My husband's " WILL", $ left for me to live on....

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Ineedadvice50
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My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

My husband showed me his will yesterday. I am not sure if I can survive on my own after his death.....
But before I open my mouth, I need some advice.
At the first our finance situation here.
I'm 50 years old woman, he is 67 yeas old. We have been married 11 years.
We have one child together who is 7 years old.
This is our second marriage, I only have one child with my current husband and my husband have 4 grown up children from his first marriage.
My husband net worth is about 7 millions, mostly in rental properties not much in stocks ,cash saving is under $300,000.
He is pretty much retired and his income from little bit of work he does is under $30,000 a year.

My finance: I stopped working when my child turned 2 years old, so I have no income right now.
I have $100,000 in saving ( from while I was single and working) it in CD and I own my home free and clear which is around $500,000 market value right now. And property tax is around $7000 a year. My husband moved in my house when we got married and my house is under my name.

My husband currently receiving social security around $2000 for himself and $1000 for our 7 years old, total of social security income is around $3000 a month.

Here is what his " will"
Everything is decide amongst hi children, 4 from previous marriage and one from our marriage. ( total 5 kids)
I will receive $100,000 from his estate.

Our child's ( 7 years old) portion of inheritance goes into trust until he is 22 years old,then he can receive part of inheritance.

My husband's life insurance which is separate from his estate is $400,000.
$200,000 is immediately released to me.
Another $200,000 goes into trust for our child and I am supposed to use that money for education and his necessity ( like buying computer ) until he is 22 years old.

Basically, I will have
$100,000 from his estate
$200,000 from life insurance
His social security.
And $200,000 in trust for our child until he is 22.

Which all seems fine in someway , especially hoping this " will " will not take effect for a long time....

But I am not sure if this is enough money for me to survive on my own after my child become 22 and leave home.

I am assuming with home maintenance and property tax etc, I probably have to spend part of $300,000 I am receiving before my child is 22.
So by the time my child leave home at 22, I will have about $200,000 and my $100,000 in the bank.
And his social security. I guess i can always sell my house since it is free and clear.

I just need some advice , I kind want to know if this is enough money for me to survive after my husband is gone.


Thank you very much.
flyingaway
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Re: My husband's " WILL", $ left for me to live on....

Post by flyingaway »

What will be your annual estimated expenses?
Gropes & Ray
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Re: My husband's " WILL", $ left for me to live on....

Post by Gropes & Ray »

There are others on here who are going to give you great advice, but I want to offer you something to do some research on: in many states there is a law that allows a widow to ignore her husband's will and elect to take 1/3 of the estate. If he is worth $7million, that is about $2.3 million. You would want to do research on if a law like this exists in your state, and if this law is affected by the fact that your husband has children from a previous marriage. It's generally called a "spousal elective share."

I'm sure it would be better to discuss other options with your husband, such as having a trust set up for you during your lifetime that is then distributed to all 5 children after your death, but if he refuses it may be some comfort to know that you have options.
letsgobobby
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Re: My husband's " WILL", $ left for me to live on....

Post by letsgobobby »

How much of that $7 million net worth accrued after you were married 11 years ago? What state do you live in? Is there a prenuptial agreement?
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White Coat Investor
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Re: My husband's " WILL", $ left for me to live on....

Post by White Coat Investor »

Welcome to the forum.

I think marital counseling is in order.

This is utterly ridiculous that he is worth $7 Million and only plans to leave his spouse $300K, not to mention the fact that you've been married 11 years and only now have seen his will. Not to mention that someone so wealthy wouldn't insist on a prenuptial agreement that would spell all this out and to which you would have already agreed.

Now, don't get me wrong. I don't expect him to leave you everything. But I certainly don't think $2-3 Million would be unreasonable. All the kids can still become insta-millionaires and you'll never have to worry about money again.

Seriously though, I think some counseling or at least some very frank discussions and drawing up the will again would be a very good idea. A revocable trust would probably be a good idea too. If he's not up to marital counseling, why don't you suggest going to see an estate planning attorney in your state together and make sure all these issues come out during the discussions. You're unlikely to end up worse.
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Dave55
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Re: My husband's " WILL", $ left for me to live on....

