The Upside of Dying Broke

There are actually some advantages to dying penniless.

Cartoon by Lambert-King

It’s nice if, when we die, we are able to leave something to our family. But don’t be devastated if you find yourself old and don’t have a fortune to leave your family. Actually, the cartoon above has a flip side to it. If you die broke the emotional effect of your demise isn’t clouded by the ecstasy of loved ones receiving a boatload of money. There’s no emotional conflict.

There actually is a practical benefit to being old and without assets

When my father died, my mother was able to get a number of benefits because she had no assets. That’s not a strategy that you are going to hear from your financial advisor. Of course, if you’re poor, you’re not going to have a financial/wealth advisor. And you don’t need one. You need a poverty advisor.

Here’s the flip side

I know a number of other seniors who actually have some assets, but it ultimately hinders them. Without those assets, they could get help through various governmental programs. Sometimes, in an effort to preserve assets for their kids, some seniors won’t use their assets to get help they really need.

While it’s good to think about leaving family something when we die, the idea of having a nest egg is…