On 2008-04-03 02:05:26 -0700, Sticks100@[EMAIL PROTECTED]
(Anthony) said:
> My wife and I are 90 and living in Orlando, Fl
> I have a son who is disabled (50) and lives in subsidized housing in
> Massachusetts. I retired at 62 and I get about $1,000. a month from
> SS and my wife collects another $700. based on my work record. My son
> has been disabled since childhood and receives approx. $700. a month
> also. When I am gone I believe he will be able to collect 75% of my
> PIA so I think he will get approx. $1,000. as this is not the reduced
> amount because of my collecting early. My son is very carefull with
> money and will have no problem with managing his own finances after his
> parents are gone. I have a modest estate that includes a Condo worth
> approx. $100K.
You should think caefully about who will be the executor of the estate.
You say that your son handles money carefully. That is good. Can he
also take care of paperwork, sort out bank accounts, make reasonable
financial decisions, etc.? If so, then consider making him the executor
of the estate he will inherit rather than having someone else do it.
Since executors get paid for the work they do, he will inherit more if
he does the work of the executor himself.
One possible snag will be the sale of the Florida condo. There is some
chance here of overcharging and dipping into the proceeds by people who
become involved with the business of the estate, so take precautions.
Make arrangements to have the condo appraised by a disinterested person
before it is put up for sale. You might consider discussing all these
matters with your son and provide what guidance you can in advance.
Good luck.
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