RIA – Own Your Wealth

Financial Advice for People with Aging Parents – Sandwich Money Part 3

By mmerry | September 2, 2024

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

Connect with Sophie

Connect with Mike

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Financial Advice for Parents of Adult Children – Sandwich Money Part 2

By mmerry | August 26, 2024

Are your kids starting new jobs? Graduating college soon? Getting promoted? Do they listen to you? Do you wish there was a mutual third party to help set them up for financial success? This video is part 2 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 Parents of Adult Children

Part 3: Financial Advice for Adults with Aging Parents

Topics in this episode include

Financial milestones for young adults
What should people consider with their first job offer?
Story: max your match, not max your contribution
Getting an unbiased third party for financial advice
Uncomfortable family conversations about money
Quality time instead of financial logistics and numbers
How do you introduce your young adult to a financial advisor?
What changes financially when you become an empty nester?
If you have multiple kids, who do you want to name as the executor?
A health scare that ended up positively
Cautionary tale: Have written agreements
Approaching the Estate conversation with your adult children
Ideal sequence of financial conversations for your adult children with an advisory team
What happens if you can’t think of someone to be the executor of your will?
What’s the scope of a corporate trust?
When do lawyers get involved?