12 tips for managing your parents’ finances
MOST of us are reluctant to bring up the subject of financial planning with our parents, and sometimes put it off until they have become incapacitated or squandered their savings.
‘By that time, actions are often taken under very stressful conditions without the benefit of thoughtful, detailed, clear decisions that could have been made had the subject been broached at an earlier time,’ said Mr Goh Yang Chye, the managing director of GYC Financial Advisory.
By discussing these issues with our parents early, we can enjoy greater peace of mind.
1. Living expenses
2. Medical history
3. Medical fund
4. Annuities
5. Long-term care
6. Investment portfolio
7. Sublet parents’ home
8. Downgrade or live with children
9. Power of attorney
10. Will
11. Legal documents
12. Estate planning
Lorna Tan
Article is taken from ” How much to give mum and dad” by Lorna Tan
Full article can be found in the link above.
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