Long story short, in the next 4-5 years, I will have to undergo a complicated surgery due to a health condition I have. While the surgery itself is relatively safe, I cannot grapple with the fact that I may die during it, and leave my family in financial distress.
I just recently started making really good money a couple years ago (I work a sales job, and it is basically commission only, no benefits). I currently have saved close to $300,000 post-expenses/tax (majority of which I have not spent). At my current earnings/expenses, I am likely to save anywhere between $750,000 - $1.5 million in the next 5 years.
My question is, what is the safest, most "hands-off" way I can leave behind guaranteed income for my family in case I die during my surgery (or otherwise). I am 27-years-old, married, with a baby on a way (we intend to more kids in the next 5 years). Due to my health condition, it doesn't make financial sense to get any kind of term-life insurance (from my research).
I love my wife to death. However, she lacks much of the education or know-how to be able to "take care of" rental income, and I don't trust any property management company to last her entire lifetime. The other night, while trying to explain to her stocks and setting up a potential 529 plan for our child, she just could not understand it to a point where I'd feel confident in letting her handle everything in case of my death. I don't trust leaving her a lump sum of money either. She is very naive, and her greedy family (or mine) would figure out a way to take it from her. We don't have any close friends or family that I can trust with this kind of money either who would handle it in the event of my death. If it matters, I live in one of the highest COL areas in the United States.
Ideally, I'm looking for something I can set up where she just gets a regular payment every week or month until she passes, and our kid(s) will inherit. Are there any such investment vehicles?
Edit: Spelling/Grammar
Submitted February 28, 2021 at 03:30AM by JustSoGone https://ift.tt/2MvFdqj
