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Old 08-27-2019, 03:25 PM
 
Location: Rust'n in Tustin
2,429 posts, read 2,511,531 times
Reputation: 4609

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So I do have some assets, and I'll be damed if I spend what took me a whole life to accumulate on a few years of long term care. I'll blow my brains out first.

Guess what happens if you go into long term care? YOU STILL DIE.

The question is do I want my wife, kids, and grandkids to live penniless, or enjoy the fruits of my labor*

*to be honest I never labored that hard, I just got lucky. Life's been kind to me like that.
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Old 08-27-2019, 03:28 PM
 
Location: Rust'n in Tustin
2,429 posts, read 2,511,531 times
Reputation: 4609
And you people leaving things to your mom, may be in for a surprise.
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Old 08-27-2019, 04:22 PM
 
Location: SNA=>PDX 2013
2,714 posts, read 3,103,908 times
Reputation: 3160
Quote:
Originally Posted by ysr_racer View Post
But you have a medical directive and power of attorney, right? The reason I ask is, most people without a will also are without those.

Since this is a retirement board, my two cents, at minimum, get a power of attorney in place. My MIL is disabled and not in good health. My FIL was her caregiver. He passed away and then she ended up in the hospital the day of his funeral. My DH and I were freaking out since we had no clue how long she'd be in the hospital and unable to speak/make decision; even simple ones about her household (we were out of state and concerned about our jobs too) . This is what made me realize POA is probably the first thing you need to think about and put in place. If you die, regardless of a will or anything, things will get figured out and taken care of. If you're incapacitated, things are at a standstill until you're able to do something, which could be a day or a month or years. Yikes.

Also, keep your passwords somewhere for your heirs to find. LOL. No seriously.
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Old 08-27-2019, 07:53 PM
 
Location: Rust'n in Tustin
2,429 posts, read 2,511,531 times
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Umm, power of attorney ends when the person dies. And most care facilities won't honor anything from out of state or on that phone.

You guys REALLY need to see an attorney.
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Old 08-27-2019, 07:54 PM
 
Location: Rust'n in Tustin
2,429 posts, read 2,511,531 times
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Quote:
Originally Posted by psichick View Post
Also, keep your passwords somewhere for your heirs to find. LOL. No seriously.
Agreed, and delete your porn too
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Old 08-27-2019, 08:56 PM
mlb
 
Location: North Monterey County
3,305 posts, read 2,924,072 times
Reputation: 5087
Trustee survivor /Executors do not need banking passwords. All they need is the trust docs and death certificates.
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Old 08-27-2019, 09:16 PM
 
Location: Gulf Coast
1,184 posts, read 671,554 times
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We just got a letter from a Dr. (after he asked if we had a living will) stating that since 1/1/2016 Medicare pays for Advanced Care Planning. Your Dr. and you will talk about what kind of treatment, etc. etc. end of life stuff. Discussion should happen during your annual wellness visit. Dr. will discuss Living Will (adv. directives), Power of attorney (medical proxy) and medical orders for life-sustaining treatment etc. which is used together with your living will...


I do not know how I feel about the government getting involved with me making these decisions. Apparently drs. get reimbursement from Medicare for this. They must have access to stock forms or something...what do you think about all this?
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Old 08-27-2019, 11:38 PM
 
Location: Rust'n in Tustin
2,429 posts, read 2,511,531 times
Reputation: 4609
Quote:
Originally Posted by mlb View Post
Trustee survivor /Executors do not need banking passwords. All they need is the trust docs and death certificates.
If they have the passwords, they don't even need those docs. Ask me how I know.

Don't forget about your airline miles. They have value too.
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Old 08-28-2019, 10:28 AM
 
Location: SNA=>PDX 2013
2,714 posts, read 3,103,908 times
Reputation: 3160
Quote:
Originally Posted by ysr_racer View Post
People keeping their will secret crack me up. Our kids both have copies of the will, and know exactly what they're getting, as well as the grandkids.

It's no big secret.

I was going to leave a motorcycle to my friend Tony when I died, then I just called him up and told him to come and get it. He was happy, and I had more space in my garage.

Win/win

Because some people are not to be trusted and can cause more hardship than anything else. It's great that you can be open, but it's pretty ignorant to assume all family dynamics are like yours. I just experienced how toxic a family can be when a family member passes and now I can totally understand why they would hide things. Crazy family.
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Old 08-28-2019, 10:49 AM
 
Location: SNA=>PDX 2013
2,714 posts, read 3,103,908 times
Reputation: 3160
Quote:
Originally Posted by ysr_racer View Post
So I do have some assets, and I'll be damed if I spend what took me a whole life to accumulate on a few years of long term care. I'll blow my brains out first.

Guess what happens if you go into long term care? YOU STILL DIE.

The question is do I want my wife, kids, and grandkids to live penniless, or enjoy the fruits of my labor*

*to be honest I never labored that hard, I just got lucky. Life's been kind to me like that.

I'm surprised. You seem to know a lot about will/trust/POA/health directives, and yet, you assume long-term care is only for when you're dying. Maybe you don't realize what long-term care can cover. It's more than just a "nursing home" or "hospice" or whatever you want to call it. What if become paralyzed and are now a paraplegic? What if you develop alzheimers or dementia (things that willl prevent you from killing yourself)? What if you become injured for more than a few weeks and need care? You do realize that you'll start eating through your nest egg because insurance only covers so much, right? I'm going to assume you're okay with that.
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