Personal Investment & Financial Planning Q`s/parents helping disabled son
Hello, I am 38 years old.male, I am disabled and get S.S. disability payments.$739 A MONTH, OF WHICH, $104 GOES TO PAY FOR
MEDICARE. I live in New York in nassau county. I live at home. Both parents are still alive, IN THEIR 70'S and they own
the house How can my parents and I plan for my future financial concerns. Assuming I stay in the house after they pass.
How do I pay for ALL ALL ALL expenses.-- Taxes, Insurances, utilities etc.. and spending money. What steps can my parents
and I take to start investing now for my retirement or more likely, for when my parents are gone. There is still a good
possibilty of me working in the future. but of course that's depending on various medical conditions. Thank you for any
If you live in Nassau you likely won't be able to continue financially on your own after your parents are gone, on $739 a month less Medicare. You are wise to consider the issue and with planning you can make it.
Your parents will be the financial engine to keep you going both now and in the future. You and they have to sit down and discuss this with a planner. It is really the same discussion as a retirement discussion but with a much longer time horizon for you in "retirement". As an example if your parents are worth $10M you wouldn't have any problems (be nice to them Tod...) but if they are broke and squeaking by every month you have a harder road. Likely they are somewhere in the middle and planning becomes more important.
They might need to reorganize assets and invest with your future in mind, to the extent they are willing to do so. There will likely be an attorney at some point to draft documents and a life insurance (on them) review too. I have a fair percentage of disabled clients and the planning does have a few quirks.
It is more complicated than this forum allows, but shouldn't deter you from pursuing it. They need to be on board. Find a local planner who is fee based or you could call me in NJ 201-489-4890 if you like.
Good luck in any event Tod