Two Important Conversations to Have With Your Parents Today
In this month’s blog, we want to dig into why 2 essential conversations with your parents and family members can make a tremendous difference. Talking about money, estate planning and death aren’t the most popular dinner table topics, but these conversations are critical to bringing clarity and peace of mind — and protecting families from court and conflict.
Many people consider estate planning a depressing task, most oftentimes viewing it as a part of the preparation for death or something only senior citizens need to worry about. But what if you took a different perspective? What if you could appreciate the significant benefits to planning while you're still alive and well? Properly managing your assets and preparing for the future should begin now. And through candid discussions with your family, they can better understand all pieces of the puzzle.
Start by talking with your parents, siblings, and children about what the future of your family might look like. Does it require managing assets like retirement accounts or properties? What are your preferences for care in case of illness or something more sudden, like life support following an accident? You might have already initiated estate planning talks within your family, but have you been clear and direct? Is anything written as a legal document that would stand up in court?
It may sound like a lot, but this month’s blog breaks it down into 2 crucial discussions.
Remember, family members cannot honor a loved one’s wishes if they don’t know what those wishes are. So, let’s get the conversations started.
Chat #1: “What exactly do you own?”
Even if you think you know, ask some basic questions of your parents and older family members. Questions like "What assets do we have? Where are they located? And how would I access them if you were no longer able to guide me?" are easy icebreakers. You might be surprised to learn that your parents own property, assets or accounts you had no idea even existed!
It’s almost shocking to think that there are approximately $70 BILLION in unclaimed assets scattered across various federal departments. Values large and small often go unnoticed because family members are simply unaware they exist. And, if heirs do know that assets exist, it can be more burdensome than you’d think to claim them.
You should document and track all assets, including cryptocurrencies, before a loved one’s incapacity or death. Broaching this topic with parents or family members may be challenging, but approaching it with curiosity, sensitivity, and trust can open and honest dialogue. Secrecy about asset locations can only lead to challenges down the road. It can be helpful to remind your parents that if no one in the family knows where assets are, those assets are likely to end up in the government’s hands as unclaimed property.
If you need guidance in documenting or organizing assets or accounts, I can help you create a comprehensive asset inventory to ensure nothing is overlooked. In fact, this is a standard part of any estate plan I create for your family.
Chat #2: “What are your long-term care wishes?”
The next important conversation to have with your parents involves long-term care planning. This is an opportunity to go beyond finances and delve into the emotional aspects of care. Questions about who will provide care if your parents become incapacitated or disabled, how care will be managed, and the impact it might have on family members are important points to talk about.
While some people believe starting with financial aspects can make the conversation easier, the heart of the matter lies in personal choice and being able to establish a sense of clarity and control. Questions like, "Who will take care of me? Where will I live? Will I burden my loved ones?" touch on vulnerabilities that go beyond money matters.
Avoiding this conversation leaves decisions up to the medical system and in the hands of healthcare professionals who do not know your parents nearly as well as you do. This can result in extreme stress, unwanted outcomes and escalating costs of care. Talk about long-term care to help clarify preferences and plan for the financial impacts. Specific strategies can protect against unexpected care expenses, and a properly educated estate planning lawyer will be able to guide you in those directions.
I Can Help.
Starting these conversions can feel challenging or uncomfortable, but you do not have to do it alone. We can help guide you and your loved ones as you uncover, together, the answers to important questions about your family's assets and wishes.
We want every client to have the right solution in place and make sure it will work when it’s needed most. Click here to book a 30-minute call and find out more about how Centini Law can help protect your family’s valuable assets.
