Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Finances talk you don't have could come at a cost
Old 05-25-2013, 10:42 AM   #1
Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 2,972
Finances talk you don't have could come at a cost

Good reminder about discussing finances with your parents (or your kids) in this NYT article

THE TALK “Finances tend to be one of the trickiest topics because people do have traditional ideas about what you should and shouldn’t talk about,” explained Amy Goyer, a caregiving expert at AARP, who is also handling her own parents’ affairs because her father has Alzheimer’s. “It’s a difficult thing to talk about,” so acknowledge that with your parents.

Before you even broach the topic, adult children should think about the sort of information they are seeking, she explained. After all, you need to know much more than whether a will exists. Are there powers of attorney or advanced health care directives in place? What does their health insurance cover? Do they have life insurance? Have they made a list of every single account that they owe or collect money from?


omni550 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-25-2013, 08:54 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 21,964
Thanks for posting. Here's another interesting quote:

Then there’s the question of where to store all of the legal documents and other instructions, and several lawyers cautioned against keeping it all in a safe deposit box. “This may be the No. 1 mistake out there,” said Ann Margaret Carrozza, an estate and elder lawyer in New York. “You can often not access the will or important papers without a court order. These papers have no inherent value. It’s not like jewelry.” She recommends using a strongbox instead.
There's a link to a worksheet/ebook guide to all the details to think about, ~ $13 .


ERD50 is online now   Reply With Quote
Old 05-25-2013, 09:41 PM   #3
Recycles dryer sheets
Join Date: Apr 2013
Location: Jacksonville
Posts: 222
I'm lucky enough to have a mom who designs estate planning software for lawyers, so her entire day is dealing with this stuff. She travels to shows to talk with lawyers about the whole process so she can make it as streamlined for them and their clients as possible, learning plenty herself.

My mom is in her 30's, though, so it's not a huge worry for me right now, but we've spoken about it before in general work talk, and she's got it taken care of, and is more than happy to help me deal with the tough issues on mine as well. It's spoiled me on the subject, but that's definitely one less thing to stress over, I guess.
Arifriekinel is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

» Quick Links

All times are GMT -6. The time now is 09:17 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.