There’s a good chance that many adult children will have to get involved with their parents’ financial lives as they age. Yet, an overwhelming majority of adult children – 73% – have not had detailed conversations with their parents about their finances, according to a survey by GOBankingRates. One of the primary reasons why survey respondents said they haven’t had “the talk” yet with their parents is because they don’t know how to have the discussion.
Similar Posts
Safeguarding Your Estate: Key Steps Before Filing Taxes in 2024
As tax season approaches, it’s crucial to not only focus on individual income but also to consider the broader financial landscape, especially when it comes to your estate. Safeguarding your estate before filing taxes is not only prudent but can also lead to potential tax savings and efficient wealth preservation. See these key steps to…
Essential Documents as Part of Estate Planning
As you begin your journey to estate planning, there are five essential documents that are part of estate planning. These are documents that many of us have heard of at one time or another, but when put together they form a solid foundation for an estate plan. This is probably the most common. Your last…
Strategic Planning: 7 Effective Ways to Reduce Estate Taxes
Estate taxes can significantly impact the wealth you’ve worked hard to accumulate over a lifetime. However, with careful planning, it’s possible to minimize the burden on your heirs and preserve more of your assets for future generations. See seven effective ways to reduce estate taxes and ensure that your legacy remains intact. Start Early with…
Estate Planning: A Fresh Start for the New Year
As we usher in a new year, it’s not only the perfect time to set personal and professional goals but also to take a closer look at our financial well-being. Estate planning may not be the most glamorous topic, but it is a crucial aspect of securing your legacy and ensuring the well-being of your…
Estate Planning Attorney vs. DIY Plan, See The Difference
Estate planning is a crucial process that involves making decisions about the distribution of your assets, healthcare preferences, and the well-being of your loved ones after you’re gone. When it comes to estate planning, you have two primary options: hiring an experienced estate planning attorney or attempting a do-it-yourself (DIY) approach. While DIY solutions may…
What Impact Does a Prenup Have On An Estate Plan
A prenuptial agreement, commonly known as a prenup, is a legal contract between two individuals who are about to marry or enter into a civil union. This agreement outlines the distribution of assets, property, debts, and other financial matters in the event of a divorce, separation, or death. While a prenup primarily deals with issues…