In “Reopening the Bank of Mom and Dad, to Help Adult Children,” The New York Times offers cautionary tales and advice for parents who help adult children that don’t earn enough or have some kind of financial emergency. Even Baby Boomers who have done retirement planning may not have seen the needs of their adult children on the horizon. The desire to help adult children can derail the financial planning they have put in place. Many parents say they would not want to be a financial burden on their children but that is what can happen when parents …Read More
Is Estate Planning Dead?” voices a question some have asked in light of reports that before the election, the incoming president-elect was considering ending what he referred to as the “death tax.” Just as we discussed in “Think Before Changing Investments Because of an Election,” you need to think about abandoning sound financial practices based on what you hear about politics. Changes that may affect your financial planning are on the horizon but you don’t know just what will change. If you move money or alter your estate planning in anticipation of a law changing, you may …Read More
A woman we know that was diagnosed early with Alzheimer’s decided to go Disney World with her children and grandchildren that same year while she could still enjoy it and to give them a memorable trip before she started to decline.
That is one way to handle such a diagnosis.
In “Facing financial reality when early dementia is diagnosed,” The Washington Post discusses more serious matters and some of the financial repercussions of the disease, noting that mishandling money and leaving bills unpaid can be sometimes be one of the signs of dementia. Even if someone does not …Read More
This is a time of year when everyone is making lists and setting financial goals for the upcoming year. At the same time, many people are starting to see the bills from or the effects of their holiday shopping. It may also be a time when you are still reflecting on your financial missteps of the past year. This can be overwhelming because as you are looking at a new year, reminders from the past year are still there.
Try not to dwell too long on misguided financial moves from the past year. Instead, look for ways to make wiser …Read More
In “Key End-of-Year Money Talks You’ll Be So Glad You Had,” LearnVest offers advice that can be used all year around. Any talk you have at the end of the year, you can also have at the beginning of the year. In some cases, approaching financial planning at the beginning of the year when we have a sense of optimism and a desire to set things right may be more effective than and end-of-year wrap up.
Discuss Compensation with your Employer. Much of your financial planning is affected by how much you earn. There are many ways to increase earnings …Read More