Planning For The Inevitable

[Candyman]

Well, I am pretty confidant that my wife is pretty savy about money and how to handle it. Having said that though, In my will, she will inherit the lot, (except for token amounts for my eldest first lot of kids), including Insurance policys. My biggest concern, is for the little kids, that we share together. As far as I am concerned the big kids from the first marriage have already had a pretty fair crack at everything, and the two little kids have missed out. I plan to rectify this. The first step of this is for my wife to regain dual citizenship, (Not for her, but for the two little kids, who this dual citizenship automatically flows onto). The next step, which I am currently doing, and will be doing for the next foreseeable future, is to sell off my extensive collections of all sorts of stuff, (I have been a hoarder and collector of all manner of things all my life), including old cars, old tools, old tins and bottles, and books, just to name a few. I am the only one that knows or appreciates the value of these collectables, and my plan is to convert it all to cash, Then, when I have enough to do it, buy some land or property somewhere in the Philippines, with my wife owning 40% and the two little kids owning 30% each. This ensures a couple of things. Number one, neither my wife nor either of the kids singularly can sell that property, without the consent of the others, which they can't legally do until they are of age to understand what they are doing. Number two, it ensures that the two littlest ones have a start in life that the other Kids from the first marriage cannot touch, simply because they are not Philippine citizens, and the two little ones will be Philippine citizens by descent because of their mothers dual citizenship. Number three advantage, is that by reducing the sheer numbers of these collectables, it gives those that are left, a lot less to fight over !

[softail]

One point that I don

[Mr Lee]

One point that I don

[Singers]

I don't know is the answer - despite my outward appearance I am not yet old enough to get a pension from the UK government. My pension comes from a company I worked for many years ago, they get me to sign to say I'm alive about every 2-3 years - just need to photocopy my passport and sign a form. Elsa is busy practicing my signature as I write!!

PhotoShop "could be" used to take a series of Pictures with an "Aging" element for us Ol' Brits and the odd variation, ie bruise, which has dissapeared from the next picture in the series of this Older looking chap!!?? Of course this would never be contemplated by a British Gentleman. ? Perhaps a Auzzie? but then never a KiWi or Kanuck or Yank.! Haw Haw.Tom Edited February 13, 2010 by Singers

[Singers]

One point that I don't think has been touched on in this thread is the fact that many Filipinas don't have a history of managing large sums of money and thus can be taken advantage of quite easily. My wife came to the US on a K1 visa in 2001 and married a school teacher in Calif. Three yrs later he dropped dead in the bathroom in the middle of the night from a heart attack. She was left with a pretty new Honda auto and about $60k in money and royalties from a book which at the time came to about $6k a year.. By the time I met her a couple of years later nearly all was gone. The local Filipino community that she thought were her friends had pretty well picked her clean. She had a garage sale and helpful friends skimmed much of the proceeds as well as promised to to pay for items that they wanted, never paid. She got cheated out of the car that she didn't know how to drive and was advised to purchase a condo from her Filipino real-estate agent friend that she couldn't afford.I am relating this story to show what can happen. My wife was in a strange country, grief stricken and with limited tools to work with at the time. She relied on people that she thought were friends and turned out to be thieves.As far as how am I dealing with the possibility of me proceeding her in death. My pension has a guaranteed payout for eight more years when she is 58 and then she will be about to access my 401k. I am doing my best to educate her on how to best manage large sums of money and best secure her future. I am not to worried about leaving my sons money as they will be receiving a very large sum of money from my parents estate.BTW my wife has made no attempt to make friends in the Filipino community in our area. I am sure that there are many very nice honest Filipino's in the area but she simply had a very bad experience in the past and the memories linger .Doug and Sally

Hi Doug & Sally,You look great together!. Sad tale though.(I am doing my best to educate her on how to best manage large sums of money and best secure her future.) from above.I have spent the last 3 years at this task. Getting Cristina (Tex) to "see" that what she will inherit when I Die is not a BIG Cake to be shared out immediately but something to be guarded so it can be nibbled at for Life!. Finally Getting there - I think.!Money Management is not a strong skill in most 3rd. World Countries and according to my Leyte exPat pal's a common reason why business's, set up by Foreign Husbands, fail when the Widow and family are "Intimidated" by high (to them) income and expenditure on fodder, stock Etc. Buying a sack or two of pig feed is normal but needing to carry cash to buy 20 sacks and being seen as a BigShot taking this home is "scary" to them and can set them up as a target for thieves.I am fortunate in that Tex has a older Cousin living in Germany married to a Retired Engineer. He owns the Apartment building where they live. He has trained his wife to collect and bank rentals and manage and maintain the building. She has being doing this for 10 years now and her council is sought by Tex when my training falters ??. Cousin avoids other Pinoy in her German HomeTown. She has learned to keep her business private.Every good wish to U2, Doug & Sally Tom & Tex :thumbsup: ps The "smiley" is my old Cristian Brother (teacher) "educating" me! Edited February 13, 2010 by Singers