Financial Advice for People with Aging Parents – Sandwich Money Part 3
Do you have aging parents and kids? This video is for you. It’s the third video from our Sandwich Money series, where Mike and Sophie discuss financial considerations for adults who have aging parents while also caring for their own children. At the end, Mike asks “Is it more impactful for them [beneficiaries] to get a big lump sum after they’ve already gotten through those hurdles on their own?”
This video is part 3 of a 3-part series called “Sandwich Money”, where Sophie and Mike discuss financial advice for adults who are sandwiched between raising children and caring for aging parents.
Part 1: Financial Advice for Young Parents
Part 2: Financial Advice for Adults with Children in the Workforce
Part 3: Financial Advice for Adults with Aging Parents
Topics in this episode include:
- What do people with aging parents face financially?
- Planning for long-term care
- Why is it important to talk to your parents about their estate plan?
- How can I bring up the estate plan talk with my parents?
- Who do you decide who to make the executor of your will? the POA?
- How do you set up a will without stress?
- Have you ever had an executor challenge their parents?
- When’s the right time to talk to your parents about their estate plan?
- Bonus time: Retirees, how can you make sure your kids are comfortable and ok?
- Retirees taking families on trips vs giving a lump sum inheritance
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