whomper Posted February 24, 2010 Share Posted February 24, 2010 What kind of shape would you leave your family in financially ? I know emotionally things wouldnt be good but would they be financially sound ? It got me thinking because the brother of a friend of ours passed away about a month ago and unfortunately his family, who we dont really know, was left in pretty bad shape. He was 51. They discovered cancer less then a year ago and he died relatively fast after his diagnosis. He was a union carpenter in NYC so he made a decent living but the wife has already put the house up and we have all kicked in a little something for them by way of benefits and donations etc. I have a term policy. God forbid something happened to me my wife wouldnt be looking at retirement money but would at least have enough to pay off the house and have about 400K to spare. The kind of stuff you hate to think of and hope you never need but really need to address, especially if you have kids . Quote Link to comment Share on other sites More sharing options...
Chavez Posted February 24, 2010 Share Posted February 24, 2010 We have about $100k in debt (mortgage included) and I'm worth about $450k dead. Some days I think my wife would prefer that scenario. Quote Link to comment Share on other sites More sharing options...
Footballjoe Posted February 24, 2010 Share Posted February 24, 2010 Hate to say it but my wife would be better off money wise with me gone. I have a very nice insurance policy on me and she could also draw my retirement with full benefits. Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted February 24, 2010 Share Posted February 24, 2010 My wife would be a millionaire. I don't sleep well some nights... In that vein, my Dad died last week and had no will, trust or anything else. What a mess. I found out all along he and my brother had been lying about already having it done when asked. So if you don't have a will or trust. DO IT!!!!! Quote Link to comment Share on other sites More sharing options...
CaptainHook Posted February 24, 2010 Share Posted February 24, 2010 I've been working on this lately too. Made my will. Increased my life insurance. Should be in pretty good shape if I buy the farm. Quote Link to comment Share on other sites More sharing options...
BiggieFries Posted February 24, 2010 Share Posted February 24, 2010 Wife and I both have wills and there's a bounty... er, life insurance policy for me. She's be ok financially. Especially with how stingy she is with money. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted February 24, 2010 Share Posted February 24, 2010 I've got a little bit through work, I think it's worth like $250K if I kick...which would be enough to pay off the mortgage and maybe a little extra. clearly I need more. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 24, 2010 Share Posted February 24, 2010 Between insurance and savings my wife will have enough money to pay off all our debt, and take of 5 years to mourn my passing. The kids are taken care of, I have their college pretty much already fully funded and each has a modest trust. Seriously the wife and kids would be fine financially. Now I'm not leaving the wife enough to support some other swinging dick's golf and gambling habits, but she won't be hurting unless she does something stupid. Quote Link to comment Share on other sites More sharing options...
Delicious_bass Posted February 24, 2010 Share Posted February 24, 2010 My wife would be a millionaire. I don't sleep well some nights... In that vein, my Dad died last week and had no will, trust or anything else. What a mess. I found out all along he and my brother had been lying about already having it done when asked. So if you don't have a will or trust. DO IT!!!!! Sorry to hear Quote Link to comment Share on other sites More sharing options...
Chavez Posted February 24, 2010 Share Posted February 24, 2010 I've got a little bit through work, I think it's worth like $250K if I kick...which would be enough to pay off the mortgage and maybe a little extra. clearly I need more. Yeah, ideally you want to squash the debt (including - ESPECIALLY - mortgage, if applicable) and have probably 10-15 yrs of income replacement (depending on the age of your kid(s)) to be safe. In this case, better to have a bit too much than not enough. Quote Link to comment Share on other sites More sharing options...
tonorator Posted February 24, 2010 Share Posted February 24, 2010 my wife would be so well off that i think she looks at me funny sometimes ... Quote Link to comment Share on other sites More sharing options...
untateve Posted February 24, 2010 Share Posted February 24, 2010 I die and my wife gets $2,000,000. I like to be over insured. She dies and I get $1,000,000. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 24, 2010 Share Posted February 24, 2010 I die and my wife gets $2,000,000. I like to be over insured. She dies and I get $1,000,000. If I die my wife gets taken care off, her standard of living really wouldn't change at all. If my wife dies, I get a hugh raise though the local economy is likely to suffer. Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted February 24, 2010 Share Posted February 24, 2010 Sorry to hear Thanks. Cherise them while they are still around. Quote Link to comment Share on other sites More sharing options...
