Welcome to the nearly 200 new subscribers joined after my recent appearance on Ward Carroll’s YouTube Channel. I try and have a little something for you in your email at 0500 on Monday mornings, which often involves writing on the Saturday and Sunday before. This week, I had a wonderful visit from my brother Patrick and his bride Stephanie over the weekend, so I really didn’t think too much about writing. Also, the news of the weekend took some of the wind out of my sails for pithy commentary. Rested and ready, I’ll probably wind up only being a few hours late in getting this up on the site.
Every adult should have a will and should update it regularly. "Regularly" means with each key life event, and at least reviewing that it comports with your current life situation every 5 years or so. Glad you got it updated, Bryan. Far too many people do not want to contemplate the end, and so put off creating or updating a will far too long.
Bryan: I read and enjoy your informative website and follow your appearances with Ward Carroll. I very much appreciate your commentary, not only on defense but on life issues. I am not a Reagan conservative by any means. I am what I call a practical liberal (please no snide comments that that is an oxymoron). Two of my closest friends (brothers from another mother) are extremely politically conservative; yet we love and support and care for each other (individuals and families) - my point is that it is possible to bridge political divides. As to your discussion of courage, I similarly have thought about how I might respond to life threatening situations. I have concluded that courage is not the absence of fear but is action regardless of fear. I did not serve in the military and thus never was involve in combat. Thus, I don't know how I would respond. In every day life, we are confronted by issues, problems, decisions and sometimes physical danger that tests whether we can overcome a particular fear - whether emotional or physical. Looking back through my life (now of 77 years), my bag is a mixed one - sometimes overcoming fear, sometimes succumbing to fear. At times I struggle to honestly look at my history and to have the grace to forgive myself when I haven't measured up. I thank you for the stimulation contained in your commentary and for its provocations.
My goal is that when I pass the Will does almost nothing. Why? Because if it has to go to probate court you can eat up 10% or more of what you wanted to go to your heirs. ( and it might take a year before they get anything) All investment and savings accounts have what are called "pay on death" beneficiaries. Those funds pass directly to the heirs specified and don't have to go through probate. The Will is for who gets the old pickup and who gets the nightstand, etc. In our case it made sense to liquidate all real estate so we don't have to account for that. My father also got rid of real estate before he died because he knew I'd want to sell the house and my brother would want to move in.
If you can't do that then perhaps some sort of trust can gracefully handle real estate with less cost than it going through probate. In some states if your net worth is under $100k probate is avoided, but I don't know anybody with that situation.
I have a couple of smallish pensions. One doesn't allow beneficiaries ( when I die it ends, no survivor benefits). The other allows one, usually the spouse, and when he/she dies it's over with so no need to account for that in end-of-life planning. Not sure about military pensions. With social security, as I'm sure most here know, the wife usually earned less over time so she should "assume" the husband's social security. She'll get something like 2/3 of what he was getting, which is often higher than her own social security. ( she gets one or the other, not both). As time goes on and women work full-time longer that calculus will change.
Life insurance should have beneficiaries specified, of course. ( avoiding probate )
Member since 1980. Month out of college. Retired airline gypsy. I keep the cheap entry card and use it almost exclusively for car rentals - as I have the insurance plan; $22 per rental up to 30 days. I don’t own a car (or house) so I have no insurance. Pays for itself in car rental insurance. Everything I own fits in my old crew roller bag. After many years in LatAm my world view is if everything goes Tango Uniform, I can be in a taxi to the airport in 30 minutes.
I last thought about American Express last week, writing a bit of fiction in which someone's parents send them American Express Travelers Cheques to use in London. Do those even still exist?
I don't know what was the last time I thought about American Express, the card, though. Kinda seems like they lost a lot of their perceived prestige (at least with me) when they started adding levels above the Gold Card. It's the sort of tacky stuff the great American Express shouldn't have to mess with.
My main card now is one of the tacky modern ones, that gives me a not-inconsiderable amount of money to spend at Amazon.
