Viive Planning’s Post

As parents, part of our job is instilling financial responsibility in our kids, so that they can get off the ground as adults. But that’s hard to do when everything is so unbelievably expensive! Love this column from the The Washington Post's Michelle Singletary about financial enabling vs. financial support. #LeaveALegacyMonth #AgingandEndofLifePlanning #LegacyPlanning #AgingPlanning #EndofLifePlanning #EstatePlanning #FinancialPlanning 

Are you worried about financially supporting your kids until they’re 18? The truth is they might need your help even longer. A new study shows that three-fifths of parents with adult children have provided financial support in the last year. Read more. #snowplowparents #financialgoals

FROM DEPENDANTS TO PROVIDERS: DO CHILDREN OWE THEIR PARENTS FINANCIAL SUPPORT? The dynamics of family financial support are rapidly changing and more adult children and in some cases, minors, are facing new pressures to support their parents financially. This is a sensitive but thought-provoking question that has become increasingly relevant in today’s society as the lines between dependence and independence are blurring. While there is no legal obligation for children to financially support their parents, it is expected of them especially in this part of the world. It is one unspoken rule that seems to have a superior existence that should not even be challenged, and emotions as well as a sense of indebtedness have come to play a big role in making sure this is carried out. Most people are of the opinion that children are not meant to be caregivers financially for their parents and should get to choose their lives and whether or not they want to play that role because they sincerely think they should, and not because it is expected of them. It is no news that many parents feel entitled to their child’s finances like it is a form of parental payback but then considering the sacrifices and investments most of our parents had to go through for us, is this sense of entitlement valid? Different cultures have different expectations. Different people have different mindsets but is it reasonable for parents to expect their children to support them financially during their old age, till death?  If legally, it’s a no, then morally, is it a yes? Is using children as retirement plans for their parents an emerging intergenerational dilemma? Tell us #YourView. #Finance #FinancialResponsibility #Family

This is a discussion of how to get on the same page as a family and prepare for the financial impacts of aging parents.

This is a discussion of how to get on the same page as a family and prepare for the financial impacts of aging parents.

This is a discussion of how to get on the same page as a family and prepare for the financial impacts of aging parents.

This is a discussion of how to get on the same page as a family and prepare for the financial impacts of aging parents.

Raising a child in 2023 could cost an average of $331,933 from the time a child is born to age 18, according to a 2023 study by Northwestern Mutual. Shocking, right? But here's the twist: Taking care of aging parents may be even more expensive. According to a CNN report from April 20, 2023, an assisted living facility can cost an average of $5,806 per month or roughly $70,000 per year. And then there is memory care, the fastest-growing sector of the senior housing market. On average, memory care costs just over $7,500 a month or $90,000 per year! What I tell people is to prepare ahead of time! Talk to your parents about their wishes and potential financial needs. Explore extended care solutions early on. Establish a financial strategy that’s flexible when it comes to medical and care expenses. A financial professional can help by showing how different scenarios can be supported. Share your experiences in the comments!

Ongoing economic turbulence is causing Gen Z to turn to their parents for financial aid, therefore diminishing the strength of their long-term financial independence. Of course, this is a tricky balance to strike. I find that it’s wise for parents to offer their aid to their children while also training and teaching them how to manage their finances, especially during this period of economic struggle. Likewise, parents chipping in with small costs can put less pressure on their children to focus on larger long-term financial goals. For example, while only 42% of millennials have their parents pay their phone bills, 70% of Gen Z have this luxury. #Finance #Debt

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