Life Beyond Us ( The Foreigner )

[Jack Peterson]

Good Morning All  :morning1:

 Following is a Thread that I started elsewhere recently and is getting a few mixed posts in reply, I am not altogether sure, if many could see where, I was heading but then we all I guess have a Different way, of interpreting things. So i sought permissions from all concerned and now, I can Post this as a Topic here. It is self explanatory I think and maybe, will be a little thought provoking about something I feel, not too many of have given much thought to.

 

ARE WE READY FOR OUR OWN DEMISE!

 

 No! it is not, one of those Threads that need, any real argument. It is something, that I feel should be on All our minds, Sooner than Later.

During a normal (well as normal, as it can get, in my house at times) family meal, the usual monthly chat about Bills, Shopping, House Projects came up. My daughter asked if she could have something for her Guitar, not too sure what it was but anyway, My Wife said if there is enough money left we will see. Now being a cute and at most times an intelligent kid, she said but Daddy has just been paid [she says this, as she says,it sounds better than pension]

She went on to say ( After we asked why, all the rush?) Well I thought I would get it all now, before Daddy Goes,
( Sweet thoughtful Brat) but it did raise a Question in my Mind. Are they, Ready, for my Passing? Not something I want to think about just yet but It will happen.

Now, here is where we "Brits" (Of course, I can only talk about the UK) that have done the homework and made the necessary arrangements, can provide for our Families after we are gone. All my Pensions are passable onto Azon, they all have a Widows Pension attachment.[Hopefully, everyone has this attachment to their pensions?] ( if she remarries, well then she will lose them all.)

We all I think, tried our best, to do our Homework for our Future here, but I am asking now, have we all done our Homework about Tomorrow? Tomorrow one day, will not come, for some us. SAD but it is a fact.
Azon gets annoyed at me sometimes when I am Filing the paperwork for Extensions, Pensions, etc etc. mainly because I update the Files so that when I go. she has The Name, Phone numbers and email addresses ID numbers etc etc, of people she must, contact ASAP all she needs do is send Notarized Copies of the certificate ( Death) 

I have now produced templates, for each of the concerned pension people, all she has to do is enter the date and LBC them off with the DC, ASAP. It may take a month or two to come together but at least now, I can rest assured that I have done as much as I can, to ensure, that my 2 princesses can continue life without me.

I don't want to sound Morbid but as they say in Spain; "Today I am alive and well" why, should I worry about dying? Of course we should, Worry, not just because of age or health but where we are.

Today is Today! For some, Tomorrow, will not come.

Most know me, as sometimes the fool, But I do have a serious side and today, I feel the need to ask, Are you, ready for your Demise? 


TODAY! is the TOMORROW! you were so WORRIED about Yesterday

We all want to be here tomorrow, but as with others, after Health scares, we do need to think, like the boy Scout,
" Be Prepared"

 

Have a good Say All and Thank You, for reading this.

 

 

Jack P :tiphat:

[Old55]

Exactly what any loving husband and father duty demands...... supporting his family. Well done Sir!

As an older guy with two boys in school putting in place the investment tools to provide for them and my wonderful wife was not difficult or too much of a burden. We live a modest but full life my only concern is what College costs will be in the future. My time on this earth is only so long. I expect to be gone before my wife so Having a plan is essential.

Edited July 4, 2014 by Old55

[lyno 47]

Jack good topic mate .I believe all of us have to confront this at some time in our lives ,when we were young it was the furthest from our mind coz we all new we were going to live forever,but once you reach an age where things start to fail mainly your body. I asked my kids what would they expect from my demise , both said nothing. Make my own arrangements and if that is what I want they will be happy.As for the better half she will get the lot ,it isn't going to be any use to me, and my kids are pretty well set up so I have made decisions that I want ,no frills just frizzle me to a crisp and send my ashes home to Auz and sprinkle the ashes over my favourite hill top in Australia.

[JJReyes]

My wife and I have a slightly different situation because our two sons are adults. Both have 8 x 10 envelopes containing detailed instructions in the event something happens to us. By agreement, the older son can made the final decision after consulting with his younger brother. This is in the event they don't agree, which is highly unlikely. We plan to consult with a lawyer because of our recent move to a state with no state income tax and no inheritance tax It is just a review to make sure our Revocable Living Trusts are in order.

