Having a conversation about money with your parents can be challenging and uncomfortable. It's a discussion people often put off for far too long, but it's an essential conversation (or series of conversations), especially if your parents' plan is to lean on you financially down the road long after they've retired.
So where do you begin? What questions do you ask to help you prepare for a better understanding of where your parents are at financially without being too invasive? Listen to this episode where Mary Beth and Neela explore the best way to approach these conversations and which valuable questions you can ask your parents. You'll learn about topics that can be extremely sensitive and how to broach them so you know what to expect when the time comes to help your parents meet their needs.
For additional resources, information, and a full transcript of the episode, visit our website.
What You'll Learn in this Episode:
- The family and money situation many people are finding themselves in
- The unspoken words that cause family stress around money and how to alleviate that stress
- Where to begin when talking money with your parents
- The two C's you can use when thinking about having the money conversation with your parents
- Where to begin the money conversation once a safe environment is established
- Which pieces of information you should try and gather about your parent's finances
- The spicier topics you really need clarity on from your parents
- How to approach touchy money subjects with your parents to make the conversation a bit easier
- The reason why people put up walls when the topic of money comes up
- Some health care items to focus on as your parents approach retirement and beyond
- Questions to ask your parents regarding long-term care insurance
- The item that must be set up in your parent's financial plan that is not for them
- The best way to get your parents moving on their estate planning documents if they don't have them in place
- Three questions to ask when documenting estate planning decisions
- If you're in charge of executing someone else's estate, there are a few things you want to make sure you have
- The question you should end with when discussing your parent's money plans
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