2 Conversations About Money and Death You Need to Have With Your Parents Right Now
If you've ever considered estate planning, you might associate it primarily with preparing for the end of life. However, there are significant reasons—and benefits—to start planning while you're still healthy and alive. This approach, which I call Life & Legacy Planning, involves initiating honest, open conversations with your family about the future.
Starting these discussions with your parents, siblings, and children is crucial. It's about envisioning what you want for your family's future, how you wish your assets to be managed, and what kind of care each family member would prefer in case of serious illness or incapacity.
While you may have already broached the topic of estate planning with your family, let's delve deeper into two essential conversations you should have right now to fully understand your family's financial situation and plan effectively for the future.
Conversation #1: Understanding Your Family's Assets
The first conversation revolves around understanding your family's assets. Begin by asking foundational questions to your parents and older family members: "What assets do we have? Where are they located? How can I access them if you're not able to guide me?"
The potential risks to your family's wealth are closely tied to the costs incurred in the event of a passing. Beyond visible expenses like funerals and medical care, there are often unclaimed assets—amounting to approximately $70 billion across various departments in the U.S.—that go unnoticed because family members are unaware of their existence or how to access them.
Tracking and documenting assets, including digital assets like cryptocurrencies, before any incapacity or death occurs is crucial for protecting your family's wealth.
Approaching this topic with your family may be sensitive, but it's essential to build trust and transparency. Transparency about asset locations can prevent misunderstandings and ensure that everything is accounted for when the time comes.
Conversation #2: Long-Term Care Planning
The second conversation focuses on long-term care planning for your parents. This discussion goes beyond financial considerations to address the emotional complexities of care. It involves understanding who will provide care if your parents become incapacitated, how that care will be provided, and the potential emotional and financial burdens on loved ones.
While starting with financial aspects can ease into this conversation, the heart of it lies in questions like, "Who will take care of me? How will I receive care? Will I be a burden on my loved ones?" These questions require vulnerability and open communication to ensure that everyone's wishes and concerns are understood and respected.
Neglecting these conversations can leave critical decisions about care up to the medical system, potentially leading to undesired outcomes and escalating costs. Engaging in these discussions allows clarity to emerge on preferences, funding options, and strategies to protect against unforeseen care expenses.
Let Us Help Guide the Conversation
If initiating these discussions feels daunting, we're here to assist. As advocates for comprehensive Life & Legacy Planning, we specialize in building personal relationships with our clients and their families. We can facilitate these difficult conversations, providing guidance and expertise to ensure your family's assets and wishes are clearly understood and protected.
Our approach begins with a Life & Legacy Planning Session™, where we thoroughly assess everything you own and everyone you love. This process identifies any gaps in your family's security and allows us to create a tailored plan that guarantees everything will be managed according to your wishes in the event of your death or incapacity.
To learn more, schedule a complimentary 15-minute discovery call with us using the link below.
This article is a service of Zarda Law, S.C. We do not just draft documents; we ensure you make informed decisions about life and death, for yourself and the people you love. That's why we offer a Legacy Planning Session, during which you will get financially organized and make all the best choices for the people you love. You can begin by scheduling a Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.
