Arbitrage !!
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Is Long Term Care Insurance Worth It?
My dad’s death last year not only made me and my siblings 40-something orphans, but it also marked the end of my parents’ Nursing Home Era (1998-2011). Until his death, either my mom or dad was in a nursing home for almost 11 years of that 13 year span. That blew.
It was also very expensive. My mom shelled out $500,000 cash over the years, and her place was neither shmancy nor fancy. My dad “only” paid $22,000 per year because he had Long Term Care Insurance.
Read MoreGeezer-Gambling with God and Insurance
When is it a good idea to keep paying on a life insurance policy? My pappy had a Term policy. After it ran its 20 year course, he kept making payments on it to provide for my mom in case he died. Then she beat him to the Pearly Gates. Now what? Do we cancel his policy? It had no cash value, and neither I nor my siblings relied upon his financial support.
What happened next is what some would immediately deem tasteless and crass. I pulled out his policy and calculated how long we could pay his premiums until we broke even on the tax-free, six-figure pot o’ gold at the end of his EKG rainbow! You heard me. Okay, now that might have been a li’l crass – but my pappy would have laughed.
I know most folks would not do what I did. That is one reason why some of the tallest buildings on city skylines belong to insurance companies.
How long could we pay premiums before this “Geezer Gamble with God and the Insurance Company” became a bad financial undertaking? Pardon the pun. Ahh, Gallows Humor. It was…
Read More2011 Review: My Pappy, PODs and TODs
I wanna recap some 2011 Highlights: My father passed away. Wait, what? Allow me to rephrase. My pappy passed away in 2011, but we had his financial world in order. It was free to do his “Estate Planning”. That is something most every adult should do. It’s a New Year. Whaddyasay you bang it out? Don’t cost nuthin’. When all was said and done, we saved my dad’s estate, and thereby me and my siblings, $14,000.
My videos “Mother May I… Avoid Probate – Part One”, “Part Two” and “Part Three” will tell you what you need to know to save your heirs thousands. You also might wanna check out the video of my pappy in healthier days karaoke-ing “Chantilly Lace”.
Your heirs will thank you for it. And you’ll look pretty smart from the grave!
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Avoiding the P-word
ChipsMoneyTips was named “Website Winner” in the 2011 video contest held by GetRichSlowly Entries had to be under two minutes, so I submitted my split screen vlog about AutoSlash as well as “How I saved $14,000 Avoiding the P-Word” (below). The latter is a drastically edited version of my three vids “Mother May I Avoid Probate I and II and III“
Mother May I… Avoid Probate – Part III – The Search for Spock
> Probate Shortcuts – By State or click here, choose your state, click Probate Shortcuts
> Allowable Probate Fees – California
> Use a Revocable Living Trust to Avoid Repeating Probate in Several States
Mother May I… Avoid Probate – Part II – Electric Boogaloo
> States that allow TOD on vehicles
> Securities and Exchange Commission – Regarding Transfer On Death (TOD) Registration
> Probate Shortcuts – By State or click here, choose your state, click Probate Shortcuts
> Allowable Probate Fees – California
> Allowable Probate Fees – Ohio
> Use a Revocable Living Trust to Avoid Repeating Probate in Several States
> Avoid Probate with Payable On Death (POD)
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