Faced with longer life expectancies, a savings shortfall and skyrocketing medical bills, retirees are increasingly reluctant to transfer assets to their children during their lifetime—lest they need that money to make ends meet.
Where excess assets exist when they die, many are also more likely to give to a worthy cause or skip their children and name their grandchildren as beneficiaries instead.
It’s a trend that CFP Kristi Sullivan of Sullivan Financial Planning expects to continue.
“I definitely see more planning clients who don’t have an interest in leaving money to their kids….”
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Your first instinct as a child may be to drop everything and handle all your parents’ needs yourself. But if it comes at the cost of your own career, think about the ripple effects – on your retirement savings, on the needs of your own kids, even on your own sanity.
Denver financial planner Kristi Sullivan recommends hiring a case manager to do the heavy lifting. ”For an hourly fee, these people can handle tasks quickly that it might take you hours to do….” (Click here for more.)
Do you know when to ask for help when caring for aging parents? In this post in Money, Kristi helps you figure it out!
Denver financial planner Kristi Sullivan recommends hiring a case manager to
do the heavy lifting. “For an hourly fee, these people can handle….” (click here for more)
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