I am working with a couple in which the Wife was recently diagnosed with a slowly progressing, yet debilitating disease. There is time to do some planning to move the assets around so they do not have to get spent into the poorhouse for her care. They have 5 adult children, two live close by, the others do not. The Parents want to start gifting to the two children who live close by and their Spouses so funds can be moved from the Wife’s ownership. The two children know that these funds are to be used for Mom’s care when the other accounts run dry. My concern for them is that the other children will feel left out. It is time for a family meeting.

I have invited all of them to come to the office so we can explain this new path they will be walking down. We do not want any of the children to feel that some are being gifted money while others are not just because they do not live here. Feelings can be easily hurt and at a time when the family needs to come together, we do not want resentment. Full disclosures of an illness and the planning taking place to make sure there are funds for this care for a long time is the goal.

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