Author Topic: Getting ready to die  (Read 4361 times)

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Offline WonderMeal

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Getting ready to die
« on: March 09, 2016, 05:53:47 PM »
As a dad of three Li'l 'Cats, I am long overdue in figuring out how to provide for my kids should I go to the great Ring of Honor in the sky. (Insert OK Cat joke here.) Any posters on here have any tips on life insurance, wills, or other common end-of-life stuff?


Some questions I have:

-I'm not interested in using life insurance as a de facto retirement savings strategy. Should I get a term life insurance policy that runs for like 20 or 30 years, assuming my kids will be grown and able to take care of themselves if I kick the bucket 20 years from now?

-Can I just LegalZoom a will, or do I actually need to contact an IRL lawyer for that stuff?

-What is a trust and do my Li'l Cats need one if I die before they're 18?

-Is there anyone on this board who would be willing to take WonderMealette, WonderMeal Jr., and WonderMealina me and Mrs. WonderMeal both die? It's freaking hard to ask someone to take three kids. (Katdaddy, FSD, or K-S-U-Wildcats need not apply.)

All pro-tips appreciated.


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Offline wetwillie

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Re: Getting ready to die
« Reply #1 on: March 09, 2016, 07:11:34 PM »
You have three kids and don't have any life insurance currently?
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Offline Pete

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Getting ready to die
« Reply #2 on: March 09, 2016, 07:53:02 PM »
Term life insurance just long enough to cover until kids out of college years, then just count on my survivors (wife and kids) getting my 401(K) and equity in my house, and possessions.  Frequently, you can get good term life through an employer, which is what I did.  I had a couple health issues some years back that made me hard to insure for quite a while, and I haven't tried to reapply since having recovered.  Not sure I will.

In the mean time, invest any "extra" in a retirement account (which they get too if I die).

That's my plan.

No one will "get rich" if I die early, but they won't starve or have to forfeit their future.
« Last Edit: March 09, 2016, 08:12:10 PM by Pete »

Offline IPA4Me

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Re: Getting ready to die
« Reply #3 on: March 09, 2016, 08:18:41 PM »
That's great advice Pete. I have a similar plan. Term life expires when my youngest is twenty or so. I also have a free 2x salary policy from my employer. They'll be fine if something happens to me.

Offline steve dave

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Re: Getting ready to die
« Reply #4 on: March 09, 2016, 10:07:44 PM »
I have 5x my salary through my employer. Would allow my wife to pay off the mortgage and have enough left to put a couple kids through school. Seems like enough.

Offline K-S-U-Wildcats!

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Re: Getting ready to die
« Reply #5 on: March 09, 2016, 11:03:47 PM »
1. Term life. No gimmicks. If you've already got three kids, 20 years should be fine. Go about 5x your annual income - but at least 500k - for a wife and 3 kids.
2. LegalZoom is fine for a basic will, and that's probably all you need.
3. You probably don't need a trust unless you're rich.
4. What the eff's your problem?
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Offline star seed 7

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Re: Getting ready to die
« Reply #6 on: March 09, 2016, 11:05:40 PM »
Lol, I was going to say that ksuw probably has good advice in this realm
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Offline Pete

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Getting ready to die
« Reply #7 on: March 10, 2016, 07:07:42 AM »
I have 5x my salary through my employer. Would allow my wife to pay off the mortgage and have enough left to put a couple kids through school. Seems like enough.

Yep.  My employer has that kind of deal too.  That's what I use.

Offline Cartierfor3

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Re: Getting ready to die
« Reply #8 on: March 10, 2016, 07:09:18 AM »
I told Mrs CF3 to just find a rich dude if I go belly up

Offline Kat Kid

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Re: Getting ready to die
« Reply #9 on: March 10, 2016, 07:38:29 AM »
Wonder Meal-

I would be willing to do a like for like swap on kids in wills.  Would give each other a large incentive to live.

Offline Emo EMAW

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Re: Getting ready to die
« Reply #10 on: March 10, 2016, 08:31:33 AM »
I was lazy about this and all I've done so far is bump up my life insurance offered through employer.  Will be paying attention to this thread.  My wife is pretty hot and kid is adorable so if I die I think they'll do pretty well either way.

Offline Pendergast

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Re: Getting ready to die
« Reply #11 on: March 10, 2016, 08:33:52 AM »
Wife and 3 kids, recommended life insurance is $1 million.  Also, do not create a will, create a living or revocable trust.  You will want a lawyer for this.  Expect to pay at least $1 - $2 thousand for a decent lawyer.  It will save your family tens of thousands of dollars, or more if you somehow become rich.

Also, make sure end of life documents are filed, unless you want to be a vegetable hooked up to machines.

Offline CNS

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Re: Getting ready to die
« Reply #12 on: March 10, 2016, 09:15:59 AM »
$1mill is a lot unless you have huge debt or make a crap load of money.

I am getting my will put together next week and my lawyer said $300-$500.  He also said that a trust would cost double that but that I don't need that right now as I only own my one property(home) and don't have any other large asset other than my retirement.

Offline slobber

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Re: Getting ready to die
« Reply #13 on: March 10, 2016, 09:22:34 AM »
Trust.
8x salary through work. Additional term laddered. Two policies. One expires when the older two are through college. One expires when the younger one is through college.
The work stuff is great, but if you lost it, it is nice to have something else to fall back on.


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Offline 420seriouscat69

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Re: Getting ready to die
« Reply #14 on: March 10, 2016, 09:22:57 AM »
What a depressing thread.

Offline Emo EMAW

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Re: Getting ready to die
« Reply #15 on: March 10, 2016, 09:23:41 AM »
dobs what do you pay for something like that?

Offline kslim

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Re: Getting ready to die
« Reply #16 on: March 10, 2016, 10:19:01 AM »
500k through work 100k for each dependent through insurance. I pay 26 a month. Not sure if thats good or not

Offline Tobias

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Re: Getting ready to die
« Reply #17 on: March 10, 2016, 10:20:58 AM »
buried a crap ton of gold in the backyard

Offline kslim

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Re: Getting ready to die
« Reply #18 on: March 10, 2016, 10:21:49 AM »
buried a crap ton of gold in the backyard
yeah but who gets the map?

Offline Mrs. Gooch

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Re: Getting ready to die
« Reply #19 on: March 10, 2016, 11:00:30 AM »
Give your kids to Stevesie.

Offline _33

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Re: Getting ready to die
« Reply #20 on: March 10, 2016, 11:07:34 AM »
Life insurance is super cheap. I have a ton of it. My wife is going to hit the jackpot if I go.

Offline Mrs. Gooch

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Re: Getting ready to die
« Reply #21 on: March 10, 2016, 11:09:32 AM »
I have enough life insurance that Gooch can take the proper time to mourn without having to work, but not enough to make it worth killing me.

Offline slobber

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Re: Getting ready to die
« Reply #22 on: March 10, 2016, 11:17:48 AM »

dobs what do you pay for something like that?
Off the top of my head, I think I pay $1200 per year for $1 million in term. That may be wrong. One policy was 20 year the other is 15. It's all written down somewhere. I could look to confirm it all, but I think I am close.


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Offline SdK

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Re: Getting ready to die
« Reply #23 on: March 10, 2016, 11:24:47 AM »
I have 5x my annual salary for my sister. She's the best person in my world.

Offline TheHamburglar

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Re: Getting ready to die
« Reply #24 on: March 10, 2016, 11:24:49 AM »
When you get a will, get the advanced directive add-on in case you get Teri Shivo'd.  You don't want all the money you planned on supporting you family to getting drained while keeping your lungs artificially pumped up and down.
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