One of the most difficult and private issues you may face with your parents is talking about their finances. Money is often a private, "out of bounds" area for parents and their children. A lifetime of working and saving, paying for a kid's braces, for college educations, working more, saving for retirement, trying to pay off the mortgage and still working, creates a lifestyle, almost a personality that dictates saving and spending behavior.
A lifetime of saving for "a rainy day" involves scrutinizing every expenditure, every investment and each dime. When unsuspecting children are suddenly thrust into the previously forbidden land of parents' finances, two cultures clash. Spreadsheets meet handwritten ledgers, and scraps of paper meant to be kept private and confidential must be scrutinized. When cognitive slips occur, every rock must be overturned and examined to be certain that nothing is overlooked. This article from the Wall Street Journal traces one family's journey through the maze of parents' finances and leaves the reader with good advice about being prepared.
The Difficult, Delicate Untangling of our Parents' Financial Lives
http://on.wsj.com/1LYt7z8
Advance preparation insures that the parents' wishes are met, and the assets are cataloged. So, when a crisis arises, the whole family is prepared for the legal and financial consequences.
Don't wait until the house is on fire to start shopping for insurance!!
A lifetime of saving for "a rainy day" involves scrutinizing every expenditure, every investment and each dime. When unsuspecting children are suddenly thrust into the previously forbidden land of parents' finances, two cultures clash. Spreadsheets meet handwritten ledgers, and scraps of paper meant to be kept private and confidential must be scrutinized. When cognitive slips occur, every rock must be overturned and examined to be certain that nothing is overlooked. This article from the Wall Street Journal traces one family's journey through the maze of parents' finances and leaves the reader with good advice about being prepared.
The Difficult, Delicate Untangling of our Parents' Financial Lives
http://on.wsj.com/1LYt7z8
Advance preparation insures that the parents' wishes are met, and the assets are cataloged. So, when a crisis arises, the whole family is prepared for the legal and financial consequences.
Don't wait until the house is on fire to start shopping for insurance!!
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