# Dying Broke



## Big Dave

What do ya think? There is an article about this on MSN :kung:. Keeps everyone from fighting and the poor lawyer's have no income. Really chime in here.


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## where I want to

My goal is to be enjoying the last of my savings as I keel over. Unfortunately it's a hard thing to time- too often you hear of outliving savings or an unexpected death.
I quess I'm going to keep up with what I'm doing- spending where it is what I really want while trying to keep a slush fund big enough to keep from having to worry about making a repair on the house.


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## Micheal

And the article said??????????
As to dying "broke" I'd think a person would have to be very, very, lucky to time the event(s) to happen at the same time or the want to be suicidal comes to mind. :sob:
As for family fights over what the deceased does or does not leave - Where there is any guilt or ill (hard) feelings within a family there will be fighting over something - anything - only cause I believe that it's written somewhere. :hysterical:ound::hysterical: for families to do that.


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## tarbe

If my timing was that good, I would be worth a lot more than I am!!


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## ldc

Most of my tribe dies broke! It wasn't even a plan!!!!


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## where I want to

If you want to avoid fighting, then a living trust will go a long way to do that. My father had that and everything went to my mon. Then my mom had one and she had everything specified in that too.


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## edcopp

Give it all away while you are still living. A friend of mine just got a new pick-up truck. He said no, it's not mine. It belongs to my son, all I have is a set of keys. Same with his house. He has rented from his son for years, nice house too.


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## danielsumner

I plan on spending every last dime. If I'm in the hospital on life support I hope I'll have enough strength to dial up QVC and order a few last things.


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## emdeengee

I think it is very hard to spend it all because you don't know just when it will all end. You could end up being short or going long. Live for much longer than you anticipated or be taken out unexpectedly. 

IMO it is best not to lead your children (or other family members) to believe that they will inherit anything. If you have the financial ablility to help them through school and to set up in life then that is a already a nice gift. If you have special items that you want each child to have just include this list in your will. Have the executor liquidate all assests remaining (if any) and divide equally. If you have given enough or have ungrateful children or grandchildren then leave it to your favourite charity or start a scholarship fund in your name..


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## pancho

I plan on going out the same way I came into this world.


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## machinistmike

Last time I checked, the size of your wallet never changes the whole being dead part. A rich dead guy and a poor dead guy are both still dead when it comes down to it. What's it matter what happens to the money? Your dead, remember?


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## ChristieAcres

The point is how life is being lived, not not how much money is left in the end. I have read countless stories how people have scrimped to save, denied themselves many of the basics others take for granted, and leave fortunes behind for their children. We live a simple life, but not one of the our combined (5) children expect to inherit any money from us when we die. In fact, recently my DD offered to buy part of our property, make regular payments for this "share," as our property can't be split. This was so she could help us, but then have that % of the property someday when we are gone. Her goal is to buy out the others, so the property won't be sold. She knows how much work we have put into our property and wants to own it someday. All of our children are supporting themselves. Some are somewhat local, others living across the Country, but all are employed. My DS has the attitude that he will simply move to where the work is, save his money, then pay for college himself.


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## Fair Light

I intend to die broke.....everything is owned by the trust....at my death, my children own the trust....they can do with it as they like...


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## Marshloft

I've learned to live with the broke part.
Its the dying I have a hard time contemplating.
BTW,,, if I die tonite, theres 200.00 in my side drawer, its yours if you find it.
I also have a stock markrt accnt. I purposely put in my sons name. Only he knows about.


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## MoonRiver

My rough estimate says if I die before 82, my heirs get something. If I live past 82, they get me.


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## sunflower-n-ks

I think the basic question has been answered by several. I will add to the comment about "living poor" while saving all for children to inherit. I know a couple and the man has a goal of leaving a large amount to his sons. To this end, they (the older couple) live in almost poverty conditions while money and assests are available to them. His sons are well established in life and do not need any money. His choice, but it seems so foolish to not enjoy reasonable living conditions now.


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## Jenn

and on the flip side sort of. In-laws bought a small home MIL kept complaining about after we had asked them to let us give them extra money for a bigger home, +/- DH's anem on home. He is their only kid, it'd come to him (or the need to support them) in the end anyway


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## Sonshine

We have our wills set up so that if there's any money it goes into a trust for our DS with my nephew as executor. My nephew is also listed as his guardian, since my DS will probably never be able to be on his own. As a result, our life insurance should insure that my nephew or his wife will be able to quit their job to take care of DS. Also, my nephews daughters have said if anything happens to their parents they will continue caring for DS.


