There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.
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This quote is just one of 9 total Frank Degen quotes in our collection. Frank Degen is known for saying 'There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.' as well as some of the following quotes.
When people sell funds from one family to another -- say, Fidelity to Janus -- they know they've triggered a taxable event. But when people sell one Fidelity fund and buy a different Fidelity fund, they don't realize that's taxable as well.
One of the biggest problems I see these days is when the children feel they have a right to an inheritance and a lot of times [they want to intervene on their parent's financial behalf] before they are ready and willing to do that. I know a lot of lawyers who say the first thing they do is take the parents into a room and ask them if they are ready for this.
I would encourage the children to be open. Ask your parents in general terms if they want some help discussing it, or in setting up a meeting to talk about it with a professional.
A lot of parents are very reluctant to share their financial history. They might have a wonderful relationship with their children emotionally, but when it comes to finances, not too many are always ready to talk about that.
This quote is just one of 9 total Frank Degen quotes in our collection. Frank Degen is known for saying 'There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.' as well as some of the following quotes.