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July 22nd, 2010
01:09 PM ET

Protecting your Parents' Money

Discussing finances:  it's not easy for most.  It can be especially hard when an elderly parent is involved.  Personal finance expert Michelle Singletary joins us this Saturday at 2pm ET with some tips on how to talk to relatives about caregiving before they need it.  One tip:  discuss the cost of all possible living options.  They may include home modifications, home care or assisted living.

Post your personal finance questions here and we'll answer them live on the air.


Filed under: Fredricka Whitfield • Josh Levs
soundoff (5 Responses)
  1. David Martinez

    I'm the youngest of six and the only one who takes care of my 79 year old Mom. I will be moving her in with me because she is getting older and needs some care and can't afford to live on her own anymore. She has good medical and gets little social security. Can I ask my older sibblings for money help. And if they don't can I force them or take them to court to help me. I feel I'm in this alone!

    July 24, 2010 at 1:27 pm |
  2. Blanche Katz

    How do you get to discuss money and personal finances with your adult children when the answer is "Mom, don't worry. It isn't like happening now. We'll cros that bridge when the time comes."
    I have tried to make them pay attention to the idea of planning ahead.

    July 24, 2010 at 1:34 pm |
  3. Regina Lockwood-Key

    Hi Fredrika,

    I am sitting at my dad;s bedside wishing I had been or heard of Michelle Singletary years ago. I am there right now, my dad caught a staph infection in April, in a knee he had replaced last year. I took him to the hospital on April 24th to have the knee removed and on May 3rd he coded. He was brought back and placed on a ventilator only to go from being in a coma to now being in a vegitative state. We never discuss what his wishes were if he were ever in this situation.

    I received a letter from the hospital here informing me that Medicare will sease paying 100% of his bill on 8/19/2010. We will then be resonsible for 20%. With no place else to go, we hired an elder care atty, which cost us over $15,000. Again I wish I knew about Michelle's insite.

    I am going to check with my mom;s insurance when I get back home as well because she had an aneurysm in her aorta last year and is gong for another one in her head next month. I will make sure to discuss what her wishes are if she should end up in a situation like my dad is in now. I will also make sure she signs a Health Care Proxy prior to her surgery.

    Signed,
    Only a child of God could handle all of this.
    Regina Lockwood-Key.

    July 24, 2010 at 1:59 pm |
  4. Bill

    I recently received a large sum of money. I put it into an IRA Rollover account. What type of safe investment could I enter into?

    July 24, 2010 at 2:38 pm |
  5. Patty

    my dad has all of his money in CDs with my sisters and my name attached as beneficieries upon his death. He is 86 yrs old and owns a large home valued at approx 500-600,000 which is still in his name only(my mom has passed away) He has a checking and savings acct with a substantial amt of money in both. He is fiercely protective of his assets having once said that, after his death, what the govt takes is not his problem. We all get along very well and fear that his lack of planning and education about estate planning will result in the loss of most of his hard earned money to the govt. The estate is valued at well over a mil. and would appreciate your advice on how to broach this subject and create an estate plan that would keep my father in control while protecting his heirs. Thank you!

    Patty

    July 25, 2010 at 7:26 pm |