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Thread: The Lust For Boomers' Money

  1. #11
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by NeoVsMatrix View Post
    Having a government 'mandate' to have a second pair of eyes based on your age.. there are oh so many issues with that... i can't even start thinking of all the hurdles, legal challenges and the negativity that would come from that.

    And how do you vet such trustees ?
    It would probably just create a sub-industry of folks, who do that for a living, taking a fee from those folks, and making them do things that are in the trustees interest, rather than in the interest of the actual investor.
    The baseline problem as I see it is, this law would burden elders. Restrict their freedom of choice, off the flawed assumption that all elders need a financial guardian more than any other American.

    There are plenty of constitutional problems with this approach, among others.

    It's no magic bullet, but if you don't PREVENT the theft by fraud or coercion, you (society) are useless at deterring this type of crime.

  2. #12
    Shut up and vote Addiction Solitaire Champion, Double Deuce Champion, Queen Jewels Champion, Ray Ray Shuffle Champion, Twins Champion, Blow Up: Arcade Champion, Bunch - Time Trial Champion, Znax Champion, Zoo Keeper Champion, Sobics School Champion, Swap a Smiley Champion, Makos Champion, Dino Drop Champion, Flower Frenzy Champion, Some Puzzle Champion, Funny Bubbles Champion, CubeZ Champion, Dinky Smash Champion, Fun Fun Animals Champion, Fruit Fabriek Champion, Raft Wars Champion, Rainbow Monkey RunDown Champion, Raft Wars Champion, Crime Puzzle Champion Blueneck's Avatar
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    Quote Originally Posted by NeoVsMatrix View Post
    Having a government 'mandate' to have a second pair of eyes based on your age.. there are oh so many issues with that... i can't even start thinking of all the hurdles, legal challenges and the negativity that would come from that.

    And how do you vet such trustees ?
    It would probably just create a sub-industry of folks, who do that for a living, taking a fee from those folks, and making them do things that are in the trustees interest, rather than in the interest of the actual investor.
    Although I would enjoy it if the dotard in chief had to have his actions scrutinized by an objective third party.

  3. #13
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by Blueneck View Post
    Although I would enjoy it if the dotard in chief had to have his actions scrutinized by an objective third party.
    Zing!

    Excellence in posting.

  4. #14
    Veteran Member bajisima's Avatar
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    Quote Originally Posted by Blueneck View Post
    Don't spend your money foolishly.
    I have always found it odd that so many elderly are so trusting. I used to help a neighbor who was in her 70s a few years back and she would let anyone who knocked on her door inside to sit down. Jehovahs, roofers, scammers, etc whoever they got an invite inside. She let a guy re-roof her home even though she had had a new one only 10 years previously. Her kids would be constantly reminding her over and over to be careful but she just was vulnerable. She even got robbed a few times and had money stolen from her home. Very tragic.
    Thanks from Madeline

  5. #15
    Veteran Member bajisima's Avatar
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    Quote Originally Posted by Madeline View Post
    The vast majority of the non-rich owned dough will be held by people careening towards infirmity and death.

    What about laws that require a trustee or some such approve sales/secured loans on homes owned by people 65 or older?
    Thats kind of a conundrum since quite a few 65 plus folks still work. Around here some are even buying new homes. I dont know how legally that could be done. If they are old enough to work and be stable enough to sign employment contracts etc, how or why would that be taken away? Wouldnt that be age discrimination?
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  6. #16
    Bizarroland Observer Thx1138's Avatar
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    Quote Originally Posted by Blueneck View Post
    Don't spend your money foolishly.
    I was going to say "thrift." @Blueneck

    My own insulation has been working toward a very low cost retirement.

    Just a piece of land with a nice trailer on it is more than enough for me, keeping my property taxes low.

    Also, my HOA dues are low, the taxes and dues combined come out to $225 a year.

    Oh, and they are putting water on my place for $600... the average cost is about $1,400.

    It might raise my taxes some, but that's an increase I'm certainly willing to sustain.

    But anyway, keeping your bills low is a good habit to get into, and perhaps that kind of thinking will prevent some of the more egregious stories we hear.

