The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: The myth of the $1 million retirement||Date: 5/3/2006 3:14 AM|
|Author: brndnsdad||Number: 51531 of 77568|
last friday my 82 year old father took me his 50 year old son to the emergency room of our local hospital.
at 7:30 p.m that night a surgical team was starting to remove my appendix. it was the size of the doctor's fist when it was removed. i was very lucky, it didn't rupture. i could have died that night if it ruptured.
in the same E.R. i was in a 52 year old minister (he used to be a golf club professional) died from complication of diabetes. while the dream team was keeping me alive another man was dying. his funeral will be in the high school gym.
when planning for retirement and how much you need, please also plan for not getting to retirement.
the last 4 days have been very humbling for me!
Estate planning, no matter what size estate you have, is a great gift to your family and those that you love. My wife and I are going through the process now after a battle with cancer brought home the fact we may leave this Earth earlier than planned.
What was really scarey during the estate planning process is what could have happened to our estate without a will. We each have a son from a previous marriage. In PA, if we had been in an accident together and I had died in the accident and she had died only thirty minutes later, my estate would have passed to her. Once my estate had passed to her, and then she died thirty minutes later, her estate would have passed to her son and my son would be left with nothing.
We had been under the belief that one of us would dies first and the other would take care of both kids. If we died together that the estate would be split evenly between the kids.
Please make certain your estate is in order! Each state treats estates differently, but you don't want the state to decide for you. It may not be what you thought it would be.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|