When You Are Gone

[Kuya John]

When I'm Gone......

Fella's I have been there almost 30 yrs ago, I had the house, the car, the insurance.

My wife was set for the rest of her life if anything happened to me.

BUT. it happen to her!....41years old, Brain tumour, died within 12 months.

I was the one left with a mortgage, a 9yr old and all the bills.....just a warning about what could happen. JB

[Jack Peterson]

When I'm Gone...... Fella's I have been there almost 30 yrs ago, I had the house, the car, the insurance. My wife was set for the rest of her life if anything happened to me. BUT. it happen to her!....41years old, Brain tumour, died within 12 months. I was the one left with a mortgage, a 9yr old and all the bills.....just a warning about what could happen. JB

 

 

 Sad JB so sad,

Thank Goodness all ours  are now joint and Several and Reciprocal  Policies even to Include our Daughter.

That is if one goes the other gets if we both go the Daughter gets the lot.

How we have to learn from others mistakes/omissions.

Thank Goodness for Forums, where we can learn and take the necessary actions.

 

JP :tiphat:

[Methersgate]

Those are admirable sentiments.

 

However, never under estimate the ability of a woman from a Malayo-Polynesian background to run  through whatever you leave her in a year, or two at the most. The recent widow will be a magnet for "pogi" young men who will do an excellent job of helping her spend whatever you leave her - and she will be the more vulnerable because you are not there.

I wrote that because I have had to handle the death benefits paid to the widows of Filipino seamen, and widows from other Malayo-Polynesian communities ofCaucasian seamen.

Contrary to popular opinion and belief, ship owners and their insurers do care about trying to ensure that the children of an employee who dies of disease or who is killed in a accident are taken care of. This is NOT easy as the widow will always run through the money. Her family will make demands, she will want to have a party or ten to cheer herself up, suitors will appear... Happens every time, which is why we now use structured settlements.

Edited May 7, 2015 by Methersgate

[Thomas]

Contrary to popular opinion and belief, ship owners and their insurers do care about trying to ensure that the children of an employee who dies of disease or who is killed in a accident are taken care of. This is NOT easy as the widow will always run through the money. Her family will make demands, she will want to have a party or ten to cheer herself up, suitors will appear... Happens every time, which is why we now use structured settlements.

Can't it be solved by they get the money SPREAD to each month?

[Methersgate]

Can't it be solved by they get the money SPREAD to each month?

That is a part of it; a structured settlement is a bit more complicated, as we aim to protect the children.

Edited May 7, 2015 by Methersgate

[Ynot]

Hi Methersgate,

 

I did think you were a touch cynical with your original post!  Look I'm sure what you have said is true to a certain extent.  There are good and bad in every country not just the Philippines.  And I'm sure if you look hard enough you will see examples of people taking advantage of others and or the situation. On the other hand if you look hard enough you will see the good side of people too, it really does depend on your outlook in life.  In my case I have been through a messy divorce with the ex (ex wife) being a frequent visitor to the Casino. However, my gf now is completely different, does not gamble which is a good think, works hard, factory job in Cebu Mactan island for a foreign owned company making parts for mobiles, currently working 7 days a week, 12 hours a day.  She is a middle daughter and is unable to have kids, so she has taken on a responsibility for her other sisters both older and younger and helps them out when she can. She is also thrifty with her money and has some savings. She has been looking after herself since she was 17 her family is from Dipolog.  So based on my time with her over the last 3 years I have seen no evidence of greed.  So because some people are wasteful and greedy and inconsiderate, does not mean they are all wasteful, greedy and inconsiderate.

 

Regards

[Kuya John]

So because some people are wasteful and greedy and inconsiderate, does not mean they are all wasteful, greedy and inconsiderate.

Your G/F is to be admired and it sounds like you got a good one.

However Pressure from family members sometimes is hard to ignore.

Going by my own experience, if you are known to have money, people find a need to ask for it,I often wish I could feed the World, but we all have our limitations.

Merthersgate has probably seen more than most of us from what he has stated.

[strap]

When I'm fully retired, I'll have three streams of income. And I emphasize STREAMS, not large rivers, and certainly not an ocean of money.  :)

 

I'm setting things up so, if I go first, the streams will continue for my wife...at a somewhat reduced rate.

 

- Social security: She continues to get some (or maybe all?) of my monthly benefits.

 

- My work pension: I've set it up so she would continue to receive half of my monthly payment as long as she lives.

 

- My 401k retirement savings: One option for withdrawing the money is to set up a guaranteed monthly payment that pays out over 20 years, and if I should die before the 20 years is up, she would continue to receive three-fourths of the benefit for the remainder of the twenty years. I haven't decided for sure on this one, but that's what I'm leaning towards.

 

Those three small streams together should be enough to get us through the month, and will continue to get my wife through the month if I'm not around anymore. And we hopefully will have enough of a pool (or maybe more like a small pond :)) of money saved up for emergencies, etc.

 

But anyways...as others have said, it might be wiser to leave behind a steady monthly source of income if possible, rather than a large pot of money. This might help protect her from herself, and others. 

 

My situation is a little different maybe than a lot of you. My wife is actually slightly older than I am, and we've been married a long time. But I think the concept is the same.

[Kuya John]

But anyways...as others have said, it might be wiser to leave behind a steady monthly source of income if possible, rather than a large pot of money. This might help protect her from herself, and others.

I'm considering a trust fund of my assets, to give a monthly source of income plus 50% of my pensions.

 

 

 

 

 

 

Just changed my will.... :tiphat:

Edited May 8, 2015 by Kuya John

[Thomas]

Just changed my will

> Everyone.   If there are more inheritants or you aren't married - Make a will.

 

If more are involved : To decide where the FLEXIBLE part go.

Specialy if not married and have no kids together: To make sure the gf inherit  -  or not if she made you got killed   :)