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## newcolorado

I think the biggest problem is you do not know how long you will live. Your final bills have to be paid first before if there is anything left for who ever. And way they charge now that is a big sum for simply burial and service. I am nearing 81 and how long will it be. My family it seems to be 86, but I can not count on it. I am up and going yet and walk a mile aday. One of my sisters made it to 72 in a nursing home. Rest not that not that old. One can not know. Funeral cost could go a lot high than now. Doubt they will get cheaper.


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## lissapell

As a daughter and daughter in law, I do not expect my parents or in laws to leave us anything. I expect to take care of them, both sets of them. In fact, that is part of the provisions we plan for while looking at properties for a small farm. 
On the flip side, I hope to have a nice settled small farm to leave my children. I hope this will provide them w/ a place to live and "groceries" so life is not so financially difficult for them. I also hope to be able to pay for them to go to college or what ever the training for a career of their choice might be. So far, we have one who wants to be a vet, and one who wants to be a herbalist and natural doc.


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## Evons hubby

machinistmike said:


> Last time I checked, the size of your wallet never changes the whole being dead part. A rich dead guy and a poor dead guy are both still dead when it comes down to it. What's it matter what happens to the money? Your dead, remember?


Yes.... I will be dead.... but my family members will survive me... hopefully... and whatever estate I leave them can be very helpful to them. You see.. its not just "my money" involved. It matters a great deal to me what happens to "my" estate when I croak. A portion of what I leave behind will be the representation of a life of hard work, planning ahead to provide my self and my family with a living. But that is only a portion of what I will be leaving to my future generations. Along with all my work, I will be left in charge of half of my fathers estate when he passes, just like he took over my grandfathers estate when grampa croaked out back in the 80's. What ever I leave behind is the accumulation of 3 generations efforts to build an estate for future generations. If its cared for, and nurtured and allowed to grow, it can help provide a "leg up" for young ones, and assist with their old age too. Of course, I could just poop it all away, leaving nothing behind, but I think that would be a disservice to the future generations, as well as being disrespectful to the sacrifices made by my ancestors who provided the basic foundation.


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## WhiteStar Acres

Dying broke isn't the tough part, the tough part is getting the going broke and dying part timed just right.


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## Horseyrider

I have things set up so I can live off the interest, and the principal goes to my daughter. Our home is in my name for estate purposes, and as I get older I'll file a quit/claim deed and put it in my daughter's name to avoid taxes. She can do with it as she pleases. I'm listed as beneficiary on everything, with DD as a second. 

Like Yvonne's hubby, we got a leg up from DH's parents (my mother has passed and her estate rolled in to my dad's, and he's still alive, but his plans are similar to mine), and we intend to enjoy the yields and then pass it on to secure the future for following generations. A nest egg is a wonderful thing to have, and a great legacy to leave to those you love.


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## rockhound

I sold/gave away virtually everything when I went into Hospice care. Prepaid for cremation. If any one wants to get together and talk about me- good or bad, that'll be up to them. A dear friend will scatter my ashes where we have talked about. My monthly check is sufficient to live on, I just have to avoid accumulating "things" that someone might covet as it were.


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## CesumPec

Wow, there sure is a lot of ME ME ME selfishness in this thread. I have no desire to die broke and sure don't want to find myself in old age trying to live broke. I think it is my duty, but also my pleasure to provide for my family and one close friend, to leave them better off than where I started. 

Once I've taken care of myself and enjoyed life in a measured and rational way, it will be a joy to give these folks something which could be meaningful to them.


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## pancho

From the looks of things I will not have to ever touch my retirement.
I will be able to let it grow.
Now comes the decision of what to do with it.


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## suitcase_sally

pancho said:


> From the looks of things I will not have to ever touch my retirement.
> I will be able to let it grow.
> Now comes the decision of what to do with it.


 
Well, if it's a tax-deferred account, _you_ may not touch it, but the IRS will. 50% per year.


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## sss3

Golden Girls A man gets down on his knees, as if proposing to Betty White. He actually says; he can't marry her, because he only has enough money budgeted, for himself, till he's 85


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## frogmammy

You know, when my mother died and I received that check from her estate, my thoughts were, "Gee, that would have helped a LOT in the past."

Like the winter my daughter and I had no heat because we couldn't afford to completely fill the large tank (required by suppliers) that our house had, and I couldn't borrow the money from my mother.