 

One of our practices dating back to the time we resided in the Philippines that continues today is to keep separate, individual checking accounts and one that is a joint account. This permits access to cash if needed. Another is a safe deposit jointly in our names and our two sons. They won't need a court's permission to access the content. I still own properties in the Philippines. Although the lawyers assure us our sons have rights of inheritance, it is best to liquidate and keep the proceeds in cash, cash equivalents, stocks, bonds, etc. in the United States.  . 

 

Most of our "What if..." activity is common sense designed to keep the transfer burden at a minimum. You can only plan so much without turning into a control freak.

[OnMyWay]

Fellow Americans please correct me if I am wrong, but I don't the our foreign spouse can get our social security benefit after we pass on, correct?

 

I have thought about this topic a lot but I don't have a plan yet.

 

For my two daughters I would like to set up investment accounts that can grow until they are older, but I don't think I can do that in the US without the government taxing me.  Ideas?

[JJReyes]

There are all kinds of tax deferred and tax free investment programs you can start for your children. Some can be very simple. An example is opening a stock brokerage account in the name of our granddaughter with our son and daughter-in-law as custodians. Purchases are limited to Berkshire Hathaway Class B shares now trading at between $100 to $150 per share. She gets $25 birthday money, it goes into the account until there is enough to buy a few shares. Everyone contributes a little amount whenever possible. Since Warren Buffet does not believe in paying dividends, there are no taxes (deferred) to pay until she needs the money. If the money is for college tuition, there is a way to transfer the money directly to the educational institution without paying taxes. If she does not go to college, a highly unlikely event, the money is hers on her 25th birthday.

 

By the way, Berkshire Hathaway is like a mutual fund. The difference is mutual funds charge a fee whether they make money or not. Buffet pays himself a $100,000 a year and makes billions from the large number of shares he owns. 

 

Be cautious because the Internet is full of offers to help you set up educational trusts managed by financial consultants, university trust departments, banks, investment planners, etc. They are all fee based and not worth it.

Edited July 4, 2014 by JJReyes

[OnMyWay]

Thanks JJR, that is a good idea about BRK-B.  I have almost bought some for myself a few times and I probably will if I can ever catch a dip!

 

I remember years ago my friend told me her financial adviser had her buy 1 share of BRK-A for her son.  I didn't know anything about it and thought it was ridiculous that she paid about $30,000 for ONE share of a stock.  This would have been around 1995 or so.

 

BRK-A closed yesterday at $193,000 per share, up $2,101 for the day!

 

I briefly looked into 529 plans but those are different by state and you have to apply the money directly to a US approved educational institution.

[MikeB]

Fellow Americans please correct me if I am wrong, but I don't the our foreign spouse can get our social security benefit after we pass on, correct?

It's a little complicated depending on age and country. The US does not have a SS agreement with the Philippines. There is a five year US residency requirement - http://www.crevelingandcreveling.com/blog-list/170-what-expat-americans-with-foreign-spouses-need-to-know-about-social-security.html

. 

[Jack Peterson]

It's a little complicated depending on age and country. The US does not have a SS agreement with the Philippines.

 

 Now this, is a great Pity, we hear all about the number of US guys married to Filipinas and  now, apparently,  No Agreement. yet the UK has an Agreement with the US and I hazard a guess, fewer  marriages..

 maybe, they know something we don't all know.  OR are they Hiding something, as Always

 

 

:tiphat:

[Mike J]

 

It's a little complicated depending on age and country. The US does not have a SS agreement with the Philippines.

 

 Now this, is a great Pity, we hear all about the number of US guys married to Filipinas and  now, apparently,  No Agreement. yet the UK has an Agreement with the US and I hazard a guess, fewer  marriages..

 maybe, they know something we don't all know.  OR are they Hiding something, as Always

 

 

:tiphat:

 

Why would anyone marry someone from England when we could marry a Filipina.   :hystery:   Seriously, the social security laws in the US are fairly complex when it comes to marriage to a Filipina.  My case is fairly simple, spouse in now dual citizen and she lived in the USA for more than five years after we were married.  This was part of our (my) plan to ensure she would be financially secure when I die.  She did not work enough in the US, less than 40 quarters, to get SS on her own, but will be able to collect on my work record when she is 62.  Any USA citizen who is married, or considering marriage, to a Filipina should do some careful research to see how the law would affect them.  Guys, if you care enough to marry them, make sure you provide for them when you pass on! :thumbsup: