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View Full Version : Financial Planning, something we all need to think about



beachguy498
07-01-2014, 07:47 AM
Just got off the phone with the guy who was handling Barbara's accounts at work. He looks over my portfolio once a year regardless. He worked very closely with Barbara for years.

She had 2 simple IRAs and 1 Roth account, not much in the Roth as she just started it less than a year ago. But he will combine the 2 simple plans into 1, put it all in my name and name my sons as beneficiaries.

I can also collect survior's SS benefits as early as age 60, which stops when I decide to take my own SS retirement. No idea how much it is right now, the planner is sending me all the forms. I'll have to do the math on potential payout scenarios to see whan I take it, I'd imagine sooner than later to get the most out of it.

Applied for both of Barbara's life insurance policy claims already, changed the beneficiary on my IRA and my life insurance policies at work and one Barbara held for me. Gonna have one helluva rich cat when I go... kidding, put it equally in my kids names. I still have a possible $50k insurance policy that I haven't run across yet, Barbara had mentioned it to me when she was still doing well.

Need to look at my homeowners policy to see if there is a death-benefit payout, also car insurance policies (all car loans are in her name) and credit cards that are in her name that we owe money on. Our credit union account may have an insurance policy on it as well. My most-excellent SIL Donna is going to go with me to the bank, possibly as early as Saturday to get all that straight. I have a desk drawer, a 2 drawer file cabinet and a 2 drawer vertical file that I have to comb through.

All that are married, you reallly should both be aware of where everything is financially. We always thought that we had time to get it squared away, but it didn't work out that way. I'm going to put together a book for my kids, listing where everything is, passwords, etc. I still have to go through the safety deposit box. Little by little I'm getting it done.

paolo59
07-01-2014, 08:10 AM
This is a very wise thing to do. I helped my Mother with things financial when Dad passed away 4 years ago. She had no earthly idea of anything. Dad left things in order...more or less, but never really discussed finances with her. I was up in Oklahoma over the past two weeks, looking over annuities, investments, roll-over dates, etc. She still really doesn't understand everything. When a loved one passes, there are indeed lots of t's to cross and i's to dot!

Phattso
07-01-2014, 08:26 AM
The funeral home should as part of its services, help you acquire Death Certificates. You should order 15 to 20 to be safe. You will need them.

Best

beachguy498
07-01-2014, 08:54 AM
The funeral home should as part of its services, help you acquire Death Certificates. You should order 15 to 20 to be safe. You will need them.

Best

I have 12, so far only gave away 2. Some institutions will accept a copy, others will send the OG back if I incluse a SASE. The funeral home will order me more if I need them.

Old-Time-Lifter
07-01-2014, 05:53 PM
Sorry you're having to go through all of this.

I have told my wife several times that if anything happens to her I'll be screwed because she is the only one who knows where everything is. She pays all the bills and files away all the financial info, I've never messed with any of that in either marriage. I've always been married to women that took charge of the bills, etc.

If she goes first I'll be in culture shock having to take care of myself.

frozensparky
07-01-2014, 06:04 PM
Very good advice beachguy. I know my parents are set up pretty good but honestly I need to do some planning as well on the little things. All the big stuff is handled but I procrastinate on the little ticket items that could be a big pain in the a$$

paolo59
07-01-2014, 06:08 PM
Sorry you're having to go through all of this.

I have told my wife several times that if anything happens to her I'll be screwed because she is the only one who knows where everything is. She pays all the bills and files away all the financial info, I've never messed with any of that in either marriage. I've always been married to women that took charge of the bills, etc.

If she goes first I'll be in culture shock having to take care of myself.

It is something. I don't believe my Mom had ever written a check before Dad died. I'm proud of the little old lady. Ha! She's waded through things and learned a whole lot. It's not easy, especially for older folk. It is wise for couples to share those financial responsibilities, know where things are, be aware of accounts, investments, procedures and the like. Nobody likes to really think about those things.

beachguy498
07-01-2014, 06:57 PM
Like I said earlier, we always thought there would be time to show me how things worked. But both partners should know where the money goes. I have the newspaper, easy pass (for tolls), car payments, life insurance, etc that are paid automatically. I had no freakin' clue... it was amazing that I was able to hack into Barbara's bank account online. So I can see generally what goes where. I'll get it squared away this weekend. I used to pay the bills, but that was maybe 15 years ago,

You never know what someone did for you until they're gone. When my mom died in 1979, I had to show my dad how to write a check, he had never done it.

Geoff Richards
07-01-2014, 07:18 PM
I recommend to as many folks as I can a simple little book called The Richest Man In Babylon
great advice ,easy to read

so-tex
07-01-2014, 07:26 PM
When my dad passed. I took care of the finances for my mom. The funny thing was, the life insurers and places where he had holdings at, contacted us within the three days after his death.

paolo59
07-01-2014, 11:18 PM
Like I said earlier, we always thought there would be time to show me how things worked. But both partners should know where the money goes. I have the newspaper, easy pass (for tolls), car payments, life insurance, etc that are paid automatically. I had no freakin' clue... it was amazing that I was able to hack into Barbara's bank account online. So I can see generally what goes where. I'll get it squared away this weekend. I used to pay the bills, but that was maybe 15 years ago,

You never know what someone did for you until they're gone. When my mom died in 1979, I had to show my dad how to write a check, he had never done it.

Brother, you think in life that you can handle anything. :) Well, you can! You can. I would love to have some beautiful line of poetry...poetry just doesn't cut it! Our freakin' lives are poetry man!