There’s never a good or easy time to talk
with older parents about their finances and estate plans. But taking advantage
of a relaxing moment –well before problems arise – can improve the odds of
success.
If you are heading out for
vacation with your elderly loves ones, you may picture some relaxing time by
the pool as opposed to a deep conversation about estate planning and
finances. But when is a good time to
bring up those touchy topics? Having “the talk” while you are unwinding from
the daily grind can be a good way to have an honest moment about where your
family is with their estate plans.
So, how do you get the
conversation going? How do you initiate “the talk”?
Actually, every family and
family dynamic is different. It really is more of an art than a science. Two
recent sources of guidance come to us from The
Wall Street Journal in an article titled “Have 'The Talk' With Mom and Dad About Their
Finances”, and from MarketWatch
in an article titled “Estate planning at the beach house.”
Both articles stress the need for
respecting the dignity of aging parents and going slowly. In addition, talking
about one’s own morbidity and mortality is not on anyone’s “top ten topics” for
casual conversation.
It is difficult enough aging,
let alone realizing that your own children are “parenting” you. Nevertheless,
one of the best and least threatening conversation “starters” is to share with
your parents what you have done in your own estate planning and why. Be
transparent with your parents.
One conversation is often not
enough; you have to keep the talk moving and ensure that everyone is on the
same page and plans have been made.
For more information and articles on
estate planning and elder law topics, please visit our website
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Reference: MarketWatch
(July 15, 2013) “Estate planning at the beach house”
The Wall Street
Journal (July 14, 2013) “Have 'The Talk' With Mom and Dad About Their
Finances”