    Not needing money is the best and most solid kind of wealth.

    Thx
    Thanks from Madeline

  7. #17
    New Member BigBob's Avatar
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    Quote Originally Posted by Madeline View Post
    Reverse mortgages, home warranties, prepaid burial plans, tax planning, vehicle leases, Medicare planning, greedy relatives.......shit! Shit! Shit!

    Boomers hold the VAST majority of the wealth still owned by Americans who are not rich, and we are being chased down the street by robbers.

    Ay ye ye. This is going to work, too. In time, we'll get sicker, less alert, needier, more frightened...we are all delicious prey.

    So, any ideas? Should we pass laws punishing more harshly or outlawing the most predatory financial products? Make it easier for our children to act as a second set of eyes on our money?

    There's a huge problem, and not even a glimmer of a solution.

    Your thoughts?
    Ignore, ignore, ignore. Reverse mortgage is a way for the government to own your house when you die and garner all the appreciation it has accumulated. Saint Ronnie the Ray Goon made it happen.

    A living revocable trust will take care of all the things you worry about.
    Thanks from Panzareta and Friday13

  8. #18
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by bajisima View Post
    Thats kind of a conundrum since quite a few 65 plus folks still work. Around here some are even buying new homes. I dont know how legally that could be done. If they are old enough to work and be stable enough to sign employment contracts etc, how or why would that be taken away? Wouldnt that be age discrimination?
    Ayup, and I expect Boomers could easily be manipulated to shout it down.

    But we have only one effective, RL means to achieve a goal of reducing financial abuse: bottleneck the home sales until a few basic inquiries come back clean.

    We cannot protect intangible assets, but we can protect homes.

    The law already discriminates in favor of protecting real property rights, especially home ownership, compared to owning (for example) stock in General Electric.

    We could burden every home sale/refinance, regardless of age, but then realtors, etc. will scream bloody murder.

    If you or your family will face this risk, I suggest you arrange privately for supervision if you come to need it.

    These services are spendy, and relying on family rather than professionals is almost always problematic.

    You need a certified financial planner, rather than a lawyer, accountant, etc. Don't overpay for what you want, and deal with a firm, so that you aren't relying on a human who may not even survive until your dotage.

    These services are needed more by the poor and working poor than by the rich. The poor have a very thin margin of error.

    This is the difference between living in your home until you die, and living in a tent.
    Last edited by Madeline; 11th March 2018 at 11:14 PM.

  9. #19
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by RNG View Post
    The problem is that each of those things except the greedy relatives started as a if not needed then helpful service, but then the ethically challenged entered the market.

    Again, in the socialist quagmire that is Canada, these things are probably better regulated but not well enough to shut down all the black-hearted bastards that abuse the elderly.

    A relative you can trust or a good (?) lawyer can save a lot of grief. Signing over power of attorney to someone streetsmart and trustworthy is a good idea. But first you need to find such a critter.
    No, a particular human is no good. The possibility that person might not be available in future is too much risk.

    A company, a nonprofit, a state agency.....etc. A geriatric social worker might help identify possible providers.

    IME, sadly, people who are talented, successful, bright as working adults are very vulnerable as elders in retirement. I think this occurs because they are so susceptible to flattery and attentiveness.

    Doesn't actually matter. You might be harder to defraud in 10 years, but if you have dough, there will be a criminal with the skills to overcome your defenses.

    If you are seriously afraid, you can hire a lawyer and transfer your assets into a trust, but in most states, this will be imperfect. You cannot assign your pension and social security, and you cannot limit any elder's capacity to agree to contracts unless they are so bad off, the courts are willingly force a guardianship on them.

    So far, this is like a slow motion train wreck.

  10. #20
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    Quote Originally Posted by BigBob View Post
    Ignore, ignore, ignore. Reverse mortgage is a way for the government to own your house when you die and garner all the appreciation it has accumulated. Saint Ronnie the Ray Goon made it happen.

    A living revocable trust will take care of all the things you worry about.
    Mr. Bob,

    Reverse Mortgage is a private financial instrument. The government has nothing to do with it.

    Sorry to ruin your screed.

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