<p>DocT, please accept my condolences on the loss of your father. Mine is 82 and would be very happy to go while cutting wood. He’s healthy but afraid of growing frail and losing control.</p>
<p>We used our modest windfall/gift from relative to make sure kids graduated debt free. They weren’t impressed at first, but after graduating they watched friends struggle and were very glad.</p>
<p>My folks are in their 80s and so far, so good. Seeing so many kids graduate with varying amounts of debt, we are VERY grateful that we were able to help them get great educations without becoming encumbered with debt.</p>
<p>DocT, my condolences, but glad he was living on his own without assistance until the end. That is how I’d like to go when it’s my time as well–living independently something I consider useful at the time (though for me, will NOT be chopping wood).</p>
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<p>Given the threads recently about people whose elderly relatives have become burdens on on them (financially or otherwise) due to medical problems needing constant assistance and care and the like, it seems like doing the best you can to avoid being a burden on others (financially or otherwise) will be the best for your family relationships.</p>
<p>Of course, minimizing the risk of being a burden on others also depends on healthy life habits, like a clean diet and exercise (chopping wood?).</p>
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<p>Don’t keep mid-six figures of money in one bank. Note the FDIC insurance limits:
[FDIC:</a> Are My Deposits Insured?](<a href=“http://www.fdic.gov/deposit/deposits/]FDIC:”>FDIC: Understanding Deposit Insurance)</p>
<p>Actually, our understanding is that if there are several owners of the account, EACH of them gets the maximum $250K insurance. We did ask, as we have one account that has finally exceeded that amount, tho it has many owners. The bank reassured us that EACH of us is entitled to the $250K insurance, so for the account, it is $250K x the total # of owners.</p>
<p>Here it is in the citation you provided:</p>
<p>What are the basic FDIC coverage limits?*</p>
<p>Single Accounts (owned by one person with no beneficiaries): $250,000 per owner</p>
<p>Joint Accounts (two or more persons with no beneficiaries): $250,000 per co-owner</p>
<p>IRAs and other certain retirement accounts: $250,000 per owner</p>
<p>Revocable trust accounts: Each owner is insured up to $250,000 for each unique eligible beneficiary named or identified in the revocable trust, subject to specific limitations and requirements</p>
<p>*These deposit insurance coverage limits refer to the total of all deposits that account owners have at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.</p>
<p>Back to top</p>
<p>Is it possible to have more than $250,000 at one insured bank and still be fully covered?</p>
<p>You may qualify for more than $250,000 in coverage at one insured bank or savings association if you own deposit accounts in different ownership categories. The most common account ownership categories for individual and family deposits are single accounts, joint accounts, revocable trust accounts, and certain retirement accounts.</p>
<p>From December 31, 2010 through December 31, 2012, all noninterest-bearing transaction accounts are fully insured, regardless of the balance of the account and the ownership capacity of the funds. This coverage is available to all depositors, including consumers, businesses, and government entities. The unlimited coverage is separate from, and in addition to, the insurance coverage provided for a depositor’s other accounts held at an FDIC-insured bank. </p>
<p>A noninterest-bearing transaction account is a deposit account where:
•interest is neither accrued nor paid;
•depositors are permitted to make an unlimited number of transfers and withdrawals; and
•the bank does not reserve the right to require advance notice of an intended withdrawal.</p>
<p>My parents and DH’s father had their entire estates setup as trusts well before they died. There was no bickering, no deciding, very smooth, easy job for the executors. </p>
<p>My parents had us go through their home and personal belongings years before they died to tag what we wanted. The list was signed by all of us and filed with their lawyer. They even wrote their own obituaries. All we had to take care of was arrange to remove the things we wanted from the house, give away the rest, and sell the house. </p>
<p>I hope to be able to make our eventual deaths as easy for our own children. </p>
