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

Change Whining Into Gratitude
A mom asks: The other day I was so embarrassed because my child whined around when I was trying to talk to another mom. When our children whine, it really bothers us. We want to turn that whining to gratitude. How do we make that happen? When you want to extinguish one behavior and then replac

posted 6:00:32am Nov. 21, 2014 | read full post »

8 Tips for a Better Night's Sleep
Are you irritable? Difficult to live with because you are constantly tired? Time to look at your sleep habits and do something about them. If you are tossing and turning consider these 8 tips: Women take an average of nine minutes to fall asleep at night compared to 23 minutes for men. IF yo

posted 6:00:15am Nov. 19, 2014 | read full post »

Do You Help Your Teen Too Much? Answer These 5 Questions
Julie was handed her biology test in class. While she studied for the test, the material was difficult. When she saw the red C at the top of the exam, she began to cry. Racked with anxiety, she couldn't believe she barely passed the test. The stress overwhelmed her. One has to wonder why? This is

posted 6:00:30am Nov. 18, 2014 | read full post »

Eating Well: Rules for the Road
I've been commuting between a small town and a large city. The almost four hour rural commute usually requires a meal stop. Here is where the challenge comes. The only food stops on the rural route are fast food restaurants. The temptation is to grab something fast and keep moving-greasy fries, h

posted 6:00:32am Nov. 14, 2014 | read full post »

If You Want a Child Who Sticks To It, Look at Dad!
If you want a persistent child, dads are key. Persistent is a trait most parents want to see developed in their children. When the assignment is difficult, we want  our kids to persist in their studies and do well. When the team is losing, we want a child who stays in the fight until time runs o

posted 6:00:32am Nov. 12, 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.