Certain â€œtalksâ€ or conversationsare imperative, although some of those discussions are pretty difficult tohave. And talking to your elderly lovesones about their finances normally falls into the â€œtoughâ€ category.
The New York Times offers one more real life example of whydifficult senior parent-adult child conversation just have to happen in arecent article titled â€œThe Talk You Didnâ€™t Have With Your ParentsCould Cost Youâ€.
Especially with the oldergenerations, money is often one of those taboo subjects for the family todiscuss, whether in good fortune or in bad. If you have an elderly parent orloved one, then there are more important things at stake than privacy, modestyor pride. Here are some things you need to know and they need to show. Do theyhave an â€œestate,â€ whether many assets or few? Do they have a will and, if yes,where is it? And perhaps most important, are they taking care of their financescurrently?
The original article speaks foritself and is worthy of reading. After you read it, perhaps you might share itas a conversation starter with someone you love. Having the uncomfortableconversations can provide peace of mind for all concerned.
For more information on this and otherestate planning subjects, contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.