Or, when I was supporting my daughter, going to college and working three jobs and sleeping all of four hours per day...I thought an education would better our future.

Sure, put money and things back for your loved ones, but don't forget the here and now, either.

Mon


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## bluemoonluck

frogmammy said:


> You know, when my mother died and I received that check from her estate, my thoughts were, "Gee, that would have helped a LOT in the past."
> 
> Like the winter my daughter and I had no heat because we couldn't afford to completely fill the large tank (required by suppliers) that our house had, and I couldn't borrow the money from my mother.
> 
> Or, when I was supporting my daughter, going to college and working three jobs and sleeping all of four hours per day...I thought an education would better our future.
> 
> Sure, put money and things back for your loved ones, but don't forget the here and now, either.
> 
> Mon


Several years ago, my Dad (who is 72) started buying all sorts of assorted things for myself and my only sibling. He says he'd rather give us the money now and see us enjoy it than hold onto it until he dies and never know how we spend it. So he'll do things like pay one of our car payments for us, buy us good but expensive shoes and Coach purses, take us out to dinner, etc. He doesn't go overboard, but sometimes even a small gift (like having the extra $ from that car payment I didn't have to make this month) can be a saving grace.

My DH is injured right now and working light duty, which means no overtime for him. OT usually makes up about 25-30% of his paycheck, so we're scrimping big time....plus the bills are rolling in from the birth of my DS 5 weeks ago (we have insurance but there are still deductibles and copays to settle up). It's a perfect storm of belt-tightening for us, and it was such a blessing when Dad payed our mortgage for us for the month of August. 

If you're getting on in age and you have children who are living on a tight budget, bestowing some small blessings on them now while you're still among the living will likely be just as appreciated as leaving them an inheritance would be (or more!).


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## where I want to

But what happens if you don't have the good timing to die before the money runs out? It's not all about the kids, it's about the parents too. 
I remember thinking some amount was a lot of money but when faced with bills exceeding the income each month and no chance of working some extra to make up for it, the bank account does not seem so good after all.


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## deaconjim

If you want to die broke, start now.


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## Shrek

I have no intention of dying broke just as I had no intention of changing my lifestyle when my employer put me out to pasture during premerger personnel redundancy house cleanings.

When I was working I took my two week pay and paid my bills, added to my savings and investments and lived my life around my work time to me preferences and my next of kin was my emergency contact and my primary beneficiary.

Since getting divorced, having my contract bought out, paying off my mortgage, establishing myself a career variation and becoming a dating man in a steady relationship again that I do not intend to become a married in one house situation, I still pay my bills every two weeks, add to my savings and my mother is my primary emergency contact and beneficiary as she is my next of kin now.


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## jwal10

When we sold the farm we invested the money. I worked a good job for 16 years, saved 25%. Took the early retirement option when things started looking sketchy. The kids had everything they needed and most of what they wanted growing up. They had an allowance to manage at 8. When they were 12, they had their own money and took care of themselves. We furnished a roof over their heads and the essentials, anything more they took care of. They learned to be frugal with their money. They cooked two meals a week, each, did their own laundry, cleaned their room and their bathroom. Washed dishes and helped maintain the kitchen. They got paid for yard work, maintanance and gardening at the rentals and properties. They saved and earned extra money for the big things they wanted. When each turned 25 they got their inheritance, a house, 3 rentals each and cash. It sat them up for life. We have a steady income and live well below that. We want for nothing, but our needs are small. We had more than we expected, so divided that up this spring. The beach house, lake cabin and the farm are family properties, we have lifetime use. We have the town cottage rent and my retirement income, as we started taking it early. Who knows what SS will be in 5 years when I am eligible. Only things in our names now, is the car and my old pickup. We don't have to worry. Enjoying life....James


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## SageLady

I'm sure I will die broke whether I want to or not...


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## Shrek

All any of us can be sure of is one day we will die. I just want to die peacefully in my sleep like a 80 something friend did____not screaming, pleading and fighting for the wheel like the passengers in the van he was driving at the time :rotfl:


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## unregistered358895

This is an interesting thread and I've enjoyed all of the responses. To CesumPec: There's nothing wrong with being selfish when you're talking about the fruits of a lifetime of labor. It is noble to have plans to better your loved ones, but I certainly can't blame someone for wanting to enjoy their own spoils.

Personally, I am already caring for my mother (in her 50's) who has nothing. She receives government assistance for her disability and owns exactly enough stuff to furnish a tiny one bedroom apartment. I am blessed that she has opted to donate her body to science upon her departure, so we will not have funeral expenses when she goes.

