Protecting Your Parent's Assets Along with Your Own
The goal of many parents is to protect their estates, have some form of livable income, and at the same time leave their children provided for. Adult children can assist their parents in meeting these goals, and at the same time protect assets that may someday be theirs.
1. Recognize your parents’ needs before your own. Your parents’ money is, after all, theirs. They not only earned that money, they have earned the right to enjoy it. If they want to spend some of their money on a vacation or something else they’ve always wanted, allow them that freedom.
2. Get to know your parents’