Quote:
Originally Posted by Ron
Interesting facts Pianoman, and I don't dispute that.
What about this scenario, you turn 65 & retire, within a few years (God Forbid) your healthy deteriorates & the decision is to put you in the Care home & there you live amother 8-10 years before passing on?
What then?
My Aunt had a massive stroke when she turned 72 it left her paralyzed & unable top talk again.
She survived for another 7 years before passing away.
Guess where thier kids inheritance went?
I am not disputing your points they are good, but consider all scenarios first.
God Bless!
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I guess it's a roll of the dice.
There are legal ways to protect half of one's inheritance for purposes such as this. We are talking with a financial expert and lawyer now about protecting some of my mother's assets. It's not because us kids want the money! It's because we want our mother to be able to have extra money for clothes and food when needed!
Hopefully, I'm putting enough money back for retirement to cover a catostophic senario such as the one you mentioned. If it cuases my children to not get any inheritance money, so be it!
The special savings account that I mentioned could help a little. This is over and above my retirement savings.
If I live to be over 80 years old, there is a 50% chance I will need a nursing home at some time.