Quote:
Originally Posted by CliffFletcher
It’s really difficult to estimate how much money an elderly person will need. Living to 75 in your own home vs living to 95 with the last 10 years spent in care at $5k a month will have dramatically different financial outcomes. I expect with most people, the bulk of their property at death will be their home, which isn’t accessible until either they’re dead or they need to go to a care home (which may consume much of the value).
I’m managing the finances of my parents, both of whom suffer from dementia and one of whom is in care, and I can’t say with confidence what their assets will look like 5 or 10 years from now.
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Quote:
Originally Posted by Fighting Banana Slug
I might be mistaken, but I think the scenario in the OP, was that the dad had nothing, other than some life insurance. I don’t think a trust fund was in the cards.
Otherwise, I would say sure. Try and give that money when you are still alive. I get that sentiment.
Edit: As Cliff says, it can be tricky. My parents are In the same boat. They probably have enough to live until the end, but they are constantly worried about the higher costs near the end. Ultimately it is their money and they can do what they want with it.
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I understand if people are tight but some people have a lot, more than enough, and still put everything in their will. That's when fights start.
Since they were born, I've been squirreling away a little for my kids each month in a mutual fund, like $100 each. I treat it as another expense. They'll have some money at 18 for school or whatever else. May not seem much but $100 x 12 x 18 = 21600 plus whatever interest is accumulated. But after that, they're on their own.
Also, they won't know this until they're 18 so it'll be a nice surprise. I still want them to work as teenagers to get extra money and experience.