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

4 Strategies to Minimize Relationship Conflict
Five years ago, there was no conflict. Renee and Jerry decided to have children. At the time, both felt it was best for Renee to stay home with the children while Jerry worked outside the home. Recently, Renee was having a tough day, ...

posted 7:00:38am Jul. 29, 2015 | read full post »

Can You Think Away Chronic Pain?
Susan's leg injury was healed more than two months ago, so why is she still having chronic pain? Her family thinks it is all in her head, but is it? Her doctor can't find a reason for the pain and questioned her about stress in her life. Susan ...

posted 7:00:43am Jul. 27, 2015 | read full post »

Abortive Body Parts Only About Politics?
Like most of you, I was horrified to see the video of the Planned Parenthood women having wine and food  while discussing abortive body parts for sale. The lack of a moral compass should outrage all of us, but yesterday, as I  listened to ...

posted 7:51:16am Jul. 23, 2015 | read full post »

What Ben Carson's Single Mom Did Right
Dr. Ben Carson, renowned pediatric neurosurgeon and now presidential candidate, was raised in poverty to a single mom who lived in a tough neighborhood. Ben's mom worked two to three jobs in order to put food on the table. She didn't want to ...

posted 7:00:20am Jul. 22, 2015 | read full post »

5 Practices of Healthy Leaders
Are you a leader? You don't have to be a CEO or President of an organization. You can be a leader in your family, school, church or in the community. One definition of a leader is someone who has followers. We see and hear a lot about ...

posted 7:00:29am Jul. 20, 2015 | 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.