Can I open a life insurance policy on my grandma who is in her late 60's?
While your husband could justify insurable interest, I would not ethically recommend an amount of insurance unless I, as a licensed agent, actually interviewed your grandmother in law and observed her overall health for myself. In fact, in Florida we are required by law to certify that we have done just that, especially if it is someone over 65, and anyone who tells you differently may well be an unethical agent. My suggestion is that if you are only looking at what we refer to as "final expenses", in Florida, the average funeral is $6,000 to $8,000 except in South Florida where they are likely closer to $8k-$10K. There are also other expenses that you have to take into account that have nothing to do with the funeral such as taking care of medication bills, hospital/doctor bills, preparing the house for the market if it is being sold by the estate, etc etc. My suggestion is that you ask around among your family and friends and find an agent that they believe to be reputable, and then maybe look at a SMALL whole life policy of no more than $10,000. You could supplement this with a small savings account or CD for a remaining amount of, say, $5000. The reason I don't suggest term because she is approaching the age where term insurance is not an option, and unlike whole life policies, term policies expire and have to be renewed. You don't want to be in the position of having to purchase term insurance for a person of 80 or 85 years of age, if it is even available. This is the safer way to go, believe me. This premium will not change. Like I said, I don't sell on the internet, but if I can help you answer any general questions, please feel free to email me @ skypilot32610@yahoo.com
What do you say to your children when the grandmother never calls or send anything to her grandchildren.?
I was in the same situation as the grandchild. the truth is always the best policy. Just make sure the children understand that this is not the way family should act with each other and encourage your husband to make ammends for your children's sake. The only time I remember seeing my grandfather was on his death bed and even though I know he did not always look frail and sickly, that's the only reccollection I have of him.
Registering my daughter into school under my grandma's address/income. Bad idea?
It is a bad idea. First of all, they will want proof that you are living there-a bill or something in your name or sometimes a statement from a landlord, copy of your driver's license. Second, you probably WILL get caught. Federal and state laws determine where your child attends school, and to send them out of the district they are zoned for is fraud. States have started to be very careful about checking the information, mainly because money is involved. You can get permission to send a child out of district if you pay fees, and if you are caught doing so without permission, they can fine you for those fees. A child your daughter's age does not need to go to school full day. It is not good for them developmentally, nor is school meant to be a free babysitter. Why not look into Head Start or some other program in your area, where you can get her in without breaking any laws and cheating the system? If they find out, they MUST report it. And, children do talk...it will come up in little things. Sometimes, especially in the early grades, teachers make home visits as well. My sister did this-sort of. They moved during the school year, and she did not want to change her children because they had already had a traumatic year (a sibling died). There was a situation at school one day where school had to unexpetantly be let out early, and they could not reach my sister and of course they found out talking to my niece that they lived out of the district by then.
What is the best life insurance policy if we are passing the age of 27?
That is a question that is very personal.How much?For a 40 year doctor with a $500,000 mortgage, $300,000 in Student Debt, a stay at home husband and 2 young children the answer is much different than the answer for.How much for a 40 year teacher with no children and very little debt.Here are a few guidelines I encourage people to follow.#1 - The premium should be something you can “stick with”. Never exceed 2 to 4 percent of your gross income.#2 - Buy some permanent insurance because some needs are permanent. A face amount equal to at least $10,000 up to about 25 percent of one years income is a good “rule”. I prefer whole life that pays dividends but Universal Life can work just as well.#3 - Buy the rest of what you need in term insurance and structure the term to match your temporary needs. If you have $50,000 in college debt that you are paying off over 10 years and you have $200,000 mortgage debt that you are paying off over 20 years and 10 year term and a 20 year term make sense.#4 - Deal with an independent agent that has been in the business at least 5 years. Nothing wrong with someone with less experience if they can bring an agent with more experience into the conversation.#5 - Always pay attention to the guaranteed rates on any policy you consider buying. That’s what the insurance companies are contractually able to charge. The “current” rate may be lower and the “current” rate may always be valid - but - maybe not.
