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TOPIC: Financial Planning

Financial Planning 1 month 3 weeks ago #1

  • Wanderer
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The cost of having a Will prepared is minimal and it saves those involved in your life a lot of grief upon your death. It also lets the courts know your wishes if either spouse/partner out lives the other. Last year I had a new Last Will & Testament, Health Care Directive and Power of Attorney prepared so my "Personal Representatives" knew what to do with any estate. Also, my state started allowing a "Transfer Upon Death" document to transfer my residence to some else upon my death by providing the County with a copy of my death certificate and I did this. Makes life much simpler. Speak with experience having been and Executor for an Estate that was planned out.
Last Edit: 1 month 3 weeks ago by Wanderer.
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Financial Planning 1 month 3 weeks ago #2

  • FrankN
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Joker wrote:
I worked for a Probate Judge in New Mexico for a while. You would not believe the turmoil that happens if there is not a will in good standing. Too many times, a beneficiary listed dies and no one every thought to update the will. That makes the will totally invalid! If the sale of property occurs, and the will is not adjusted, it's invalid as well. Be sure that if and when you make a will that you either word it for such occurrences or simply update at the time of those occurrences. It will save your kids and beneficiaries a lot of heart and head aches!

Do you think you need a will if you don't have kids. Will my wife automatically get what I own?
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Financial Planning 2 months 1 week ago #3

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I worked for a Probate Judge in New Mexico for a while. You would not believe the turmoil that happens if there is not a will in good standing. Too many times, a beneficiary listed dies and no one every thought to update the will. That makes the will totally invalid! If the sale of property occurs, and the will is not adjusted, it's invalid as well. Be sure that if and when you make a will that you either word it for such occurrences or simply update at the time of those occurrences. It will save your kids and beneficiaries a lot of heart and head aches!
Last Edit: 2 months 1 week ago by Joker.
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Financial Planning 2 months 2 weeks ago #4

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Lexie, I wonder since such language exists in my will if it is included as part of a statement in a law that carries an explicit legal definition?!
Last Edit: 2 months 2 weeks ago by Wanderer.
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Financial Planning 2 months 2 weeks ago #5

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Yes it can FrankN. We just made out our wills and the wording in them is less than desirable for one of my children. It has to be that way so the he can get what we want him to have and his EX or his live in girlfriend can't touch it. After it's in his hands, he can do what he wants with it because we will no longer be here. Still in all "disinherited" is not a good word. :(
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Financial Planning 3 months 2 weeks ago #6

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My wife and I are thinking about having kids so we have starting having these conversations. There certainly is a lot to think about and it can get very complicated.
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Financial Planning 3 months 3 weeks ago #7

  • Goldbug
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Wanderer wrote:
Since that time I have declined to serve as a Personal Representative for anybody (don't want any more surprises like this one). My mother had told me her personal affairs were not my business (which technically is true but ...). Dumb on my part. Food for thought! Caution to say the least.
I'm so glad you said that, because it is very close to my position. After my only experience dealing with the fallout from a will, which started in 2009 and went on until last year, I'm refusing to act in that capacity for anyone. I keep being told I am being overcautious, but after that? Never again.
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Financial Planning 4 months 6 days ago #8

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Wanderer wrote:
As to "do you know what I mean"? My mother didn't pay her taxes during her final two years of life and withdrew $71K in funds from a IRA. The IRS came after the estate six years and three months later with a "Search and Seizure" Order. Was I shocked! My sister and I were the Personal Representatives. Wow, after hiring a Tax Attorney from a large law firm (that cost a pretty penny) we were able to put the whole matter into suspension with the IRS for another six and a half years (time period the IRS used for their Statute of Limitations in this matter). So o o o ... it took thirteen years to clear the matter from the IRS. Since that time I have declined to serve as a Personal Representative for anybody (don't want any more surprises like this one). My mother had told me her personal affairs were not my business (which technically is true but ...). Dumb on my part. Food for thought! Caution to say the least.

OMGosh Wanderer. What a journey you have had. I'm glad it's all over for you. We have managed to get everything out of mom's name and we think we have all her assets liquidated. Like I said, she has some money but I just want to be prepared in case there is a need.
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Financial Planning 4 months 1 week ago #9

It sounds like you met with someone who knows what they're talking about, Lexie, which is terrific. Finding someone who really listens and pays attention to your needs to at least half the battle.

Wanderer, wow! That sounds like a huge mess! I absolutely hate all the taxes associated with death and estates. It's bad enough to lose someone you love without having the government breathing down your throat for money.
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Financial Planning 4 months 1 week ago #10

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As to "do you know what I mean"? My mother didn't pay her taxes during her final two years of life and withdrew $71K in funds from a IRA. The IRS came after the estate six years and three months later with a "Search and Seizure" Order. Was I shocked! My sister and I were the Personal Representatives. Wow, after hiring a Tax Attorney from a large law firm (that cost a pretty penny) we were able to put the whole matter into suspension with the IRS for another six and a half years (time period the IRS used for their Statute of Limitations in this matter). So o o o ... it took thirteen years to clear the matter from the IRS. Since that time I have declined to serve as a Personal Representative for anybody (don't want any more surprises like this one). My mother had told me her personal affairs were not my business (which technically is true but ...). Dumb on my part. Food for thought! Caution to say the least.
Last Edit: 4 months 1 week ago by Wanderer.
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Financial Planning 4 months 1 week ago #11

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We sure do Wanderer! One reason we decided on this path is my mom. She is 93 and we don't know what's going to happen with her. She has some money of her own but I do want to be prepared if expenses surpass our expectations. If you know what I mean.
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Financial Planning 4 months 1 week ago #12

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Glad you went and obtained professional financial guidance. It gives you a frame of reference to work from. Someone that eats, sleeps and breathes money. As you are able to absorb it (might take a few days) you will be better able to look at where you need to be. And, as always build some flexibility into your long range thinking as "life happens." Don't we know that one?!
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Financial Planning 4 months 1 week ago #13

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OK. We met with a financial planner yesterday at our bank. OMGosh. This guy has more money knowledge in his pinky than I would ever have in a lifetime. Too much information all at once. Too much detail to absorb. We do have some ideas now and know what direction we should take , so, I guess it was a profitable meeting.
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Financial Planning 4 months 2 weeks ago #14

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We would like some advice on how to handle some of our current investments to get the best yield. Our holdings are quite diversified and we really don't know where to start. Do any banks offer this kind of service? That has been our first thought but we're just not sure.
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