I feel for you, Laura. It’s not an easy transition but I agree it’s a balancing act. I’m sure with all qualified members of the family working together (and some pro assistance), the best course of action will present itself.
Thanks, Daniel. I think we have this issue resolved, for now. But now, we have another one. When the caregiver needs the care. I'll have a post about that coming soon but right now we need to find a resolution.
I am so glad you have touched upon this subject as I have the same dilemma. Whilst still alert I have my 93 year old mother and my sister and I are having to put financial plans into place such as funeral costs as mainly my sister’s expense for now. I have been discussing releasing equity with a financial advisor to lessen the tax implications upon inheritance.
It is on my new year financial plan to take advice and see what options my sister and I have. We recently had to update her will too and whilst not easy to discuss these things with her she realizes it needs to be done.
I think it's honorable that you are discussing it, Laura. I personally know of families where the ethical rightness of this was not even considered, sadly. Inheritance estate taxes can be cumbersome. In US, living trusts help relieve some of that burden. This stage of life brings up so many issues for adult children. I am sure you will make the right decision.
Thanks. It certainly needs to be on the discussion list when we have aging parents. This subject could even be written into wills, if necessary, to clarify the parents wishes. All too often, discussions about finances are not had because they are difficult conversations.
That's a good idea, to have that topic included in wills, Laura. Yes, the entire 'end of life' discussions are very difficult. My husband and I recently went through the motions on this, and it brings up emotions and issues that are difficult to discuss--like dying itself, even how or where one's remains will end up. It can be a trigger for some. But now that we personally have completed the task, it's like lifting a burden from our shoulders, after making the hard decisions, choices.
I feel for you, Laura. It’s not an easy transition but I agree it’s a balancing act. I’m sure with all qualified members of the family working together (and some pro assistance), the best course of action will present itself.
Thanks, Daniel. I think we have this issue resolved, for now. But now, we have another one. When the caregiver needs the care. I'll have a post about that coming soon but right now we need to find a resolution.
Getting old sucks sometimes!
I am so glad you have touched upon this subject as I have the same dilemma. Whilst still alert I have my 93 year old mother and my sister and I are having to put financial plans into place such as funeral costs as mainly my sister’s expense for now. I have been discussing releasing equity with a financial advisor to lessen the tax implications upon inheritance.
Yes, it's one of those things that some people don't know is possible. And many are reluctant to discuss.
By having a plan in place, you can do some quick math to see if it is feasible.
I would definitely seek financial advice though.
It is on my new year financial plan to take advice and see what options my sister and I have. We recently had to update her will too and whilst not easy to discuss these things with her she realizes it needs to be done.
Yes, another one of the difficult conversations with the aging parents.
We have the power of attorney too now so if she can’t make any decisions we will be able to. It is so important to plan ahead.
I think it's honorable that you are discussing it, Laura. I personally know of families where the ethical rightness of this was not even considered, sadly. Inheritance estate taxes can be cumbersome. In US, living trusts help relieve some of that burden. This stage of life brings up so many issues for adult children. I am sure you will make the right decision.
Thanks. It certainly needs to be on the discussion list when we have aging parents. This subject could even be written into wills, if necessary, to clarify the parents wishes. All too often, discussions about finances are not had because they are difficult conversations.
That's a good idea, to have that topic included in wills, Laura. Yes, the entire 'end of life' discussions are very difficult. My husband and I recently went through the motions on this, and it brings up emotions and issues that are difficult to discuss--like dying itself, even how or where one's remains will end up. It can be a trigger for some. But now that we personally have completed the task, it's like lifting a burden from our shoulders, after making the hard decisions, choices.