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Where to start planning?
- Thread starter GarySpicuzza
- Start date
- Status
Silverbird
Well-known member
Retirement planning and Estate planning are two different things! This is not the board to get information on estate planning, or post it. Case and point: you really want to have a will or trust in place BEFORE you retire, just in case.
Once you get your beneficiary ducks in order (or take the default order: spouse, kids, parents....) that's it for Estate planning for TSP. Your will or trust will NOT change your beneficiaries for TSP, even if you add something to change your TSP beneficiaries in these documents. Only the appropriate form to TSP or the default order applies!
Once you get your beneficiary ducks in order (or take the default order: spouse, kids, parents....) that's it for Estate planning for TSP. Your will or trust will NOT change your beneficiaries for TSP, even if you add something to change your TSP beneficiaries in these documents. Only the appropriate form to TSP or the default order applies!
JTH
Well-known member
Gary
Your writing style and communications skills are somewhat ineffective when you approach people as a "Know it all". Anyone can cut and paste a topic and profess to be a Self Appointed Financial Expert, so you shouldn't be surprised when people get offended with your approach. And just because you cut and paste from your own website, doesn't mean it isnt SPAM.
Cheers... JTH
Your writing style and communications skills are somewhat ineffective when you approach people as a "Know it all". Anyone can cut and paste a topic and profess to be a Self Appointed Financial Expert, so you shouldn't be surprised when people get offended with your approach. And just because you cut and paste from your own website, doesn't mean it isnt SPAM.
Cheers... JTH
GarySpicuzza
Visitor
@ Spaf you have to start planning before you become incapacitated or die. For most people that would be the second Tuesday of next week. That statement is simply a human nature fact of life.
@ Show-me, I'd recommend anyone who owns titled assets and wants their spouse, children or parents to avoid court interference at their death or incapcity consider a living trust.
@ SkyPilot, why do you bother to reply to threads in which you have nothing substantive to add or regarding subject matter in which you have no knowledge of that which you speak?
Now whether you realize it or not when you create hot links such as GarySpicuzza from THIS thread the search engine spiderbots keep picking up on that link which causes THIS link to be in the top position when someone Googles Gary Spicuzza.
So keep up the good work and thank you!
If you knew anything about the marketing of financial products and services you would know that NOBODY does any type of substantial financial business with anyone via an Internet message board.
Further, you are probably wound so tight you can't even appreciate the humor in my sig line.
Do me a favor, go read your Last Will and Testament, if you have one.
If not, go review the Intestate Laws in your home state.
Then review your home state statute on reasonable compensation of attorney for the personal representative such as Florida Statute 733.6171
Then get back to this thread and try to determine if there is any useful information on this thread.
@ Show-me, I'd recommend anyone who owns titled assets and wants their spouse, children or parents to avoid court interference at their death or incapcity consider a living trust.
@ SkyPilot, why do you bother to reply to threads in which you have nothing substantive to add or regarding subject matter in which you have no knowledge of that which you speak?
Now whether you realize it or not when you create hot links such as GarySpicuzza from THIS thread the search engine spiderbots keep picking up on that link which causes THIS link to be in the top position when someone Googles Gary Spicuzza.
So keep up the good work and thank you!
If you knew anything about the marketing of financial products and services you would know that NOBODY does any type of substantial financial business with anyone via an Internet message board.
Further, you are probably wound so tight you can't even appreciate the humor in my sig line.
Do me a favor, go read your Last Will and Testament, if you have one.
If not, go review the Intestate Laws in your home state.
Then review your home state statute on reasonable compensation of attorney for the personal representative such as Florida Statute 733.6171
Then get back to this thread and try to determine if there is any useful information on this thread.
Show-me
Well-known member
Where was I?
Hmmmmm, interesting non-responsive replies on a thread where the crux is regarding Estate Planning.
If you don't have your Estate Planning house in order don't worry a probate practice attorney will clean up the mess you've left behind for a minimum fee of 3% (Florida) on the inventory value of your Estate.