Post by Dave55 »

EmergDoc wrote:Welcome to the forum.

I think marital counseling is in order.

This is utterly ridiculous that he is worth $7 Million and only plans to leave his spouse $300K, not to mention the fact that you've been married 11 years and only now have seen his will. Not to mention that someone so wealthy wouldn't insist on a prenuptial agreement that would spell all this out and to which you would have already agreed.

Now, don't get me wrong. I don't expect him to leave you everything. But I certainly don't think $2-3 Million would be unreasonable. All the kids can still become insta-millionaires and you'll never have to worry about money again.

Seriously though, I think some counseling or at least some very frank discussions and drawing up the will again would be a very good idea. A revocable trust would probably be a good idea too. If he's not up to marital counseling, why don't you suggest going to see an estate planning attorney in your state together and make sure all these issues come out during the discussions. You're unlikely to end up worse.
+1
Excellent Post
Thanks Doc
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FelixTheCat
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Re: My husband's " WILL", $ left for me to live on....

Post by FelixTheCat »

You will have 1.1 million (current value) in assets at your husband's death if the will is distributed as written.

500,000 house
100,000 CD
100,000 estate
200,000 life insurance
200,000 life insurance child

There are many options for you. Reverse mortgage, Sell house, invest proceeds and rent, part-time employment, social security. You can always talk to a Vanguard Financial Planner to see your options.
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sdsailing
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Re: My husband's " WILL", $ left for me to live on....

Post by sdsailing »

Is there a college fund now for your child?

I agree with you overall assessment. You would obviously "survive", but the will seem stingy relative to his net worth and the fact that you have a child together.

Also the age difference is a large factor as is the fact the you stopped working when you had the child.
pshonore
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Re: My husband's " WILL", $ left for me to live on....

Post by pshonore »

Why aren't you getting Social Security as a stay at home Mom of a child? AFAIK, you can collect that benefit at any age.
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FelixTheCat
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Re: My husband's " WILL", $ left for me to live on....

Post by FelixTheCat »

pshonore wrote:Why aren't you getting Social Security as a stay at home Mom of a child? AFAIK, you can collect that benefit at any age.
They are getting $1K a month for their 7-year-old. "My husband currently receiving social security around $2000 for himself and $1000 for our 7 years old, total of social security income is around $3000 a month." Can both husband and wife claim SS for the same child?
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jlawrence01
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Re: My husband's " WILL", $ left for me to live on....

Post by jlawrence01 »

This is time for a good "heart to heart" with your husband. There are a LOT of guys who do NOT really think out what would happen to their spouse if they dropped dead. I would probably fallen into that category had my father NOT drilled into my skull the importance of a lot of life insurance. It did not hurt that my favorite uncle passed away at 52 with children still at home. His wife is still living on the insurance proceeds nearly 40 years later.

After I experienced my issues at age 42, a lot of people confided that they had no life insurance. One fellow employee was 47, had two kids and his father died of a heart attack at 45. He later fixed that.

Now, if the response is "too bad, so sad", that is a marital issue.
toto238
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Re: My husband's " WILL", $ left for me to live on....

Post by toto238 »

What this sounds like is a case where the husband is concerned about his 4 adult children. He sounds like he's anticipating that if he leaves everything to his wife, upon her passing she will leave everything to child #5, and children #1-4 will end up with nothing.

Have you been completely open with him about your assets, your will, and your retirement plans? Perhaps he thinks you have a lot more than you do.

But taking a look at what you do have, or will have, assuming this is money you're not using for current income:

$500,000 house
$200,000 life insurance
$100,000 from estate
$100,000 savings
+his social security of $2000 a month

So that means total assets of around $900,000, plus $2000 a month in Social Security.

