Money Is About Feelings - How To Discuss Finances With Your Aging Parents

Critical Thinking Required

Why is it important to talk about finance in the family? Because money is not just about money. It’s particularly hard to discuss finance with your aging parents/loved ones because it makes them feel vulnerable. In addition, you can be 60 years old, but your 88-year-old father still views you as a child. Some important topics you should cover with your parents: estate planning (parents, please don’t leave the terrible burden “should we pull dad’s tube?” to your kids. Have a Living Will!), inheritance, college planning, business succession, etc. Dan offered some tips: do it together as a family, don’t play telephone between the siblings; be sensitive, be patient and be calm; make it a routine because things may change and evolve; and last but not least, communicate, communicate and communicate! It's the crucial ingredient in all relationships.