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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.

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