“Finances tend to be one of the trickiest topics because people do have traditional ideas about what you should and shouldn’t talk about,” explained Amy Goyer, a caregiving expert at AARP, who is also handling her own parents’ affairs because her father has Alzheimer’s. “It’s a difficult thing to talk about,” so acknowledge that with your parents.
Some conversations just need to happen, but that doesn’t make them any easier. When it comes to our elderly parents there are many such difficult conversations. The New York Times offers one more real life example of why difficult senior parent-adult child conversation just have to happen in a recent article titled “The Talk You Didn’t Have With Your Parents Could Cost You”.
Especially with the older generations, money is often one of those taboo subjects for the family to discuss, whether in good fortune or in bad. If you have an elderly parent or loved one, then there are more important things at stake than privacy, modesty or pride. Here are some things you need to know and they need to show. Do they have an “estate,” 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 finances currently?
The original article speaks for itself and is worthy of reading. After you read it, perhaps you might share it as a conversation starter with someone you love. Having the uncomfortable conversations can provide peace of mind for all concerned.
You can learn more about this topic as well as other strategies on our website under the tab entitled: elder law planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning
Reference: The New York Times (May 24, 2013) “The Talk You Didn’t Have With Your Parents Could Cost You”