<p>My MIL and her husband’s estate will be a mess, however. House crammed with stuff, some of which is quite valuable, some of which is junk, none of which has been archived. Valuable coin collection juxtiposed with Beanie Babies. Going to be a long slog to close THAT estate.</p>
<p>The rules are complicated enough that you want to read them very carefully to ensure that you are not missing on FDIC insurance that you think you may be getting on your accounts.</p>
<p>[FDIC:</a> Your Insured Deposits](<a href=“FDIC: Understanding Deposit Insurance”>FDIC: Understanding Deposit Insurance)</p>
<p>You can also check on bank financial strength ratings at</p>
<p>[Bank</a> Ratings](<a href=“http://www.bauerfinancial.com/home.html]Bank”>BauerFinancial | We analyze banks and credit unions…. very carefully)</p>
<p>DocT, you’re not concerned that the bank rates won’t keep up with inflation? No thoughts about investing, in real estate, stock market, IRAs, 401ks or elsewhere? Not splurges or paying off debt? Very curious about all of this.</p>
<p>I have significant assets in stocks, multiple 401k plans, 403 plans and real estate. Interestingly enough, I was going through a chest of coins that my father had been collecting. There are many pounds of silver coins in the chest - I can’t lift the chest. My father hid my mother’s jewelry (she bought all kinds of jewelry and had huge quantities) behind built in drawers etc. For years my wife was asking my father if she could have the diamond earrings and diamond necklace that my mother had promised her but to no avail. The first go through the house we found most of the jewelry (though not what my wife or daughter would wear - way too gaudy) but not those pieces. Today we found them and my wife is on cloud 9. We’re trying to figure out what to do with the other jewelry - some of it is valuable, some isn’t and others we don’t have a clue. Anybody ever have jewelry appraised in situations like this?</p>
<p>I know families with the inherited funds to do this. Trust accounts were set up for grandchildren for college educations. And each generation so far has responded by setting up college accounts not for their own children (who’ve already been provided for) but for their grandchildren. A great legacy!
My personal inclination would be to provide specific immediate needs. Probably not a huge scholarship but text book money for a semester, small funds or loan for a start-up business, or buy equipment/supplies to make a project happen.
I know many people who have a story of “someone who helped me when I needed it most”. I think that’s great and I would hope to be one of those helpers.</p>
<p>DocT, do you have a trusted jeweler? I received some jewelry from my mom, some of which came from a friend of hers that had died. I just went to my jeweler (who has since become a good friend) and she went through piece by piece and said what things were worth. Some of it was worth little to nothing. Some of the gold necklaces and bracelets were considered scrap, and some of it was quite valuable. I had those things appraised and then added to my personal articles floater policy. I stuffed it all in the safe deposit box and forgot about most of it.</p>
<p>Well, now that gold has skyrocketed, I may disposes of the scrap gold. Or, I may keep the items just in case things get really bad in the world. The scrap would bring less than $1000, and it just takes up a little bit of the safe deposit box.</p>
<p>I had 2 of my 3 daughters go through my jewelry and write a list of the pieces that they wanted in the order they wanted them. D2 will get that opportunity the next time she comes for a visit. I was pleasantly surprised that the most valuable pieces weren’t the top items on their list. They wanted the items that meant something to them first. My problem is that I have received several valuable pieces since the lists were made. My D1 jokingly calls “dibs” on every new piece I get. I just laugh.</p>
<p>I have 1 granddaughter. She was born in the same month I was. Right now, any pieces of jewelry I have that have our birthstone in them will go to her. Her mother knows to share with any other granddaughters who might be born in the same month, if I happen to die before they are born. </p>
<p>If I received a large windfall, I would put money into our grand children’s educational fund. Each of my children would receive something, too. I would buy a nice piece of art, take a trip and then I would invest the rest. If there was really a lot of money, then I would fund a scholarship at the private high school I attended.</p>
<p>I won $7 on a lottery ticket last month. Woohooo</p>
<p>DocT–I’m sorry about your dad. No matter how young or old, it hurts when a parent dies.
