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Life insurance for elderly parents .
#14397655
06/18/22 09:03 PM
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Joined: Mar 2009
Posts: 10,282
Siberman
OP
TFF Guru
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OP
TFF Guru
Joined: Mar 2009
Posts: 10,282 |
Morbid subject , sorry .
My mother (93) has no life or burial insurance . She has decent savings and real estate . Pretty much figure I'll be the one to handle / be financially responsible for the final arrangements with no help from my siblings .
Is it even possible to take out a policy with me as the beneficiary ? Not doing this for profit ; just want to cover expenses .
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Re: Life insurance for elderly parents .
[Re: Siberman]
#14397661
06/18/22 09:14 PM
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Joined: May 2002
Posts: 82,783
Bob Davis
Bunkeroid Bob
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Bunkeroid Bob
Joined: May 2002
Posts: 82,783 |
My Dad prepaid for a grave plot and cremation fees. When he passed it only cost $500 fee to dig the grave. After this, my wife and I did the same, bouhgt plots and cremation, etc so our kids wont have any expense. If there is no way to talk to your Mom about thus now, all heirs should agree to split the cost from any proceeds.
Foxtrot Juliet Bravo
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Re: Life insurance for elderly parents .
[Re: Siberman]
#14397671
06/18/22 09:26 PM
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Joined: Jan 2003
Posts: 2,029
von rage
Extreme Angler
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Extreme Angler
Joined: Jan 2003
Posts: 2,029 |
I think it would cost more than the final arrangements.
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Re: Life insurance for elderly parents .
[Re: Siberman]
#14397672
06/18/22 09:28 PM
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Joined: May 2002
Posts: 5,736
JCG57
TFF Celebrity
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TFF Celebrity
Joined: May 2002
Posts: 5,736 |
Help her open a checking account with you as joint tenants with rights of survivorship. Put enough cash in to cover her final expenses - burial, outstanding debts, etc.
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Re: Life insurance for elderly parents .
[Re: JCG57]
#14397678
06/18/22 09:43 PM
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Joined: Mar 2003
Posts: 13,603
SteveHummert
pawpaw
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pawpaw
Joined: Mar 2003
Posts: 13,603 |
Help her open a checking account with you as joint tenants with rights of survivorship. Put enough cash in to cover her final expenses - burial, outstanding debts, etc.
^this^ Does she have a will? A lack of is where a lot of the problems start
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Re: Life insurance for elderly parents .
[Re: SteveHummert]
#14397712
06/18/22 10:26 PM
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Joined: Jun 2005
Posts: 12,958
DanDaBald
TFF Guru
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TFF Guru
Joined: Jun 2005
Posts: 12,958 |
Does she have a will? A lack of is where a lot of the problems start
I can say without a shadow of a doubt that nightmares start when someone dies and leaves no will. Unca Zeek, please feel free to write an essay on "How NOT to die in the state of Texas" and share some stories with the readers. Believe me, there are some horror stories out there. P.S. If you're 35 and living with a 'fiance', and said 'fiance' has two kids, and you have two kids (from different mothers and not your live-in) and you get taken out on your motorcycle by a hydroplaning young woman with an infant in the back seat, YOU'D BETTER HAVE A WILLRight, Zeek ? ? ? It does happen to even the invincible . . . . .
NEVER FORGET 9/11/2001
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Re: Life insurance for elderly parents .
[Re: JCG57]
#14397715
06/18/22 10:28 PM
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Joined: May 2002
Posts: 82,783
Bob Davis
Bunkeroid Bob
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Bunkeroid Bob
Joined: May 2002
Posts: 82,783 |
Help her open a checking account with you as joint tenants with rights of survivorship. Put enough cash in to cover her final expenses - burial, outstanding debts, etc.
Good advice. My Dad had me as a joint owner of his checking account. So I was able to write checks to cover bills, remaining expenses etc.
Foxtrot Juliet Bravo
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Re: Life insurance for elderly parents .
[Re: Siberman]
#14397716
06/18/22 10:29 PM
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Joined: Mar 2008
Posts: 61,055
LoneStarSon
Private Dancer
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Private Dancer
Joined: Mar 2008
Posts: 61,055 |
Do preneed funeral arrangements. They do have policies for final expenses as well that I see advertised on tv all the time. Doing preneed will save you a lot of money and heartache.
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Re: Life insurance for elderly parents .
