According to Pew Research Center, one in seven middle-aged adults (15%) is providing financial support to both an aging parent and a child. People in this situation are considered the “Sandwich Generation”. Listen to this episode as Dennis and Shea discuss the “Sandwich Generation” and hear from Prout Financial Design's very own Heidi Thompson, who is currently a member of this group.
In this episode Dennis Prout and Shea Petaja get back into some retirement account technicalities from Ed Slott’s August Newsletter for advisors. This is the “inside scoop” for those of you wanting to understand required minimum distributions, Social Security, taxes and the oh-so-famous Roth IRAs!
Last week Dennis talked about an ice cream scoop of his mother’s that he wanted after his parents passed away. Though it wasn’t inherently valuable, it held much sentimental value – and many memories – for him. For me (Shea), it was my grandmother’s Renaissance painting, a reprint with no name. It reminds me of her and my time at the family farm. When it comes to liquidating the “stuff” (heirlooms are apparently a thing of the past), it’s important to know that the “IKEA generation” probably doesn’t want it. But if they do, you might want to make a plan.
Tune in today to talk about the disbursement of personal property. Our guest, Judy Albaugh, created the business “Simply Sales” to help families with estate sales and appraisal of personal property. She has a process in place to help you part with a lifetime of memories.
As a kid, it was always a race to ride in the front seat of my parents’ car. When it was time to go somewhere, we would hurtle ourselves toward the car yelling, “SHOTGUN!” Regardless of who said it first, it was the kid who made it to the car first who won. As the oldest, I had a clear advantage until my little brother’s athleticism won out. By then, though, I had my driver’s license … the ultimate ticket to freedom!
Now, as adults, my siblings and I squabble over family schedules to coordinate vacation time in order to see each other. I’m not naive enough to believe that it will always be this simple, but I am hopeful. Turns out, unfortunately, that when adult siblings do fight, it’s typically over their parents’ money.
Join us today to talk about the Top Three Money Fights Among Siblings and how to avoid them (Next Avenue).
As mentioned in the article, “Siblings are often the longest relationship people have in their lives. You know your siblings longer than anyone else,” said Keckler. “It’s really important to come together and work together to care for, and support, your aging parents.”
I (Dennis) have spent the summer nurturing my garden. Just last week my asparagus plant began to show off its leaves. For reasons unknown to me, there is an incredible sense of accomplishment in watching a garden grow. This year, I’ll have enough produce to share with friends and family, which gives me an even deeper level of satisfaction. Your investments aren’t much different. After years of labor and attention, they can produce enough for you to live on. If you’re intentional, it can be something for you to share.
We’ve been told that after we’re gone we lose all control of what we’ve left for others, but what if that weren’t true? What if you could protect your investments in a Trusteed IRA? This is a HOT TOPIC in the financial industry, and I’m going to spend today telling you why. Get ready for a deep dive into detail that can protect so much more than money … it can protect the relationships within your family.
Summertime is the magical season that erases almost all our desire to focus on finances. It's hard to think of the details when there's so many wonderful distractions. We are with you in this ... every day the sun keeps ours eyes wandering outside the office thinking of an excuse to run an errand or two. And just like the seasons in northern Michigan cause us to focus on different priorities, there are different seasons in life that force us to think about finances differently.
Listen to this episode as we look at the different decades of life as seasons. This will help you benchmark your progress and give you ideas to help you focus.