Every adult should have a will and should update it regularly. "Regularly" means with each key life event, and at least reviewing that it comports with your current life situation every 5 years or so. Glad you got it updated, Bryan. Far too many people do not want to contemplate the end, and so put off creating or updating a will far too long.
Thank you, Sir, for your readership and your thoughtful comments.
Bryan: I read and enjoy your informative website and follow your appearances with Ward Carroll. I very much appreciate your commentary, not only on defense but on life issues. I am not a Reagan conservative by any means. I am what I call a practical liberal (please no snide comments that that is an oxymoron). Two of my closest friends (brothers from another mother) are extremely politically conservative; yet we love and support and care for each other (individuals and families) - my point is that it is possible to bridge political divides. As to your discussion of courage, I similarly have thought about how I might respond to life threatening situations. I have concluded that courage is not the absence of fear but is action regardless of fear. I did not serve in the military and thus never was involve in combat. Thus, I don't know how I would respond. In every day life, we are confronted by issues, problems, decisions and sometimes physical danger that tests whether we can overcome a particular fear - whether emotional or physical. Looking back through my life (now of 77 years), my bag is a mixed one - sometimes overcoming fear, sometimes succumbing to fear. At times I struggle to honestly look at my history and to have the grace to forgive myself when I haven't measured up. I thank you for the stimulation contained in your commentary and for its provocations.
My goal is that when I pass the Will does almost nothing. Why? Because if it has to go to probate court you can eat up 10% or more of what you wanted to go to your heirs. ( and it might take a year before they get anything) All investment and savings accounts have what are called "pay on death" beneficiaries. Those funds pass directly to the heirs specified and don't have to go through probate. The Will is for who gets the old pickup and who gets the nightstand, etc. In our case it made sense to liquidate all real estate so we don't have to account for that. My father also got rid of real estate before he died because he knew I'd want to sell the house and my brother would want to move in.
If you can't do that then perhaps some sort of trust can gracefully handle real estate with less cost than it going through probate. In some states if your net worth is under $100k probate is avoided, but I don't know anybody with that situation.
I have a couple of smallish pensions. One doesn't allow beneficiaries ( when I die it ends, no survivor benefits). The other allows one, usually the spouse, and when he/she dies it's over with so no need to account for that in end-of-life planning. Not sure about military pensions. With social security, as I'm sure most here know, the wife usually earned less over time so she should "assume" the husband's social security. She'll get something like 2/3 of what he was getting, which is often higher than her own social security. ( she gets one or the other, not both). As time goes on and women work full-time longer that calculus will change.
Life insurance should have beneficiaries specified, of course. ( avoiding probate )
Member since 1980. Month out of college. Retired airline gypsy. I keep the cheap entry card and use it almost exclusively for car rentals - as I have the insurance plan; $22 per rental up to 30 days. I don’t own a car (or house) so I have no insurance. Pays for itself in car rental insurance. Everything I own fits in my old crew roller bag. After many years in LatAm my world view is if everything goes Tango Uniform, I can be in a taxi to the airport in 30 minutes.
I am content and also have the ‘pink form”made out for the medical folks. You should do that next year when you start the 7th decade.
Fun detail: because AMEX charges more than others, if I like an establishment I will use my Discover card.
AMEX waives the fee for Active Duty members which may be clever marketing to build brand loyalty and set that hook.
1988? Er, I remember being in high school and ads telling me, "(They) take Visa, but not American Express". So I've never used one.
I last thought about American Express last week, writing a bit of fiction in which someone's parents send them American Express Travelers Cheques to use in London. Do those even still exist?
I don't know what was the last time I thought about American Express, the card, though. Kinda seems like they lost a lot of their perceived prestige (at least with me) when they started adding levels above the Gold Card. It's the sort of tacky stuff the great American Express shouldn't have to mess with.
My main card now is one of the tacky modern ones, that gives me a not-inconsiderable amount of money to spend at Amazon.
That Amazon bump is REAL!