Family Wealth Secrets Online Magazine

Are You a Man Who Loves a Woman

My grandfather died when he was 82, leaving behind his 71 year old
wife, my grandmother.They had been wealthy. My grandfather owned his own plumbing business in New York and when he retired they moved down to Miami where my mom was in college and their money would last a lot longer.My grandfather certainly figured he had enough banked to take care of  his and my grandmother’s financial needs throughout the rest of their lifetimes.He was wrong, though he’ll never know it because he died 15 years ago and it appeared there was plenty in the bank.

But, there wasn’t.

At my grandfather’s death, the social security he and my grandmother had been getting was cut in half.

The house that they lived in lost value (even during the boom housing market) due to a change in the demographics of the neighborhood.  My grandmother could have sold the house and cashed out sooner, but she waited too long.

And, of course, his life insurance had long since expired.

Today, my grandmother lives on a fixed income and these years (that should be her golden years) are fraught with worry and stress.

What would happen if you died at 50, 60, 70 or 80 and your wife lived another 20, 30 or 40 years?

Don’t be afraid to talk with a trusted advisor and your kids to make sure you’ve got it all taken care of for real and not just in your mind.  There’s nothing to be ashamed of, other than keeping things secret because you are too embarrassed to acknowledge that you might need some guidance.