fbpx

Your Elderly Parents and Their Money: It’s Time for “the Talk” in Williamsburg, Virginia

Elderly_hospital_h_2271159b

Your parents may have at least $100,000 more than you think they have — you just haven't asked and they haven't answered. That's the key finding of a new survey from Fidelity Investments about how families talk (or, more often, don't) about money.

So what do you know about your parents’ finances? Chances are good your assumptions are off target, especially if you’ve pegged them on the lower end.

According to a recent study and paper produced by Fidelity Investments, there is a “vast disconnect” between elderly parents and adult children on this very point. The disconnect usually is due to a failure to communicate.

Both Reuters and Forbes addressed this matter in time for Thanksgiving, a traditional time for family gatherings. In case you missed the articles, the Reuters article was titled “Please pass the gravy, and how much are you worth?”, while the Forbes article was titled “Generations Apart: Talking Retirement And Estate Planning Over Turkey.

According to the Fidelity Investment study, the children of elderly parents tend to miscalculate their parents’ wealth by an average of $100,000. While these same parents believe they’ll be fine for the duration of retirement, fully one-in-four of their adult children believe they will need to come to the financial aid of their parents later in life.

In short, there truly is a “vast disconnect” between the generations on this fundamental matter.

Although Thanksgiving has come and gone, you may still have another opportunity to address this important matter with your elderly parents through a family gathering during one holiday or another before year’s end. In preparation for “the conversation,” however, you might want to consult these two timely articles to help you broach the subject in an adult, matter-of-fact manner.  You can learn more about this topic as well as other strategies on our website under the tab entitled:  elder law planning in Williamsburg, 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.

ReferenceReuters (November 21, 2012) “Please pass the gravy, and how much are you worth?

Forbes (November 21, 2012) “Generations Apart: Talking Retirement And Estate Planning Over Turkey

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

LIKE THIS POST?

We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.