GIVE WITH A WARM HAND

Not a cold one! A work mate tells me this is her mother's saying. Rather than reading the Will and this is what you will inherit, her mother has decided to help her daughter in the living. She can enjoy seeing her child use some money for things she needs. A cousin transferred a cottage to his children so he could see them enjoy it as well as continue using it if needed. My mother-in-law liked to give money when her granddaughters were taking a big trip somewhere . If my children say it's too much, I just tell them I took it out of the Estate! It is important to let the family in your life make their own way. Every aging parent does need a certain amount for their old age. However, I witness people hoarding whatever they have and threaten adult children with the Will- if you are not good to me, I will cut you out of it! I recall a book written that stated to die broke! Use up your resources in the living so you have enough to last for your needs but why have tremendous investments left if they were only for you! If you want your children and grandchildren to have them- well why are you waiting? Balancing the finances does take creativity sometimes. If we only knew how long we would live, then we could adjust accordingly! I also witness Elder Abuse in my work. Adult children refusing to use their parents' financial resources on their needs stating their folks have no money for things like private care or equipment. They are more concerned about losing a piece of the pie! So educating people to use their own investments and money for their needs as well as sharing what they chose to share in the living could reduce some of this exisiting abuse. Yes, it does go on more than you think! A parent assigns a child to be Power of Attorney to manage his/her money not to steal it! Most children are very respectful and do a great job! However, there are a certain percentage that don't! Some parents assign two Powers of Attorney as a double blind! Keeps everyone honest! So balancing what we need and sharing what we have as we age takes research and talking with our children! I like the warm hand, don't you?