HOUSING
Financial Planning Tips for planning for the future Talking about money is often the third rail of family relationships. Touching on the subject can be extremely dangerous. For too many families, fear and mistrust leads to silence—and that silence can be far more risky than the dreaded money conversation. Families who do not discuss an older relative’s financial situation and lifestyle preferences may be left with fewer choices when a crisis strikes. By using some simple approaches, adult children or other loved ones can make these conversations easier and more productive. Tip #1 – Schedule the conversation. Don’t initiate an impromptu conversation about finances. Schedule the conversation and make sure that all the key players are in the room and ready to address the issues.
If you need to, use technology to allow participants to be virtually present. Make sure the timing is good for your parent or other loved one and that they know they will be asked to discuss their financial situation and
their vision for the future. For the initial meeting, simply focus on opening a dialogue and emphasizing that all parties want to make sure that the older adult’s wishes are clear.
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