Too many families are avoiding THE important conversation. No, not the one about the birds and the bees; the one about estate planning. Estate means what you own and planning means how it will be used in the future. You don’t have to own much to do some estate planning.
Maybe you are young and have not built your estate yet but chances are you have parents who have accumulated a few things. You need to know what they have done about estate planning. It then becomes tricky. You hesitate to ask your parents about their retirement or estate plans. You might not want to appear greedy or eager to see them pass on. Your parents are reluctant to share this information with you for fear of giving you hopes (or disappointment) about inheritance. So everyone is in the dark!
Not having “the important conversation” can lead to misconceptions. Who will care for your aging parents? You? Your sibling? Or are you hoping your parents will have the resources to move into an assisted living facility? Won’t you be surprised when they decide to move in with you! Or better yet, take your inheritance and buy a fancy home in St. Thomas.
Do your parents have sufficient income to stay in their own home? Will they need both physical and financial help from you along the way? Maybe they have sufficient assets to live a long and comfortable life. How will you know, as they age, if they have participated in some scam that could drastically reduce their assets unless you know what assets they have?
At first it might feel awkward. Start with a few simple questions like: how are you and dad doing? What are your plans for the future? How will you make that happen? It might take two or three tries but eventually they will open up and you’ll all feel better.
If you are the parent, make time to have THE conversation with your children or loved ones.
Be $ smart - give yourself and your parents peace of mind. Have THE conversation.
