Your parents are getting older. No one wants to have “the talk.” But the holidays can be an opportune time to discuss their finances and health care needs.
“It’s a tough conversation to have with aging parents, but it may be tougher to navigate in the future without good planning today,” says Sean Scaturro, USAA’s director of life and health advice.
You probably won’t resolve all the issues in a single discussion, but it can be a good starting point for delivering on your loved one’s wishes and ensuring stability for the family. Scaturro offers these tips for initiating a meaningful talk.
1. Focus on the plan, not dollars. Avoid the impression you’re angling for an inheritance by focusing on your concern instead of cash. Use language such as, “I want to make certain you can live your retirement the way that you want.”
2. Ask what they want. One way to start the conversation is by asking parents what they want their legacy to be. Once you get them talking, ask these questions:
- Where do you want to live as you age?
- What are your plans for covering health care costs?
- What should happen with your money after death?
3. Gather information over time. These issues can be stressful, so you’ll probably need to break them into a series of conversations. “Think of it is a multi-year event,” Scaturro says. “It’s one of the things we do because we love these people.”
238002 – 1216
The preceding discussion is not tax, legal or estate planning advice. Consult with your tax, legal or estate planning professional regarding your specific situation.