Share:

Many adult children find it difficult to discuss estate planning with aging parents because they find it intrusive. However, it is important to initiate a conversation about finances to protect family assets, minimize possible disputes with family members, and eliminate administrative difficulties before it is too late. The accountants at Bergamo Tax & Financial Services, located in Watertown, CT, discuss what you should bring up in monetary conversations with your aging parents.

5 Financial Talks to Have With Your Parents

1. Moving Into a Nursing Home

Talking to your parents about moving into a nursing home or assisted-living facility can be difficult and sensitive to your family dynamics. However, when your parents are not able to care for themselves and need help with everyday tasks, it may be the time to have this discussion for their own safety. The cost of the facility and type of care are important to talk about as well to set a budget parallel to the amount the family has to cover the expenses.

2. Giving Up Driving

If you’ve grown concerned about estate-planningyour parents’ driving, it’s time to have a talk with them about giving up their car. This topic can be stressful, but it’s important for aging parents to understand the safety repercussions, expensive medical bills, and lawsuits they may face after being involved in an accident. This discussion can keep your parents and other drivers safe on the road.

3. Paying Their Bills

Your parents may begin to show signs they need help with paying bills, such as piled up mail, bounced checks, or calls from creditors. Gently inquire about your parents’ finances and if they’re able to pay all their bills. If they need some help, you could set up automatic bill paying services with their bank or use a third-party bill paying service.

4. Discussing Their Will

Talking to your parents about estate planning can be an uncomfortable but necessary conversation. Ask them if their will and estate plan are clear and adequately address their wishes. Make sure you know where these documents are located so you can easily find them when you need to.

5. Paying for Their Funeral

If you are someday tasked with planning a funeral for your parents, you will want to honor their final wishes while adhering to a budget. Make sure you talk to them about any money they may have set aside for a funeral, flowers, and their obituary. It is emotionally challenging to discuss end-of-life decisions, but by initiating this conversation, everyone will be in a more comfortable position in retrospect.

The accountants at Bergamo Tax & Financial Solutions offer a variety of tax planning and personal financial services to help you meet your investment goals and leave a legacy for your heirs. They are family-owned and -operated and have been in business for over 25 years. Give them a call at (860) 274-1655 or visit them online to learn more about their estate planning services.

tracking