Donor's insurance - so you have more than enough to retire on etc. but worry about worst case

[progree]

scenarios -- I don't need half the net worth money that I have, so would like to give it away to worthy causes -- like Population Connection (shameless plug: http://www.populationconnection.org/ ) to name one of many -- but am afraid of ending up being in the future some stupid chump with big medical or long-term care bills that impoverish me, and I desperately wish and need the $1 million or whatever back that I gave away 15 years ago.......

There really ought to be something where if you give away $X, and then 15 years later you really need it back to live a bare-bones dignified existence, you can get some of it back....

If there was such a thing, I'd gladly give a ton of money away without feeling like some stupid chump in the future event that I had big medical or care expenses.

But you know how health insurance is, and how long term care insurance is -- you can't trust either one to keep you safe from enormous expenses....

So I hate to be a fucking miser... Oh hell, time to click the "Post My Thread" button

9/22/22 EDIT: experiment to see if I can edit an OP that is in the archives.

[Erich Bloodaxe BSN]

1. Yeah, a lot of people and a lot of businesses think that way.

It's a logjam for the economy, and unfortunately, the solution to it is in the hands of politicians. They have the power to create safety nets for us, so that people could breathe more easily, and use their money more without fearing the unknown. But bloody good luck getting things like that out of the current Congress.

[progree]

2. Sigh............... nm

[progree]

3. There should be a free market solution to this....

but you probably trust the free market about as much as I do -- being greed based and "what the market can bear" and all that...

[Erich Bloodaxe BSN]

11. I think the 'free market' is a fantasy that has never really ever existed anywhere or in any time.

But you're correct that I don't believe that any system that revolves around unequal exchange for the purpose of amassing wealth at the expense of others will solve any of these problems.

[progree]

14. WOW! Are you cynical!!! (that makes two of us.. nm)

[Erich Bloodaxe BSN]

15. I like to think of myself as a 'realist' ;)

But yeah, there's a whole lot of cynical floating around in this skull, that I have to offset with liberal doses of listening to the truly good people I know.

[progree]

4. I shamelessly Rec'd my own thread -- in this particular case, given what this "fear money" could

do if given away to the worthy causes -- I think there are a lot of people in this situation -- comfortable but worried about what might happen... medically, care-wise .... sure would hate to give it away, and then later end up in some Dickensan nursing home treated like some fucking indigent, drugged, and strapped to a chair, and someone checks on me once in a blue moon (if I'm lucky). For Jesus Fucking Christ's sake, it shouldn't be this way, right? Or am I some silly ass DemTard?

[progree]

5. Actually, the worst case scenarios - or something close -- aren't all that improbable

[progree]

6. Shameless self-kick. Come on, I don't think this is that unusual

Would Rec it too, but already did, a shameless SELF-REC

[progree]

7. So, people don't give a fat fuck whether money goes to good progressive causes

or piles up in a hoard that goes to nephews and grand-nephews (both genders) whether they need it or not???

[Orangepeel]

8. Planned giving

http://www.plannedgiving.com/what-is-planned-giving

[progree]

10. Thanks, will look at that. But I don't see getting back some of my donation if I really need it

Do you? I don't want to end up as some chump strapped in a chair and drugged out of my wits in some Dickensan nursing home -- when I could at least die in some dignity.

[Erich Bloodaxe BSN]

18. Well, the good news is

that people will still need your money after you're dead. So even if you hang onto it to the end, you can be charitable in death.

[Orangepeel]

20. just commit to giving it after you are dead

It is nice that you want the causes you care about to get the money sooner, but any type of donor insurance would have all the same issues as long term care insurance.

It makes more sense to set up a trust that allows you to use the money while you are alive and gives it to the organization after you are dead.

[Nay]

22. Yep. This is the way to go. nt

[merrily]

9. Good for you for wanting your money to go to a good cause.

I'm amazed your inbox hasn't filled up with people telling you why they need money.

[progree]

12. Your amazed? Well I'm flabbergasted at the silence (my Mail Inbox is empty too)

[merrily]

16. It's early!

[Erich Bloodaxe BSN]

17. Dear sir, I am a Nigerian prince who needs to move some money out of the country... nt

[progree]

21. My check is on the way

[TBF]

13. Leave your money in the trust -

don't you have a financial advisor helping with this? If you don't you need to get one. We inherited a bit from my in-laws and it is sitting collecting interest. I will say that in their old age they really did go through a lot in the last 5 years. They were quite prudent (especially mom who would hang her clothes rather than use the dryer) but there is no control over the hospital bills when you start hitting major illnesses. The long-term care insurance helped but we lived far away so even that was tricky (when we finally went through the house we found loads of uncashed reimbursement checks from insurance companies that never made it to the bank despite having household aids for our parents - getting all that re-issued is a job. You can call the parties yourself or have someone do it - and if it's small checks from different places it gets to be even more work).

If you have a university you'd like to leave it to or a major charity you should be able to work with their foundation folks to set it up so that it goes to them after you pass on. You didn't say whether you have heirs but they should be involved (especially whomever you are appointing power of attorney) so that your wishes are clear as well. Don't do it now while you still need the money.

I wish you well - it can be complicated but I am happy you at least have what you need to live on (a boat many people are no longer in - and that's probably why you didn't get many responses to this OP).

[progree]

19. Thanks - yes, I can name charities iin my will for when I die

but want to give away a chunk of the money before then (soon), without feeling like a fucking idiot in case i really need it later on....

[TBF]

23. I'd advise against that -

you seem like a really caring person but you've got to look out for yourself as well. Best of luck.

[progree]

24. Test of replying to my OP in a long ago archived thread

Test.