Money Talks with Loved Ones
Talking about money with loved ones is hard, especially because financial conversations are typically a quiet topic among families. Now that people are living longer it’s even more import to start early because it costs more to live in retirement age, and finances provide comfort and security. Here are a few tips for talking with loved ones about money:
- Start Early Typically financial discussions and decisions for long-term care are made in the middle of a crisis, such as a loved one becoming sick or an emergency medical procedure. As long-term care is a large financial expenditure, families end of up making expensive decisions when there is little time and stress is high. By starting the conversation early, you can ensure that your loved one chooses the care they want and that the family does not have to make a hard decision during a crisis.
- Get your own emotions in check. It’s normal to be sad, angry, and scared about the situation. However, it’s important to process your emotions before the conversation so that you enter the dialogue with a clear head. When beginning the discussion, start the conversation with facts and be specific about your concerns. Make sure you state that you are there to help.
- Get the plan in place. This is a great time to get organized—know where important documents are kept, insurance information, and even a contact list of all of the doctors. This is a time to open up communication and be patient, and also layout expectations for roles.
Remember that talking about money with an aging loved one is not a one-time event. It will take time, energy and patience. Above all, the discussion needs to come from a place of love and kindness.