I'm going to make a lot of simplified assumptions here to give you a sort of back-of-the-envelope calculation. You can get more firm numbers later on. Let's assume for simplicity's sake that you liquidate the house upon his death and have everything invested in 60-40 stocks v bonds (not really necessary to liquidate the house since you could do a reverse mortgage). A safe withdrawal rate of 4% for a nest egg of $900,000 would give you additional monthly income of $3000 a month. Alternatively, if you have no desire to leave anything for your heirs, you could put all $900,000 into an annuity (or multiple annuities) which could yield $6,000 a month or more in income (assuming no spousal option is needed, meaning you do not remarry). But that has the downside that it leaves nothing to your heirs. If you die the day after you signed up for the annuity, everything's gone. The insurance company gets everything. Annuities can also be complicated and are not appropriate for everyone.

So between a safe withdrawal rate of 4% on your nest egg (including house) and your husband's social security, you could be seeing gross income of $60,000 a year and still be leaving something for your heirs. So I put the question back to you. Could you live on $60,000 a year? If you needed a little more, you could put SOME of your money in an annuity (for instance, do a reverse mortgage on the house) but invest the rest of it and do a safe withdrawal of 4% a year on it.
Jozxyqk
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Re: My husband's " WILL", $ left for me to live on....

Post by Jozxyqk »

Surprisingly similar to this thread. http://www.bogleheads.org/forum/viewtop ... 2&t=144595 (though the numbers are a little different).

Could it be that the OP here is the "family member" Drew777 was asking about in that post?
ww340
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Re: My husband's " WILL", $ left for me to live on....

Post by ww340 »

Where is the income from all the rental property going? 7 million in mostly rental property should be earning in the hundreds of thousands of dollars.

I agree an educational fund should be set up for your child.

If your husband in not willing to provide more adequately for you, I would suggest you go back to work and save all that you could make.
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Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

flyingaway wrote:What will be your annual estimated expenses?
I really don't know...
But He said I should be able to live since myself and child will be right at the porverty line around $30,000 a year .
He said we can receive many government assistance that way.
cashinstinct
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Re: My husband's " WILL", $ left for me to live on....

Post by cashinstinct »

He talks about government assistance for you and your child that you had together ... with his 7 M$ net worth ?

+1 on marital counseling / frank discussion.
Last edited by cashinstinct on Thu Aug 28, 2014 1:50 pm, edited 1 time in total.
Topic Author
Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

Gropes & Ray wrote:There are others on here who are going to give you great advice, but I want to offer you something to do some research on: in many states there is a law that allows a widow to ignore her husband's will and elect to take 1/3 of the estate. If he is worth $7million, that is about $2.3 million. You would want to do research on if a law like this exists in your state, and if this law is affected by the fact that your husband has children from a previous marriage. It's generally called a "spousal elective share."

I'm sure it would be better to discuss other options with your husband, such as having a trust set up for you during your lifetime that is then distributed to all 5 children after your death, but if he refuses it may be some comfort to know that you have options.
Thank you for trying to help me but there is no way I will be able to do that regardless of either I live in the State allow that or not.
Please try to not take this wrong, I am not saying this to be nice person or not anything like that.
Since I am an older mother to my only child, it is very important that my child have a great relationship with his children after we (parents) are gone.
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Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

letsgobobby wrote:How much of that $7 million net worth accrued after you were married 11 years ago? What state do you live in? Is there a prenuptial agreement?
His net worth is created before our marriage.
Mine(house and $100000) is created by me before the marriage also.
dolphinsaremammals
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Re: My husband's " WILL", $ left for me to live on....

Post by dolphinsaremammals »

I would first of all figure out what you need to live on. That will change as time goes on, but at least you will have some idea of how that stack up to what you expect to get.

Also +1 to the post about state laws requiring a certain percentage of an estate to go to the spouse. I would find out about that now.

I agree that considering you've been married eleven years, hubby is being pretty stingy. Especially since he's living in your house as well.

I would talk to him about a more equitable distribution of assets. If this does no good, consider going back to work and saving every dime you can. I would also consider if you want this marriage to continue under those terms. A spouse who is that cavalier about the financial security of his spouse, well you and the child might be better off with a divorce settlement.
Jozxyqk
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Re: My husband's " WILL", $ left for me to live on....

