vania-janet/multiturn-rag-retrieval-data huggingface dataset:
I have this problem with my parents.  They have stuff that they inherited or collected, and they have memories of them, and they want their kids to have them.  The problem is, we don't have those memories.  We didn't grow up with the stuff they have now.  So, while it's nice stuff, it's just that: Stuff.  I don't need more stuff.  I have no place to put their stuff.  I can't afford to store their stuff.    It points to the whole issue of materialism. What is the point?  One day you're going to die, and someone else will have to deal with all the stuff you collected.
Generally speaking the bank accounts and credit card accounts remain open.  Banks and the credit card companies don't monitor public records on a daily basis.  Instead, whoever is handling your estate will need to obtain copies of your death certificate and they will then search your paper records to identify all accounts (reason to get your act together - there are books on the subject).  The executor will work with the banks and card companies to make sure all your charges and payments clear (common to have them open for months or even a year) and to make close or transfer autopays.  They will make sure to notify the credit agencies to flag your accounts so no new accounts can be created.  MANY copies of the death certicates are needed.
Assume you will need to retire with a few million in the bank to maintain an average lifestyle.  I had an analysis done for me (at 33) that shows my family, to keep it up lifestyle will need to have 3.4MM in the bank so in retirement I can draw down enough cash. This number reflects inflation. Now that you are 18, if you make consistent but small savings you will achieve that financial stability.  Try to make it automatic so you aren't tempted to spend. There is more you can do but since you have such an early start, you can do less than most people and still have plenty. Even thought it is great you are thinking about it, don't forget to be young, move around lots and have fun.  Just pay yourself first and have fun second. Also, thank whoever guided you to this point.  If you did it all on your own, be proud.
At retirement age, your life priorities are somewhat different, and two key items come to mind.  Your social circle, community and extended family contacts are highly related with your lifespan at retirement age. Loneliness kills, literally. Long distance relocation would weaken those ties exactly at the time when you most need and want them. You are also likely to need at least occasional physical assistance at random times, so living in a spot where none your friends&family can visit at a day's notice is hard. Cheaper living locations tend to have worse healthcare. Again, this doesn't matter much for a 25 year old expat, but at an age where you likely have one or multiple chronic diseases, general frailty and a very frequent need for healthcare this is a priority. This might work if you can do it as a family. I met a retired British couple in southern India, and they had a nice system where they were living in UK during the (UK) summer, and in India for the rest of the year. However, the above concerns don't disappear - when at a later time their health deterioates and one of them dies, then it would probably be better for the widow[er] to stay in UK permanently closer to their extended family and with the local healthcare system.
One simple calculation to determine your life insurance need: D.I.M.E. method D: Debt All your car loan balances, credit card balances, student loans, business loans, etc. I: Income Your annual income times 10 (for 10 years of income replacement). M: Mortgage Your home mortgage balance. E: Education Your children's education expenses. You add up all these items, and you'll come up with a proper amount of life insurance coverage. This should be sufficient model for a majority of people. Yes, your life insurance needs will change as you move through life. Therefore you should sit down with your life insurance agent to review your policy every year and adjust it accordingly.
"There are two issues. The first is that you can manage all of your family's money. The second issue arises if you now ""own"" all of your family's money. As far as entities go, it is best to keep money or assets in as many different hands as possible. Right now, if someone sued you and won, they could take away not only your money, but your parents' and brother's money, under your name. Also, there are gift, estate and inheritance tax consequences to your parents and brother handing all their money to you. You should have three or four separate ""piles"" of money, one for yourself, one for your brother and one for each of your parents, or at least both of them as a couple. If someone sued one parent, the other parent, your brother and you are protected. You can have all these piles of money under your management. That is, your parents and brother should each maintain separate brokerage accounts from yours, and then give you the authorization to trade (but not withdraw from) their accounts. This could all be at the same brokerage house, to make the reporting and other logistics relatively easy."
Again, you are asking people to trust you with their life savings so you can take your 1% and the best you can do is google? You don't have a lawyer or anything? Plenty of advisory shops allow you to set up your own business within their infrastructure.
But if it's possible, an example of it should exist, and it doesn't.  That Roman Democracy example?  The rich got so very rich at the end of the Roman republic that they could raise their own armies, and they did.  The strongest great-nephew was left standing.  It was a problem of too-great wealth accumulation; something that's happening now, and would happen without pause in the sort of society you envision.  Strongman.   The problem of monopoly exists in your libertarian paradise as well, but the definition of the society does not allow a solution.  We have trust busters; at least we have in the past and so can envision having them in the future.  Those violent deaths in what you call anarcho-societies were a feature, not a bug.  How would your envisioned society settle differences?
