I am starting a new series, one where I can share some random thoughts I have been having each week. For this inaugural post, I’m titling it “Useful Not Useless”.
So Mom has yet again turned to her friend to get life insurance for her sister. Enough with the life insurance already!
Two years ago, she turned to the same friend to try to get me life insurance but was denied and subsequently got blacklisted for having too many health problems. Basically, no insurance company will ever sell me life insurance. As if I need it, I wouldn’t have anyone to give it to. My mom wants me to name her and her sister beneficiaries but let’s face it, with that age gap???
After getting off the line with her friend, Mom came into my room and told me, “Here’s a few hundred more K’s for you.”
“I don’t want it.” I replied. For the love of God, stop putting me as the beneficiary on your insurance policies, I wanted to say but instead, I said, “I don’t want the money.”
I live in a country where the middle class gets taxed heavily. I don’t know why Mom insists on putting me as the beneficiary on all those insurance policies; I know she has at least two large policies. It’s not like I will get rich when they go, the tax on these things will be through the roof.
“You do know I can make my own money, right?” I said. “I’m not as useless as you might think.”
She began making a case about how when she and her sister go, none of my cousins will be able to help me. “They aren’t helping me now!” I shrieked. My useless cousins, one is selfish as heck while the other wouldn’t even listen to a voicemail for his mother. Boys, when have they become so useless or is it just these two?
“I don’t need the money.” I said again. “I don’t want the money.”
I know she’s just trying to ensure I have a great life but like the song says, “Money can’t buy happiness.” I just can’t see myself needing all that money ever.
This is Another Story 
She’s doing what mothers do. She worries about things you don’t even think about and thinks she can solve it in ways that make very little sense to you. Talk to her about her fears. That may alleviate some of her fears for your future that she is already seeing without her in it.
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No argument about the middle-class getting taxed out of existence in the US. But recently going through just this, unless your mom’s estate is worth more than $11.5-million, there’s no federal estate tax. And that includes life insurance payouts. I know there’s a sense of loss of control over one’s own life when accepting gifts. But I’ve learned that it’s best not to turn down money. If you don’t need it, you can throw it into a stock portfolio. If you really don’t want it, you’ll at least be in a position to help others who do need it.
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She could always give you a portion of your inheritance now, if she thinks that you need money. Last time I heard, she could give you $14,000 I think it is without penalty. I can’t remember…
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Well, these are not considered inheritance and knowing my mom, she’ll never do such thing.
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