Talking to your parents about money is always difficult, especially when the money you're talking about is theirs. They belong to a generation that was taught to keep their information private and not to share their concerns openly. Even if they need help, they may be unwilling to talk to you because it's "none of your business," or because they're afraid to give up control over their own financial affairs.
If they're reluctant to talk to you, make it clear that you respect their needs and concerns. However, don't be afraid to express your own needs and concerns as well. Their financial situation may impact you also, particularly if they become unable to support or care for themselves. At the very least, you should find out where they keep their personal records; discuss housing, health care, and budgeting issues; and find out what steps they have taken to plan their estate.
What if they still refuse to talk to you? If they're capable of managing their affairs for now, you may want to drop the matter and approach the subject at a later time. Or, you may suggest that they talk to another family member, a trusted friend, or an attorney or financial professional.
However, if you feel that they're no longer competent to manage their own affairs, or that their financial situation is precarious, you should seek out professional advice right away. Call the Eldercare Locator, an information and referral service sponsored by the federal government, at (800) 677-1116 for a list of local and national organizations that can help.
Reach out to a trusted First Bank Wealth Management advisor to discuss estate and legacy planning, retirement planning, and trust services with you and your family.
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual's personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions Copyright 2022.