Topic: money
Once you’ve decided it’s unwise to give or lend money to adult children—or grandchildren—think through how you want to communicate your decision.
Money is often equated with love. Even if this is a loving decision (e.g., you’ve determined that giving or lending them money is encouraging something unhealthy), how and when you decline is important for the future of your relationship. …
When an adult child asks for money, it’s hard to say no. You want to respond to a need. But perhaps your child perceives that you don’t need all you have, or that they’re simply requesting some of their inheritance, just a bit early.
Before you answer, ask for time to think it over. You want to make a decision based on wisdom, not emotion. You also need time to discuss this with your spouse, if you have one. …
Reluctance to spend money is often one of the top barriers to getting parents the help they need. And money discussions can be uncomfortable, especially with our parents.
Our parents have worked hard. They’ve invested wisely and saved diligently. And now, when they may need it most, they refuse to spend the money they’ve saved on themselves.
This is a common dilemma for many families. A parent who needs and can benefit greatly from support in their home or by moving to a supportive living environment says “No!” to the idea. …
Parents Reluctant to Spend Money on Their Own CareRead More »
If you have more than one child, deciding how to distribute your assets among them may prompt some angst: If and how should your will or trust reflect your understanding of their different needs? According to a Merrill Lynch study, two-thirds of parents over age 55 are open to the idea of unequal bequests.
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