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Who should I name as my beneficiaries?

I may be dead in a year or so, either by natural causes or otherwise. I have a net worth of about $1M. I don't have a will or any named beneficiaries on my life insurance or retirement accounts. I have no offspring, just my beloved cat. I do have several siblings, some of whom need to get their shit together and figure out how to make something of their lives without handouts. My employer is pressuring me to set up named beneficiaries. I am in a quandry.....

by Anonymousreply 73February 23, 2019 4:42 AM

Sign me up!

by Anonymousreply 1February 15, 2018 2:31 AM

Set up a trust for your cat.

by Anonymousreply 2February 15, 2018 2:31 AM

Meee

by Anonymousreply 3February 15, 2018 2:31 AM

Are there charities or causes you like and trust?

by Anonymousreply 4February 15, 2018 2:33 AM

Set up a trust to attend to the medical needs of your siblings, in the event one/they should ever required long-term medical care. This way your siblings/beneficiaries cannot squander your hard-earned money; and the state cannot touch it.

by Anonymousreply 5February 15, 2018 2:34 AM

Why do you think you won't last the year?

by Anonymousreply 6February 15, 2018 2:35 AM

I might do that R2. He could be the beneficiary of my entire estate including the house and some family member could be responsible for administering the trust, and nobody would get anything if the cat dies suspiciously. The cat would be in charge of everyone. He would be sad that I'm gone but very empowered about bossing everyone around. I'm half kidding but not really.

by Anonymousreply 7February 15, 2018 2:35 AM

Leave it to me. I love cats and will take good care of your kitty.

by Anonymousreply 8February 15, 2018 2:36 AM

R6 I just have this weird feeling that I will be alive through Christmas next year and probably New Year's, but from there it feels uncertain. I don't know how to explain it. I'm not that old I just have a feeling.

R8 LOL he is very bossy and will own you within 5 minutes of meeting you. But he has a heart of gold and I love him to death.

by Anonymousreply 9February 15, 2018 2:39 AM

R9 was me, the OP.

by Anonymousreply 10February 15, 2018 2:39 AM

adopt a hot young stud as your son and have amazing sex until you expire, then leave everything to him

by Anonymousreply 11February 15, 2018 2:39 AM

There's a movie called "Rhubarb" where a cat inherts a baseball team.

by Anonymousreply 12February 15, 2018 2:40 AM

Appoint a nice cat-person as guardian for the cat (do it NOW). Leave the rest to a charity you like. In NYC, that might mean no taxes.

by Anonymousreply 13February 15, 2018 2:40 AM

I hope you don't actually die, OP, but please line some trustworthy person to care for Kitty!

by Anonymousreply 14February 15, 2018 2:45 AM

Do not leave it to a charity organization. Most are bullshit artists. If you really do have money to leave behind, but no one in your personal life to leave it to, then start stalking someone out that you like who doesn't have so much.

I've been a secret giver for years, and it's quite fun. I give to those are that are quite good at what they do, but are working jobs that are clearly not going to pay what they actually deserve to make for themselves. It gives them encouragement, and a sense that life isn't just a complete drag. I've had a few people in my life that have done it for me. I know how much it can mean.

by Anonymousreply 15February 15, 2018 2:47 AM

I would make arrangements for the cat's lifetime care. Then I would quit my job and spend it all.

by Anonymousreply 16February 15, 2018 2:47 AM

Didn't the "queen of mean" Leona Helmsley, leave millions to her pets?

by Anonymousreply 17February 15, 2018 2:58 AM

The emptiness of gay life.

by Anonymousreply 18February 15, 2018 3:12 AM

Even though I'm in great health, I made up my will a few months ago. I named my brother and niece in the will and they will receive a nominal amount so they won't contest the will, but doubt if they would since they are well off. But just to play it safe I included them. Named some friends to receive a percentage of any remaining cash assets, with my annuities and other investments going to charity, which I have named. OP, sit down with a professional (get references) and just do it. And don't leave your estate to your cat, but include that your named executor finds a good home for him/her.