The only precedence for inheritance in my family was when my great-grandma died, she left her many surviving children a chunk of money. She had lived in a tiny single-wide trailer, living frugally to be able to do that. It was important to her. My grandma didn't invest the inheritance, instead she paid for her, all of her children, and all of her grand children to take a 1 week family cruise. I'm sure that's not what great-granny wanted the money to go to, but that's still the most memorable family vacation we ever took.

My plan: be self-sufficient and self-employed so that there's enough to live on, enough for emergencies, and not worry about the rest. We'll either retire, or we won't. We'll either be able to pay for DS to go to college, or he'll find his own way (we both did). We are investing in ourselves and our passions and we'll just see where it takes us.


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## Bret

It is easier for a camel to pass through the eye of a needle then for a deer hunter to thread a tarp strap through a grommet when his hands are cold. "My kingdom for a windbreak."


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## Glade Runner

My plan is that my wife and I will never need to touch principal during our retirement. I've always provided for my kids and I want to make sure that they get something significant when we are gone. My folks never made more than 30K a year their whole lives but they left quite a bit to the family because they were frugal and controlled their expenses even though they traveled quite a bit and enjoyed fine dining and that kind of thing. I try to follow the same course.


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## I_don't_know

Where there is a will... there is a relative.:smack


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## jjvon

I have been through this before...twice. My dad died first. He had a property and a little in an account. Both assets were turned over to me (the oldest son) to administer before his death which came unexpectedly. Mom had a small SS check each month. She lived with us for a while but wanted her independence. We bought her a house across the road and that worked great. We were able to keep her in her home for all but the last two weeks of her life.

Lots of lessons to learn in the responsibility I had (my brothers and sister were too far away and too busy with their lives to be able to take the responsibility.) They were great support for me and scheduled the family to visit regularly. We ended up running a boarding home for visiting relatives.

How did I handle the money and assets? We sold all the property as I had decided to move back to Iowa (mom's home area) where there were still a few relatives close by and where the economy allowed us to live within our means.....poor part of southern Iowa. Still homes for sale in our little village for $30k (need work). Good salary in our county is $30k/yr. Only 8k people in our county. 

To the topic: lessons.

keep good financial records. Though I was never challenged, I kept good records of the funds from dad's estate and from assets mom had (that we sold). When dad dies he had nothing. All had been distributed to me bit by bit before then. When we sold mom's modest little house that went into the fund too. When she died she had nothing to disperse. 

I took care of mom for 11 years across the road. Breakfasts, Dr's visits, emergencies, trips to town, picking up visitors (100 miles to Des Moines). anything and everything.

When dad died there was no probate. We had pre paid for the funeral and burial plot. Mom's SS check took care of almost all of mom's needs and anything she wanted (trips, etc, were paid for by my brother or sisters...mom visited them occasionally) When the end came, I still had a sum in the account (she died at almost 93 years)...my brother and sister came up with a $4k fee the care home required for entry fee.

I ended up with the sum of selling the house across the road $24k....bought it for $20k and added new roof, wiring, paint, rugs, windows. came out even.

My boys are taking the same model of care with my wife and I. One son lives in Rochester NY the other in OK city OK. we live in the center a long way from both. We would move to one or the other place but I dont think we can live within our means at either place (we have gotten used to living poor and liking it).

We are living at the edge of our SS. I am endeavoring to create a small business that I can sell a product or two a month and take care of extras. We do have a sum to fall back on but that is just what it is for and if we dont use it it goes to my wife and then to the boys. The house will be sold before our DISABILITY and we will relocate close to one of the boys. We dont like either location but that wont be the issue at the time.

Stay away from probate.....

Invest in your good health while you still have it.


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## HerseyMI

pancho said:


> I plan on going out the same way I came into this world.


In M'birthday suit! 

:runforhills:


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## jwal10

Don't see any reason to worry about dying broke, I would worry if I thought I was going to have to live broke. All it takes is to live under your income. I do understand there are exceptions, health, loss of income, circumstances beyond their control. If you live it up early, you may have none left for later....James


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## rod44

Just have a will that says how stuff is divided.

My brother and I split my fathers estate without a single problem. Flipped a coin to see who got first choice and took turns picking what we wanted until neither of us wanted anything else. Then had a auction for the rest. Money 50/50.


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## Ramblin Wreck

jwal10 said:


> If you live it up early, you may have none left for later....James


That really is it in a nutshell.


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