This post will be of particular interest to adult children caregivers.
This one sentence is a good summary of this blog post: “The hardest part of managing a parent’s money is figuring out how to make it last.”
This blog post is by Paul Solman, a journalist who covers business and economic news on the PBS NewsHour. He and his sister gained control over their father’s finances. He writes about managing his parent’s money when the parent can’t. Wonderfully, the father must’ve had a large nest-egg because his budget was $135K per year.
Similarly, after my brother and I took over our father’s finances, we wanted safe investment vehicles. We also kept a good chunk of money in cash in case of disaster. Disaster did strike after Dad had a heart attack, developed pneumonia, and was put on a ventilator. He lived several months in a care facility that could handle those with vents. Incredibly, it cost $1K *per day* to live in that care facility. When he died, we had about $10K left in cash. A little too close for comfort…
Here’s a link to Paul Solman’s blog post:
www.pbs.org/newshour/businessdesk/2013/08/how-do-i-manage-my-parents-money-when-they-cant.html
How Do I Manage My Parents’ Money When They Can’t?
PBS NewsHour
By Paul Solman
August 2013
This second link includes Paul Solman’s asset allocation plus, more importantly, his step-by-step advise on how to find a financial advisor:
www.pbs.org/newshour/businessdesk/2013/02/how-to-find-a-financial-adviso.html
Robin