by Anonymousreply 19February 15, 2018 3:14 AM

Contact a university and use it to set up a scholarship fund for LGBT students, especially those kicked out by their families

by Anonymousreply 20February 15, 2018 3:15 AM

ensure the animals are well cared for

by Anonymousreply 21February 15, 2018 3:17 AM

Lol, r21, I know. If he dies and isn't discovered right away, that cat will start eating him.

by Anonymousreply 22February 15, 2018 3:21 AM

And I thought we starving orphans in Darfur had problems!

by Anonymousreply 23February 15, 2018 3:22 AM

i'm sure the thought of having his corpse devoured by his beloved pets will give him great comfort, and as a typical DL'er, I expect it will feed the darlings for months before he is discovered.

by Anonymousreply 24February 15, 2018 3:27 AM

If you don't name beneficiaries, your immediate family will get your assets. Get a good financial advisor. Take a few fab vacations. If you only have a limited time to live, live it up!

by Anonymousreply 25February 15, 2018 3:29 AM

Miss Sissyboodles

by Anonymousreply 26February 15, 2018 3:31 AM

Good thread. Would appreciate more DLers ideas about leaving money to worthy organizations. Also, how do you stop mischief from beneficiaries who burn through the legacy in the name of charity parties? How do you watch the watchers?

by Anonymousreply 27February 15, 2018 3:47 AM

you don't, you're dead what the fuck do you care

by Anonymousreply 28February 15, 2018 3:51 AM

Alley Cat Allies? A local animal rescue? 😻

by Anonymousreply 29February 15, 2018 3:54 AM

R27 You don't. Let the chips fall where they may.

One of the more interesting aspects to Prince's death was the fact that he left no will. That was a tightly controlled man, on a number of levels, and he left no will? There's no way that was unintentional.

Offsite Link
by Anonymousreply 30February 15, 2018 3:55 AM

Sorry, meant to post this

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by Anonymousreply 31February 15, 2018 3:57 AM

Why in the world are you paying for life insurance, OP?

by Anonymousreply 32February 15, 2018 4:00 AM

whoever said gays were smarter than the average bear, never met very many

by Anonymousreply 33February 15, 2018 4:04 AM

Leave it all to Susan Richardson or Joyce DeWitt.

by Anonymousreply 34February 15, 2018 4:04 AM

If you have any nieces and nephews that you care about. I’d say to set up college fund for those kids over giving anything to siblings. The kids would appreciate it! If there are no nieces and nephews or they aren’t on your radar for this kind of funding. Then I’d say set up a college fund for underprivileged gay kids in a career area of your choice or interest.

by Anonymousreply 35February 15, 2018 4:06 AM

You should put everything into a trust and have your cat cared for from trust funds for the remainder of its life. Then consider something like the Cornell Cat Foundation for the remainder of the trust to fund special pet care for a needy person or family. You can set the amount per cat, it should be for a recoverable illness (not long term chemotherapy or management for chronic renal failure, etc),. This can be a lifesaver for a senior citizen with a cat just needing a fracture repair, or bladder stones removed.

Just one option to think about. .. ,

by Anonymousreply 36February 15, 2018 4:14 AM

I'm similarly situated except I have more than $2 million, and I have no siblings, nieces or nephews. My closest living relatives are first cousins.

I wouldn't mind playing sugar daddy in my declining years, but it seems rather risky.

by Anonymousreply 37February 15, 2018 4:18 AM

I own a business which deals directly with Estates. In 20+years of handling between 50 to 75 Estates per year, I have seen many issues with trying to control the monetary purse strings from the grave. I have even dealt directly with a multi-million dollar Estates, one of which in particular, dealt with a situation in which the decedent left an annual stipend of $50K for a caregiver of a cat who could live in the residence of the decedent for the natural life of the cat. Upon the death of the cat, the personal property & all real estate interests were directed to be sold. The cat lived 5 years after the decedent, and the caregiver received her monies annually from the trustee, per the directives of the trust, but the caregiver actually provided little, if any, assistance to the cat. The cat, because it lived alone in the house with little to no supervision, destroyed the house. After the death of the cat and the selling of the personal property & real estate, the proceeds of the Estate (in excess of $2million) were given to a well known children's hospital per the directives of the trust. So with good planning, your wishes can be met, just be prepared for the possibility that your plans may not always be carried out in the fashion you envisioned.

by Anonymousreply 38February 15, 2018 4:19 AM

You can play sugar daddy, just do NOT tell them they are in your will.

by Anonymousreply 39February 15, 2018 4:20 AM

Get to a lawyer specializing in Estate taxation and get him to advise you on your will and get it done asap.