But if you don't want to know that, understand that, comprehend that or correct that.....That's okay!.....life happens while you're making other plans.
Tell me something....
When you signed your "Last Will & Testament" did you consciously understand that you just named some unknown attorney as a minimum 3% beneficiary of the total value of your Estate when the second spouse dies?
Ya know, in Amerika, we've become so open minded that our brains have fallen out only to become mindless robots.
Best regards,
So what exactly are you recommending, offering, selling?
Spaf
Honorary Hall of Fame Member
Rather than Where to start planning, may I suggest "When to start planning" and the when is generally yesterday. However, for TSP purposes please see the publications at the TSP site. The publication "Death Benefits" has some good information.
Please keep a copy of the TSP forms filled out. You can refer back to them to make sure things are up to date.
Please keep a copy of the TSP forms filled out. You can refer back to them to make sure things are up to date.
SkyPilot
Well-known member
Heeeeeeez BAAAAAaaaaaaaak! 
If this was "Amerika" as you suggest, you wouldn't be free to denigrate the name America. On this board you will find we are often critical, but we are not unpatriotic.
You sir, suggest that America the Beautiful is rather "Amerika" the Soviet which is offensive both to our country, and to those who have suffered under the plight of communism as you trivialize and minimize their years of oppression. Your glibness is neither cute nor clever.
Your SPAM is unwelcome....
If this was "Amerika" as you suggest, you wouldn't be free to denigrate the name America. On this board you will find we are often critical, but we are not unpatriotic.
You sir, suggest that America the Beautiful is rather "Amerika" the Soviet which is offensive both to our country, and to those who have suffered under the plight of communism as you trivialize and minimize their years of oppression. Your glibness is neither cute nor clever.
Your SPAM is unwelcome....
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GarySpicuzza
Visitor
Where was I?
Hmmmmm, interesting non-responsive replies on a thread where the crux is regarding Estate Planning.
If you don't have your Estate Planning house in order don't worry a probate practice attorney will clean up the mess you've left behind for a minimum fee of 3% (Florida) on the inventory value of your Estate.
But if you don't want to know that, understand that, comprehend that or correct that.....That's okay!.....life happens while you're making other plans.
Tell me something....
When you signed your "Last Will & Testament" did you consciously understand that you just named some unknown attorney as a minimum 3% beneficiary of the total value of your Estate when the second spouse dies?
Ya know, in Amerika, we've become so open minded that our brains have fallen out only to become mindless robots.
Best regards,
Just put them on your ignore list and their posts won't crowd up your "new posts" list. Or just subscribe to the threads you are interested in and don't bother with "new posts." I've done it both ways.
Thank you L2read, I really was thinking about doing this but I have a full plate right now. So, this is a good reminder of HOW I CAN DO IT AND JUST NOT HAVE TO WORRY ABOUT SEEING ALL KINDS OF "FREE
PROPAGANDA" that we luckily do not really need at this time.
My problem is I like to every once in a while, when I have time, go thru all the threads to see if there is anything new I can learn from (and I always do) so it's hard for me to figure out which ones I am really interested in (too curious I guess??). So, I am still trying to learn how to best figure out to manage my funds, my life, my everything
do we ever learn though???
Have a nice weekend!
CorMaGa34
Silverbird
Well-known member
Yes, please find another board that needs your help, we TSP'ers have access to one of the best post-retirement programs in the U.S., including an annuity for our 401k equivalent (if we really want to roll our TSP into an annuity) along with other options for our 401K equivalent past retirement, *AND* the equivalent of a pension (CSRS/FERS)--and don't tell me that our company could go out of business and we could lose our pension, we are FEDS after all. No market for you here.
And we are planning our retirement already, otherwise we wouldn't be on this board, so you aren't adding anything useful by adding this thread.
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GarySpicuzza
Visitor
So just exactly where should one start their Financial/Retirement/Estate Planning?
Well friends and anonymouse enemies.....you start at The End.
Meaning The End of your life, AKA....... your death.
With that in mind what kind of a mess have you left for your spouse, children, parents or anyone else you care about who may have an interest in your Estate when you die?
