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Investing......want some other views!

Past life's picture

Submitted by Past life on Wed, 10/10/2018 - 5:37pm

Hi ,

Well,  here I am, back again....needing to vent and get some opinions on a delicate subject. It is about investing.

First, my background. I was married for 33 years to my Husband. I raised 2 of his 4 children. He passed 8 years ago and I was on my own about 4 years. I have no natural children.

I met a nice man and we have been together as designated partners, for five years now.

My dellemia now is this. As we are aging, we want to get a joint annuity, as to have more income monthly. My partner wants to do a Charitable annuity with a organization he supports.  I want to do a joint annuity, with my step daughter as a benificary. My partner has no one he wants to leave anything to, but the organization. I am pulled, and would like to leave something for my SD.

How do I approach this,without hurting his feelings or making him angry at me? 

I hope someone out there, has went through this problem, and may have some ideas  for me to consider.

Thanks,

Past life

Comments

notarelative's picture

Submitted by notarelative on Wed, 10/10/2018 - 7:25pm

You use the phrase "designated partner". My advice is that if you are not married do not combine any assets. 

But, if you decide to, go to a lawyer for advice on the laws where you live. A friend and her significant other put joint assets in a trust that had specific language about its dissolution in the event of breakup or death. 

Also consider what happens to your part of the annuity if your partner needs nursing home care. Will, under the laws of your state, any part of your contribution be allotted to him? 

Are you investing assets that are solely yours or are they funds inherited from DH1? To me, that makes a difference. I have kept funds I inherited from DH 1 separate in marriage 2. When I did, if there is anything left,  they go to the kids if marriage #1 and not to current DH2.  

Consult a lawyer before you do anything. A good lawyer will walk you through the pros and cons so that you can make an informed decision. There is lots more to consider than heirs.

 

ndc's picture

Submitted by ndc on Wed, 10/10/2018 - 9:16pm

I would talk to an investment advisor and a lawyer.  Annuities aren't always the right investment vehicle.  I also would not do a joint investment.  You're not married and you have different opinions about who will inherit.  There's no reason you can't do separate investments and each contribute investment income to the household.  As someone mentioned above, I think it makes a huge difference if some of your assets were inherited from your husband.  I suspect he would rather that any remaining funds go to his daughter, not an organization chosen by a man who is a stranger to him.