23 Jul 18
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Originally posted by @eladarThey do if they bother going to an estate planning attorney, who are not just for rich people. A 70 year old with $200k in the bank and a house would be well served to cough up a grand or 2 to enact an estate plan. A set of wills with testamentary trusts or simple trust like the one I'm describing with no complex tax planning (unnecessary in an estate of that size) can be had for 2 grand in the NY area, I'm sure much less in most other places. That most people don't bother doesn't mean they shouldn't or can't.
Not the kind you are talking about. Generally the surviving spouse gets it all then decides what to do with it. No way could people like this have plans you described.
23 Jul 18
Originally posted by @wolfgang59You quoted the statement and called it sexist. For me it is the top reply on page 2.
You are an idiot if you think anyone is disputing
that women generally outlive their husbands.
23 Jul 18
Originally posted by @sh76You said had enough money to support living wife with estate left over. That 200k will not last 20 years.
They do if they bother going to an estate planning attorney, who are not just for rich people. A 70 year old with $200k in the bank and a house would be well served to cough up a grand or 2 to enact an estate plan. A set of wills with testamentary trusts or simple trust like the one I'm describing with no complex tax planning (unnecessary in an estate of that ...[text shortened]... h less in most other places. That most people don't bother doesn't mean they shouldn't or can't.
23 Jul 18
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Originally posted by @eladarAdd the value of the house and maybe a life insurance policy, plus retirement accounts and social security and it very well might (and usually does).
You said had enough money to support living wife with estate left over. That 200k will not last 20 years.
Anyway, if it's not going to last the surviving spouse's lifetime, who cares what would happen to it after the second death? What's the point of this thread if your thesis is that people of that wealth level won't leave assets at the second death anyway?
Originally posted by @sh76Lol what percent of Americans have all of that?
Add the value of the house and maybe a life insurance policy, plus retirement accounts and social security and it very well might (and usually does).
Anyway, if it's not going to last the surviving spouse's lifetime, who cares what would happen to it after the second death? What's the point of this thread if your thesis is that people of that wealth level won't leave assets at the second death anyway?
After all that how much estate is left for others?
From cnbc..
And, according to a 2016 GOBankingRates survey, 35 percent of all adults in the U.S. have only several hundred dollars in their savings accounts and 34 percent have zero savings.
23 Jul 18
http://time.com/money/4258451/retirement-savings-survey/
Here is a rather sobering fact.
Only about 1 in 3 Americans have retirement savings
Then when they retire, they will demand that the state take care of them, the same state that gave them a subpar education that caused them to retire in poverty.
Good luck.
23 Jul 18
Originally posted by @eladar<sigh>
Lol what percent of Americans have all of that?
After all that how much estate is left for others?
From cnbc..
And, according to a 2016 GOBankingRates survey, 35 percent of all adults in the U.S. have only several hundred dollars in their savings accounts and 34 percent have zero savings.
How do you not realize that you're blowing up the whole premise of your thread?
If your estate is worth a few hundred dollars, who cares who inherits it?
23 Jul 18
Originally posted by @sh76Lol just goes to show how insulated you are from the reality of many Americans. Many times it is the house that has the most value. No savings in cash, only a house worth 100k to 400k.
<sigh>
How do you not realize that you're blowing up the whole premise of your thread?
If your estate is worth a few hundred dollars, who cares who inherits it?
Oh yeah to people like you this is meaningless too.
23 Jul 18
Originally posted by @eladarI realize this is probably wasted on your since you seem to insist on constantly moving the goalposts and ignoring my points, but estate planning can and often is done for a house and no other assets. In fact, it's extremely easy. Establish a trust that gets split among the children at the second death and give the second spouse the right to live there for life. You could probably do it without a lawyer, but it would be advisable to consult one for a few bucks to make sure you're taking advantage of all possible capital gains and property tax benefits.
Lol just goes to show how insulated you are from the reality of many Americans. Many times it is the house that has the most value. No savings in cash, only a house worth 100k to 400k.
Oh yeah to people like you this is meaningless too.
The "problem" presented in your OP can easily be avoided with some simple estate planning. Why you're trying so hard to avoid this conclusion is beyond me.
23 Jul 18
Originally posted by @sh76I have never moved the goalposts. You refuse to answer a simple question because you are too caught up in your 6 figure world. I will ask again...
I realize this is probably wasted on your since you seem to insist on constantly moving the goalposts and ignoring my points, but estate planning can and often is done for a house and no other assets. In fact, it's extremely easy. Establish a trust that gets split among the children at the second death and give the second spouse the right to live there for lif ...[text shortened]... th some simple estate planning. Why you're trying so hard to avoid this conclusion is beyond me.
What percent of people could have the kind of plan you described in your original post?
Another question...what kind of total worth were you imagining in your original post?
24 Jul 18
Originally posted by @eladarWhat percent of people could have the kind of plan you described in your original post?
I have never moved the goalposts. You refuse to answer a simple question because you are too caught up in your 6 figure world. I will ask again...
What percent of people could have the kind of plan you described in your original post?
Another question...what kind of total worth were you imagining in your original post?
=== 100% of those with estates large enough to be worth worrying about who inherits them.
Another question...what kind of total worth were you imagining in your original post?
=== Some basic estate planning (which you could get for under $100 on LegalZoom if you're really too cheap to go see a lawyer) is worth it for anyone and everyone who face the issues relevant to your OP. So, to repeat, EVERYBODY who stands to have their estates fought over by the grovelling children after the first death - you know, the people relevant to your whole point - can fix the problem of having to grovel to Mom after Dad dies with a little basic estate planning.
24 Jul 18
Originally posted by @sh76Dollar amount please.
What percent of people could have the kind of plan you described in your original post?
=== 100% of those with estates large enough to be worth worrying about who inherits them.
Another question...what kind of total worth were you imagining in your original post?
=== Some basic estate planning (which you could get for under $100 on LegalZoom if you're ...[text shortened]... n fix the problem of having to grovel to Mom after Dad dies with a little basic estate planning.
Originally posted by @sh76Lol you certainly do not like answering direct questions. In your opinion what would be the net worth of an estate you described in your original remark. You know, the one that had enough money for surviving spouse to live easily for 20 years then have money left over for beneficiaries.
I think "whatever dollar amount is sufficient to be implicated in the concerns expressed by your original post" is plenty specific, thank you.