Peace of Mind

On  May 2, 2014, Jen Lupo Reese, of  AARP National  posted an article titled "Peace of Mind for Moms in the Middle" written by Jean C. Setzfand, Vice President of the Financial Security issues team in the Education and Outreach group at AARP.

The article states in part that a survey by Ameriprise Financial found that two thirds of Baby Boomers’ daughters help their parents with financial matters. Then there’s the other side of the equation. Have you talked with your adult kids about your financial matters, and your vision of how you’d like to live out your life as you age? Following are suggestions on how to talk to your parents and then turn around and talk to your kids. It’s time to get and give peace of mind.

Approaching Your Parents: Talking with your parents about their finances and caregiving preferences is bound to be awkward. They may become defensive, thinking that you don’t trust them to take care of things anymore. You know your parents best, so think about how to set them at ease. It’s helpful to say upfront that it’s a difficult conversation for both of you.  Before you talk, put together a list of financial and caregiving questions and information you will need to help them. When you’re ready, here are some tips on having the conversation.

• A great way to start the conversation is to share a story about a friend or neighbor that your parents could relate to.
• Be respectful and positive. Let your parents know that you’re interested in helping make their lives manageable as they age.
• Start small. If your parents are hesitant to talk, try taking on something small. For example, ask them to tell you where they keep their important documents.
• Ask them to talk about their caregiving preferences. Do they want to stay in their home? Would they be open to moving into a retirement community with continuing care options? Find out if they have long-term care insurance or other means of paying for care if they need it.

Talking to Your Adult Kids: They will likely appreciate that you initiated the conversation. It’s up to you how much you want to share with your kids. Think about what’s useful to know about your own parents, and let that be your guide.

Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At www.bradfordmillerlaw.com you will find helpful information regarding Estate Planning. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602

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