Posted on 02/18/2020 11:10:16 AM PST by Chickensoup
I have two children in my life. Because of circumstances I can give the children excellent properties, but I have little liquidity. The deal has been you care you get.
I realized if something happends to either of them, I am without enough liquidity to survive my old age.
I wonder whether I can or should insure them for enough money to care for me in case something GOD FORBID happens to them.
This is new territory for me.
Your thoughts?
Sell the properties and invest the proceeds in a good income producing mutual fund for enough to live on. Will the capitol to the kids when you die, not the property. Leaving property your children is a good way to cause problems. Financial Advisor Bruce Williams always said that if you wanted to destroy a family, leave them property together. Works every time. Do them a favor and dont do it.
Dont require them to see to your care either. Dont saddle them with it. Find a way to relieve them of it. Theyll have kids to put through college and then want to enjoy retirement as well. Being financially independent yourself is the best way to do that and your properties is likely the best way to do that. Gambling on one of your children dying isnt the way to find it.
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