An Old Monkeys Quandary

What make you think that inflated fiat money from a failed nation is going to be worth ANYTHING! Better to have gold or silver, skills, seeds, arms and ammo, etc.!

 

That is why my Mother, Sisters and I are considering establishing a family trust, to shield as much of our assets as possible in the event any of us are forced to enter a nursing home. " Please GOD, let us ALL die peacefully in our sleep or be dead before we hit the floor..., and at home!" You don't have to be millionaires to have a trust...just a desire and plan to keep what is yours and to pass it on to your heirs. What we do have is some money, 10 acres of land with 3 houses, metal barn and shed, fishpond and well, that we want to provide supplemental/emergency income for family members and eventually go to my great-nephew. Haven't spoken with the lawyer yet, but that is going to happen soon. As I keep telling y'all, "I got me a plan for that!"

 

Family trust is great, also homesteading or patenting your property.

 

I know a couple of guys ,, they're brothers , their Das had a machine/welding shop back in the 70's and 80s ,, made them boys work after school, and weekends , in the shop , learning the trade , or at least to learn to work for what you get.
His dad died a few yrs back , and the man had put everything in a family trust ,, but said it saved them a bunch of money in taxes . Might be a good idea to find a good lawyer and set it up .

 

Last year the DW and I worked up a new will and got all of that in order.
I filled in my "I'm Dead, Now What?" book. Told the wife to put most of my ashes to the sea and a small amount for the local VA graveyard.

I'm jiggy with the Lord and so ready as I can be for what might roll in.

 

A will is for after you die! A trust is for before and after you die! After a lengthy stay in a nursing home, you might not have anything left to leave anyone in your will! Medicare will take your home, investments and any other major assets, all you and your heirs will get is $2,000 in cash, a used car, and some personal property (clothes, pocketknives, books, dishes, furniture, photos, etc.), not much to show for a lifetime of work and sacrifice. Too many people worry too much about where and how they will be buried, and not enough about family finances.

 

That’s good advice, Billy. Getting a living trust set up is pretty simple, avoids both taxes and questions about disposition of your possessions, ie who gets what.
It’s good to set up durable powers of attorney at the same time. This allows you to set up spouse or children to make end of life medical decisions.