Doing Life Together

Doing Life Together


Waiting For Your Inheiritance? 5 Areas to Consider

posted by Linda Mintle

Many baby boomers are counting on their parents to leave them an inheritance to pay off the mortgage, college bills or other finances. But with parents living longer, health care costs escalating and the market doing poorly, will the money be there?

The Wall Street Journal had some great tips this week when it comes to counting on an inheritance.

Here’s are a few of the tips from the June 11, 2012 edition:

1) Talk about finances with your parents. Many adult children are reluctant to have conversations about money with their parents. In my experience, it helps to bring up finances and ask about their plans. While this may create tension, not all parents have thought about long-term care plans. Having conversations regarding their wishes, plans and ways to pay for care is beneficial for everyone.

2) If your parents are running short of funds, consider these options: a) Pay their health premiums b) Purchase a long-term care policy c) Give your parents a monthly allowance to help cover costs. In the long run, this could provide for future care and save costs.

3) Talk with your siblings about expectations. Siblings may differ in terms of expectations for care, the way money will be divided and how assets will be handled. Talking it through now saves a lot of potential grief later.

4) Write it down. While your parents are alive, write down their wishes. A living trust is a good way to keep things up to date.

5) Remember, this is your parents’ money. You or your siblings did not work for this money so honor their decisions. You may not agree with everything they want to do, but respect their wishes.



Previous Posts

Fatal Attraction: What You Found Attractive May Now Bother You
When John dated Katie, he was attracted to how book smart she was and how much she loved to learn new things. He is the first to tell you, he's not cut out for academics and loves to play instead of learn. As someone who needed to play more, Katie was attracted to John's outgoing and fun personality

posted 6:00:02am Sep. 30, 2014 | read full post »

Would You Rather Be Shocked Than Bored?
I can remember so many times when my kids would say to me, "I'm bored!" And they didn't like my response, "That's a good thing. Maybe you can listen to your thoughts or think creatively." Truth is, most of us don't like to be bored. At least not in this wired age. Our typical boredom trainers are

posted 6:00:54am Sep. 29, 2014 | read full post »

Kardashian Catwalk Controversy: A Little Sibling Rivalry?
Think drama! NO, think mindless drama. Now who comes to mind? The Kardashians of course. If there is a way to keep their names in the news, they find it. And so it goes with the latest "controversy." Apparently, 18- year- old Kendall Jenner banned sister Kim Kardashian from attending her fashi

posted 7:55:46am Sep. 26, 2014 | read full post »

Lifestyle Changes Now May Prevent Alzheimer's Later
I remember when my grandmother began to have memory loss in her early 80s. It was hard to watch because she knew she was losing it. Eventually, Alzheimer's took its hold on her mind and she ended up in a nursing home not knowing who we were. If you, like me, have a family member who suffers with

posted 6:00:32am Sep. 24, 2014 | read full post »

What is Bipolar Depression?
When academy award winning actress, Catherine Zeta-Jones announced that she suffered from Bipolar II Disorder and checked into a mental health facility for a brief stay in 2011, it made celebrity news. People wondered. What is Bipolar Disorder and how does that differ from depression? The Nat

posted 6:00:15am Sep. 22, 2014 | read full post »




Report as Inappropriate

You are reporting this content because it violates the Terms of Service.

All reported content is logged for investigation.