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    Control of wealth

    I am right now doing business, and let us say in 10 years time, I will be rich. And let us say in 10 years time, money is really not a problem at all for me.

    The thing here is that I do not want to have children even though I am married.

    My question now is this...

    Many decades into the future, let us say after I have become a very rich person, and I do not have any children... Is there a way for someone to take care of me while I am old age? I do not want to depend on my wife to take care of me bcoz me and her are roughly the same age, so, by that time, she is also roughly as old as me.

    Secondly, the accumulated wealth throughout my lifetime... since I do not have a son or daughter, can I set up some sort of trust (or is there any other more suitable financial or non-financial tools) to control how these money is going to be used when I am no longer in this world? For example, can I set up some sort of board or group where a certain amount of this wealth is going to be used to do charity activities every month?

    Thanks.

    #2
    there is long term health care insurance
    retired in 2009 at the age of 39 with less than 300K total net worth

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      #3
      Let us say this happened...

      Health care insurance only protect our medical expenses right? But what if there is a scenario where let us say I am 80 years old, and let us say I am very wealthy... I do not have any children... and I fall down in the kitchen and unable to walk. Then, how can we solve or prevent this problem?

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        #4
        Having children does not assure someone up in years that the kids will be there to take of them when they get old. If you and your spouse are 100% certain about your choice to not have children, you and possibly your wife should consider the appropriate medical procedure(s).

        You could always bank a portion of your wealth into a fund specifically earmarked for care when you get older. It might be the case you'll want to live in a Facility that caters to the elderly, then your concerns about falling will be alleviated. I would absolutely not trust insurance for this, because a lot can change between now and then.

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          #5
          long term health care is care for living out your old age, whether it be in your home or in a care home, not so much for medical expenses
          retired in 2009 at the age of 39 with less than 300K total net worth

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            #6
            Besides long term care insurance (LTC), money can buy a variety of services including a maid, cook, companion (helper/nurse),assisted care facilities, etc. Although we have children, I would never expect them to actually care for us. My wife and I have LTC insurance and sufficient investments to take care ourselves 30 years in retirement. We are just a couple years away from retirement (2nd time).

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              #7
              My mother moved into an assisted living village; she still drives and gets around quite well with her walker so she has minimal care right now but as she ages her level of care can be increased. LTC is a really good idea; if you start making payments now they will be pretty low.
              I YQ YQ R

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                #8
                It's impossible to guess the facilities that will be available for seniors many decades in the future. There were no nice 'assisted living' complexes 5 decades ago. Seniors who didn't have family to look after them went to a nursing home to be sadly neglected.

                Most financial institutions have estate planning programs available to distribute funds according to the wishes of their clients even after they are deceased. The agencies and programs that exist today may be vastly different 5 decades in the future.

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                  #9
                  Originally posted by shiny123 View Post
                  I am right now doing business, and let us say in 10 years time, I will be rich. And let us say in 10 years time, money is really not a problem at all for me.

                  The thing here is that I do not want to have children even though I am married.

                  My question now is this...

                  Many decades into the future, let us say after I have become a very rich person, and I do not have any children... Is there a way for someone to take care of me while I am old age? I do not want to depend on my wife to take care of me bcoz me and her are roughly the same age, so, by that time, she is also roughly as old as me.

                  Secondly, the accumulated wealth throughout my lifetime... since I do not have a son or daughter, can I set up some sort of trust (or is there any other more suitable financial or non-financial tools) to control how these money is going to be used when I am no longer in this world? For example, can I set up some sort of board or group where a certain amount of this wealth is going to be used to do charity activities every month?

                  Thanks.
                  Sounds like you should look into a trust fund. Yes, you can't take everything with you.

                  Btw, there is no guarantee people will take care of you even if it's relatives (kids, nieces, nephews, etc.). Just a thought.
                  ~ Eagle

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                    #10
                    Incase if you don't have a son or daughter in later part of your life then old age homes can take care of you, where you need to spend some bucks to get quality service, also you can put your money into charitable trust, but I would insist you to have your own kids to take care of you & listen to your needs.

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