Life Kit How to talk to your parents about their money
22 snips
Sep 25, 2023 Cameron Huddleston, a financial journalist and author of "Mom and Dad, We Need to Talk," shares her insights on navigating sensitive discussions about finances with aging parents. She emphasizes the importance of proactive conversations to avoid stress during health crises. Huddleston reveals strategies for addressing estate planning and long-term care, especially with parents facing cognitive decline. Listeners learn how to approach these topics respectfully and the necessity of having essential legal documents in place to ease future caregiving burdens.
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Early Planning
- Cameron Huddleston's mom was diagnosed with Alzheimer's at 65.
- This prompted difficult conversations about finances, highlighting the importance of early planning.
Starting the Conversation
- Start financial conversations early, even in your 20s or 30s, by asking parents for advice.
- Share stories about others' experiences to open the door to discussing money matters.
Essential Documents
- Ensure your parents have essential estate planning documents like wills, trusts, and power of attorney.
- Discuss these documents early to avoid complications during emergencies.
