Supporting family after death

[brewsterbudgen]

1 minute ago, Lacessit said:

Why worry about something that will take place after the OP is gone?

 

My Thai will leaves everything in Thailand to my Thai GF. If she's smart, it will be enough to give her a comfortable old age. If she is not, it will be gone in a couple of years.

Her problem, not mine. I have done my best to educate her on the virtues of planning for her future.

I'm not sure if the OP has made a Thai or US will. Hopefully, he has!

[Lacessit]

6 minutes ago, brewsterbudgen said:

I'm not sure if the OP has made a Thai or US will. Hopefully, he has!

I have an Australian will, and a Thai will.

The Australian will acknowledges the existence of the Thai will. All assets in Australia go to my son there.

[lemonwaterjoe]

7 hours ago, ivor bigun said:

so glad i will never have to worry about this ,our son runs a company ,my wifes family are not badly off and my wife has land and the offer of a job in the UK when i die .

good for you but totally useless for this thread and the thread starter.

[BonMot]

Try Singapore

 

Annuity is a poor financial device but a wise move imo.

 

Good luck and good luck with the cancer!

[brewsterbudgen]

1 hour ago, Lacessit said:

I have an Australian will, and a Thai will.

The Australian will acknowledges the existence of the Thai will. All assets in Australia go to my son there.

Me too (UK and Thai).  I was wondering about the OP though, as he started the thread.

[uptome1946]

I appreciate the advice from everyone.  I got a private message with details of a plan from StevieAus which I replied to and which I will copy below.

 

Thanks for your reply.  I appreciate the time you took to give me advice.

 

The frustrating issue I am facing involves sending "regular scheduled international wires out of the US".  The US Internal Revenue Service has made it extremely difficult to send money "automatically" to Thailand. The laws regulating this have changed in the past year it seems. I spent another 45 minutes sending a wire transfer this morning and asked again if there were a way to automate this process.  Again I was told "no".

 

So I have no problem setting up an immediate fixed sum annuity with monthly payouts to any US account.  This annuity would be paid out into that account whether I am alive or dead.  But the big issue is automating that payout to a Thai bank.  I really have no family member that I could trust to do this.

 

US Banks have to fill out a lengthy form asking for a reason why this money is sent out of the country.  I have sent at least a hundred  wire transfers over the years and the process takes at least 30 minutes to do each time. Each time they make me spell out every word even though I know they have a copy of a prior wire transfer in front of them on their computer screen.  One clerk admitted this to me.

 

One friend living in Thailand has a Chase account and can "pull" money out of his account online for deposit into his Thai joint account.   When he dies he "hopes" his Thai wife can empty his US account even though her name is not on the account she knows the procedure to transfer to their Thai account.

 

Thai insurance companies do have annuities so it looks now like an option would be to convert dollars into baht trust the Thai insurance company to pay into the wife's account.   Hopefully I will be alive long enough to do this.

 

I have two parcels of land here in the US that I can add my daughters name on a quit claim deed so that when I pass she can show a death certificate and become sole owner.  That way I can avoid probate.

 

I am planning for worst case scenario and hope the treatments that I start soon will give me time to return to Thailand and even see my daughter graduate from High School.

 

 

 

 

 

 

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[JoonBug]

Here’s my suggestion. Open up two bank accounts in South Korea at Hana Bank one is the regular account and the second is their one pass account. With the one pass account you can link it to any bank account in the world and any money you deposit to this account will be forwarded to it’s linked account. You deposit money into the regular Hana account and you can set up an automatic transfer bi weekly monthly daily etc to the one pass account. Many Thais and Filipinos use this method to send money home. If you have any questions on this method please feel free to PM me.