It can be difficult to have conversations around money with your family but the recent pandemic might have already highlighted this within your own family in giving you a roadmap for how to proceed. Having these more intimate financial discussions can help clear up areas of confusion and when done properly, can bring your family closer. 
A 2019 study completed by Lincoln Financial found that nearly half of Americans struggled to discuss finances with their loved ones. It’s easy to let things go when your financial picture is going well. But when money becomes unpredictable or tight, there’s always room for disagreement and these conversations become more important than ever.
When your financial lives are managed separately from one another, there is easily no need for conflict but as soon as someone else’s input or life effects your own financial goals, there is the possibility for a dispute. Avoid engaging in conversations about finances and sticky issues around the holiday table. For one thing, there is the possibility that there are people at that gathering that don’t need to be a part of the conversation. There is also concerns over heightened tensions or alcohol and how this can derail these conversations.
When having these conversations, it’s best to steer to one on one for things such as asking a family member for a loan.
When children are moving back home, parents should talk to their children individually about their contribution to the household. When it comes to estate planning it’s important to engage anyone who might be involved in the outcome of your estate in the planning process.
If a loved one has recently been diagnosed with Alzheimers’, all family members who will be involved in the care or the transition to a care facility should be involved in the conversation. For more information about engaging in estate planning holistically, schedule a consultation with a trusted attorney in Massachusetts.