Any investments,bank accounts,property,contents of safety deposit boxes etc.should then have Estate as the beneficiary.

Depending on where one resides, leaving assets to beneficiaries rather than Estate may have nasty taxation surprises if it's not spelled out in your Will.

by Anonymousreply 40February 15, 2018 4:20 AM

Leave all your money to Harry Styles.

by Anonymousreply 41February 15, 2018 4:21 AM

Give half to a nonprofit and split the other half among your siblings.

by Anonymousreply 42February 15, 2018 4:25 AM

What's a beneficiary?

by Anonymousreply 43February 15, 2018 4:27 AM

I'm leaving my assets to Doctors without Borders, unless things change. They do great work.

by Anonymousreply 44February 15, 2018 4:34 AM

R32 I don't pay for life insurance. My employer provides it as a benefit (1.5x my annual compensation). I forgot to include that in my estimated $1M! So it's more like $1.3M. The cat is getting richer by the day LOL.

Thanks everyone for the ideas (and the humor). I was thinking of setting up a trust and putting assets in the trust, and making the trust the beneficiary on life insurance and retirement accounts. That makes it easier to, in one fell swoop, change the beneficiary of the trust rather than revising a will and making multiple beneficiary changes if I change my mind. Also it avoids probate. So then it's a matter of picking a beneficiary/beneficiaries of the trust, and a trustee to administer it.

by Anonymousreply 45February 15, 2018 5:17 AM

Give it to a wildlife organization OP. All our wildlife is disappearing so fast.

by Anonymousreply 46February 15, 2018 5:21 AM

Maybe the cat can inherit everything, like Karl Lagerfeld's cat Choupette.

by Anonymousreply 47February 22, 2019 4:45 AM

David Sheldrick Wildlife Trust. Even if you just follow then on Twitter @DSWT, the baby elephants will brighten every day you are here!

by Anonymousreply 48February 22, 2019 4:56 AM

It's been a year. Are you dead OP?

by Anonymousreply 49February 22, 2019 5:01 AM

Yeah, I love the David Sheldrick Wildlife Trust. There are some amazing animal charities out there---one that staffs anti- poachers with supplies like helicopters, etc... Rhino Rescue, maybe?? Whatever, you do, make sure you provide for your beloved pet--abd and take care of yourself!! The world needs more kind people like you, so stick around!!

by Anonymousreply 50February 22, 2019 5:02 AM

Ha! I loved the movie Rhubarb when I was a kid!!😻

by Anonymousreply 51February 22, 2019 5:12 AM

you should leave it to me. I realize we have never met, but I am poor and need the dough.

by Anonymousreply 52February 22, 2019 5:33 AM

I would spoil a lovely, affectionate young man to the nth degree!

by Anonymousreply 53February 22, 2019 6:30 AM

Please consider International Wildlife Rescue, OP. XOXO

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by Anonymousreply 54February 22, 2019 6:36 AM

I plan on blowing my life savings on rentboys. I want to go out with a bang...and penniless.

by Anonymousreply 55February 22, 2019 9:20 AM

Je ne sais pas Baptiste, de rien.

by Anonymousreply 56February 22, 2019 10:26 AM

Spend it while you’re alive. As much as you can. Rent boys, vacations, even rent boy vacations!

Charities are fine and some do important work so pick and choose carefully.

But how about some direct giving? Stuff hundreds into the cups of people who need it, fund a fancy meal at a shelter NOT during Christmas, buy an animal shelter something they need or endow a fund for the medical care of animals whose owners can’t afford it, be the guy who pays for everyone’s layaway at Walmart. There are so many options.

