Intriguing. Thank you all for the suggestions and criticisms, all are welcome. You've got me wondering and thinking in different ways. I'm new on this forum, so apologies for my poor text management. It looks good when I send the messages out, but apparently it doesn't come out well on your side. I'll try harder to figure it out. Addressing some of the requests for more clarification:
My 2 cars are not over "30" years old. That was a typo mistake. But hey are over "20" years old. An '02 Suburban and an '03 CRV. I purchased them only because Geico was in it's last year of insuring "mechanical breakdown" costs for as long as their insured's owned their cars. Both cars were purchased with the intention of running them into the ground. Geico made a bad bet with us! Both cars are running great with nearly free repair work.
To address the assets question;
2 condo's & 2 houses = $3,000,000 total. (All personal use - no rental income)
Taxable Account = $2,800,000
Pretax Accounts = 1,600,000
Roth Accounts = 3,000,000
Pension & Soc. Sec. $300,000 annually (I had the ability to pile extra money into my pension system for 30 years, and it ballooned up nicely)
One of us is delaying Soc. Sec. until 70. That will be another $50,000 in 4 years.
We max our gifts to our only child each year already. $36,000. She is uninterested in financial matters, despite my efforts to help her.
Hope that helps clear up our situation.
We don't live very frugally, but we do live modestly with the exception of enjoying our homes. We like doing that. What we feel would be nice to do is pass large amounts to our daughter while we're alive, and after we pass. Avoiding unnecessary taxation, where possible. She lives modestly, too, though, and she may spend even less than my wife & I do. We are somewhat fearful that someone may take advantage of her without our knowledge, or after we've passed on. Lifelong financial security for her is paramount for us. The estate planning attorney idea may be something we will have to consider. But how to find a competent one, and how to know you're not getting fleeced in the process? Those are 2 issues that we could use help with, please.
Much appreciated!
My 2 cars are not over "30" years old. That was a typo mistake. But hey are over "20" years old. An '02 Suburban and an '03 CRV. I purchased them only because Geico was in it's last year of insuring "mechanical breakdown" costs for as long as their insured's owned their cars. Both cars were purchased with the intention of running them into the ground. Geico made a bad bet with us! Both cars are running great with nearly free repair work.
To address the assets question;
2 condo's & 2 houses = $3,000,000 total. (All personal use - no rental income)
Taxable Account = $2,800,000
Pretax Accounts = 1,600,000
Roth Accounts = 3,000,000
Pension & Soc. Sec. $300,000 annually (I had the ability to pile extra money into my pension system for 30 years, and it ballooned up nicely)
One of us is delaying Soc. Sec. until 70. That will be another $50,000 in 4 years.
We max our gifts to our only child each year already. $36,000. She is uninterested in financial matters, despite my efforts to help her.
Hope that helps clear up our situation.
We don't live very frugally, but we do live modestly with the exception of enjoying our homes. We like doing that. What we feel would be nice to do is pass large amounts to our daughter while we're alive, and after we pass. Avoiding unnecessary taxation, where possible. She lives modestly, too, though, and she may spend even less than my wife & I do. We are somewhat fearful that someone may take advantage of her without our knowledge, or after we've passed on. Lifelong financial security for her is paramount for us. The estate planning attorney idea may be something we will have to consider. But how to find a competent one, and how to know you're not getting fleeced in the process? Those are 2 issues that we could use help with, please.
Much appreciated!
Statistics: Posted by Penelope8735 — Sat Sep 07, 2024 5:20 pm — Replies 18 — Views 1692