Estates, Inheritances, & Aging Parents: Your Checklist

The Money with Katie Show

Money with Katie

Investing, How To, Self-improvement, Business, Education

4.8 • 1.3K Ratings

🗓️ 2 August 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

We recently did a Rich Girl Roundup on how to talk money with aging parents, and the response for a deep-dive was overwhelming. So, we rounded up the most common questions and brought back Kim Davis from the Bahnsen Group to walk us through everything we need to know for our parents' golden years. We put together a comprehensive checklist to walk through with your loved ones—make your own copy here. Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode Rich Girl Roundup: How to Talk Money with Aging Parents: https://podcast.moneywithkatie.com/rich-girl-roundup-how-to-talk-money-with-aging-parents/ Kim Davis on The Money with Katie Show on Prenups: https://podcast.moneywithkatie.com/to-prenup-or-not-to-prenup-with-the-fiscal-feminist-kim-davis/ Hybrid Long-Term Care Insurance Policies: https://www.brighthousefinancial.com/education/healthcare-planning-for-retirement/what-is-hybrid-long-term-care-insurance/ Inflation Riders on Long-Term Care Insurance: https://www.insure.com/long-termcare/inflation-riders.html Buying Long-Term Care Insurance in Someone Else's Name: https://www.annuityexpertadvice.com/long-term-care-insurance-for-parents/ What's Not Covered by Medicare: https://www.medicare.gov/what-medicare-covers/whats-not-covered-by-part-a-part-b How to Qualify for Medicaid: https://www.nolo.com/legal-encyclopedia/when-will-medicaid-pay-nursing-home-assisted-living.html Will vs. Trust: https://www.investopedia.com/articles/personal-finance/051315/will-vs-trust-difference-between-two.asp Guardianship of Younger Children: https://sapientlawgroup.com/estate-planning-attorney-pasadena/designation-of-guardian/ CCRCs & Senior Living: https://www.continuingcarecommunities.org/assisted-living/california/ — Follow Along at Money with Katie: https://moneywithkatie.com/ Watch on YouTube: https://www.youtube.com/@MoneywithKatie Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter - Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2 Follow the Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome back to another episode of The Money with Katie Show, Rich Girls.
0:10.5	And boys, or should I say, Rich Offspring?
0:14.3	I'm your host, Katie Yaddy Tossin, and today we are talking about how you, as a financially
0:20.0	savvy person, trademark, can help make sure your dear elder relatives are set up for financial
0:27.3	success into their golden years.
0:34.8	We did a rich girl round up a few months ago about how to plan for elder care, and your
0:39.1	responses asking for a more thorough follow up episode were overwhelming.
0:44.2	In fact, much of the conversation we're going to have today was informed by the questions
0:48.2	that you sent us.
0:49.6	So if you've reached out, I hope you hear your quandary addressed today.
0:54.5	This is probably because our audience is primarily in that 25 to 44 age range, which
1:00.5	is the group, especially on the upper end, that might find itself in the sandwich years.
1:05.8	AKA that fun phase of your life where you're caring and paying for your own children's
1:10.2	upbringing, but you're also responsible for caring or paying or both for your older
1:15.6	family members too.
1:17.5	So some of what we cover today may be outside the realm of your control.
1:22.7	If someone has no savings entering their retirement years, it's going to be tough on the people
1:27.6	who support them, and there's no sugar coating that fact, there's no shortcut.
1:32.4	But for many, it comes down to just knowing which questions to ask and which boxes to check.
1:39.0	A state planning, long term care insurance, drawing down on your investments, it can be
1:44.8	hard to know where to start, which is why I am thrilled to welcome Kim Davis back to
1:50.8	the show.
	...

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