Three words: Revocable living trust.
Far more airtight than a will, and controls your estate beyond your demise. Not to mention that it also provides some serious tax and probate benefits as well. Dan --- Bill R <[EMAIL PROTECTED]> wrote: > Exactly right. My dad always said he planned to > spend his last dollar to > buy and mail his kids cards telling us good-bye and > that he was broke. > Didn't quite work out that way, but we always > encouraged our parents [and > now my MIL] to enjoy life and spend their $$ on > anything they wanted [I > know, many scams are out there also]. Since my MIL > lives in an apartment > attached to my house a reverse mortgage is not > something she can do, but I > would if I needed it in a few years. Few things got > my wife angrier than > kids who would not spend "their money" - meaning the > money they were > controlling for their nursing home confined parents > - for needed clothing or > dental work. She even had a family come in and > request that she borrow a > slip for their mother to be buried in, and the > undertaker could give it back > after the funeral. She had @ $86k in the bank [back > in the 1970's], but the > kids had plans for all of that $ and couldn't waste > it on her. Too many > stories ... my sibs were not like that and I don't > think my kids will be. > One advantage of being male with a darling wife 5 > years younger: I won't > have to deal with it [probably]. > BillR > > -----Original Message----- > From: [EMAIL PROTECTED] > [mailto:[EMAIL PROTECTED] > On Behalf Of LarryT > Sent: Friday, March 07, 2008 1:59 PM > To: Mercedes Discussion List > Subject: Re: [MBZ] REVERSE MORTGAGE > > Hi Bill,, You wrote <<spend their inheritance>> > > I know you used that term to make a point but I've > always had a problem with > > kids thinking they have a right to what the parents > worked a lifetime to > accumulate - or parents thinking it's expected. I > realize you weren't > using it in that context - > > I think your illustration was perfect. So many > older people are sitting on > $200k-$600k or more depending on location while they > scrape by on social > security. Life would be much easier for them if > they would look at Reverse > Mortgages. > > Also, there might still be something for the kids if > that's the desire - > once the homeowner no longer needs the home it is > sold and the RM repaid - > any proceeds left over go into the estate or to the > home seller. > > Most questions are answered here - > http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm > > Larry T (66 MGB, 74 911, 78 240D, 91 300D) > www.youroil.net for Oil Analysis and Weber Parts > Test Results http://members.rennlist.com/oil > PORSCHE POSTERS! youroil.net > Weber Carb Info > http://members.rennlist.com/webercarbs > > > > ----- Original Message ----- > From: "Bill R" <[EMAIL PROTECTED]> > To: "'Mercedes Discussion List'" > <mercedes@okiebenz.com> > Sent: Friday, March 07, 2008 1:41 PM > Subject: Re: [MBZ] 126 SD spotted yesterday - > REVERSE MORTGAGE > > > > Easy. Say you are a retired person with a life > expectancy of 10 to 15 > > years > > and lots of bills and lots of home equity. Do you > want to beg from the > > kids > > or spend their inheritance? > > BillR > > > > > > <<<<<<<<<I still can't wrap my head around the > reverse mortgage....why the > > hell > > anyone would do that.....weird.... > > > > > > Zedic>>>>>>>>>>> > > > > > > _______________________________________ > > http://www.okiebenz.com > > For new parts see official list sponsor: > http://www.buymbparts.com/ > > For used parts email [EMAIL PROTECTED] > > > > To Unsubscribe or change delivery options go to: > > > http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > > > > _______________________________________ > http://www.okiebenz.com > For new parts see official list sponsor: > http://www.buymbparts.com/ > For used parts email [EMAIL PROTECTED] > > To Unsubscribe or change delivery options go to: > http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > > > _______________________________________ > http://www.okiebenz.com > For new parts see official list sponsor: > http://www.buymbparts.com/ > For used parts email [EMAIL PROTECTED] > > To Unsubscribe or change delivery options go to: > http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > ____________________________________________________________________________________ Looking for last minute shopping deals? Find them fast with Yahoo! Search. http://tools.search.yahoo.com/newsearch/category.php?category=shopping _______________________________________ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
