Q. I want to open a bank account with my mother so I can help make sure her bills are paid. Should we be on the same account or are there possible problems I’m not thinking of? Instead of could get online access to her account I guess, but what I could do then would be limited, right?
Q. My parents are 70 and 72 and they are of sound mind. But they never want to talk about their finances, and I want to make sure they have enough because I can afford to help if they need it. How can I get them to talk?
It may be normal, but that does not make it ok. When it comes to playing favorites in a household, if a parent aligns him or herself with one child over another, it can disrupt the dynamic of the family.
You see it all the time in New Jersey: baby boomer parents helping their 20-something kids make rent or pay car insurance and credit card bills. Sometimes the parents even buy these grown children cars and condominiums.