Finances talk you don't have could come at a cost

[omni550]

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?

http://www.nytimes.com/2013/05/25/y...-should-talk-about-finances.html?pagewanted=1

omni

 

[ERD50]

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

 

[Arifriekinel]

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.