As your parents age, there is one conversation that you may dread: the finance conversation. There are plenty of reasons that you may procrastinate on the conversation. After all, it may feel like you are turning the traditional roles on their head by approaching your parents with this conversation. As Wisconsin adults age, however, it is crucial to have this important conversation. NerdWallet offers some insight on how to discuss later life plans with your aging parents.
You do not need to boil the conversation down to one instance. Instead, you should spread out the conversation. Make a plan to speak with your parents, your siblings and anyone else who you believe should be involved in the conversation and sit down to start the talk. Open the door to have these conversations and add on them in the future. You will have to have more than one of these, because circumstances do and will change over time.
Do not initiate the conversation by bringing up finances. This can be a sensitive topic and so when discussing the estate plan, try to be sensitive and broach the topic in terms of group planning.
No matter how the conversation goes, you should never judge you parents on their decisions or thoughts. You may have a different opinion than your parents do. Now, if you believe that your parents are victim to financial abuse or fraud, you should speak up. You want to approach everything with a cautious, but serious hand.
The above information is not to be interpreted as legal advice. It is for informational purposes only.