Capital Club Talking to Your Parents about Their Finances with Cameron Huddleston
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
Want to connect with Cameron? Follow her on LinkedIn, and Instagram. Visit her website to learn how to have conversations with your parents about their finances!
Resources Mentioned:
Key Quotes:
“You have to make your own finances a priority.” - Cameron Huddleston
"If you want your wishes known, they have to be in writing." - Cameron Huddleston
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