In addition to the above, I can't imagine putting everything, or even "almost everything" into an SPIA, and I someone who absolutely plans to use SPIAs starting a bit later. Some, a good chunk, should remain behind for any lumpy, unexpected expenses.TN_Boy wrote: ↑Sat Sep 05, 2020 11:31 amI agree with a lot of this post, except the advice on converting all investments to SPIAs. That can't make any sense without a full understanding of the Sheepdog family finances, which is not the question on the table. I cannot come up with a situation where converting *all* investments to SPIAs would make sense, nor does it really solve the problem of someone being unable to manage their finances (it merely simplifies the income stream a bit, which doesn't solve all the other problems you have when somebody is having trouble managing money).Mike Scott wrote: ↑Sat Sep 05, 2020 11:20 am A couple of others have also posted about relatives helping etc and proximity is not a major issue. Based on what you say, it seems to me that your wife needs a complete financial manager on a routine basis (family or not) when you are no longer able to do it. Her mobility is less important than her willingness and ability to navigate checkbooks, online accounts, health care, taxes and phone calls etc. You may be underestimating the complexity of what you are doing.
Is there someone you trust to take your place as daily manager?
Is this a situation for a setting up a trust fund of some sort?
What about 100% conversion of investments to SPIA deposited to a local bank savings/checking account for simplicity while you are still able to do it?
Is this a case where paying more for more simplicity is the better solution?
I may be over interpreting your remarks, but your wife sounds like an easy future target/victim of financial fraud.
It has come up in other discussions about the potential need for end of life professional management of routine personal financial services going way beyond what is normally considered investment management. Do these services even exist? What would they look like (and cost) if they did?
My SPIA digression aside, your post is kinda where I was going, should (I have no strong opinion either way not knowing the specifics) someone now be groomed to take over some/all of the money management when sheepdog, for whatever reason, cannot? After one of my inlaws died, my wife was given full visibility into the surviving inlaws accounts, and was able to give advice if needed (and it generally wasn't) and in a good position to take over if necessary.
That aside, a trust won't help much in this situation. A trust might limit what a beneficiary or anyone else has access to or could do with the money, but it won't help with decision making.
Someone needs to administer the trust, make sure disbursements go out or whatever other requirements or choices are done.
For those who are older, this could well be a trusted family member or friend who has PoA (preferably DPoA, to avoid complications surrounding "is competency an issue yet").
... and then it's back to square 1 in this case.
And then, as mentioned above (embedded), there are the other issues:
One *might* need someone like a guardian, as there are other non-financial issues anyway. Who is checking about medical care or getting someone it?
Or if the drain gets totally clogged?
Who makes sure the utilities are being paid in a timely fashion?
These problems may come much later than the "investing decisions", but if there is really a problem finding basic help for that, have the later, more mundane issues been addressed?
Something to think about...
These are very serious questions and issues, of course, questions that may well face an aging couple as well. It's not gender or marital status specific. Usually it's age-related, but not always.
(How do those who need to plan for a relative, especially someone younger, needing life long care handle this if there aren't trusted relatives nearby?)
Perhaps one could start by contacting the local Elder Affairs type group at local government, to get started on such a process?
And perhaps this topic should become a new thread?