For many Americans the holidays, when multiple generations gather under one roof, provide a great opportunity to tackle important planning decisions.
Of course, talks about old age, dying, and dollars and cents are a delicate matter that some tend to avoid, and with good reason – if not handled well, they could result in painful outcomes for both adult children and older parents.
But according to Tom Lauricella of the Wall Street Journal, a little creativity goes a long way. The key, he says, is to see these discussions as “an opportunity to have uplifting and productive conversations or experiences.” For grandparents, it’s an opportunity to share valuable life lessons, while adult children can find out their parents’ wishes as they age.
“You want to be sensitive to how you bridge the discussion into finances,” says Winnie Sun, adviser at Sun Group Wealth Partners in Irvine, California. Instead of starting the conversation with sensitive subjects such as money and late life planning, you can begin with family histories.
Some estate planning guides of financial-advisory firms can serve as a road map of such conversations. Along with wills and financial planning information, one such firm includes what it calls “a love letter” that can be filled out and used to start the conversation.
Read Tom Lauricella article for more information.
Tags: full retirement age, retirement planning, retirement savings