"It depends what you mean. Finance Independence and Retirement Early (FI/RE) are two overlapping ideas. If you plan to retire early and spend the same amount of money every year (adjusted for inflation), then you need to save twenty-times your yearly spending to satisfy the 4% Safe Withdrawal rule of thumb. Carefully notice I say ""yearly spending"" and not income.  I'm unaware how it is in Pakistan, but in America, people who retire in their sixties tend to reduce their spending by 30%. This is for a host of reasons like not eating out as much, not driving to work, paid off mortgages, and their children being adults now. In this type of profile, a person needs to save 17.5x yearly spending. This numbers presume a person will only use their built assets as an income source. Any programs like a government pension acting as a safety net. If you factor those in, the estimates above become smaller."
"I think you have succumbed to a category error. The rational course forward is to classify all property as either his, hers, or family's. Each contributes a portion of wages to the family. Each logs hours spent performing familial duties and is ""paid"" in virtual dollars into their family account at market rates for that service. At any point actual plus virtual dollars are summed to assess the value of the family and percentages are allocated to each party on this basis. Put this into a pre-nuptual agreement.  At the time of the inevitable divorce you leave with yours, she leaves with hers, family's assets are divided as described, and division of children should be as King Solomon suggested. Or you could do what I did: Put all your property (and debts) into one pot. Make sure each partner can competently manage bookkeeping and investments. Accumulate a family net worth sufficient to divide in two and each have financial independence. (I'm working on this last step.)"
"Did anyone in your family die and leave you to take care of kids you didn't bring into the world?  Did a random accident leave you disabled in any way or maybe just in chronic pain?  Did you have a loved one become disabled and unable to take care of themselves?   No disrespect to working hard and saving your money. I agree with that. And I commend you for doing it.   But ""Plan your life and live below your means"" is a mighty useless piece of advice to people who are having a tough time making ends meet - sometimes through not fault of their own."
the government wants to tax your money before you die. If you die your 401(k) becomes part of your estate and will not be taxed to as great an extent.
I am not a lawyer.  I do however own an LLC. It's setup as a partnership with 50/50 ownership.  You can do it as a sole proprietorship.    In basic terms, if you separate your money and assets from the money and assets of the company then you are personally immune from lawsuit and thus your personal assets are safe.  You have to set it up right (fairly cheap) and keep the records right (ie never mix personal and company assets ) but it provides a nice legal buffer and in some cases tax benefits.    Do not construe this as legal or accountanting advice.  Speak with pros to understand and get it set up right.  But it's worth it.
I came here asking for advice because google gave me conflicting answers. I don't need a lawyer to tell me which licenses I need, I  just need somebody with experience, which it's obvious you don't have for 2 reasons. 1) You would have told me already and 2) joining existing firms will result in DNC agreements which I don't want. I'd appreciate a little bit more respect and knowledgeable answers than just putting me down for asking a simple question to clarify my confusion. I am new to this sub and your attitude does not make me feel welcomed here nor to other people I'd imagine that may be new as well.
(a person at your local clerk's office will help you find the right forms) You on the other hand better weigh this conversation. We ""internet peoples"" are only hearing one side of the story. We do not understand your situation at your home. We don't understand who pays for your car, gas, clothes, and room and board. You are 18, so there is no obligation for parents to pay for these things. If I had an 18 year old that had 3K in the bank under my name and they hadn't helped around the house in a year, didn't buy their car, had a poor attitude, and so on I would probably have the same action as your dad. Yea it's ""your money"" but is it really? When I was 18 I bought ALL my clothes, bought my car, bought my gas/insurance, and so on. I paid for my toothpaste. If this is where you are at and you help out around the house like an adult would then you have solid ground to stand on. If not... I would laugh if I were your dad. My first thought would be you want your money, that is fine. But you are paying rent. Car is gone, get your own. You would be paying for everything. But you would have ""your money"". So you have some pros and cons to weigh here and taking the money could cost you a TON of money in the future. However if your dad is just being a pure jerk (I kind of doubt this but who knows) then you have an obligation to fight for what is yours. (Note that the end goal of any meeting like this in your life shouldn't be court. It should be an agreement so that the right action is taken and both parties are happy. It could be very well that your dad would be happy with something that has nothing to do with the money. Also there are people with really really bad situations at their homes. A controlling parent is a pretty good ""bad"" situation and an easy one to solve at 18 - move out. If you don't want to move out then accept your family members, not complain about them.
Find a lawyer or law firm who wants to represent you and talk to them.
