Once your retired parents have decided to move to your home, money matters will soon have to be part of your discussion. After all, when two households merge, financial matters are best ironed out before they even spring up. Here are some financial topics you would need to clarify with your elders:
The Transfer – Before the move, clarify with your parents how much you can pay for the moving expenses. Another option is specifying which services you can afford. Remember to include essential post-moving services such as storage, cleaning and even cheap rubbish removal.
Bills to Pay – Most parents volunteer to pay part of the groceries, utility bills, maintenance, repairs and realty taxes when they start living with their children again. If there’s only two or three of you, splitting expenses is easy. If you have kids and the wife with you, then you would have to consider them when computing for your parents’ part.
Taxes and Insurance – For the more elderly parents, you may have to remind them to file their taxes and see to the details of their insurance packages. As they are now living with you, you can file for additional dependents if they are retired and no longer employed. Do speak to the right people about filing documentation necessary for your parents’ and your own papers.
Health and Home Care – Discuss the possible financial sources for your loved one’s check-ups, medicine and other health-related concerns. If they already have an existing source, then they should give you all details related to it. If there isn’t any, look for senior grants and assistance that they can file for. Ask the paperwork necessary for filing and if needed, submit them yourself on behalf of your parents.
Between family and friends, money should not be an issue. The unfortunate truth, however, is that financial trouble does affect personal relationships. Make the talk as simple and straightforward as possible so you create solutions instead of friction.