First, here are your free resources…
What Issues Should I Consider If My Parent Passed Away [pdf checklist]
What Issues Should I Consider For My Aging Parents [pdf checklist]
My guest on this episode of SLP Money is Cameron Huddleston, the author a book titled Mom and Dad, We Need to Talk. Many parents raise their children to position money as a taboo topic that is not discussed with family or friends. Talking about money with our aging parents can be a difficult thing, but it is necessary to do in order to avoid harder situations in the future.
Cameron was inspired to write this book based on her personal experiences. Her father, an attorney by trade, passed away at the early age of 61 and left her family with no will, no trust and no other estate documents. Her mother was diagnosed with Parkinson’s which thrust Cameron into becoming her mom’s power of attorney and making financial decisions without knowing her true wishes.
If you are fearful of approaching your parents with this talk, Cameron will give you the confidence to have these tough conversation. We discuss the following…
- Getting over your fear of having the money talk with your parents
- Conversation starters with mom and dad to break the ice and address why having this conversation is in everyone’s best interest
- Identifying the different reasons why your parents may not want to have this conversation
- A Step-By-Step approach to having a successful conversation
- Why it’s in everyone’s best interest to have these conversations sooner than later
The 3 action items from this episode…
- While money can be a difficult topic to discuss with your parents, it is important to be proactive and plan an appropriate time to have this conversation with your parents.
- If you are apprehensive about having these conversations, think about allies that you can have during the conversation. Whether it’s siblings, aunts and uncles or mutual friends, creating a safe and comfortable environment can help facilitate a much more comfortable conversation.
- There are potential financial ramifications to your personal balance sheet if you don’t have these conversations with your parents. Whether it’s paying for the cost of probate to settle an estate, or helping aging parents pay for the exorbitant cost of nursing homes, some of these costs can be contained by having these money conversations with your parents before it’s too late.
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