Parents and Money! – Subramoney

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Handling a single parent is not easy, especially if they are suspicious or vengeful. Here read this…and then watch the video. I am sure that there are many many solutions…I have suggested one such solution. Feel free to modify this in the comments section…

Hope this email finds you well.
I wanted some advice,  not on financial planning but more on managing an inheritance. I am a 34-year-old married son living with my mother(67) for the past 4-5 years since my father passed away.   I have listened to a lot of your YouTube vedios and your blogs before you started the YouTube channel and am seeking your opinion/advice on how to deal with senior citizens given the below circumstances.

I would like to make my mother very confident and independent w.r.t money and life in general .

Background 1. I am living in a house my father. It is at B and that is where they had decided to settle as I was working here. This has kind of become a problem for me , although it doesn’t happen daily, there are times she just gets upset at us and says we are living at her house and other really harsh things although we pay 20k as rent/expense whatever way it should be treated as.  I  want to move out to another house (buy/rent) but the question that remains is will she be able to manage alone. She is 67 and pretty healthy and socially active. I manage all the financials post my fathers death as no one else stood up and I like doing some admin work. I approached a renowned fee only advisor and am trying to follow the plan he has laid out. My mother was ok with this and I had invited her to talk to him to maintain transparency. Again here there seems to be a lot of distrust at times where I feel I should not continue this,and have shared all the details with my sister too although she is not interested (which i am trying to get her to for my parents assets along with my wife for our assets ) . I try to do the best to keep all accounts separate by getting rent deposited to her account and withdraw from that only for expenses related to my parents properties/ her tax.

Also Read on FinMedium:  Persistent Systems Ltd

Thanks a lot for reading my emailIf you could advice on it would be great.

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Subramoney

Subramoney

As a professional trainer, Subra trains a lot of people – corporate employees, promoters, non-finance managers, fund managers, entrepreneurs, life insurance agents, journalists, PR agencies, and anyone who wants to learn. His style is simple – He tells stories of real people, real experiences, and breaks down complicated topics into easy to understand lessons.
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