Hi all
feeling good this am. I finally hit my first $100k. this includes the $15k rental emergency fund. My goal this year (revised last month) was to have $110k investments WITHOUT the $15k rental fund by the year end. $24k to go towards that goal and trying. I am still shooting for $300k by 6/2018 WITHOUT the rental fund
I MAY have a plan to pay off the 6 homes in the January of next year. 5 months. I am still investigating so no word yet but wouldn't that be wonderful.
Still VERY busy w Dad . his house closes this Friday and I have spent days getting the forms signed, notarized,, guaranteed etc for me to sign for him. Dad has his house and the majority of his asssets in a trust. I am the 3rd trustee down so we had to get a note from a Dr that Dad was incompetent, then get my brother (a long haul truck driver to sign and notarize a paper then get a signature guarantee) and then I had to meet my brother to get that original to meet our timelines and then send that to the attorney and the title company and we just got approval yesterday so I will sign for Dad at close.
I AM POA for finance but that does not cover trusts.
Moving forward with getting Dad's stuff under control (still need to consolidate accounts and not on all of his accounts yet.. some are in the trust and require the above which we just finished) ..work is ok just swamped and have not had a lot of personal time and need to make some more but am getting smoe fun and relaxation in
Lots more news. will share on the next post.
A big milestone! first $100k
July 15th, 2015 at 12:01 pm
July 15th, 2015 at 01:45 pm 1436967941
It would be a good idea foe you and your brother to sit down with your father's estate planning attorney or another highly recommended estate attorney if his is not available to get all of the assets properly titled. In most cases, to avoid probate and to streamline all of the paperwork, all assets except IRA's should be in your father's revocable trust. IRA's should have beneficiaries so the IRA's pass directly and inheritors can take advantage of the stretch IRA withdrawal rules. As you are POA on finances, you need to have access to the taxable accounts and if necessary the IRA accounts to pay for your dad's care. The third sibling should also attend or at least be made aware of what you are doing.
The will should be reviewed with the attorney so there are no surprises and everyone understands what is happening. It's a good idea for you to update the siblings on your father's condition and care, as it sounds like your siblings are not close to your father and may not have visited him in the assisted living facility.
Plan to pay off the six homes? If you have a magic wand and can come up with $140k, would you please share? If you are thinking about refinancing, I might not do that. In less than three years you will own them free and clear. Free and clear rentals give you a relatively stable income stream and some peace of mind.
July 15th, 2015 at 06:42 pm 1436985724
July 15th, 2015 at 08:29 pm 1436992158
July 15th, 2015 at 08:41 pm 1436992873
I admire your ability to handle so much at once, and such important work on behalf of your Dad.