Post by Jozxyqk »

Ineedadvice50 wrote:
flyingaway wrote:What will be your annual estimated expenses?
I really don't know...
But He said I should be able to live since myself and child will be right at the porverty line around $30,000 a year .
He said we can receive many government assistance that way.
Wow. That is shockingly callous.
billern
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Re: My husband's " WILL", $ left for me to live on....

Post by billern »

toto238 wrote:What this sounds like is a case where the husband is concerned about his 4 adult children. He sounds like he's anticipating that if he leaves everything to his wife, upon her passing she will leave everything to child #5, and children #1-4 will end up with nothing.
There are ways to use trusts to provide support for the 2nd to die and then distribute assets to the beneficiaries upon the 2nd to die's passing. In this case, the problem is likely that the wife is close in age to the adult kids which means the assets may not get distributed when they are needed.
dolphinsaremammals
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Re: My husband's " WILL", $ left for me to live on....

Post by dolphinsaremammals »

Ineedadvice50 wrote:
Gropes & Ray wrote:There are others on here who are going to give you great advice, but I want to offer you something to do some research on: in many states there is a law that allows a widow to ignore her husband's will and elect to take 1/3 of the estate. If he is worth $7million, that is about $2.3 million. You would want to do research on if a law like this exists in your state, and if this law is affected by the fact that your husband has children from a previous marriage. It's generally called a "spousal elective share."

I'm sure it would be better to discuss other options with your husband, such as having a trust set up for you during your lifetime that is then distributed to all 5 children after your death, but if he refuses it may be some comfort to know that you have options.
Thank you for trying to help me but there is no way I will be able to do that regardless of either I live in the State allow that or not.
Please try to not take this wrong, I am not saying this to be nice person or not anything like that.
Since I am an older mother to my only child, it is very important that my child have a great relationship with his children after we (parents) are gone.
Relationships are not bought with money. If the other kids are so great, they should be concerned about your financial security and the financial security of your child as well.
dolphinsaremammals
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Re: My husband's " WILL", $ left for me to live on....

Post by dolphinsaremammals »

Jozxyqk wrote:
Ineedadvice50 wrote:
flyingaway wrote:What will be your annual estimated expenses?
I really don't know...
But He said I should be able to live since myself and child will be right at the porverty line around $30,000 a year .
He said we can receive many government assistance that way.
Wow. That is shockingly callous.
Wow, that is callous. Something is wrong here. The husband is a mega-millionaire and he wants his wife and kid to be living at the poverty line? It looks like this marriage is already toast. Time to see a very good divorce lawyer whose goal will be financial security for you and the child.
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Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

imgritz wrote:You will have 1.1 million (current value) in assets at your husband's death if the will is distributed as written.

500,000 house
100,000 CD
100,000 estate
200,000 life insurance
200,000 life insurance child

There are many options for you. Reverse mortgage, Sell house, invest proceeds and rent, part-time employment, social security. You can always talk to a Vanguard Financial Planner to see your options.
THis caluculation is correct and similer to what I figured.
Is this enough money to live on if I am 60 or under?
pshonore
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Re: My husband's " WILL", $ left for me to live on....

Post by pshonore »

imgritz wrote:
pshonore wrote:Why aren't you getting Social Security as a stay at home Mom of a child? AFAIK, you can collect that benefit at any age.
They are getting $1K a month for their 7-year-old. "My husband currently receiving social security around $2000 for himself and $1000 for our 7 years old, total of social security income is around $3000 a month." Can both husband and wife claim SS for the same child?
From the SS website:
Note: Your husband or wife can also receive just the spouse's benefit at any age if he or she is caring for your child who is also receiving benefits.
Your spouse would receive these benefits until your child reaches age 16. At that time, the child's benefits continue, but your spouse's benefits stop unless he or she is old enough to receive benefits based on their age.
However there is a family max which is usually 150 - 180% of husband's benefit. Not sure how this applies in this case.
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Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

sdsailing wrote:Is there a college fund now for your child?

