Beth and Bill  had worked hard, saved money, and put their son through college. They were happy and loved their son who was a musician. While he seemed to be busy enough with musical work, there never seemed to be enough profit after expenses from his gigs for him to pay his monthly bills. It got so bad, that he even had to move back into his parent’s home and live in his old room that he hadn’t lived in since high school. While they loved their son, they knew that unless something changed he was always going to need financial assistance. What would he do when they were gone? They didn’t just want him to inherit all of their assets with no restrictions. They loved their son, but they knew he wasn’t good with managing his money. What is the answer? After checking with American Retirement Advisors they found they had definite answers! There are financial products that can be controlled from beyond the grave. After meeting and researching which ones were applicable for them…. problem solved! Not only did they have answers for themselves, they had FINANCIAL STABILITY answers for their son.

Another case was the fact that a couple had a grown disabled child and was concerned about her welfare after they were gone. After meeting with our team they found the answer was a TRUST that protected and financed her care after they were gone.

The third example was a husband and wife with several adult children that they were constantly bailing out from bad financial situations. Now they are trying to get their retirement together but can’t seem to get any money into the retirement accounts! The solution was simple. STOP giving the grown kids money. The Bank of Mom & Dad is closed! Our planning advisor instructed them to have the kids call her when they wanted money and she would tell them “no.” If the parents could not say no, we would. Our kids, as much as we love them, will always seek the easy answer for an issue, and if the easy answer is just a phone call to parents, that’s what they will do. Parents must break this habit! Sometimes they just need help setting the future expectation that they are not the answer with unlimited funds. At some point Mom and Dad need to focus on Mom and Dad’s retirement.