Law Offices of Connie Yi, PC - estate planning
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Addressing money matters with aging parents: How do you do that?

| Sep 26, 2017 | Uncategorized |

There’s an irony central to family life that is highlighted in the parent/child dynamic. And it is underscored in the role reversal that often takes place among family members.

When children are young, their parents lovingly protect them, teaching important things, instilling values and progressively encouraging their offspring to cultivate independent behaviors en route to adulthood.

When that plateau is ultimately reached, many children in California and nationally see with clarity for the first time that their parents — once regarded as enduring and indestructible — are growing increasingly vulnerable as they steadily advance in years.

That realization, notes a recent media article on the aging process, renders it apparent for many adult children that they might reasonably need to candidly communicate with mom and dad about important matters surrounding financial affairs.

Although it is often clear that parents need some help in that realm, it can be quite difficult for loving children to raise the subject and offer assistance.

The above-cited article duly acknowledges that and offers some ideas “to get those conversations started and to help make ‘the money talk’ a successful one.”

Every family is different, of course. In some instances, a son or daughter can simply be blunt regarding things like account identifiers, balances held, wills, trusts, inheritances, debts, powers of attorney, health care wishes, beneficiaries, insurance policies and so forth.

In other cases, though, tact is a front-burner concern. Parents are, after all, still parents, with pride-and-dignity interests that must be acknowledged and respected.

The “tips” noted in the aforementioned article can be gleaned by accessing the highlighted link above.

A foremost recommendation among them focuses upon the benefit that can be realized by family interaction with a proven elder law attorney, who will be duly sensitive to the complexities linked with aging and asset-related matters.

You love your parents, of course, and want to help them when they are older. An experienced legal professional who routinely works with families of all types on estate administration matters can be an ally in promoting that important objective.


FindLaw Network

Recent Blog Post

Is estate planning necessary for young people?

Misconceptions exist about the relationship between age and estate planning. Yes, older people may prioritize estate planning for reasons related to advancing age and health concerns. That does not mean only older California residents benefit from the process. Young...

What are the responsibilities of a fiduciary?

Residents of California may want to learn more about the role of the fiduciary and their responsibilities. Because fiduciary duty may be a requirement among certain professions, clients and professionals should know more about what this is. The meaning of fiduciary...

5 factors to consider when choosing a guardian

For parents, one of the biggest reasons they decide to create an estate plan is to ensure their child will be cared for no matter what. It isn’t easy to think about a tragedy where a child may lose both their parents before they turn 18, but parents have to plan for...

View More Blog Posts