Getting together with family over the Holidays presents a unique—albeit delicate—opportunity to discuss finances with your aging parents. We live in a society where asking people about their money is considered rude. Many families are secretive about their savings.
Despite the discomfort, consider how caring for your parents financially might impact your own future financial well-being. Regardless of family dynamics, all adult children should get a basic understanding of their loved ones’ financial situation, so that:
- You can plan for your financial future
- You make sure they are not victims of senior financial abuse
Here’s how we suggest starting the conversation:
Mom and Dad, I want to talk to you about a sensitive subject that’s important to both of us. I’m working with a financial advisor, and they asked me this question:
Will you ever be in a position to have to care for your parents financially?
I didn’t know how to answer! I love you and want to make sure I’m prepared for whatever you might need. My advisor asked me to find out the following:
Do I need to be prepared for you to move in with me?
Do you have long term care? If not, have you considered looking into it?
We know the Holidays can mean a lot of family time and with that some difficult conversations.
Our goal is to help guide you through those conversations as productively and gently as possible. If you have any questions or would like to discuss anything in more detail, please give our office a call, and we can set up some time to talk.
Securities offered through LPL Financial, member FINRA / SIPC. Advisory services offered through IFG Advisory LLC, a Registered Investment Advisor (RIA). IFG Advisory LLC and Strong, Gaddy, Lee Wealth Management Group are separate entities from LPL Financial. 1-05209553