Talking About Money With Mom & Dad
According to a study quoted by Kiplinger’s Magazine, “Nearly 50% of senior citizens told a recent survey that they’ve never had a serious discussion about their financial situation with their adult children.” That shouldn’t be surprising for most people. Americans don’t like to talk about money, even with family. And no matter how old, their children are children, and parents often don’t like to burden them with discussions about finances.
Yet, it’s those same ‘children’ that will often have to assume responsibility for their parents’ finances at some point in their lives. The Kiplinger’s article suggests, “Be respectful, and be circumspect. Don’t demand financial information or tell your parents what to do. Instead, ask them how you can be of help.” I might add to be patient. They may not be prepared to discuss it the first, or second time, you offer to help.
The Kiplinger’s article is well written as usual and covers some important ground, including topics like continuing-care retirement communities (CCRC), reverse mortgages and issues dealing with finances at the onset of dementia.
You can read more of the article here. There’s a helpful checklist in the magazine that doesn’t appear to be included online, that I’ve included here:
Get It Together
- Bank and brokerage statements and stocks and bond certificates
- Deeds to the house and any other property
- Insurance policies
- Information on IRAs, 401(k) plans and any other retirement accounts
- Information on Social Security and pension benefits from current and past employers
- Durable power of attorney, naming an agent to handle legal affairs if necessary
- Advance medical directives, including a durable power of attorney for health care and a living will
- A list of key contacts, including your parents’ physicians, lawyer, and estate planner or financial adviser
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment