Tell Ma and Pa Kettle to start divesting themselves of most everything.?ÿ Use that money to prepay whatever services they prefer to have held upon their deaths.?ÿ Distribute the remainder as they see fit.?ÿ Get as many taxable possessions into the hands of those who they believe should end up with them and DO NOT reserve a life estate.?ÿ That mistake is how hospitals and nursing homes claim those against any amounts due to them.?ÿ They might even put labels on certain household items they still need but want to go to someone specific in the family and make all family members aware of this.?ÿ If they are lucky enough to be able to live out their days in "their" home that is now owned by an heir, they can rent it for a minor amount per month.?ÿ Meanwhile, that heir has a business for which certain purchases become tax deductible as an expense against that tiny income.
On the day my mother died, she had a couple hundred dollars in the bank and owed me $700 for a few purchases she had made.?ÿ She was living in a rented apartment with not much more than her clothes and essential items.?ÿ My sister and I split the items that didn't go to Goodwill in just a few hours, emptied the apartment, paid off the close out rental expense, gathered her mail and went to the PO to reroute any remaining mail to my sister's address.?ÿ Done.?ÿ Nothing to probate.?ÿ No lawyer. Simple.
The common number thrown about is 20x your annual expenses. This number allows you to become financially independent at any age, with the premise your investments will sustain you in perpetuity?ÿ
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Be nice ?ÿto be a millionaire. Not sure I picked the best profession for it but beats my other options.
Just because I'm paranoid, doesn't mean they aren't out to get me.
The common number thrown about is 20x your annual expenses. This number allows you to become financially independent at any age, with the premise your investments will sustain you in perpetuity?ÿ
This is sustainable in the long term if and only if the investments can be counted on to return 5% plus the inflation %. That is an optimistic assumption.
I was about to purchase Twitter but, like so many of my good ideas, some one stole it .
The old geezer, Mr. Marshall, lived to be 90 but Anna Nicole only made it to 39.?ÿ He was 86 when they met, 89 when they married and 90 when he died.?ÿ He survived 13 months of married life.