I’m recovering from Covid-19 at the moment, so I couldn’t put together a new episode this week.
But in honor of the First Friday of the month, I wanted to re-air this interview with Cameron Huddleston, which we originally aired in August 2019.
In this interview, we discuss how to have those important but awkward conversations with your parents and grandparents about estate planning, wills, trusts, power of attorney, and more.
We talk about how to address questions such as:
“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?
You’ll enjoy this episode if:
- You’re worried about whether your parents have the ability to retire
- You have no idea what kind of retirement your parents are planning for
- You have a big family and you aren’t sure how to get everyone on the same page
Resources Mentioned:
- Mom and Dad, We Need to Talk, by Cameron Huddleston
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