Reply to How to make sure DH and I are not a burden on our children someday when we are elderly?

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Reply to "How to make sure DH and I are not a burden on our children someday when we are elderly?"

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[quote=Anonymous] Agree with lot of what people have written before -

"...
*to keep myself as healthy and mobile as I can 
*be aware of what services are available both free & not free 
*modify house as needed to prevent falls/reduce risks 
*have savings to hire care/services as needed 
*keep a healthy relationship going with my child

..."

I will add to it the following -

- Long term disability insurance
- Swedish death cleaning -  (Get rid of as many possessions you do not use)
- Convert fixed assets (piece of land, that apartment in a tourist town, coin collection) into liquid assets. Consolidate your finances
- Give a portion of inheritance to your kids now so that they can invest it in buying their home or getting a degree.   If your kids are well settled they are more likely to be able to be resilient when you need help. 
- Get all your paperwork organized so that another person does not have to run around trying to figure it out.

My parents helped me and my two siblings to buy houses and we all have a small in-laws suit for them in our homes.  They live 4 months with each of us and they are basically without a house, mortgage etc. It helps that all of us are in Montgomery County in MD and they live fairly independent lives and have their own money, SS, medicare etc.  They have a car which they do not use very frequently. My dad is thinking of getting rid of it so that he can use uber.  My mom has already given each of us her jewellery. All their assets after them will be divided equally among the siblings. [/quote]

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