I agree with you overall assessment. You would obviously "survive", but the will seem stingy relative to his net worth and the fact that you have a child together.

Also the age difference is a large factor as is the fact the you stopped working when you had the child.
There are no special fund set up, he told me to use that $200,000 from his life insurance which will be set up in trust for our child should cover it.
I did ask my husband what if our child get accepted by UCLA or Harvard or whatever which may cost a lot more than community collage, he said that my income will be low enough (about $30,000 from his social security) that we can apply for the scholarship.
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HomerJ
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Re: My husband's " WILL", $ left for me to live on....

Post by HomerJ »

Ineedadvice50 wrote:
flyingaway wrote:What will be your annual estimated expenses?
I really don't know...
But He said I should be able to live since myself and child will be right at the porverty line around $30,000 a year .
He said we can receive many government assistance that way.
Oh boy... time for you to go back to work. And did you sign a pre-nup? Maybe divorce will be an easier way to get some money from him.

(And even if you can't get any money via divorce, divorce him anyway, and find someone who actually loves you and your kid).
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Re: My husband's " WILL", $ left for me to live on....

Post by Grt2bOutdoors »

cashinstinct wrote:He talks about government assistance for you and your child that you had together ... with his 7 M$ net worth ?

+1 on marital counseling / frank discussion.
Better than that - divorce attorney! After the courts are done with him, especially with minor in picture..........
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InvestorNewb
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Re: My husband's " WILL", $ left for me to live on....

Post by InvestorNewb »

No offense, but are we being trolled? Is this post legit? :?:
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)
Grt2bOutdoors
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Re: My husband's " WILL", $ left for me to live on....

Post by Grt2bOutdoors »

Ineedadvice50 wrote:
imgritz wrote:You will have 1.1 million (current value) in assets at your husband's death if the will is distributed as written.

500,000 house
100,000 CD
100,000 estate
200,000 life insurance
200,000 life insurance child

There are many options for you. Reverse mortgage, Sell house, invest proceeds and rent, part-time employment, social security. You can always talk to a Vanguard Financial Planner to see your options.
THis caluculation is correct and similer to what I figured.
Is this enough money to live on if I am 60 or under?
If you spend more than $25K a year, no.
First of all, the estate will be subject to federal estate tax - threshold is 5.5 million, anything after that is taxed. Then, depending on state you live in......more estate tax. The life insurance for child is off-limits in a trust, you can't spend it for normal day to day needs.
That leaves you with about 800,000 at 4 percent is 32,000 and after-tax gets you maybe $25K. See an attorney......after marriage counseling......
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investor1
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Re: My husband's " WILL", $ left for me to live on....

Post by investor1 »

InvestorNewb wrote:No offense, but are we being trolled? Is this post legit? :?:
I was just about to type the same thing.
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Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

Divorce is not an option for me because beside this money matter, everything is just fine.
But he is always has been very cautious with his money.

As few people mentioned here, another option for me to go back to work and save.
But there is a "but"....If I go back to work, he will expect me to use most of it for our bills and my house tax. Most I can expect for him to agree is to let me save half of it.
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Re: My husband's " WILL", $ left for me to live on....

Post by Grt2bOutdoors »

InvestorNewb wrote:No offense, but are we being trolled? Is this post legit? :?:
If we are, I just used my 10,000th post on recommending a divorce attorney's services. :D
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HomerJ
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Re: My husband's " WILL", $ left for me to live on....

Post by HomerJ »

Ineedadvice50 wrote:Mine(house and $100000) is created by me before the marriage also.
I especially like how he moved into your house (that you paid for), but his money is only his.
Grt2bOutdoors
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Re: My husband's " WILL", $ left for me to live on....

Post by Grt2bOutdoors »

Ineedadvice50 wrote:Divorce is not an option for me because beside this money matter, everything is just fine.
But he is always has been very cautious with his money.

