Dear John
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?
Worried Daughter
Dear WD
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.
JF
(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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Very fantastic letter. Really its true between children's and parents.
ReplyDeleteJoe, thx I see that you are a criminal lawyer here are two of my ill fated appearances :
ReplyDeleteReason no. 60 at http://www.101reasonstokillallthelawyers.com/2009/08/let-sleeping-clients-lie-you-would.html
And reason no. 8 http://www.101reasonstokillallthelawyers.com/2008/05/8-they-get-guilty-people.html