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.