Source:  20 years self-employed, 35 employees.  A good lawyer is CHEAP.  They will write the appropriate letters, which don't cost much, but they have teeth behind them if the client still refuses to pay.  People snap to attention when a lawyer gets involved.  Stay away from collection agencies.  Dealing with the lawyer is quick, cheap, and efficient.
You need the services of a hard-nosed financial planner. A good one will defend your interests against the legions of creeps trying to separate you from your money. How can you tell whether such a person is working in your best interest?  Here are some ways. You'll be able to tell pretty quickly whether the planner lets you get through the same story you told us. The ability to listen carefully without interrupting is a good way to tell whether the planner is going to honor your needs. You're looking for a human service professional, not an investment or business guru. There are planners who specialize in helping people navigate big changes in their financial situation. Some of the best of those planners are women. (Many of their customers are people whose spouses recently died. But they also serve people in your situation. Ask if they work with other people like you.) Of course, you need to take the planner's advice, especially about spending and saving levels.
Usually your best bet for this sort of thing is to look for referrals from people you trust. If you have a lawyer or other trusted advisor, ask them.
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Whether or not you use a real estate agent, at some stage most people use a lawyer to do the actual buying and selling and set up the agreements. If you've never dealt with a lawyer directly before it's probably because your agent has acted as a front-person for the lawyer. If you go to a lawyer and tell them what you want to do they will sort it out, and should tell you in advance how much it will cost. You and your friend will probably need one each.
You need a find a financial planner that will create a plan for you for a fixed fee. They will help you determine the best course of action taking into account the pension, the 403B, and any other sources of income you have, or will have. They will know how to address the risk that you have that that particular pension.  They will help you determine how to invest your money to produce the type of retirement you want, while making sure you are likely to not outlive your portfolio.
A competent lawyer will know things that can and can't be stipulated in a contract, and if you try to do it alone you'll wish you hadn't when the contract's tossed out by a judge because of some technicality. If they refuse to pay, get the lawyer on the phone and file suit. A well-written contract drafted by a competent lawyer, which you have lived up to on your end, will give your client no loopholes to slip through. As far as recovering damages, it shouldn't matter whether he's in the U.S. or not; if he does business in the U.S. then he very probably has money in banks that have to listen to U.S. courts (or at least court orders)."
Congratulations! I would start with an attorney. As a 17 year old, you legally cannot sign contracts, so you're going to have to setup some sort of structure with your parents first. Get attorney references -- your parents can ask around at work, if you're friendly with any business owners, ask them, etc. Talk to a few and pick someone who you are comfortable with. Ask your attorney for advice re: sole proprietor/S-Corp/LLC. You have assets, and your parents presumably have some assets, so you need advice about isolating your business from the rest of your life. Do the same thing for accountant references, but ask your attorney for a reference as well.
Looks like what you are considering is buying an existing book of clients from a retiring planner. These are hit and miss as some have no connection, but other times that can be quite lucrative. If you want to know more PM me and we can chat about it more.
Instead of going on and write an essay on this topic, I will simply say this - everyone's situation is different and, just like solving any other complex problems, you need to start with ""end"" in mind and work things backward, with a ton of different scenario to be able to cope with whatever curveballs life might throw at you. If you spend enough time in the library/bookstore looking through books on the topic of ""estate planning"" and ""retirement planning"", you will find people arguing back and fro on these topics - this is a sign that this is complex and no one has the one ""good"" answer for. Do a bit of reading by yourself and, if still unsure or just want to be sure, go spend the money and review your plan with a fee-only advisor. They will be able to provide another opinion on your situation after thoroughly studying your situation."
Both of you sit down with a lawyer who practices in real estate and foreclosures, and hash out every single possibility of what could conceivably go wrong, with nothing out of bounds.  Come up with a reasonable and fair plan for resolving each situation, that you are willing to commit to, life and breath, for real, no exit.  Put all of it into a legal commitment between you two.  However this is a fearless, searching and even ruthless contemplation, requiring a level of intimacy and personal responsibility you may not be comfortable with. and there's absolutely no room for dancing around unspoken questions.  So in essence, it puts the hardest stuff up-front.  If you put that much thought and honesty into it, you'll probably be OK. But you probably won't want to be that honest, or won't want to do the deal after you do.