Should she put grandma in a nursing home?
i worked in a nursing home for eight years. it was a very good nursing home and we took excellent care of our patients. i would not think twice about putting my grandma in that particular home. but, as has been said, your mom should do her homework. check to see if there are any fines from the state, any lawsuits from patients or family, ask other people who have family in nursing homes and how they are treated. if you go into a nursing home and it smells nasty, leave. i don't care what the excuse is, if it smells like poo, they are not caring for the patients good enough. the nursing home i worked in did not smell. ask for a tour of the home she is thinking of, don't make an appointment, just walk in and tell them you are just looking for a home for your grandma. believe me, if you get a good home, your grandma will be much happier, even if she does not think so. a good home will have activities, exercise, beauty salon day, social things, ect. if you get a bad one, you will know the first time you visit. it is hard caring for the elderly, especially if you do not have the help of other family members. good luck
A friend has asked if I will agree to be legal guardian of her children in her will. I'm happy to do this, but having my own children too, I'd need financial assistance to do so. How do I bring that up without sounding greedy or insensitive?
This is, of course, quite an honor and responsibility. If you are in the US, the children will get survivor benefits from Social Security. I am not sure of the amount…I want to say $600 a month. They may also be eligible for health care from Social Security..not sure on that one. You may want to do a cursory check of that. Talk with your friend and tell them that you are honored and dearly hope that you will never ever have to take on this responsibility. Ask you friend who her hopes are for her child. Does she see college, dance lessons, baseball, etc. as a part of their kid’s future.? Let her now that you hope to make this child just like a member of your own brood, but there will, of course be difference. What relationship does she want her children to have with her extended family? If it were to come up, would it be okay if that spend a week and Grandma’s, Grandpa’s, Uncle Bucks? Let her know how seriously you are taking this. And then ask about money and other assets? You may be surprised. By the time they were one years old, my God daughters each had college account that would cover at least two years… grandparents, uncles, aunts, etc. came through with money for this as their first gift to the baby. If your friend knows you well enough to entrust you with her most valuable asset, then broaching the subject of money should not be a giant leap. And then, make your friend promise that they will stay healthy and not take up too extreme of a sport and wear a seat belt.
I don't want kids, but my mom wants to be a grandma and I'm an only child... help?
I am not a only child but I am the youngest. I am 45 years old and never wanted children as you don't. I love kids alot, but just didn't ever want to have any. I have lost both of my parents, my Mom just recently. My parents had grandchildren from my other siblings, but my nieces and nephews treated my Mom like a piece of you know what. My Mom was glad I never had children thank goodness. Sometimes I would ask my Mom what I will do when I get old and have no one to come and see me or help me in any sort of way. My Mom had the best answer that could have been given. She said, just because someone has kids, doesn't mean any of them will help take care of you or come to see you. That is so true. I took care of my Mom for the last nearly 6 years of her life and my brother and sister-in-law only came by our house to see us about once every 3 months. Sometimes it was longer than that. My sister never came around unless she wanted something. Just tell your Mom that you and your husband both agreed before marriage that neither one of you wanted children. It is best to just tell her and get it over with. She may be hurt or angry, but it will pass. It is your life with your husband and your husband is your family. Do not under any circumstances have a child you don't want in the first place just to please your Mom or anyone else. It would make things alot worse on you and your husband. Plus it wouldn't be fair to the child either. I also knew at a very early age that I didn't want children. I love kids, but I want the ones I can keep for a while and send back home to their own parents. LOL Just tell your Mom and get it over with. Get the burden off of your shoulders and you will feel better. Good luck.
My grandma is a horrible person...should I feel bad for her?
My grandma has six children. She has always favored one of them (her son, let's call him Bill). Out of all of her children, my mom is the one with the house and my mom is pretty well off (my parents work their asses off and save money instead of wasting it like her other kids). Bill rented an apartment in our house for years and my grandma lives in our basement. She would steal our things and give it to Bill when we weren't home. Bill lost his job and my grandma told him and his family to stop paying us rent. My mom had to take her own brother to court and it took four months to get them out. We lost a lot of money and my grandma said that we deserve to lose everything. For some reason, she seems to hate my mom and my father. She wishes evil things upon them and she calls me a whore for having a boyfriend when I am 20 yrs old. She has done WAY more evil things. She even joined a life insurance policy with her son and he gets 50,000 when she died. Her other five children get nothing. Now that Bill is gone, my grandma is sick and she keeps asking us to do things for her. My sister refuses to speak to her, and my father also hates her. I can;t stand her either, but I feel sorry for her because she is old. Should I be the better person and help her? I don't know what to do. I feel like saying "Why don't you go ask bill and his kids to do stuff for you?!!!!"