As few people mentioned here, another option for me to go back to work and save.
But there is a "but"....If I go back to work, he will expect me to use most of it for our bills and my house tax. Most I can expect for him to agree is to let me save half of it.
That's not a marriage...it's a dictatorship!
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
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Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

investor1 wrote:
InvestorNewb wrote:No offense, but are we being trolled? Is this post legit? :?:
I was just about to type the same thing.
It is true story of mine.
I guess if you think this is not true, that means my mind must be thinking correctly.

Like I mentioned at the first, I kind though this "will " did not sound right, since it only $100000 is going to be left for me.
But I need advice from people to approach my husband in a gentle reasonable way.
I am not even sure that will even work...
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HomerJ
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Re: My husband's " WILL", $ left for me to live on....

Post by HomerJ »

Grt2bOutdoors wrote:
Ineedadvice50 wrote:Divorce is not an option for me because beside this money matter, everything is just fine.
But he is always has been very cautious with his money.

As few people mentioned here, another option for me to go back to work and save.
But there is a "but"....If I go back to work, he will expect me to use most of it for our bills and my house tax. Most I can expect for him to agree is to let me save half of it.
That's not a marriage...it's a dictatorship!
Ah well, we don't know the whole story from just a few posts...

I am curious, how well are you guys living now? You brought up that he brings in $30k a year in side jobs, and $3000 a month in Social Security, but that should be nothing compared to the hundreds of thousands he must be bringing in in rental income, right? Or is he not bringing in hundreds of thousands in rental income?

Are you living a $60k a year lifestyle or a $250k lifestyle?
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Chan_va
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Re: My husband's " WILL", $ left for me to live on....

Post by Chan_va »

It's possible that his net worth is not what you think it is. Maybe he mortgaged the rentals and speculated it away, or fell for a scam.

If he really is worth 7m, see an attorney.
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Re: My husband's " WILL", $ left for me to live on....

Post by dumbbunny »

Ineedadvice50 wrote:My husband moved in my house when we got married and my house is under my name.
Maybe your DH should be paying rent - a lot of rent.
“It’s the curse of old men to realize that in the end we control nothing." "Homeland" episode, "Gerontion"
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Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

Grt2bOutdoors wrote:
cashinstinct wrote:He talks about government assistance for you and your child that you had together ... with his 7 M$ net worth ?

+1 on marital counseling / frank discussion.
Better than that - divorce attorney! After the courts are done with him, especially with minor in picture..........
I am not thinking about divorce at all but I have to let you know I already have signed prenup at the time of marriage , I will not recive anything if we divorce. He keep what was his, and I keep what was mine.
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HomerJ
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Re: My husband's " WILL", $ left for me to live on....

Post by HomerJ »

Chan_va wrote:It's possible that his net worth is not what you think it is. Maybe he mortgaged the rentals and speculated it away, or fell for a scam.

If he really is worth 7m, see an attorney.
Yeah, if they are living a $60k lifestyle, either he doesn't really have $7 million in rental properties, or he's hiding tons of money from her every year.

By the time he's 80, he'll be worth $15 million, and she'll still get $100k.
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HomerJ
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Re: My husband's " WILL", $ left for me to live on....

Post by HomerJ »

Ineedadvice50 wrote:
Grt2bOutdoors wrote:
cashinstinct wrote:He talks about government assistance for you and your child that you had together ... with his 7 M$ net worth ?

+1 on marital counseling / frank discussion.
Better than that - divorce attorney! After the courts are done with him, especially with minor in picture..........
I am not thinking about divorce at all but I have to let you know I already have signed prenup at the time of marriage , I will not recive anything if we divorce. He keep what was his, and I keep what was mine.
Child support from a guy who has $7 million in rental property throwing off rental income will be pretty substantial though.... :)
flyingbison
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Re: My husband's " WILL", $ left for me to live on....

Post by flyingbison »

Ineedadvice50 wrote:
flyingaway wrote:What will be your annual estimated expenses?
I really don't know...
But He said I should be able to live since myself and child will be right at the porverty line around $30,000 a year .
He said we can receive many government assistance that way.
Poverty level for a family of 2 is about half that amount.
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HomerJ
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Re: My husband's " WILL", $ left for me to live on....