My *SAFE guess is you have fragmented Estate Plans.
But what is Estate Planning?
Estate Planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.
Who does Estate Planning?
It can involve the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. This includes the services of a variety of professionals, including a lawyer, accountant, financial planner, insurance advisor, banker and broker.
In almost all cases it is an Insurance Agent who first educates clients in these matters, coordinates with an attorney for document preparation and advises the client on the wealth protection and transfer products available for their needs.
Some very basic concepts to understand is the fact there are only three ways to transfer assets upon death.
1) by Will, (has to go through Probate Court.)
2) by Contract, (i.e., a RevocableTrust, a business Buy-Sell Agreement, an Annuity Contract, a Life Insurance Policy, are all examples of "contracts" that DO NOT go through Probate Court. The proceeds of these contracts are paid directly to the named beneficiaries of the contract.
3) by Operation of Law, i.e., Joint Ownership or having no Will.
Additionally one must understand there are only four (4) ways to own any type of property. Everything you've ever owned in your life has been owned and held in one of four ways.
a) Sole Ownership,
b) Joint Ownership,
c) Corporate Ownership or
d) a Trust.
When you die your assets will be transferred to your heirs and beneficiaries by only one and/or a combination of three (3) methods:
1) No will, according to state law, through the Probate Court System.
2) With a will, through the Probate Court System.
3) Revocable Trust, directly to named beneficiaries, avoids Probate Court.
Lastly, the one singular fact of life regarding Estate Planning that one must consciously understand is..... ALL of the Probate Court problems and Federal Estate Tax problems manifest themselves when the second spouse dies.
The adult - children - heirs of elderly individuals often get caught in the "Probate Court System" because Mom or Dad failed to realize and understand when their spouse died they no longer owned their assets as Joint Owners. They now own the assets as an Individual Sole Owner and that form of ownership always triggers Probate Court at death.
*SAFE = Self Appointed Financial Expert
Well friends and anonymouse enemies.....you start at The End.
Meaning The End of your life, AKA....... your death.
With that in mind what kind of a mess have you left for your spouse, children, parents or anyone else you care about who may have an interest in your Estate when you die?
My *SAFE guess is you have fragmented Estate Plans.
But what is Estate Planning?
Estate Planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.
Who does Estate Planning?
It can involve the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. This includes the services of a variety of professionals, including a lawyer, accountant, financial planner, insurance advisor, banker and broker.
In almost all cases it is an Insurance Agent who first educates clients in these matters, coordinates with an attorney for document preparation and advises the client on the wealth protection and transfer products available for their needs.
Some very basic concepts to understand is the fact there are only three ways to transfer assets upon death.
1) by Will, (has to go through Probate Court.)
2) by Contract, (i.e., a RevocableTrust, a business Buy-Sell Agreement, an Annuity Contract, a Life Insurance Policy, are all examples of "contracts" that DO NOT go through Probate Court. The proceeds of these contracts are paid directly to the named beneficiaries of the contract.
3) by Operation of Law, i.e., Joint Ownership or having no Will.
Additionally one must understand there are only four (4) ways to own any type of property. Everything you've ever owned in your life has been owned and held in one of four ways.
a) Sole Ownership,
b) Joint Ownership,
c) Corporate Ownership or
d) a Trust.
When you die your assets will be transferred to your heirs and beneficiaries by only one and/or a combination of three (3) methods:
1) No will, according to state law, through the Probate Court System.
2) With a will, through the Probate Court System.
3) Revocable Trust, directly to named beneficiaries, avoids Probate Court.
Lastly, the one singular fact of life regarding Estate Planning that one must consciously understand is..... ALL of the Probate Court problems and Federal Estate Tax problems manifest themselves when the second spouse dies.
The adult - children - heirs of elderly individuals often get caught in the "Probate Court System" because Mom or Dad failed to realize and understand when their spouse died they no longer owned their assets as Joint Owners. They now own the assets as an Individual Sole Owner and that form of ownership always triggers Probate Court at death.
*SAFE = Self Appointed Financial Expert
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