Advertisement

Doing Life Together

Doing Life Together

Waiting For Your Inheiritance? 5 Areas to Consider

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.

Advertisement

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

A Super Bowl Outcome You May Not Like
Super Bowl week! Yes, we are obsessed with the game. And part of that obsession includes our Super Bowl menu. But what if I told you that your menu and eating habits are influenced by the game. Super Bowl  has an eating outcome you may not ...

posted 7:00:32am Feb. 05, 2016 | read full post »

Conflict? Who Should Make the First Move?
Hannah hadn't spoken to her mother for a month and the tension between them could be cut with a knife. It was Saturday morning and Hannah was contemplating picking up the phone and making a call. She wanted to resolve the problem. But here ...

posted 7:00:31am Feb. 03, 2016 | read full post »

Fighting with a Narcissist
Rich and Sharon have constant fights, and the fights take on a common pattern. Sharon is dating a narcissist. The key traits of a narcissist are to be self-centered, need to be admired, be right, not admit fault and feel superior. All of ...

posted 7:00:58am Feb. 02, 2016 | read full post »

Dad's Anxiety Could Affect His Unborn Child!
Blog Question: My husband is very anxious about the birth of our second child. He is feeling the economic pressure of our expanding family and worries about everything. He is making me anxious because of his state of distress. What can I tell ...

posted 7:00:09am Jan. 29, 2016 | read full post »

Who is Deciding If Your Child is ADHD?
I've been in practice for over 20 years and worked in a center for ADHD. One of our goals was to make sure the right kids were correctly diagnosed when it came to ADHD. Great care was taken to do the proper assessments that help make the ...

posted 7:00:22am Jan. 27, 2016 | read full post »

Advertisement


Report as Inappropriate

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

All reported content is logged for investigation.