Now comes a part that’s hard no matter what your circumstances–the estate.
Jewelry–find a reputable jeweler (word of mouth is good, longevity of business) to guide you. It doesn’t take long to start to recognize the “good stuff” with a bit of education. “Gaudy” doesn’t mean invaluable–rhinestones in great condition are very valuable. Coins really need to go to someone who knows what they’re looking at–any clubs around? Old timers who know this stuff?<br>
I’m just saying to not undervalue what’s been left to you simply because you don’t have interest in it personally. I’m sure that’s not the case but it gets overwhelming when a parent dies and leaves a lifetime of their collections.</p>
<p>I’m pretty knowledgable about coins. A lot of the coins dates are worn off and therefore are pretty much worth only their melt down weight in silver. As far as jewelry, the gaudy jewelry consists of diamonds, sapphires, rubies etc. but the settings are not current. My wife prefers white gold as opposed to the “yellow gold” variety. There are some “fake stones” that are difficult to distinguish from true gems. I need a jeweler for these. As far as the other “gaudy jewelry”, there’s so much of it - box loads - I need to sell it.</p>
<p>I did sell one of my gaudy jewelry pieces to the gold shop when it was skyrocketed, only got a fraction of what I paid for. I didn’t know why I bought this piece at an auction. It must be auction fever.</p>
<p>I agree that it’s important to find a jeweler you trust. Did your folks have jeweler’s they trusted? Perhaps that might be a place to start. I have a jeweler I have known for decades & trust him completely. If I needed valuations and appraisals, I know I could look to him. Word of mouth by asking others in your area could be a useful way to find a good, honest and trustworthy jeweler. Sounds like you have quite a lot.</p>
<p>In HI, housing prices are so high, if we don’t help purchase SOMETHING the kids could use to live in or trade for something they want to live in, I am not sure they would be able to afford to live anywhere near us. We would like them to be able to live on our island and hopefully somewhere near us. 
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<p>I’d like to be able to save some funds to help provide for future grandkids’ educations, if we can. Our kids’ generation are going to be left with a lot of debt from us and prior generations. :(</p>
<p>Just read a spooky article that 29% of people age 55+ have less than $10,000 saved! Wow!</p>
<p>My husband and I have been talking about this.</p>
<p>Our kids educations are funded. We would like to fund our nieces and nephews as needed. We would like to donate in a meaningful way to some specific educational and athletic needs. We also do some direct assistance to a less fortunate family in town. </p>
<p>(We used to spend several hundred dollars at ToysR US at Christmas time and take the toys to the homeless shelter in a nearby city. This year we went a little closer to home and bought needed coats and food for a local family. Spent about the same, feel like we had a bigger impact.)</p>
<p>On windfalls, we just live life as if not much has changed much. We have windfalls most years but we mostly just live life on current income.</p>
<p>The biggest windfall in our household has been me losing 75 pounds. Energy, health and lack of aches and pains (other than self-inflicted) and not worrying so much about problems related to obesity.</p>
<p>It’s true that we have been very fortunate in our life and have received windfalls–financial and otherwise in our lives that have enabled us to have some amazing opportunities and help our kids get through their private HS & now private U without crushing debt. We are grateful for that.</p>
<p>I’m just thinking of windfalls that are significantly larger in scale–say 6 or 7 digits–as that may change what folks opt to do with such amounts. This thread is an attempt to explore any changes that folks might be interested in creating from such a financial windfall.</p>
<p>CPN, sounds like you & your H are having fun sharing your resources with others.</p>
<p>I have a friend who has helped her nieces go to college, as she has no kids of her own. She is a very kind and generous person, whom I admire.</p>
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<p>Well, those are the figures that I’m talking about. We get those most years. We’ve spent a bit of it ($10K to $20K) per year on college costs for two but the rest has been put into investments.</p>