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Published: Wed, 23 Sep 2009
Description: It's an issue lots of families are dealing with. As parents age, they're turning to their kids for help.
Full Article: http://www.myfoxboston.com/dpp/morning/manage_your_money_092309
Automatically Generated Transcript (may not be 100% accurate)
" It is an issue lots of families are dealing with the parents age they're turning to their kids for help meanwhile -- you are raising their own kids putting them right in the middle becoming. What's called and would generate and they taking care of their children and their parents while trying to get a hold. On their financial future is a pot will give all of them -- Italy joining morning personal finance expert camp -- and thanks for coming in this morning. That's been about for awhile now of course. Are 18 of dealing with -- every. And care for parent. There -- crucial to pay attention here finance ago because he actually."
" that you that you like you can plan for financially. What about financial planning and more about life. Because he figured it. For about tomorrow night history and to live on around her living expense -- fifty a month my best friend Hermann has all. In ending our quality. Living and upwards of 500. Dollar and -- can't really financially plant does not like. Waiting for retired. Are able for you know your child's college -- something that you have to sit down and actually and talk about read your aging parent. We had a first point here you -- to get when that folks can follow along the first to start that -- as uncomfortable as that talker -- let's talk to your review weren't you worried teenager. The other way around the awkward congress and -- somebody to bring it out. Before mom or dad lose any cognitive. Ability or inability sound financial. -- Hot where they stand and financially and it is uncomfortable -- we do need to know how did have a mortgage and they don't have data on it turns out though things are huge. -- for a parent become ill in the oil those cards on. Advice durable power returned right once you have had. Apparent by the -- include doubling the conversation you. Don't want anybody -- Stanley north by art here big family five. I mean Leno and a broken up over this. You want it to anyone have a terrible power returning to an -- Means that one family member to be detonated and maker in Europe all the paperwork the record. And although they that if anything happened health care why can't health care -- in legally. A -- that time. And dance and find out again not. Like what if mom or dad needed go into Atlanta to public health to pay for what day in their home and how would refinance back there are many different. Or is there are many different permit you. Really. Nail it down any -- we don't know what health care is going to be and how much that caught and that -- talk about it really. I call -- as well as priorities vitriol what Portland. At a you're not gonna probably be able to do it all you have to and not feeling guilty and took up the idea of you know you really have -- carrier -- early retirement for. Now that counter intuitive I have my kids -- mom and -- climate putting offer that you think about you don't wanna put the burden on your own Alter. And present right now. Avoid going through what goes through now. You can't say for your retirement but you can't take -- you can't. -- Down and you look at a -- where the mom and dad or mom or dad. Pay for the health care. We have here at a very important that all the time help parents avoid getting -- One of the big benefit of having a -- at a time with the parent really finding out where they and financially and what they're doing it or mining we believe it I know on. And I are. Parent -- taking an immunity Bernie Madoff -- Never. Watch out for parents and you and I -- he didn't know what was going on. And there are people out here who don't think it is today it's our. Our elderly. That -- their and it will try to try to take advantage of that. Out well. It in my mom and dad bank account and out by talking to them about it. Are -- making capability. What are you doing with your money your west. Act dot pork and -- that our website at. Integrated. Much."
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