Tuesday, 29 July 2008

Answer to Pook's question

The pook was confused by this post.

Check this.

From the article:

In her later years, she lived mostly off the income from her apartment, which she sold cheaply more than 30 years ago to a lawyer, Andre-Francois Raffray.

He had agreed to make monthly payments on the apartment in exchange for taking possession when she died, but never got to do so. He died more than a year ago at 77; his family was required to keep making the payments.

So there's one example.

I would even be a bit wary about life insurance on someone who wasn't your spouse.


The Pook said...

ahhhhhhh. now i get it. thanks.

Do you think you'll make it to 121? My grannie died in January at 100. She had more marbles than I do.

...btw you don't look any older than you did 25 years ago... (looks closer) ...no wait, is that grey hair on the side of your head!? hmmm, you are human after all.

Lucy C said...

Me still not get it.

Anonymous said...

Gordon, you said, "I would even be wary about life insurance on someone who wasn't your spouse." True, sadly, as for example:

Such a miserable story, but showing clearly the possible problems with both life insurance policies and euthanasia procedures. Not disagreeing with either (and I can't see the problem is any different if it's a legal spouse, either) but that insurance, coldly viewed, is an inducement for someone's death. Perhaps there should be a law that no-one's life could be insured for more than their actual living presence is worth in financial terms to their beneficiaries?

Gordon Cheng said...

Sorry to be so obtuse, Lucy, it's further proof that I really only write this blog for myself, but I should be a bit more considerate to other readers.

Basically, what anonymous said. If you have a lot of $ riding on the demise of another person, it has the potential to sour your relationship with them, and worse.

Lucy C said...

Now I get it!

Lucy C said...

How about inheritance.
Does it fall into the same category?

Gordon Cheng said...

Potentially. I like Warren Buffett's approach to this, which is that he's told his kids to expect nothing and written up his will accordingly. He's not spending it on himself though, for the most part. He's giving most of it to the Bill and Melinda Gates foundation.

Bill is another good example, he plans to give most of his wealth away while he's still alive.

But, there's nothing wrong with leaving an inheritance to your kids, of course. It's what our heavenly Father has done for us through the death of Jesus. Now that's real philanthropy!