Well, this could get awkward.
Your parents and grandparents are aging. (Duh.) You want to have a few important financial conversations with them. It’s time to get the answers to questions like:
“So … are you ready for retirement?”
“You’ve been retired for 10 years … how’s that going? How are your finances looking?”
“Do you have a will or legal trust? What’s your estate plan situation?”
“Do you have an advance health care directive?”
“To whom have you given your power of attorney?”
“What types of accounts do you have, and how can I — or someone whom you designate — access the passwords if and when the appropriate time comes?”
These financial conversations are important, but awkward. Most people would rather discuss the news, the weather, or the Kardashians.
How do you introduce these conversations to your family? What specific topics should you cover? What documents and other information should you gather? How do you manage these conversations when siblings, half-siblings and step-siblings are involved? What about step-parents? What if your parent lives outside of the U.S. and the laws are different; how should you plan?
In today’s podcast episode, award-winning personal finance journalist Cameron Huddleston discusses these critical issues.
Huddleston has spent nearly two decades writing about money for Kiplinger Personal Finance, the Chicago Tribune, Fortune, USA Today, MSN and more. She’s the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances.
She joins us to discuss how to navigate these tricky family conversations.
- Mom and Dad, We Need to Talk, by Cameron Huddleston
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