How Prepared Are You for Your Final Plans?

suzyliz631 said:
Good for you Leann. I just retired and went through hell when my parents died and my brothers and I had to settle the estate. I am the oldest and was named exectuter. It was just too emotional for me so I gave that title (legally) to my brother. He did not do a good job and we all pretty much didn't talk to each other for months and years. What a horrible experience. My last parent died in 2010. It took forever to settle this thing. And we did have a lawyer. Anyway, enough about my blah blah... Just happy for you doing the the right thing.God bless
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My husband went through hell when his brother died. His deceased brother had property, invetments, etc. which went into probate. It was a MESS.. My husband has a brother and sister and they were not speaking because of this. They are now trying to get back on good terms.
 

Maybe I'll start a Go Fund Me page for the cryogenic "recycle" of my beautiful mind. I'll have my insurance proceeds put into "green" stocks and by the 23rd century, I should be a billionaire. I figure by then, they'll be able to regrow my hair and teeth as well as restore my sight and hearing to 100%. At the very least, I'll be able to sit in my rocker and bore the hell out of people with stories that begin with, "Back in my day..." Good plan?
 

Nautilus said:
Maybe I'll start a Go Fund Me page for the cryogenic "recycle" of my beautiful mind. I'll have my insurance proceeds put into "green" stocks and by the 23rd century, I should be a billionaire. I figure by then, they'll be able to regrow my hair and teeth as well as restore my sight and hearing to 100%. At the very least, I'll be able to sit in my rocker and bore the hell out of people with stories that begin with, "Back in my day..." Good plan?
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GOOD PLAN!!!!!
 
We have cemetery plots where family is buried. We have wills, but they need updating. We are in the process of simplifying finances and investments. We've been downsizing "stuff" for a few years now. Maybe we'll be finished by the time we leave this place.
 
Has anyone had to deal with Inheritance or Estate Tax? My sister is dealing with our father's trust estate and something we've never thought of - estate tax. Most states are clear about the difference between inheritance tax and estate tax BUT, Pennsylvania lumps them together and has 54+ pages for us to fill out - most of which neither she nor I can comprehend. We don't feel we should pay an attorney $350+/hr to fill it out.... Any thoughts?
 
Never being married and never have had children and of course my parents are both deceased I have all my plans written and given to an attorney who once I have passed will then pass those plans onto the proper funeral home director and onto the cemetery. If my best friend out lives me they will also be notified as they have already been told they would be the person to contact other friends as well. So I think I have things pretty much under control. I have in my Will my wished are directly written out how I wish my home to be used. Some of my things I have written out to certain friends and I also have all of my funeral home wishes and cemetery wishes written out as well.
 
Not really final plans, but later in life plans. My niece had a guest suite added to her home. Separate entrance, full bath, small kitchen etc. She has said that down the road I could live there. Not sure if I would take her up on it, but good to know.
 
Myquest55 said:
Has anyone had to deal with Inheritance or Estate Tax? My sister is dealing with our father's trust estate and something we've never thought of - estate tax. Most states are clear about the difference between inheritance tax and estate tax BUT, Pennsylvania lumps them together and has 54+ pages for us to fill out - most of which neither she nor I can comprehend. We don't feel we should pay an attorney $350+/hr to fill it out.... Any thoughts?
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Ask how many hours it will take. The answer depends on how well your father documented all his assets & structured his will determines cost to make sure all legal requirements are met. Once you have an idea of cost look at paying a lawyer to get it right what ever you get can be paid for out of his estate. It in effect doesn't cost you any out of pocket money. The more locating all info needed is what takes away from what is left. Then there are taxes to be considered if Pa. collects on inheritance.

If there is a lot to do you might want to think about making sure your heirs have all documentation ready when you pass. You might want to read my post #2.
 
Why are you paying estate taxes if there's a trust? I've been executor or co-executor of two family trusts and no taxes were due on either. Legal assistance costs were minor, especially relatively speaking. Under $10K for the bigger trust, Under $7K for the smaller. CPA costs about $1500 each.

Trusts set up by good attorneys shouldn't be costly to execute, distribute and close out. But this does bring something I learned in the process, but I'll start a new thread for it rather than distract from this one.
 
We're having a hard time with plans for disposition of our remains. We'd like "green" burials, but those places are few and far between. I'd be happy if they just left my body on top of a mountain and let it slowly return to the earth, but apparently that's frowned on by polite society...
 
