My parents are getting on and I am concerned that they are no longer able to exercise their usual prudent financial rigour to the assets that they have amassed. This is of particular concern to me as I have inherited only “Right Brain” artistic type genes and money has not really interested me up to now. But I would be extremely distressed if it stopped short.
Should I take on some of the burden of managing my parents' finances?
Most children believe that their parents are well meaning but a little daft, or is that just my children? Parents are not to be trusted with decisions concerning your inheritance as the consequences of a wrong move can have serious implications for you. They could go completely gaga and spend it! Therefore you must get involved. Once you start applying estate planning principles to your parent’s money rather than your own it becomes a fascinating subject.
(c) Paul Brennan 2011. All rights reserved. Extract from John Fytit’s International Legal Problem Page. For more go to http://www.lawanddisorder.com.au/legaladvicepage.html
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