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How can you get your parents to talk about their financial affairs?

On Behalf of | Aug 6, 2019 | estate planning

To talk about estate planning with your aging parents can be difficult. Sometimes broaching the subject of finances may seem taboo and leave people on the defensive. Pennsylvania families should feel comfortable discussing financial affairs. You can make the topic easier to approach.

According to Market Watch, 34% of parents do not have retirement or long-term care plan conversations with their adult children. Often, the reason that parents do not talk about these issues is due to the stigma around talk of money and talk of death. These stigmas create a barrier in regards to important conversations. Parents and children alike tend to have anxiety over these topics.

Unfortunately, a lack of conversation leads to conflicts among adult children after the death of their parents. Minor decisions may cause an upset throughout the family. It is better to talk it out with everyone involved, to ensure that everyone understands the financial plan. To make it easier to broach financial topics, create a plan for the conversation. Request a family meeting with your parents to talk about finances. It is important that you emphasize their wishes.

The more empathy that you show, the less likely you will come across as being interested in yourself or their money. In addition to yourself, if you have siblings, you should always include them into the conversation. It is important that everyone hears the same conversation and so that everyone is on the same page about money matters.

None of the above information on financial discussion is legal advice. It is for educational purposes only.