Post by HomerJ »

flyingbison wrote:
Ineedadvice50 wrote:
flyingaway wrote:What will be your annual estimated expenses?
I really don't know...
But He said I should be able to live since myself and child will be right at the porverty line around $30,000 a year .
He said we can receive many government assistance that way.
Poverty level for a family of 2 is about half that amount.
Don't tell him that, he'll leave her less.
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Ineedadvice50
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Re: My husband's " WILL", $ left for me to live on....

Post by Ineedadvice50 »

Peterjens wrote:
Ineedadvice50 wrote:My husband moved in my house when we got married and my house is under my name.
Maybe your DH should be paying rent - a lot of rent.
He said since he pays all the bills including health insurance, car insurance, food, vacation, clothes, property tax (around $6000-7000 a year), home insurance
And I have absolutely have no income , it is fair this way.

He is not very happy that I am holding on to my$100000 for myself and not willing to help with some cost of living expence.
But I am worryied and cant let go of my only saving.
technovelist
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Re: My husband's " WILL", $ left for me to live on....

Post by technovelist »

Ineedadvice50 wrote:
Peterjens wrote:
Ineedadvice50 wrote:My husband moved in my house when we got married and my house is under my name.
Maybe your DH should be paying rent - a lot of rent.
He said since he pays all the bills including health insurance, car insurance, food, vacation, clothes, property tax (around $6000-7000 a year), home insurance
And I have absolutely have no income , it is fair this way.

He is not very happy that I am holding on to my$100000 for myself and not willing to help with some cost of living expence.
But I am worryied and cant let go of my only saving.
Whatever you do, keep your money!
In theory, theory and practice are identical. In practice, they often differ.
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bottlecap
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Re: My husband's " WILL", $ left for me to live on....

Post by bottlecap »

I would see a lawyer immediately. If this fella wants you to live at the poverty level after he's gone, you should make him "gone" a little sooner by divorcing him. Talk to the lawyer about your rights of inheritance and the validity of the prenup.

Get this squared away now, otherwise your child won't have a relationship with his siblings once dad dies and the family starts to fight over the estate.

The short answer is you will not have enough to live at a level anyway near your present level.

JT
letsgobobby
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Re: My husband's " WILL", $ left for me to live on....

Post by letsgobobby »

Ineedadvice50 wrote:
letsgobobby wrote:How much of that $7 million net worth accrued after you were married 11 years ago? What state do you live in? Is there a prenuptial agreement?
His net worth is created before our marriage.
Mine(house and $100000) is created by me before the marriage also.
can't be the whole story. What is happening to all the income generated by all the rentals over the last 11 years? and his work, which he has been doing for 11 years, several of which you stayed at home to raise your child?

Bottom line is this: laws will vary by state, but in general a prenup will only cover what existed before the marriage whereas assets/income generated during the marriage are shared in some way. In a community property state they are shared 50/50.

I suspect there are other issues here that are verboten forum topics but lead to you being agreeable to such a grossly inequitable arrangement: much younger woman, older wealthier man, possible immigration issues? Just speculating but you need to be honest with yourself about what is really going on here: you are getting screwed over by your husband. If you don't like it, you need to consult a *good* lawyer in your state to understand what your state's laws are.

I mean, he just showed you his will after 11 years. For all you know he has $50 million hidden away, not $7 million.
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Re: My husband's " WILL", $ left for me to live on....

Post by Gill »

Ineedadvice50 wrote:...but I have to let you know I already have signed prenup at the time of marriage , I will not recive anything if we divorce. He keep what was his, and I keep what was mine.
Here's the problem. Did you waive all rights to his estate in the prenup? If so, unless the prenup can be contested and declared invalid, the right of election from his estate has probably been waived.
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Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
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greg24
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Re: My husband's " WILL", $ left for me to live on....

Post by greg24 »

wow.

I would get a job, not only for current income, but also to increase your social security payments once you start receiving it.
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