Barbiegirl said:
We're having a hard time with plans for disposition of our remains. We'd like "green" burials, but those places are few and far between. I'd be happy if they just left my body on top of a mountain and let it slowly return to the earth, but apparently that's frowned on by polite society...
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Not 100% green but close. Cremation & your ashes spread on a mountain.
 
My husband and I have spoken to both our children concerning this and have specified things for them. My Son knows he is responsible for the financial stuff while my Daughter is responsible for making sure that all our plans are done correctly. As for our assets if my husbands passes first everything of course goes to me and the same if I go first it would go to my husband. Once we both pass we have it stipulated on what my son and daughter gets and grandchildren.
 
All my financials have POD/TOD, so no probate for them. I have a living will and Power of Attorney.

I don't believe in funerals and don't want the funeral industry to make any money except for
cremation. Dead is dead so no memorial either. Where I live the rates currently are $700 to $1,500 for cremation. My kids clearly understand this is what I want and it certainly will make their lives easier. No fuss, no muss. My oldest will spread my ashes at sea.
 
We have prepaid creamation plans. Of course with this pandemic and bodies overflowing morgs, no telling what might happen.
 
I don't have any plans yet...maybe I should look into those life insurance plans that they keep sending me for final expenses...usually they go in the trash though as they tell me it's important and to open the envelope immediately. All I do know is that I want cremation.
 
Ruthanne said:
I don't have any plans yet...maybe I should look into those life insurance plans that they keep sending me for final expenses...usually they go in the trash though as they tell me it's important and to open the envelope immediately. All I do know is that I want cremation.
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We arranged my mother's cremation when she passed away five years ago. Including the costs of having her body transported to the funeral home, the total came to exactly $1079.00 (I just looked it up).

I don't know if you want or need an insurance policy to cover that, @Ruthanne, because I don't know your finances, but perhaps my experience might help guide your in your decision.
 
Myquest55 said:
Has anyone had to deal with Inheritance or Estate Tax? My sister is dealing with our father's trust estate and something we've never thought of - estate tax. Most states are clear about the difference between inheritance tax and estate tax BUT, Pennsylvania lumps them together and has 54+ pages for us to fill out - most of which neither she nor I can comprehend. We don't feel we should pay an attorney $350+/hr to fill it out.... Any thoughts?
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Find a cheaper attorney. Or find an accountant who deals with that sort of thing.

Trying to save money by not hiring an attorney to do something as complicated as this is penny wise and pound foolish, i.e., trying to do it yourself when it isn't in your area of expertise can cost you a hell of a lot more in the end than hiring a competent professional, especially in the area of taxes and estates, and the general trickiness of trusts probably adds to the complexity.

Hire a professional!
 
My husband and I are still around....Kids have all the paper's they need....If I die before my husband he will still have everything and if my hubby dies I will have everything.......We have a Will...It's not hard, we willed everthing to our 2 kids....2 houses are owned....They will have it easy....

That happened when my Mom Died, Dad was alive...5 years later he passed and me and my brother sold my Dad's home and everything
was settled for both me and my brother....It was in my Dad's will...My Dad didn't have millions....Dad was 87 years old....(I miss Mom and Dad
every day)….they lived very close to us....I go to the block they lived and see the house is different....I still get tears.....
 
I have no final plans, and don't plan to make any! For me, it's simple. I'm single. There are no kids. My Dad is 92. He'll likely die before me. Outside of that, he's made sure he's well set with everything he needs. When I die, my body is just an empty shell. I'm not sure if I believe in an Afterlife, but it won't matter whether I'm buried or cremated. I don't know any friends or relatives who will care to mourn for me.
 
ronk said:
I have no final plans, and don't plan to make any! For me, it's simple. I'm single. There are no kids. My Dad is 92. He'll likely die before me. Outside of that, he's made sure he's well set with everything he needs. When I die, my body is just an empty shell. I'm not sure if I believe in an Afterlife, but it won't matter whether I'm buried or cremated. I don't know any friends or relatives who will care to mourn for me.
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I'm in the same boat @ronk
 
I understand not caring what happens to the shell of one's body after death, but I don't understand avoiding making arrangements for that shell, particularly if there are no close friends or relatives.

My nearly 100 year old neighbor outlived her husband and daughter - no grandchildren. Her final instructions were in the same packet as her DNR, including the name of the mortuary that had been prepaid for her funeral. They picked up her body from the hospital and took care of everything according to her wishes.
 

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