[Re: Siberman]
#14397726
06/18/22 10:48 PM
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Joined: Feb 2008
Posts: 8,590
Brandon Adamcik
TFF Celebrity
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TFF Celebrity
Joined: Feb 2008
Posts: 8,590 |
Grandad passed two weeks ago. He had 10k funeral policy and he had already paid for cemetery when grandmother passed in 2011. We went to make arrangements for a very simple crypt side service with family and friends. At 97 there aren’t many friends left. The service/funeral was over 16k. Nice but nothing extravagant. I was floored. I will be cremated.
Czechfish
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Re: Life insurance for elderly parents .
[Re: JCG57]
#14397746
06/18/22 11:13 PM
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Joined: May 2007
Posts: 40,432
WAWI
TFF Guru
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TFF Guru
Joined: May 2007
Posts: 40,432 |
Help her open a checking account with you as joint tenants with rights of survivorship. Put enough cash in to cover her final expenses - burial, outstanding debts, etc.
That's what we did. I had access to enough of moms money immediately for funeral, Bill's on her house, etc.. its very easy and took 20 minutes at the bank. I never came out of my pocket to handle any of her stuff. We had a couple other accounts set up the same. She had wanted each of the grandkids to get a certain amount. I gave them each a check after the funeral. Super easy
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Re: Life insurance for elderly parents .
[Re: Brandon Adamcik]
#14397749
06/18/22 11:19 PM
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Joined: Mar 2008
Posts: 61,055
LoneStarSon
Private Dancer
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Private Dancer
Joined: Mar 2008
Posts: 61,055 |
Grandad passed two weeks ago. He had 10k funeral policy and he had already paid for cemetery when grandmother passed in 2011. We went to make arrangements for a very simple crypt side service with family and friends. At 97 there aren’t many friends left. The service/funeral was over 16k. Nice but nothing extravagant. I was floored. I will be cremated. WOW! Where is he buried? Restland in Dallas?
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Re: Life insurance for elderly parents .
[Re: LoneStarSon]
#14397786
06/19/22 12:41 AM
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Joined: Feb 2008
Posts: 8,590
Brandon Adamcik
TFF Celebrity
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TFF Celebrity
Joined: Feb 2008
Posts: 8,590 |
Grandad passed two weeks ago. He had 10k funeral policy and he had already paid for cemetery when grandmother passed in 2011. We went to make arrangements for a very simple crypt side service with family and friends. At 97 there aren’t many friends left. The service/funeral was over 16k. Nice but nothing extravagant. I was floored. I will be cremated. WOW! Where is he buried? Restland in Dallas? GP off 1382
Czechfish
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Re: Life insurance for elderly parents .
[Re: Siberman]
#14397787
06/19/22 12:42 AM
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Joined: Mar 2009
Posts: 10,282
Siberman
OP
TFF Guru
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OP
TFF Guru
Joined: Mar 2009
Posts: 10,282 |
We have a family plot in Winfield and another at Monticello, The main concern is funeral expense ,
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Re: Life insurance for elderly parents .
[Re: Brandon Adamcik]
#14397791
06/19/22 12:51 AM
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Joined: Mar 2009
Posts: 10,282
Siberman
OP
TFF Guru
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OP
TFF Guru
Joined: Mar 2009
Posts: 10,282 |
Grandad passed two weeks ago. He had 10k funeral policy and he had already paid for cemetery when grandmother passed in 2011. We went to make arrangements for a very simple crypt side service with family and friends. At 97 there aren’t many friends left. The service/funeral was over 16k. Nice but nothing extravagant. I was floored. I will be cremated. Yup , gonna get my ashes put into "mortar shells" and fired up on 7/4 or New Years .;
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Re: Life insurance for elderly parents .
[Re: Brandon Adamcik]
#14397794
06/19/22 01:06 AM
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Joined: Mar 2005
Posts: 41,452
butch sanders
TFF Guru
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TFF Guru
Joined: Mar 2005
Posts: 41,452 |
Grandad passed two weeks ago. He had 10k funeral policy and he had already paid for cemetery when grandmother passed in 2011. We went to make arrangements for a very simple crypt side service with family and friends. At 97 there aren’t many friends left. The service/funeral was over 16k. Nice but nothing extravagant. I was floored. I will be cremated. is the casket what cost so much ? cremation is the deal we have 2 spots at our church to intern our ashes our church will do the service gratis
Last edited by butch sanders; 06/19/22 01:07 AM.
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