Talking to Your Parents about Their Finances

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Talking to Your Parents about Their Finances

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Podcast: Talking to Your Parents about Their Finances

As your parents age, you may find that you want or need to broach the often-difficult subject of finances. In this episode, Cameron Huddleston, an award-winning personal finance journalist, discusses how to have meaningful conversations with your parents about their finances. She emphasizes the importance of having estate planning documents, a power of attorney, and a long-term care plan in place. She also dives into the psychological reasons why parents may be hesitant to talk about money and outlines the importance of introducing children to money from a young age. Tune in to find out what steps need to be taken when planning for your parent’s future!

Cameron Huddleston is an award-winning personal finance journalist and author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances. She is the director of education and content at Carefull, the first service built to organize and protect aging adults’ daily finances.

Key Highlights

[00:01 – 07:29] Opening Segment

Essential tips for having conversations with your parents about their finances
Don’t bring up the topic of money during a holiday meal
Start the conversation naturally
Go into the conversation out of love and respect for your parents

[07:30 – 14:25] A Checklist for Emergency Planning

Why all adults should have estate planning documents to ensure their wishes are known
What estate planning documents include
Understanding debt, investments, insurance policies, and long-term care plans
How conversations about money should be done over time

[14:26 – 22:09] Planning for Long-Term Care

The importance of introducing children to the concept of money
Talk openly with children about estate planning, retirement savings, and guardianship
Scam incidents and dollar amount lost keep increasing year after year
Why parents should plan for long-term care

[22:10 – 29:09] Advice for the Sandwich Generation

Parents may not be able to provide care for their elderly parents
Caregiving can be a full-time job and require round-the-clock care
Long-term care insurance can help cover the cost of care
Early communication and planning are essential to have more options available

[29:10 – 36:09] Closing Segment

The benefits that assisted living facilities provide
What brings Cameron peace of mind

Additional Links:

Mom and Dad, We Need to Talk: https://www.amazon.com/Mom-Dad-Need-Talk-Conversations/dp/111953836X

Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/

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