Cameron Huddleston’s book entitled, “Mom, Dad, We Need to Talk”, captures the full gravitas of the situation families have around money. Finances can sometimes be a “taboo” topic in family homes for numerous reasons including shame, guilt, fear, ignorance, and even overwhelm. However, Cameron brings some “real talk” about a crucial conversation we need to have–ESPECIALLY with our children. Death is a scary prospect for many. Few of us want to think about the inevitable end of our life journey. Yet it’s important that our children are equipped with the tools they need to sort out our financial affairs. Parents and children alike should tune-in for tips, strategies, and money conversation-starters that could bridge this sometimes-challenging generation gap.
(Cameron on how you can “gift” your loved one.)
One of the most important conversations to have with our children, or our aging parents, is about preparing for a time when we might not be as vibrant as we are today. While our children may not be comfortable with the idea of imagining what life could be like as we age, or when we are no longer here, it remains a necessary conversation. And part of that discussion involves talking about our assets and finances.
Talking about money can be difficult. Whether you’re the adult child or the parent, there’s often a lot of anxiety and insecurity when it comes to finances. For some people, these feelings are too overwhelming to share. But that doesn’t mean they don’t exist. The good news is that chats about money and aging don’t have to be daunting. If you know the best ways to approach the topic, it will help you feel more in control of your family’s finances and enable you to make better decisions for everyone in your family.
As our parents get older, it becomes more difficult for them to keep track of their money and plan for the future. The best thing we can do is talk to them early and often about their money so we can help them make good decisions.
Here are a few ideas on how to approach the conversation with your parents:
– Talk about what their needs will be in the future, like retirement or home care.
– Find out if they want to give away some money or assets now that they may not need later on.
– Ask about any major purchases they are considering, like cars or homes.
– Discuss whether they need a financial advisor
Sometimes discussing something tangentially related will allow for a segue into more specific financial discussions. The more we communicate about money, the more comfortable the conversations will become and the better prepared everyone will be when the time comes for you to take a more active role in their financial affairs.
Whether we like it or not, as parents get older, they become less independent. While it can be hard to know how to navigate conversations with your aging parents about finances, there are many decisions that will have to made as they get older. So, it’s important to understand the implications of these decisions for you and your family.
Today’s “tea” time is devoted to ways to navigate this uncharted territory and will hopefully provide tools to assist you in having essential conversations with your parents about finances.
We know personally how difficult this leg of life’s journey can be. The better prepared you can be, the more energy you’ll have left to enjoy the last precious season of your loved one’s life. It is the gift I am planning to give my own child.
IN TODAY’S CONVERSATION WE DISCUSS:
…And, much more!
Enjoy the “Tea”,
“There are only four kinds of people in the world: Those who have been caregivers. Those who are currently caregivers. Those who will be caregivers, and those who will need a caregiver.” – Rosalyn Carter