Connecticut Phone: 203-661-5222 | New York Phone: 914-397-2400 | Florida Phone: 239-302-2768

Your Leading Estate Planning, Taxation, Real Estate and Trust & Estate Litigation Firm.

ABA American Bar Association NYSBA WCBA Worcester County Bar Association Connecticut Bar Association CTLA ASPPA

Adult children may become financial planners for parents

Most of our financial advice in early life comes from older family members. They have been around longer and we begin life trusting them and listening to them. So it can feel awkward when the tables are turned and it may be time for elders to require our advice.

The financial and estate plans of our parents almost inevitably affect our own life plans. This is not only true for children hoping to land sizable inheritances. The costs of retirement or the increased medical expenses associated with aging are often so massive that they spill over onto the next generation.

"If something happens to your parents, not only there goes your safety net and a key part of your support network, but their affairs will likely pile onto you," warned a wealth management professional.

There are some key questions that are important to answer or at least consider. Where do parents intend to live after retirement, and when do they think that will happen? What assets do they have to pay for later life? What assets do they hope to pass on to children or beneficiaries? Do the children want them?

All of these questions can help families make plans for later life as well as plan for the end of life. Properties and assets may be at stake, so the conversation is worth having. Legal representation can help advise on this sensitive subject as well as executing vital parts of the process like finalizing wills and creating trusts to protect assets under a person's care.

No Comments

Leave a comment
Comment Information

Greenwich Office
25 Field Point RD
Greenwich, CT 06830

Phone: 203-661-5222 CT
Fax: 203-661-1197
Greenwich Office Location

White Plains Office
1 North Lexington Avenue
Suite 701
White Plains, NY 10601

Phone: 914-397-2400 NY
Fax: 914-437-6354
Map & Directions

Bridgehampton Office
2317 Montauk Highway
Bridgehampton, NY 11932

Phone: 203-661-5222 CT
Fax: 203-661-1197
Map & Directions

Naples Office
500 Fifth Avenue South
Suite 526
Naples, FL 34102

Phone: 239-302-2768
Fax: 239-325-1813
Map & Directions