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

Should You Celebrate or Ignore Halloween?
A reader asked: My husband and I talked about it and decided we are not going to celebrate Halloween. Our child is three-years old and she really doesn’t know much about the holiday yet, but we do. I have been surprised at how many people, Christians included, have given us a hard time about ou

posted 6:00:51am Oct. 31, 2014 | read full post »

Can You Multi-Task If You Are A Digital Native?
Lately, we've heard a lot about people who think they can multitask but perform poorly. So parents all over America are turning off music and screens, telling their teens to focus on the single task of studying. Good idea, right? Maybe not for all teens. Two high school researchers put togethe

posted 6:00:05am Oct. 28, 2014 | read full post »

10 Ways to Recover and Respond to Angry Email
It happens to all of us. Someone sends an email that upsets us and we react by firing off an angry response. This impulse to react usually leads to regret and ends up damaging our relationships. So how do we respond to hurt, upset or accusation from an email? And what do we do if we react in a

posted 6:00:35am Oct. 27, 2014 | read full post »

Is Fear Stopping You From Taking Medications?
If you have ever seen a TV commercial for a specific drug, you probably wonder why anyone would ever take that drug. The speed reading list of possible side effects is enough to stop most of us from even considering that drug. But the FDA requires that ads list the possible side effects of a medicat

posted 6:00:50am Oct. 23, 2014 | read full post »

Could Watching Violence and Sex in Movies Affect Your Children?
Mr. and Mrs. Johnson are considered good parents. But are they too lenient when it comes to letting their children watch movies filled with sex and violence? A new study sheds light on why parents may be too lenient when it comes to allowing children to view sex and violence in films. The Annen

posted 6:00:06am Oct. 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.