My Current Checklist Of Things To Do

[TonySoprano]

1. Life Insurance Policy on myself setup so that my child will receive X% of the payout upon turning 18 years old.

2. Safe Automobile to protect my family on these mean streets. I don't want to risk it anymore.

3. Finding out what legal documentation necessary to setup my parents as having custody of our child should something happen to us.

4. Writing wills in both Thailand and USA that will leave a % of my assets to my child upon their 18th birthday.

5. Try to find some good books to help understand how a child thinks and acts the best way to encourage/raise them.

6. Get back under 10% body fat and eat better to help prepare myself physically and mentally to raise my child.

7. Find out how to setup a Thai bank account in my child's name and how to start laundering money through his name to avoid paying taxes to the US government. I guess I should have already started doing this with my wife.

8. Purchase land outside of Bangkok in my wife's hometown that my child will always have and can use in the future if Bangkok turns into Atlantis.

9. Try to find the best solution to my parents not living in the same country, coax them into moving/spending X month out of the year here.

10. Refurnishing our condominium with more shelving and a pantry closet to avoid clutter which will make it easier to clean and organized.

11. Upgrade to the 30K Refrigerator model from the 12K model.

12. MAKE MORE MONEY. Hahahahaha

Edited April 5, 2009 by TonySoprano

[LooseCannon]

1. Life Insurance Policy on myself setup so that my child will receive X% of the payout upon turning 18 years old.

2. Safe Automobile to protect my family on these mean streets. I don't want to risk it anymore.

3. Finding out what legal documentation necessary to setup my parents as having custody of our child should something happen to us.

4. Writing wills in both Thailand and USA that will leave a % of my assets to my child upon their 18th birthday.

5. Try to find some good books to help understand how a child thinks and acts the best way to encourage/raise them.

6. Get back under 10% body fat and eat better to help prepare myself physically and mentally to raise my child.

7. Find out how to setup a Thai bank account in my child's name and how to start laundering money through his name to avoid paying taxes to the US government. I guess I should have already started doing this with my wife.

8. Purchase land outside of Bangkok in my wife's hometown that my child will always have and can use in the future if Bangkok turns into Atlantis.

9. Try to find the best solution to my parents not living in the same country, coax them into moving/spending X month out of the year here.

10. Refurnishing our condominium with more shelving and a pantry closet to avoid clutter which will make it easier to clean and organized.

11. Upgrade to the 30K Refrigerator model from the 12K model.

12. MAKE MORE MONEY. Hahahahaha

13. Make sure that the woman you impregnate is your wife & not some stray weekend root.

[noahvail]

Great post! Good foresight and all.

I don't know how old you are or how much money you intend on leaving to your children, but....if it's a substantial amount, may I suggest that you split the percentages: a certain percent (maybe 10%) on 18, a certain percent if/when finishes university, 1/2 of what's left on 25, 1/2 of what's left on 30. A had an aunt who did this for my kid, and it was a great setup - incentive to finish school, but not enough so he could *not* work. It did give him the freedom to work for himself at home, though...and next year he buys a house free and clear. I know this is only one case, and a good estate attorney both here and the States could be invaluable to you.

[chiangmaibruce]

14. Get as much sleep as you can (now)

Don't know about laws in other countries but re: all this business about dishing out inheritance at certain milestones etc. Just remember that your little one will be paying for this. Usually you would have to establish a trust to administer the estate, appoint trustees, probably have a lawyer and/or maybe accountant to do the paperwork .... for how many years?? Think about it

Some people try to make it even more complex by tie-ing payments to milestones (other than age) like finishing college, getting married, not having a criminal record, etc etc etc. In Australia at least this is not legal in some cases - you can't make inheritances conditional on things happening or not happening.

[Richb2004v2]

I'm in the same situation.

My main aim is to put in motion a plan to ultimately leave Thailand and go back home. My dilemma is about how late I can leave it and what I can get sorted in the time until then.

[dudemeister]

15. When ankle-biter arrives - get a vasectomy

After coughing up to cover points 1 to 12,

maybe cant afford the same for sprog number two.

[torrenova]

1. Life Insurance Policy on myself setup so that my child will receive X% of the payout upon turning 18 years old.

Well, sort of. You had better buy it outside of Thailand, have it put in trust to avoid and taxes and stipulate what happens to the proceeds. Don't just leave a lump sum for the missus - too many problems.

You also need to think what happens if you die soon. Who is going to pay for everything, school fees, support etc.

Also, don't forget to insure the wife as it will not be easy if she dies at an early age either.

2. Safe Automobile to protect my family on these mean streets. I don't want to risk it anymore.

Agree, apart from initial cost, I reckon my truck costs about Bt100k a year including insurance, fuel, repairs and tyres, servicing etc.

3. Finding out what legal documentation necessary to setup my parents as having custody of our child should something happen to us.

Not a bad idea but do your parents want the responsibility ?

4. Writing wills in both Thailand and USA that will leave a % of my assets to my child upon their 18th birthday.

18 is too young. You should be thinking about them going to university so any lump sum amounts are not really needed before about 21 or even 25. Remember that unless you are careful, it will likely get robbed.

5. Try to find some good books to help understand how a child thinks and acts the best way to encourage/raise them.

Go with the flow. What feels right is probably right.

6. Get back under 10% body fat and eat better to help prepare myself physically and mentally to raise my child.

Ha ha

7. Find out how to setup a Thai bank account in my child's name and how to start laundering money through his name to avoid paying taxes to the US government. I guess I should have already started doing this with my wife.

Don't use a Thai bank. Loads of offshore options.

8. Purchase land outside of Bangkok in my wife's hometown that my child will always have and can use in the future if Bangkok turns into Atlantis.

The greater family will benefit more than your kid. The kid cannot own land before 18/20 anyway.

9. Try to find the best solution to my parents not living in the same country, coax them into moving/spending X month out of the year here.

????????

10. Refurnishing our condominium with more shelving and a pantry closet to avoid clutter which will make it easier to clean and organized.

It will get trashed anyway.

11. Upgrade to the 30K Refrigerator model from the 12K model.

Don't notice that we need a bigger fridge.

12. MAKE MORE MONEY. Hahahahaha

For sure