My brother is pressuring our mom to put a reverse mortgage on her paid-up home, to provide her with a monthly income to help with drug and home nursing costs. I think -- and I believe that Mom agrees -- that he and I can and should cover these expenses ourselves and keep her home equity intact. Mom's beneficiaries are my brother and me, our grandchildren, and a few charities. What do you think?
Putting undue pressure on Mom is unethical, regardless of the merits of the case, especially if your brother can afford to pay his share of her expenses. But maybe he feels he can't afford this. Is he willing to forgo his future share of Mom's home equity (and perhaps his children's share, too) in exchange for not contributing to her support now?
The three of you should meet with a lawyer and accountant and calmly examine your family resources and the pros and cons of various approaches to meeting Mom's needs.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Travel reimbursement
I am a consultant who recently landed a client in a city a day's drive from my own. The firm expects me to spend a few days there every week and has offered to pay me a flat $2,000 a month for travel and hotel expenses. I'm thinking that, instead of staying in a hotel, I'll buy a condo in that city and apply the travel reimbursement to my monthly mortgage. Does that sound okay to you?
Yes, but be sure to tell your client of your plan. You would not need lodging except for your relationship with the client, and your client shouldn't care how you spend a legitimate travel allowance. But the accounting for your condo costs and travel allowance -- what's considered a business expense and what's personal -- might be tricky, so be sure to consult a CPA.
To read more ethics advice from Knight Kiplinger, click here.
Have a money-and-ethics question you'd like answered in this column? Write to editor in chief Knight Kiplinger at ethics@kiplinger.com.
-
Stock Market Today: Stocks Advance on Light Volume Thanks to Big TechEquities rose in a mostly sleepy session as Mag 7 names led the way.
-
Where Starbucks Workers are Striking and What It Means For YouStarbucks Workers United organized a nationwide strike through Christmas Eve, impacting locations in nine states and growing until Starbucks meets demands.
-
457 Plan Contribution Limits for 2025Retirement plans There are higher 457 plan contribution limits for state and local government workers in 2025 than in 2024.
-
Medicare Basics: 11 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
-
The Seven Worst Assets to Leave Your Kids or Grandkidsinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
-
SEP IRA Contribution Limits for 2024 and 2025SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 in 2024 and $70,000 in 2025..
-
Roth IRA Contribution Limits for 2024 and 2025Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
SIMPLE IRA Contribution Limits for 2024 and 2025simple IRA The SIMPLE IRA contribution limit increased by $500 for 2025. Workers at small businesses can contribute up to $16,500 or $20,000 if 50 or over and $21,750 if 60-63.
-
457 Contribution Limits for 2024
retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2025retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
