Talking With Adult Children About Your Money

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Even when it's your family members, it isn't unusual to have a tough time talking about money. And although it's a natural conversation to want to have, due to the potential uncomfortableness, sometimes people miss out on learning the information they truly need to know. For those of you who have adult children, it's time to start talking about your personal finances if you haven't already. Below, we offer a few tips that can help make the conversation a total success, despite any potential negative feelings towards the situation.

Include Everyone
Your personal finances are an important subject that all of your children need to hear about. Thus, it is important that you set aside some time where everyone can be present - when not everyone is around, it's easy for there to be a mix up or misunderstandings if children have to rely on word-of-mouth.

Be In Control
This is your meeting and your personal finances at stake, so take control of the agenda and devise a plan before everyone gets together. As you begin to think about what you want to discuss, make sure to include information such as where your children can find important financial documents, including, but not limited to, your will, bank statements, titles and insurance policies. Furthermore, make sure that your children have the contact information of people who can help them manage your finances when you are no longer able to. Should the conversation begin to get off topic at any point, make it your responsibility to bring everyone back so that you can accomplish what you set out to.

Talk About The Future
No parent or child wants to talk about their future passing or possible inability to care for oneself, but the fact of the matter is that this is a reality we all have to face at some point in our lives. So, make it a point to discuss your thoughts on elder care and touch on what you'd like to see happen with your estate so that everyone is on the same page - doing so can certainly help make things less stressful for you and your children down the line.

Considering that your adult children will be the ones to handle your personal finances once you're gone, we cannot reiterate enough how important it is to discuss topics like elder care, health care and your estate while you are still able. And before you end the conversation, make sure you talk about a financial planner. If you already have one that you work with, make an appointment for your children to meet with them too so that everyone is on the same page. However, if you don't, take some time to find and agree on one that can be used to help manage your finances as you age; your children can also use the selected firm to help with their own financial needs. Need a recommendation? Choose American Investment Planners LLC!

For more information about our financial planning services, please give us a call at (516) 932-5130 today.

Above information courtesy of Emerald Connect.