Two accounts are his alone. They are the Workmen’s Comp settlement and the Medicare Set-Aside. A lot of money. I told him where they both live and how to access them. There could be complications with the Medicare Set-Aside so I told him not to spend it for two years. He might receive bills from my final days that need to be paid from that account. I also suggested that he has the money wired from both accounts into his account the moment the death certificates are issued. His eyes grew wide.
I also showed him where the life insurance policy is along with my retirement account. Both need to be handled within a specific time period after my death. I tried to emphasize that all of our accounts must be dealt with in a timely manner and that Michael is going to need his help.
Something very personal that I have never written about is that my siblings and I are to receive a lot of family money after the death of one person.
This week was really the first time I have gone into detail regarding this money with my son. He was stunned. The only problem is that if I die before this person, William will receive nothing and the money will be divided between my sister and brother.
I am determined to live long enough so my son and his children have this money.
He and I were also able to talk about the plans I have for this money. There will be many LLCs and some of it will fund commercial real estate. Apartment buildings. Other money will fund whatever he wants: restaurant, recording studio, whatever. Most of it will be invested. We talked about how he is never to give anyone the power to sign checks. We talked about reviewing all the accounts and having everything looked at by outside auditors. Having this generational money will be a responsibility. A huge one.
I know that he will be thinking about our conversation for a while but will continue on his own path.
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