When an older parent is about to move in with you, it pays to talk about financial issues beforehand so that the move is not more costly than necessary.
The writer shares from his own experience about several mistakes he made when his mother-in-law moved in with him and his wife and what he would have done different with better planning.
- Talking about finances beforehand
- Reviewing estate planning documents
- Talking with a tax professional about ways to reduce taxes
- Anticipating the home remodeling that would be needed as the parent aged
Read the article on The Wall Street Journal here: Financial Issues to Consider When an Elderly Parent Moves In With You
Estate Planning attorney, Terry Garrett, is a member of the National Academy of Elder Law Attorneys and is active in the Texas and Austin Bar Associations. She graduated with honors from Cornell University. She was on the Dean’s List at Wharton Business School. She earned her J.D. at Columbia Law School, receiving the Parker Award and a Mellon Fellowship.
She assists families of people with special needs, people planning for the retirement years and people administering estates.