Oh, yes, now another thought.
What would happen to those funds if my childless offspring should predecease me (their spouse?, their sibs? their nieces/nephews?)?
I think thatâs called a lapse, and again, it probably varies by state. Your estate plan should take that into consideration so that you can be sure your estate would go to someone (or some group) that you choose.
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Weâve specified that if there are no grandchildren the value of the estate is to be gifted to the University of Michigan. Otherwise, the estate is to be equally distributed to grandchildren.
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Well, there are grandchildren from some of my kids, in unequal #s, and one without children at this time. The grandchildren would get their parentâs share per stirpes.
I would need to research options for the childless kidâs amount should they (and not their siblings) predecease me. At this point, Iâd be inclined to have it go to their spouse, but not sure thatâs the best decision.
Thanks for that terminology. I shall look into it.
Mine has a section that reads:
Family Disaster. If my residuary estate or the principal of any trust established under my Will is not effectively disposed of by the foregoing provisions of my Will, such property shall be distributed, in equal shares, to my then living nieces and nephews, namely (named the ten nieces & nephews). If any niece or nephew shall not survive me then their distribution shall lapse and said share shall be divided among the other surviving nieces and nephews.
Anybody checked their 2025 Part D premiums due to some of the new changes? (Mine will skyrocket even tho we take zero scrips.)
Mine will be 0, but I just take a generic maintenance drug. Part D scares me, because if I get a new medical diagnosis during the year & the drug I need is not covered, it could be a real issue. Sure, they have to cover something from each category, but not all drugs in a category are created equal. I assume that if I have to go outside Part D for a drug that isnât included in my Part D formulary, say using Cost Plus, it wonât count toward the $2,000 max OOP. Thatâs worst case, but itâs not exactly out of the question.
Interesting. Something to think about and discuss.
Thanks.
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My part D is going up form 50 cents a month to $12.50 a month next year
You can specify that a family member NOT receive anything.
For example, if H and I outlive both of our children as well as our grandchild (highly unlikely), our nearest family would be Hâs sisters and my siblings. We have specified that one of my siblings (as well as his child) NOT receive anything.
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Itâs often common to name possible beneficiaries/heirs and leave them a token amount of $10.
My bil did that with all three of his children from his first marriage. Left everything to my sil who was his last wife.
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Had our 6 month checkup call with our financial advisor today.
We can still afford retirement 
The good news is that weâd like to do some home improvement work in this next year. It shouldnât affect our finances to do that.
This year before Medicare should be an eventful one. My husbandâs former employer which offered retiree healthcare has decided to change that. They will pay a stipend but it seems it will not cover our costs next year like the healthcare we have had in the past. Lots of uncertainty but thankfully it wonât be too long and we are able to afford it.
It would have been nice to have a little more heads-up, maybe we could have cut back some expenses. But the wedding of one of our children still happened and so probably not. Not much we could do.
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Mine was cut in half but now I have to pay a copay and/or coshare. It will end up being much more. Iâm guessing this is because those expensive drugs are capped and no one pays more than $2000 annually. In order to cover that, we all pay a share???
We have a lot of very young retired policeman that come down south and take other jobs and have a full pension from New Jersey / New York. They have a pretty nice income after retirement.
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Mine is 40 cents/mo currently increasing to $17.40/mo.
I believe that is correct.
Sounds like our WellCare; we were pretty surprised at the 40 cents in 2024. Iâm guessing the Medicare Part D calculator online will still tell me itâs the best deal, but I will double check in a couple of weeks.
My kids (and their cousins) received a direct inheritance from their grandparents. The grandkids were 19-29 at the time they inherited in 2018.
Itâs been a joy to watch them invest their inheritances as they move through early adulthood. They each inherited approximately $50,000.
Those $50k inheritances were 5% (to each) from their grandparentsâ estate.
DH and I set up a similar designation in our trust. 5% per grandchild up to 30% of our estate.
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I was actually looking at WellCare since it was the least expensive but I didnât know who they were and wasnât sure if there were any problems with them not being accepted by doctors or hospitals.
We have WellCare for Part D, not Advantage, so no situations with doctors or hospitals.