In the News – Having ‘The Talk’ With Your Parents About Their Finances
Published 8/20/2019
In this article by Richard Eisenberg, he explains having important discussions with your parents to look out for their best interest might seem overwhelming, but it’s worth it. Give your parents control of their will instead of the state having the control of their will.
It’s also important to talk with your siblings before talking with parents. Take the time to figure out who is going to assume what role and why it makes sense. For example, if your brother lives the closest, it would make most sense for him to take on more of the day to day responsibilities. Whereas, if your sister lives farther way, she could take on financial responsibilities that can be handled over the phone or electronically. Having a plan before presenting it to your parents is helpful because it will help keep them comfortable knowing there is a sense of organization rather than confused chaos. You can discuss who you all suggest the Power of Attorney should be, or you can wait and see if your parents already designated a PoA.
Now it’s time to present this plan to your parents. Be sure to go in with a few things in mind. Most importantly, be respectful and talk to them how you would want to be talked to. Try not to be pushy, condescending, or threatening. It might be helpful to consider putting yourself in their shoes. This might seem like a lot of information at once but do your best to go in with an open and kind mind.
There are a number of important topics to discuss when it comes to planning for your family and your parents. The professionals at Pankau Law can help you create a plan and stick to it to ensure your parents’ finances, estates, assets, and more are all planned for and taken care of as they wish.
Contact us today to see how we can help plan for the future.
Disclaimer
This content of this blog is intended for informational purposes only. It is not intended to solicit business or to provide legal advice. Laws differ by jurisdiction, and the information on this blog may not apply to every reader. You should not take, or refrain from taking, any legal action based upon the information contained on this blog without first seeking professional counsel.
