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

Relatives Who Drink Too Much: How to Handle it
Question: We will be traveling to our relatives in another state for several family gatherings during Christmas. Two of my siblings are problem drinkers and I am not sure how to handle this with my family. We do not drink so my children are not used to seeing family members act up while under the in

posted 6:00:57am Dec. 18, 2014 | read full post »

Christmas Shopping With Toddlers: Dr. Linda's 10 Tips
A reader asks: As much as I love to shop on-line, I prefer to tackle the masses during Christmas and head to the malls and store. My question is, “How can I shop with two little ones (ages two and four) and remain sane?” I will have to take them with me but really want to give it a try.  

posted 6:00:45am Dec. 17, 2014 | read full post »

What's Eating You This Holiday Season? Keep a Log and Find Out!
Joanne looked at the chocolate-covered donut in her hand. As she took her first bite, she wondered, "Why am I eating this? I''m not really hungry, but the plate of goodies sitting by the office coffee pot just looks good. Besides, my boss is making me crazy! But is there more to the story? F

posted 6:00:24am Dec. 16, 2014 | read full post »

10 Ideas to Avoid Depression During the Holidays
It's the most wonderful time of the year....well, not for everyone. Holidays can be difficult if you struggle with your mood and family issues. However, there are proactive ways to keep your spirit bright. 1) Don't overspend. Avoid being caught up in all the deals, discounts and e-shopping. Fi

posted 6:00:31am Dec. 12, 2014 | read full post »

6 Tips to Avoid Child Meltdowns During the Holidays
Are you dreading that trip in the car to grandparents? Is the hype of the holidays overstimulating your children? Too  much sugar, too little sleep? Try these 6 tips:   1) Routines and rituals: Try to keep as many going as you can. Even when you travel, insist on a regular bedti

posted 6:00:20am Dec. 10, 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.