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For some retirees, moving in with their children is part of the long-term plan. For others, financial, health, or other concerns make it necessary. Regardless of the reason, proactive communication can help parents and children find a mutually beneficial arrangement. Follow these guidelines when talking to your children about your future plans.
Though moving in with children may happen because of an unexpected event, the decision should be made after a discussion that includes everyone involved. Schedule a time when all parties can dedicate their focus on a rational and respectful exchange of ideas. Steer clear of emotionally charged or stressful events, like family gatherings or holidays.
To ensure your conversation includes a discussion of financial, emotional, and legal issues, ask the following questions:
Moving in with your children inherently ties you together financially. Both parties should be transparent about financial issues, including estate planning matters and legal circumstances. Gather financial information and estate papers, including:
Make copies of the documents, confirm they are up-to-date and legally binding. Keep them in a secure location, like a safety deposit box.
Retirees can move in with their children happily and successfully, provided the family is united on a plan. Any changes should be discussed as early as possible. Honest conversation is the key to navigating this sensitive subject.
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