Important Conversations for Older Parents to Have With Their Adult Children

Important Conversations for Older Parents to Have With Their Adult Children

Click the link above to read the full article. The article was published on October 7, 2022 and written from the team at T. Rowe Price. T. Rowe Price is a global investment management firm.

More and more clients that Jerry and CJ talk to are going through this. Whether they are older parents or adult children, the conversation is not easy from either angle. Just because it isn't easy doesn't mean you should not have it though! Having an open discussion can benefit the entire family.

Three key insights that the article mentions are: 

• Create an agenda to help you stay on track during your discussions.
• Topics such as long-term care and powers of attorney should be a part of your conversations.
• Discuss family members' financial priorities and tax situations to help make the best decisions about your income and estate plan.

As an older parent your plans can have an impact on the rest of your family.

The article suggests the following to get the discussion started.

• Speak in person, at times of low stress, preferably while you're healthy.
• Lead the discussion. Provide them with as much information as you feel comfortable sharing and find out how involved they would like to be.

The article reviews a possible agenda to set for the ongoing discussions including: 

• The location of important documents
• Your living arrangements
• Your will and/or trusts
• Durable power of attorney
• Health care directive
• Long-term care arrangements
• Financial information and decisions.

Finally, they review a few tips for adult children including: 

• Considering the roles your siblings could play, and
• Encouraging you to talk with your parents and start the open conversation.

When dealing with family it can add layers of stress. We have found that sometimes a trusted third party person can help bridge the gap between an adult child's concerns and an older parents wishes. Despite the fact that these conversations are not usually easy, we agree with the article that it is still important to have them. Remember the golden rule, treat others as you would like to be treated.

The article linked and mentioned above was published on October 7, 2022 and written by the team at T.Rowe Price. Check out more from T. Rowe Price here.