Summer might seem like the wrong time to have a serious conversation about money and estate planning issues, but it could also be the most relaxed opportunity you have to discuss this with your parents.
Fidelity has just released a study on the topic of finance and family, identifying that the major retirement issues for parents and adult children are elder care, retirement income, and estate planning. There’s a disconnect between adult children and parents as far as it relates to financial planning issues.
While 93% of parents feel that it would be unacceptable to become dependent financially on their children, only 30% of children feel the same way. This shows that an increasing number of adult children are concerned with helping their aging parents cope with the many different financial challenges associated with getting older and long term care of estate plans.
Having this conversation with your aging parents may reveal that your loved ones have not updated their revocable living trust or their will in several decades. It could also reveal that they don’t have one at all. Finding out these details now can help you approach a Massachusetts estate planning attorney in order to accomplish these goals now. Doing it long in advance of a long term care event or a problem could help to clarify issues sooner rather than later.
