I have had no luck adding “Estate Planning” to my Category List. Please remind me how to do that.
TIA
Just to be clear, the Fidelity service is for digital documents
Mike
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I put this here because in this mixmaster format I don’t know where it belongs, but a story from a neighbor down the street.
The woman, I will call her Babs, finally moved out of her home after years of neglect and inability to maintain it - or herself very well - much to the relief of her children.
She found a retirement home that she liked, sold her house to the first person who bid (a flipper), and used the money to put a down payment on her retirement community home.
Two things: her long-term insurance is refusing to pay because they think she’s not at the point where she should require this much assistance (she is, believe me). And the home, a week after she wrote the check, declared insolvency. It seems it’s part of a venture-capital “roll up” where they bring together groups of these homes, take on debt to pay the owners big dividends, and then sell the whole thing to someone else, who naturally cuts costs to help pay for the “new” company.
Mrs. Goofy talked with Babs’ daughter, who no, never investigated the home or its finances, and who just went along with “what Mom wants” because it was such a relief to get her out of the house that was falling down around her.
I have no specific information about the long-term insurance, just that the daughter said they are refusing to pay,m and that they are going to appeal and hope for the best.
OMG. Estate planning is so much more then …
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If a retirement home is closely held, how would you check on their finances? Keep in mind, Enron pulled the wool over it’s auditor’s eyes, or the auditor was willfully blind, for years. How would the layman unravel a retirement home’s finances, even if they were available, but the PE group was working it’s usual agenda? The place my aunt moved into required an “endowment” of over $100K to get in. As far as I know, that one is still going OK, but how do you sort out the goniffs, that would take that endowment, and run, from the straight shooters?..keeping in mind Art Van Furniture, a closely held and profitable company, did fine, until the owner sold to a PE group, which looted it and dumped it into BK.
Seems the information asymmetry is so extreme, the average retiree doesn’t have a chance.
Steve
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