Posted in Preparing for the Unexpected.

Tough Discussions: Talking to Aging Parents

walk on beachIt is the proverbial “elephant in the room” of financial planning: addressing estate planning and inheritances with our parents.

It is an uncomfortable area in so many respects: considering mortality, duty, emotions, finances – all of which are significant stressors. It is natural therefore to put off having the uncomfortable conversation. In fact, it is so uncomfortable for so many people that one study from the UK estimates that 59% of people are uncomfortable talking about long-term care with their family.

To avoid it all together, however, could be costly for everyone involved. Think about approaching the topic from the perspective of what your parents want, rather than creating any sense that it is about what you want.

The best way to discuss these delicate issues is to begin by concentrating on your parents’ long term care wishes and needs. Think about: