When parents give away their money too early

My late mother used to say she would never give away all her possessions, not until the day she finally closed her eyes. She believed in the natural order of things: that of parents looking after their children, like that of a river flowing downstream, and not the other way round. Parents' natural instinct is to look after their children selflessly, and if and when a situation requires, even to the extent of protecting them with their own lives. We can observe such natural instincts, more obviously in animals than humans.

Of course, there are always exceptions to generalizations: like unbecoming parents who abuse their children or exceptionally caring children looking after their aged parents.

The following article serves to remind parents not to distribute too early to avoid possible indignity of having to ask from their children later...

"At their 54th anniversary, my friends made a decision to distribute their combined assets among their living heirs. Their rationale, Para walang gulo. (To avoid trouble). They added one proviso: While still alive, income from these properties will be used to maintain our present lifestyle inclusive of medical expenses, extravagant trips and unlimited shopping.

That's easy, replied the heirs. The income was substantial to indulge the old folks with a bonus that the heirs can use in any manner they wanted.

The first year passed without a hitch, but soon the problem surfaced. Each child used all kinds of tactics to keep the money from his parents. It reached a point where the poor retirees had to beg for sustenance, robbing them of the dignity they worked hard to uphold.

What went wrong? 

Bad decision, said a cautious friend who warned the couple of this scenario. Children are so unreliable when it comes to inherited money.Money received, which was not expected and not a direct result of something they worked for, is not given the same value as money earned with their own sweat and tears. They lose their sense of propriety; gratitude is tainted by greed and decency gone. This is compounded by in-laws who can tilt or convince their respective spouses to throw out good sense and filial affection like soiled rugs, Honey, they're going to die anyway, so why waste good money on them?

To avoid falling into this vulnerable, pitiful state, keep these 10 tips in
mind:..."

Rest of article by Letty Jacinto-Lopez:

 http://www.philstar.com/modern-living/2012/11/10/864819/when-parents-give-away-their-money-too-early

Link