parents wills and trust?

[LivingAlmostLarge]

Do you know how your parents are financially? Do you have a financial plan in place? If so how did it happen? What age and what prompted your awareness?

[sv2007]

I'm pretty close with my parents, and they live near me for ~30% of the year.

Financially they are fine. I don't think I have to worry about them in that department, but if they suffer a financial catastrophe, I can bring them back to their current level.

[QuarterMillionMan]

My parents (80 dad & 77 mom) are well-planned with living trust, wills, burial plots, long term care insurance, etc.

[MichaelHulse]

Well parents don't share any future plan with us. But yes they are financially suitable for future.

[drdavidge]

My parents (80 dad & 77 mom) are well-planned with living trust, wills, burial plots, long term care insurance, etc.

who do you go to to get that done that won't try and rip you off?

[QuarterMillionMan]

A probate or estate planning attorney drafts up documents for a living trust and will. For long term care insurance go directly to the insurance company. Not sure about burial plots, maybe a cemetery or mortuary.

[Nutria]

hmmm good ideas, You know I really don't believe in insurance. I prefer if you want to live better life in this world then work hard for it and one day you will get.

Eh? That's so stunningly wrong-headed.

Why? Because ensuring that your loved ones are taken care of is orthogonal to living better in this world.

[YULACU]

My parents are divorced, but my dad recently retired before the age of 62. He did it very suddenly and didn't consult a financial planner. He took out a loan on his 401k and didn't pay it back before he retired so it was considered taxable income. If he had talked to me (or any financially astute individual), I could have told him that much. My current plan for him is to help him file for VA benefits. I have a background in that area of law, so I feel fairly confident that I can increase his monthly income by a few hundred dollars a month. My mom is doing much better financially. However, I would like her to visit a financial planner and estate attorney just to make sure she's on the right track. She's in her 50s and I figure now is a better time to do a financial check-up with a professional than a year before retirement. I'm trying to lead by example, so I made an appointment to visit an estate attorney and talked to my parents about the process.

[corn18]

I just helped my MIL review her very confusing portfolio and made recommendations to save her $11,000 of fees each year and simplify it greatly. I could save her a lot more if she dropped her useless financial advisor. She is very well off.

I know my mom's finances well. My brother manages her money. She lives off SS just fine, has no debt and a modest savings. Very happy.

I put our estate plan in place last year after I stopped being stupid and actually attained an estate. Will, living trust for both of us, POA, some medical thing that says my wife can make end of life decisions for me.

Tom