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Turning over control of your money
Posted: Fri Aug 11, 2023 12:18 pm
by captainspoke
https://www.nytimes.com/2023/08/11/busi ... orney.html
A Retirement Puzzle: Turning Over Control of Your Money
It’s difficult to know when to get help managing finances. Communicating with loved ones, even when you don’t want to, is the first step.
Aug. 11, 2023, 5:01 a.m. ET
Donna Purchase trusts her children to manage her money when the time comes. “When my daughters tell me they think it’s time for me to do something, I say, OK, maybe I should,” she said.
Samuel Corum for The New York Times
At a visit in 2021 with her primary care doctor, Donna Purchase hesitated before answering a routine question. Her daughter Deborah Smith, who was with her, raised her eyebrows. Her mother had been forgetful lately, she said, and Ms. Smith was concerned. Ms. Purchase, who is now 78, left with a referral for a memory test.
The results were normal. “I knew I was fine,” said Ms. Purchase, who lives in Washington. But had she not been — had the test indicated cognitive impairment — she was prepared to make changes, even hand over control of her money.
Wishing myself good luck...
Re: Turning over control of your money
Posted: Fri Aug 11, 2023 12:50 pm
by RetireJapan
Absolutely. I am training my granddaughter (age 11) to manage my finances later.
Her younger sister is possibly more intelligent but much more ruthless, so I'm sticking with the older one for now
Re: Turning over control of your money
Posted: Fri Aug 11, 2023 1:34 pm
by TokyoBoglehead
RetireJapan wrote: ↑Fri Aug 11, 2023 12:50 pm
Absolutely. I am training my granddaughter (age 11) to manage my finances later.
Her younger sister is possibly more intelligent but much more ruthless, so I'm sticking with the older one for now
Plan B would be to set up a scheduled auto sale of MFs like Rakuten offers. Create your own pension/dividends.
Re: Turning over control of your money
Posted: Sat Aug 12, 2023 12:15 am
by Moneymatters
TokyoBoglehead wrote: ↑Fri Aug 11, 2023 1:34 pm
RetireJapan wrote: ↑Fri Aug 11, 2023 12:50 pm
Absolutely. I am training my granddaughter (age 11) to manage my finances later.
Her younger sister is possibly more intelligent but much more ruthless, so I'm sticking with the older one for now
Plan B would be to set up a scheduled auto sale of MFs like Rakuten offers. Create your own pension/dividends.
Plan A should be to fake such impairment, bury gold around your property and gradually reveal locations whilst being waiting on hand and foot by favored heirs. Bonus is it will be fine to walk around pantlesss in summer months without the usual barrage of criticism(I currently face..)..
Re: Turning over control of your money
Posted: Sat Aug 12, 2023 12:49 am
by AreTheyTheLemmings?
Moneymatters wrote: ↑Sat Aug 12, 2023 12:15 amPlan A should be to fake such impairment, bury gold around your property and gradually reveal locations whilst being waiting on hand and foot by favored heirs.
Isn't that the basis of about five Agatha Christie novels? The rich geriatric always gets murdered in those.
Re: Turning over control of your money
Posted: Sat Aug 12, 2023 2:52 am
by Wales4rugbyWC23
RetireJapan wrote: ↑Fri Aug 11, 2023 12:50 pm
Absolutely. I am training my granddaughter (age 11) to manage my finances later.
Her younger sister is possibly more intelligent but much more ruthless, so I'm sticking with the older one for now
On an equally serious note, what is the Japanese equivalent of power of attorney? I think this may have come up before.