Financial and Life Planning Resource Directory
Sponsored by
The Association for Integrative Financial and Life Planning
and The Life Planning Network
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Consumers/clients: Family: Parent-child or -grandchild
Body
Grote, Jim, "Parent Care Solution, The – How Planners Can Help Clients with Aging Parents", Journal of Financial Planning, December 2008 (Vol. 21, No. 12)
Grote, along with several experienced financial planners, offers advice about starting the family conversation, coordinating care, providing long-term financing, advance directives, and how planners should be compensated for these services.
Pezzin, Liliana E., et al, Long-Term Care of the Disabled Elderly: Do Children Increase Caregiving by Spouses?”
National Bureau of Economic Research Working Papers, September 2008, $5.00
http://papers.nber.org/papers/w14328
The authors answer the title question in the affirmative, noting that note that“children act as a commitment mechanism, increasing the probability that elderly spouses will provide care for each other.
Heart
Nemzoff, Ruth, Don't Bite Your Tongue: How to Foster Rewarding Relationships with Your Adult Children
Palgrave-Macmillan, 2008, $14.95
http://www.ruthnemzoff.com
Dr. Nemzoff focuses on the positive ways parents and children can add meaning to each other's lives. It includes a chapter on discussing financial matters with your adult children.
Nemzoff, Ruth
Active in: MA
Available for speaking
91 Pickwick Rd. Newton, MA 02465
Telephone:617-332-7060
Fax:617-332-9632
rnemzoff@brandeis.edu
http://www.ruthnemzoff.com
Resident Scholar Brandeis Women's Studies Research Center; Adjunct Assistant Professor, Bentley University; author and speaker on how to foster intergenerational conversations about money and assets or lack thereof.
Timmermann, Sandra, "Generational Reciprocity: What Does It Mean in the 21st Century?", Journal of Financial Service Professionals, September 2009
Timmerman suggests that, with the economy in a meltdown and today’s parents confronting the high cost of day care, coupled with heightened concerns about bringing an unknown person into their homes to care for the children, the idea of Grandma moving in with the family may make a comeback.
Money
Grandparents: Generous with Money, Not with Advice
MetLife Mature Market Institute, June 2009, Free
http://www.metlife.com/assets/cao/mmi/publications/quick-facts/mmi-grandparents-generous-money-not-advise.pdf
This survey found that 70% of grandparents have given money to their grandchildren in recent years (median amount = $3,000), but most do not offer financial advice, unless asked. There are also survey questions about how their adult children raise and advise the grandchildren.
Nemzoff, Ruth, and Weiss, Wendy, "Your Money and Your Adult Children – The Challenges They Present", Integrative Adviser, March 2009 (Vol. 2, No. 1)
http://www.aiflp.org/pdfs/IntegrativeAdviserNo0201.pdf
Nemzoff and Weiss discuss the potential problems and some useful approaches for older parents to use in dicussing their own finances, and potential financial legacies, with their adult children.
Structure
Stewart, Jay, Timing of Maternal Work and Time with Children, The
U.S. Bureau of Labor Statistics, August 2009, Free
http://www.bls.gov/osmr/pdf/ec090030.pdf
Stewart finds that employed mothers shift enriching childcare time from workdays to nonwork days. On workdays, full-time employed parents shift enriching childcare time toward evenings, but there is little shifting among part-time employed mothers.
Other / general / not specified
GrandFacts: Data, Interpretation, and Implications for Caregivers
Generations United, December 2009, Free
http://www.gu.org/documents/A0/GrandFacts_Report.pdf
This report provides data and other information about families where grandchildren live with grandparents, but not parents, and discusses implications for caregiving, housing, and education.