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