Help For Disabled Son

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Help For Disabled Son Anthony 04-03-2008  Re: Help For Disabled Son John A. Weeks I... 04-03-2008  Re: Help For Disabled Son Augustine 04-03-2008  Re: Help For Disabled Son Don 04-03-2008  Re: Help For Disabled Son Tad Borek 04-03-2008  Re: Help For Disabled Son Don 04-04-2008
Posted by Anthony on April 3, 2008, 5:05 am My wife and I are 90 and living in Orlando, Fl I have a son who is disabled (50) and lives in subsidized housing in Massachusetts. I retired at 62 and I get about $1,000. a month from SS and my wife collects another $700. based on my work record. My son has been disabled since childhood and receives approx. $700. a month also. When I am gone I believe he will be able to collect 75% of my PIA so I think he will get approx. $1,000. as this is not the reduced amount because of my collecting early. My son is very carefull with money and will have no problem with managing his own finances after his parents are gone. I have a modest estate that includes a Condo worth approx. $100K. I also have an Etrade account with 50 to 55K in it, and about 15K in a local bank. The Etrade account has my name and my son as ROS. Can anyone tell me if things are setup ok as they are or should something be changed to make probate easier ? and allow my son to receive as much as possible when we are no longer here ? Thanks For Considering My Post -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by John A. Weeks III on April 3, 2008, 7:25 am Sticks100@webtv.net (Anthony) wrote: > Can anyone tell me if things are setup ok as they are or > should something be changed to make probate easier ? and allow my son > to receive as much as possible when we are no longer here ? Make sure that you and your wife have wills in place. That will make the process go all that much more smoothly. -john- -- ====================================================================== John A. Weeks III 612-720-2854 john@johnweeks.com Newave Communications http://www.johnweeks.com ====================================================================== -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Augustine on April 3, 2008, 2:05 pm > > Make sure that you and your wife have wills in place. That will > make the process go all that much more smoothly. A will or a living trust? TIA -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Don on April 3, 2008, 12:55 pm On 2008-04-03 02:05:26 -0700, Sticks100@webtv.net (Anthony) said: > My wife and I are 90 and living in Orlando, Fl > I have a son who is disabled (50) and lives in subsidized housing in > Massachusetts. I retired at 62 and I get about $1,000. a month from > SS and my wife collects another $700. based on my work record. My son > has been disabled since childhood and receives approx. $700. a month > also. When I am gone I believe he will be able to collect 75% of my > PIA so I think he will get approx. $1,000. as this is not the reduced > amount because of my collecting early. My son is very carefull with > money and will have no problem with managing his own finances after his > parents are gone. I have a modest estate that includes a Condo worth > approx. $100K. You should think caefully about who will be the executor of the estate. You say that your son handles money carefully. That is good. Can he also take care of paperwork, sort out bank accounts, make reasonable financial decisions, etc.? If so, then consider making him the executor of the estate he will inherit rather than having someone else do it. Since executors get paid for the work they do, he will inherit more if he does the work of the executor himself. One possible snag will be the sale of the Florida condo. There is some chance here of overcharging and dipping into the proceeds by people who become involved with the business of the estate, so take precautions. Make arrangements to have the condo appraised by a disinterested person before it is put up for sale. You might consider discussing all these matters with your son and provide what guidance you can in advance. Good luck. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Tad Borek on April 3, 2008, 4:51 pm Anthony wrote: > My wife and I are 90 and living in Orlando, Fl > I have a son who is disabled (50) and lives in subsidized housing in > Massachusetts. Anthony, I'd strongly suggest speaking with an estate planning attorney who is familiar with your type of case, it's a specialized area of law. A big issue here is the effect of any inheritance on disability benefits and other support that your son might currently qualify for. You may have looked into this already, but there is an estate-planning method called a "Special Needs Trust" that is used in this context. The purpose of an SNT is to pass assets to a disabled beneficiary without disqualifying them from their disability benefits. As part of that you can include planning to address the estate administration - as someone posted that's something to consider also, the probate of a FL estate, given that your son is in MA. Ideally you want someone that knows both MA & federal benefits law and FL probate law...a Boston-based snowbird? -Tad -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Similar Threads Posted Disabled In Effects Of Will June 11, 2008, 6:29 pm