As the holiday season quickly approaches, it may be useful to consider the upcoming quality time spent with your family as an opportunity to discuss any important financial issues. This may include estate planning, long-term care plans, or anything else you may be curious about. These are often uncomfortable conversations, and sometimes can sour the atmosphere. Approaching this with a respectful attitude can help open the floor for discussion.
This article lists some helpful steps for when it’s time to talk about finances with your parents.
- Adjust your attitude – Never approach this topic from a place of condescension or superiority over your parents. You are still their child, even though you may be transitioning into a new role in your family dynamic. Present some options to your parents as choices rather than telling them what to do.
- Focus on feelings – Approach the matter in a way that you think will work best for your parents. This may be an indirect approach to broaching the subject or bringing it up directly. Ask your parents what they are feeling about their financial situation and ask if they would like some help.
- Prepare to change the subject – This subject often can bring up feelings of anger, fear, or sadness. Your parents may feel embarrassed about their situation or worried, so it’s important to acknowledge these feelings and respect them.
If you would like to discuss financial or estate planning options, our team of professionals is here to help. Contact Rhodes Law Firm today.