Will citizens advice be able to help me, or am I only going to get told to seek legal advice anyway? They are just advisory. i.e. help/guide people. They are not responsible for any outcome. What can I do as I'm not the person who's made payment or been paid, but I also don't want to cause the estate agent lots of work from my mistake, but legally no bank will talk to me anyway. You are right. You estate agent would have to follow-up with banks [which you have already done]. Will I have to seek legal action or the estate agent? Once you follow-up with the Banks and the Ombudsman, you should proceed to legal. Legally if it is a mistake on your part, the beneficiary is NOT entitled to the money and has to refund it. However establishing this takes a while and hence most of the times beneficiary does not pay back the money that is not rightfully his.
"Be careful when you say ""insurance"" -- these things are service plans. They provide you with specific services and discounts in exchange for a pre-determined fee. So you pay $299/year and get a will, telephone advice and similar services. Insurance, like liability insurance, guarantees compensation for specific losses.  You can sometimes pay attorneys a retainer and get some discounts on services. This is only cost effective if you have enough work. These plans might make sense, depending on what you need."
The ""free"" planners who get a commission are going to get a whole lot more than a thousand dollars out of you, even though you won't write a check directly. Be sure to convert those mutual fund expense ratios and sales commissions into actual dollar amounts! To summarize: find someone you're paying, not someone getting a commission; look for that CFP credential showing they passed a demanding exam; maybe read a quick and easy book like the one I mentioned just so you know what the advisor is talking about; and don't rush into anything! And btw, I think you ought to be fine with a solid plan. You and your husband have time remaining to work with. Good luck."
This isn't a DIY area. You should talk to a lawyer about setting up a trust. Also, does the irresponsible person acknowledge that they are irresponsible? Are the legally competent? Or are you looking at a 20 year old with a big check coming down?
Get a lawyer.  If you're having legal issues - get a lawyer. If you're having contract issues - get a lawyer.
The main things to ask about are going to revolve around the best way to structure your business. Know what your plans are for partnership. Know whether or not you'll need a lot of up front capital, and if you'll be subjected to an abnormal amount of risk in the course of day to day operations. If you'll be working with one or more partners, ask for help with an operating agreement. You'll find out whether or not you need an accountant throughout these discussions.   Edit: Going through those points will enable your lawyer to help you file under the appropriate structure. Ask for help with anything you're unsure about.
I'd advise you to look for an advisor who is a NAPFA-Registered Financial Advisor.  If you visit the National Association of Personal Financial Advisors (NAPFA) website (http://www.napfa.org) and understand why they are different, I think you'll agree that the NAPFA-Registered Financial Advisor is the highest standard of excellence you will find in a financial planner.
To your question regarding contracts, I'd say it's like anything else. Having a contract always helps to protect both parties in the event of a dispute. Given that you both are in different countries, it may be a major headache to try to sue and enforce contractual rights. So, it's up to you and your attorney(s) to decide if a contract is worthwhile. I'd say your best bet is to use an escrow service. That would be the safest way to do it. An escrow service assures both parties that the transaction will proceed without any shenanigans. Personally, if we're talking about a high value property, I'd have my attorneys draft a contract and use an escrow service.
Fellow dirty jerz resident here. I would highly recommend going the llc route. If, god forbid, anything ever happened and you were sued, the llc will contain all losses and your personal assets will not be at risk. I'm not sure about the timing of clients. Better to ask a lawyer - cheap to use online services like rocketlawyer (sp?)
The advice I would give is :-   1) if at all possible don't expose yourself to any situation where you would require a lawyer .  2) register the site windhavenpress.com ( or similar ) and put a redirect from windhaven.com .  3) make it very clear - which I'm sure you do - that it's for Windhaven Press .  4) don't put any phone number details . Just put an email contact form and supply your full details in response to contact emails .  5) ignore anything that is not for you .
If you don't know how to evaluate funds and are looking for someone to help you make good investment decisions, then you want a financial advisor.  My suggestion is to look for one that 1) doesn't try to sell you insurance first (since insurance is an expense, not an investment), 2) can explain to you the the relationship between risk and return (and what mix is right for you) and 3) recommends funds that have good demonstrated returns after fees have been removed. If you plan to pick your own funds and just want a transaction broker, go with one of the free/cheap online discount brokers.  Many let you invest in hundreds of different funds, so look for brokers with the cheapest fees.
First off, very sorry for your loss. I lost my father a few years ago and I know it can be tough.  My father also had a lot of credit card debt. They attempted to collect the debt from my mother, who was no longer on the account (for over a decade). It was just an attempt to recoup as much money as they could before dealing with a probate court.  As others have said, it depends on your state law. You will want to talk to a lawyer, figure out who is going to be the executor of the estate, and determine the next steps in starting to settle debts that your father had. If you want to take possession of the house, then you will likely need to work with the executor and perhaps purchase the house from the estate (which would then use the money to pay off debts).