[ADVISOR VIEW] Be very careful of a “living inheritance”. It may just have unintended consequences: Marius Fenwick - Wealthup. Moneyweb Retirement
This article is probably going to stir some emotions and get the tail feathers up of some, but this is not a popularity contest; it is a space where we need to get real and call it as it is.
I often encounter funding for children for home purchases, business ventures, elaborate holidays and general assistance to overcome financial hardships. When I pose the question to retirees what they will do when their funds run out and if their children will assist them financially, their response is unanimous: “No, we will not want to be a financial burden on our children”. Well then, children must not be a financial burden on them either.
Take the time and make the effort to understand how much your parents actually need to make ends meet for the rest of their lives. Unless, of course, you are happy to fund them or let them move in with you sometime in the future… Please become their financial confidant and help them with their financial decisions. Stand on your own feet, don’t knock your elderly parents off theirs.
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