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 

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.

Many couples and individuals in their 40s and 50s are financially supporting older parents and their children (young or adult) in some manner. While the desire to provide that support is understandable, the financial implications can be significant. Most of life's transitions result in financial disruption which is why we aim to build our clients financial confidence for whatever comes next. And we do that with Transition Planning. Reach out if you want to learn more. #personalfinance #wealthmanagement

If you have a family member with special needs, it's an ongoing, lifelong journey. Having a child with an intellectual disability in no way diminishes the love and joy you feel for them, but finances often weigh heavy on the minds of parents with a special needs child. About 10% of children under 18—about 7.2 million—have a severe disability, according to the Census Bureau. And almost 40% of families with special-needs children say they struggle to prioritize savings for the long-term. The lifetime costs can be exponential, so your financial planning may take special care. How do you balance the management of your family's health and wealth? JJ Burns, CFP® was quoted in Barron's magazine, impressing upon the importance a well-positioned investment portfolio may play in a special-needs financial plan: https://bit.ly/4fK029Z #estateplanning #specialneedsfinancialplanning

https://lnkd.in/dV7d-_7C How do you empower children so that they are equipped with the financial skills and motivation to move out of the family home? What if they are still around, as young adults, unwilling (or seemingly unable to take the leap?) In today’s Daily Mail Money feature you can read my recommendations, which include… - Check how you might be complicit (consciously or unconsciously, directly or indirectly) in keeping them there, stuck - Set clear boundaries and expectations (around chores, around what you are willing to pay for, around how long they can stay) - Offer support (help them build the financial skills needed in a safe environment) – but don’t rush to the rescue - Don’t let excuses linger – but create a safe space where they can voice their concerns – some might fear independence, feeling lonely or be anxious that they won’t cope on their own (or others - more in the feature). #moneymindset #financialtherapy #financialawareness

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

Watching your child make the transition into adulthood can be scary. Find some peace of mind with these tips from Schwab wealth strategist, Susan Hishman, for helping young adult children become financially independent. https://bit.ly/3W0G42d #FinancialIndependence