Vanguard: "Your Investing Life™: Helping parents prepare for the future."

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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gkaplan
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Vanguard: "Your Investing Life™: Helping parents prepare for the future."

Post by gkaplan » Tue Sep 19, 2017 6:47 pm

At a glance

Start the conversation with your parents when everyone’s ready.
Evaluate your care options.
Prepare the proper paperwork.

Members of Generation X have been called the “Sandwich Generation”—not because they love lunch, but because they may have to care for their children and aging parents at the same time.

If this describes you, how can you help your parents as they get older? Start with a conversation. . . .

https://investornews.vanguard/your-inve ... he-future/
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nedsaid
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Re: Vanguard: "Your Investing Life™: Helping parents prepare for the future."

Post by nedsaid » Sun Oct 01, 2017 9:36 am

gkaplan wrote:
Tue Sep 19, 2017 6:47 pm
At a glance

Start the conversation with your parents when everyone’s ready.
Evaluate your care options.
Prepare the proper paperwork.

Members of Generation X have been called the “Sandwich Generation”—not because they love lunch, but because they may have to care for their children and aging parents at the same time.

If this describes you, how can you help your parents as they get older? Start with a conversation. . . .

https://investornews.vanguard/your-inve ... he-future/
Sobering. I thought the boomers were the "sandwich" generation. I guess that means the boomers are the oldsters now.
A fool and his money are good for business.

littlebird
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Re: Vanguard: "Your Investing Life™: Helping parents prepare for the future."

Post by littlebird » Sun Oct 01, 2017 10:59 am

nedsaid wrote:
Sun Oct 01, 2017 9:36 am
gkaplan wrote:
Tue Sep 19, 2017 6:47 pm
At a glance

Start the conversation with your parents when everyone’s ready.
Evaluate your care options.
Prepare the proper paperwork.

Members of Generation X have been called the “Sandwich Generation”—not because they love lunch, but because they may have to care for their children and aging parents at the same time.

If this describes you, how can you help your parents as they get older? Start with a conversation. . . .

https://investornews.vanguard/your-inve ... he-future/
Sobering. I thought the boomers were the "sandwich" generation. I guess that means the boomers are the oldsters now.
Every generation is a "sandwich generation" in turn.

RadAudit
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Re: Vanguard: "Your Investing Life™: Helping parents prepare for the future."

Post by RadAudit » Mon Oct 02, 2017 9:04 am

littlebird wrote:
Sun Oct 01, 2017 10:59 am
Sobering. I thought the boomers were the "sandwich" generation. I guess that means the boomers are the oldsters now.


Comes as something of a shock when you wake up and suddenly everyone begins to think of you as old.
"Everything will be all right in the end. If everything is not all right, then it is not the end." - The Best Exotic Marigold Hotel

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gasdoc
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Re: Vanguard: "Your Investing Life™: Helping parents prepare for the future."

Post by gasdoc » Mon Oct 02, 2017 9:26 am

It is also a "wake-up call" to those of us who will be the oldsters in a few years, to take care of things while we can do it ourselves.

gasdoc

RudyS
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Re: Vanguard: "Your Investing Life™: Helping parents prepare for the future."

Post by RudyS » Mon Oct 02, 2017 1:09 pm

gasdoc wrote:
Mon Oct 02, 2017 9:26 am
It is also a "wake-up call" to those of us who will be the oldsters in a few years, to take care of things while we can do it ourselves.

gasdoc
Excellent point. DW and I have been doing this planning (and documenting) like forever (I'm 80 now)...as new ideas and issues come up. I think our kids are lucky. We've sort of had "the talk" in bits and pieces for a while.

afan
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Re: Vanguard: "Your Investing Life™: Helping parents prepare for the future."

Post by afan » Tue Oct 03, 2017 9:16 am

I was happy to see the suggestion that Vanguard has PAS reps who would help with things like this.

But then I read
Bonus tip
If your parents are open to the idea, consider having yourself named as a joint owner on their bank accounts. That way, if the need arises, you can easily pay bills on their behalf.
Which is a terrible idea.

There are many better solutions to the bill paying problem than making a child an owner. Power of attorney with the bank would permit bill paying without having all the estate planning and asset protection complications of joint ownership. A revocable trust with the child as trustee or cotrustee, but not a beneficiary while the parents are alive, would provide a more elaborate solution as part of overall estate planning.

So now I wonder whether this is typical of the advice the Vanguard wealth planners offer???
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama

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