My dad always said the hearse doesnt stop at the bank on the way to the cemetary.
All my familes life (and mine) we have stuggled to make ends meet and now we have enought money to be very comfortable. My father has to go to a nursing home and the nursing home is taking it all! all those years of saving. He hates the thought of it. No matter how hard you try the government ends up with your money. The more assets and money you have, the more they take. When people who havnt got a cent get in free and get a pension. Has anyone else had this happen to them?
2006-11-03 16:32:01 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
We looked into that dave, he cannot even give it away to us! because they will know the money was in the bank or something like that. Its pathetic.
2006-11-03 16:41:19 · update #1
The whole purpose of money in the bank is so that all that money can be loaned out to your neighbors. Remember, It's a wonderful Life? When Potter wanted to foreclose on property well that can only happen when the amount of loans exceed the amount in the bank.
2006-11-03 17:06:28 · answer #1 · answered by Maverick 2 · 0⤊ 0⤋
There is no point of having money in the bank. If you put money in the bank, and let it sit, the interest will never do more that just keep ahead of inflation if it gets ahead at all. So the odds are you are lossing money, (buying power) if you have money in the bank. Your money needs to be working harder. Much harder. Otherwise, when you need to hit the nursing home, the cost will eat up all your savings fast. Once you start taking principle as well as interest, your losing. If interest is not going to be enough to support him, you pay or he gets kicked out. What makes you think he will not out live his savings?
Just as a joke some one once looked into a princess cruise line as an alternative to a nursing home. They did not have a lot of special needs. Sure enough going and staying on a cruise was cheaper than a nursing home.
You are a perfect example of what happens when you fail to make a realistic plan for your future. You and your dad blew it. Too late to fix it now. For others reading this , there is such a think as nursing home insurance....you start paying it now, and like life insurance, it starts paying after you enter the nursing home. It gets more expensive to buy however as you get older. So you may wish to consider getting some while its cheaper and you are younger. To the one asking the question, its too late to make major changes to your "plan" (or lake of one) now. Putting the money in a trust would have been a good idea. He (your dad) would have had control of the money but not ownership. Thats the key. However now as you have set things up, once the money is gone he becomes a welfare case. You don't get the money, and I the tax payer carry him when its gone. Thats why they will require you to unload the money for his expenses now, so I don't have to carry all the load quite so soon.
2006-11-04 02:33:53 · answer #2 · answered by john d 3 · 0⤊ 0⤋
Banks offer interest on ur $ u deposit. So do shares, foreign exchange & positively geared properties. Wot do u think banks r doin with or buyn with the $ ur depositing? There buyn wot u should be buyn, ASSETS, things that make u $. U can, after buyn assets, set up a trust by buying a shelf business under 1 persons name 2 protect ur assets, where all parties included receive dividends from the trust. U r then legally gaurded 2 sum degree and ur tax will be reduced. The government taxs u on income, NOT on wealth. This is completely legal, agreed upon by the government, and ur right 2 do so. Tax is the biggest killer of income, dont avoid paying it - REDUCE it. Tax was derived to hit the rich but the rich learnt 2 protect their assests & this then falls on the poor. Get educ8ted on protecting ur wealth.Then u can go ahead & show them which cheek u would like them 2 plant their lips on. 4 more info on trusts try www.PropertyInvesting.com, u can contact the accountant.
2006-11-04 01:35:58 · answer #3 · answered by MJR 5 · 0⤊ 0⤋
The point is if that money had not been there - no one would look after him at all. The free care is not real good. You may not be able to hire the hearse at all if you have no money to pay for it.
2006-11-05 21:11:59 · answer #4 · answered by auntynoall 4 · 0⤊ 0⤋
nursing homes arent allowed to touch nothing in a bank if he draws monthley checks then they can use them for his stay in the nursing home but they as well have to give him some of his money every month. as far as them touching .money in the bank. they cant this is against the law check with a lawer on this he will ell you the same as i have. ?
2006-11-04 00:43:02 · answer #5 · answered by the_silverfoxx 7 · 0⤊ 0⤋
i know , what the heck is the deal , i mean what if they jack the bank
2006-11-04 00:34:08 · answer #6 · answered by Anonymous · 0⤊ 1⤋
maybe he could loose it to you in a bet?
2006-11-06 15:58:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