Delicious_bass Posted February 24, 2010 Share Posted February 24, 2010 Thanks. Cherise them while they are still around. Amen to that! Lost mine (suddenly) in '97. The woulda-coulda-shouldas are hell to live with Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted February 24, 2010 Share Posted February 24, 2010 I have a term policy. God forbid something happened to me my wife wouldnt be looking at retirement money but would at least have enough to pay off the house and have about 400K to spare. Have your wife give me a call... I may have a $200k deal to make with her. Quote Link to comment Share on other sites More sharing options...
Caveman_Nick Posted February 24, 2010 Share Posted February 24, 2010 I would leave my wife debt free with some cash....maybe $200Kish. If I croaked she would sell our house and move to something smaller, and that would take care of her for many additional years. Quote Link to comment Share on other sites More sharing options...
gilthorp Posted February 24, 2010 Share Posted February 24, 2010 This is one thing that I made sure I was never lax about once I got married and had kids. My family would be in great shape. Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 24, 2010 Share Posted February 24, 2010 Financially my family would be in decent enough shape. I'm more concerned with how my wife would handle all of the paperwork and stuff. I'm guessing I should meet with a lawyer to set up something to help out in that sort of situation. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted February 24, 2010 Share Posted February 24, 2010 I've got a little bit through work, I think it's worth like $250K if I kick...which would be enough to pay off the mortgage and maybe a little extra. clearly I need more. ok, just checked it and it's actually more like $350K. and I can add up to two more multiples of my salary if I have a "life event" (another kid) or get a physical. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted February 24, 2010 Share Posted February 24, 2010 (edited) I've got a little bit through work, I think it's worth like $250K if I kick...which would be enough to pay off the mortgage and maybe a little extra. clearly I need more. Timely topic. Similiar situation here through work where we both cover each other by about that much. I have been meaning to look into getting a second policy from somewhere. So how much is "enough". I'm thinking another $500K at least? Maybe $750K to up the total to a million for each? What would that cost me for a term policy? I'm 36 she's 33 and we have two rugrats, 5 and 9 months. So do you basically get a term that runs until you expect to retire (which at this rate is 80.)? What companies should I look to? State Farm is where I have my auto/renter's insurance. Go someplace that specializes in life insurance? Somebody edumacate me please. Edited February 24, 2010 by CaP'N GRuNGe Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 24, 2010 Share Posted February 24, 2010 (edited) holy crap, i was going to post this too!!! last week, went in for a regular eye exam, and the doc finds a hemorrage on my retina. holy fruck!!! so the next day go to a retina specialist and he says its from sneezing too hard and holding them in. dont do it!!! but that night was a bummer! information overload from web trying to see what was wrong!! was i dying? diabetes? going blind!!!! f me!!! but was nothing. get your sh1t in order!!! make sure loved ones are taken care of!!!! Edited February 24, 2010 by dmarc117 Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted February 24, 2010 Share Posted February 24, 2010 (edited) Financially my family would be in decent enough shape. I'm more concerned with how my wife would handle all of the paperwork and stuff. I'm guessing I should meet with a lawyer to set up something to help out in that sort of situation. Two words; living trust. Edit to add: Two more words; formula clause. Edited February 24, 2010 by cre8tiff Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted February 24, 2010 Share Posted February 24, 2010 Note to self . . call insurance agent tomorrow, as I am probably horribly underfunded . . . Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted February 24, 2010 Share Posted February 24, 2010 Financially my family would be in decent enough shape. I'm more concerned with how my wife would handle all of the paperwork and stuff. I'm guessing I should meet with a lawyer to set up something to help out in that sort of situation. Simple enough solution: leave your wife in your will to Brentastic. He can handle all her paperwork. And stuff. Quote Link to comment Share on other sites More sharing options...
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