 65?
I think if you do the math, it's entirely feasible and not unrealistic. Having said that, such windfalls are so nice. I'm glad his wife was willing to share.
So if you hadn’t gotten this, we’ll call it “windfall” , from your wife’s deceased husband’s father, and only had the 700k at 53, where do you think you’d be today? Serious question....would you have retired with presumably way less than 1.7M at 65?
Following the newsletter he does no. Also not sure that’s all the money he currently has.
Doubling your money over the last 12 years is no magic. However doubling after multiple years of draw down is not as easy.
The rule of 72.
The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.
Moneychimp › features › rule72
The Rule of 72 (with calculator) - Estimate Compound Interest
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