Posted: Wed May 14, 2008 11:21 am Post subject: insurance
Gotta add something here...............my parents live in CA and I live in PA. They are both in their 70's. My POA lives in PA...who happens to be my best friend!! Can trust her with anything!! Anyway....I think it would be scary to think about 'the courts' deciding ANYTHING for my son ( providing my parents are no longer living). I REALLY want to 'protect' my son as much as I can!!
We feel the same way about our grandson (his mother is a single mom) unfortunately as you know ''dad'' will be the next of kin to your son... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
That cracks me up!!!!!!! They're mine you know! (NOT) _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
I think this may be the most important topic I've seen here and I don't think we could ever spend too much time on it.
We can repair a car and most injuries will eventually heal, but death . . . well that's permanent.
I agree with you maze...and if anyone has never had the unpleasant task of making funeral arrangements for a loved on (and then having to pay for it! ) let me tell you in my neck of the wood, a modest, but nice funeral (including burial) is gonna run you 10-15k...You just wouldn't believe the mark up! It blew my mind...I had to personally either make or help with about 8, and it's no time to have the added pressure of finances....
If people would minimally have enough to well, planet them (IMO) that is atleast showing some responsiblity and effort to not leave ones loved ones on the short end of the stick...additional money after that...well that (again IMO) is gravy. _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Gotta add something here...............my parents live in CA and I live in PA. They are both in their 70's. My POA lives in PA...who happens to be my best friend!! Can trust her with anything!! Anyway....I think it would be scary to think about 'the courts' deciding ANYTHING for my son ( providing my parents are no longer living). I REALLY want to 'protect' my son as much as I can!!
sd'fan, simply set up a Revocable Trust.
Name your best friend who you can trust with ANYTHING your successor trustee.
Name your son as the beneficiary of the Trust.
Change the beneficiary of your life insurance policies to the trust.
It's that simple.
Now, your best friend is in control of the life insurance proceeds but those proceeds ARE NOT her money. They belong to your son for her to use for his care, comfort and support until he reaches legal age or some other age you decided in your trust.
Mama's going to get custody of the child but she won't have control of the money if you went this route. _________________ Gary Spicuzza, *SAFE
Copyright 1956.
No rights reserved.
*Self Appointed Financial Expert
) let me tell you in my neck of the wood, a modest, but nice funeral (including burial) is gonna run you 10-15k...You just wouldn't believe the mark up! It blew my mind...I had to personally either make or help with about 8, and it's no time to have the added pressure of finances....