The point is that you should enjoy the good that your hard-earned money can bring while you’re still here. It gives you control and satisfaction. Trusts, lawyers, maybe for your remaining assets and home.

Spend it and spread the love!

by Anonymousreply 57February 22, 2019 10:56 AM

Why would an employer be pressuring for a beneficiary to be named?

by Anonymousreply 58February 22, 2019 11:02 AM

I'll care for the kitteh for 100.000, OP, you can donate the rest (what! I'm cheap and in debt).

by Anonymousreply 59February 22, 2019 11:24 AM

OP, when I had my cat, I arranged for friends who are cat people to be my cat's guardians. Turned out to be moot. Don't bother with people who are not necessarily ailurophiles. The cat is their payment.

by Anonymousreply 60February 22, 2019 11:58 AM

Another vote for wildlife protection.

by Anonymousreply 61February 22, 2019 1:33 PM

Good ideas r57

by Anonymousreply 62February 22, 2019 7:10 PM

[quote]Who should I name as my beneficiaries?

Don't really give a fuck, but I'm gonna be hitting that credit card for my monthly buck-fifty for as long as possible.

by Anonymousreply 63February 22, 2019 7:17 PM

Is OP still with us?

by Anonymousreply 64February 22, 2019 9:27 PM

Muriel just reminded me--not only do I want to die penniless, I want to die with all of my credit cards maxed the fuck out! Stick it to the man!

by Anonymousreply 65February 22, 2019 9:31 PM

Set up a trust with a named caregiver for your kitty (like the Cornell Cat Clinic). Any remaining monies can be used to fund special research for cats, treatment programs for needy qualified feline patients (you can set the parameters, like $1000 for for a treatable disorder with reasonable recovery/longevity parameters as determined by the administrator).

There was a similar fund (much larger) that endowed the Auburn College of Veterinary Medicine Diagnostic Center, keeping CAT scans, MRIs very reasonable for pet owners. The family pets received exquisite care for their livespan and the rest was maximized to provide care for a wide range of pets referred to Auburn.

On a much smaller scale, Calvin's Paws, the Marley Fund, and similar non-profits are mini- organizations that provide excellent services for cats for re-homing, health care, you name it.

Of course you have to do some due diligence in background research for these organizations. You have an excellent opportunity to provide added assistance to your personal pets, any family members you consider worthy and a ececmassive array of "others".

Have fun deciding your memorials and how you wish to be remembered.

by Anonymousreply 66February 22, 2019 10:25 PM

Why in the world would OP have life insurance when he has no partner and no offspring?

by Anonymousreply 67February 22, 2019 11:52 PM

OP nice that you want to leave it to your cat but I am pretty sure you will need to name a person to take care of that cat and leave it to them to be used for the cat.

You would be better advised to find a cause you like to donate your money to and leave leave a smaller amount for the care of the cat. If you leave a million for the care of the cat either it will be wasted or there will still be a huge amount left over when your cat dies and then it will need to go somewhere. Unless you want unscrupulous people to waste and take your money you need to think about this.

There has to be a worthy cause you care about that could benefit, humane shelters, cat rescues, gay resource centers, medical research, local park.

by Anonymousreply 68February 23, 2019 1:25 AM

R67 the cat

by Anonymousreply 69February 23, 2019 4:05 AM

Leave it to Data Lounge so that the monthly price doesn't go up.

by Anonymousreply 70February 23, 2019 4:08 AM

sick children

by Anonymousreply 71February 23, 2019 4:13 AM

WHOM, WHOM, WHOM, WHOM, WHOM!

by Anonymousreply 72February 23, 2019 4:18 AM

Doctors Without Borders--best organization on the planet. TOFT Archive at the Lincoln Center Performing Arts Library. International Rescue Committee. And, the love of my life: my rent man who's dating a woman right now and seeing me on the sly. Married to another old guy and he and I are each other's beneficiary, but you can still provide for others and charities in having a very good estate lawyer prepare the will.

by Anonymousreply 73February 23, 2019 4:42 AM
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