When Your Parents Need Financial Help
As parents and children age, the familiar family roles often switch. And for some adult children that can mean helping elderly parents financially.
See Also: Do Your Parents Need Help Managing Money?
Sandra Kiely Kolb says her father was obsessed with one wish as he got older. "His mantra was he didn't want to be a burden," says Kolb, 64.So when Kolb and her three siblings decided their dad's large house was no longer suitable, they sought a solution that would enable him to remain as independent as possible. About a year ago, with the okay of her siblings and father, Kolb and her husband, who are retired and live in Shaker Heights, Ohio, bought a condo for her father in Red Bank, N.J., a few miles from his old house.
After their dad settled in, the family put the old house up for sale. "We recognized that it would be difficult to sell the house with a 91-year-old living in it, along with two old dogs," Kolb says. Plus, she says, the family didn't want him stressed while the house was on the market.
The proceeds from the sale pay for caregiving and condo expenses. "I feel we're very blessed," Kolb says. "A lot of thought and a lot of consideration went into this."
Read more at http://www.kiplinger.com/article/retirement/T037-C000-S004-when-parents-need-financial-help.html#bH37y3EoiSbIHyuK.99
Anger is an acid that can do more harm to the vessel in which it is stored than to anything on which it is poured. -Mark Twain
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