Are Your Parents Financially Stable? Ways To Talk With Them About The Issue

As our parents age, it can be challenging to ensure they're in good financial condition. However, the holidays provide a great opportunity to have those difficult conversations. Financial expert Kristin Afelumo joined News On 6 to offer some insights on this topic.

Blame it on the Expert

First, Afelumo suggests using her as an excuse to broach the subject:

"This is a great opportunity for you to blame it on me. Just say you were watching the news one day and a financial planner showed up and said, 'Hey, all the families together right now, it's a great time to open the door just broach the subject of talking about your end-of-life plans, future financial plans, whatever you feel comfortable saying.'"

Prepare for Emotional Discussions

While these conversations can be uncomfortable, Afelumo emphasizes their importance.

"Though it's uncomfortable to have now, it's significantly more so when someone dies unexpectedly, when someone gets sick unexpectedly, and if you have the conversation now, it tamps down on the intensity of the fights and conversations that you have when you're super emotional after the bad thing has happened," Afelumo said.

Gather Necessary Documents

Afelumo advises gathering key documents ahead of time.

"What I will say is just a point of advice. Is it's Thanksgiving, your parents may or may not be prepared to talk about this. So I think getting the door open and saying, 'Hey, would you be open to having a conversation about this? We can schedule it closer to Christmas, or find some time in January, maybe even getting your professionals involved, like your CPA, your attorney, your financial advisor like myself.'"

Maintain Regular Family Meetings

According to Afelumo, these conversations shouldn't be one-time events.

"Whether you're wealthy or not, a family meeting is a great time to touch base with the entire family about what's going on, whether it's planning for next Christmas or maybe a family trip or something fun like that, or just kind of touching base on, 'Hey, mom, has anything changed with your real estate holdings? We should know about anything different about the business," she said.

Afelumo emphasizes the importance of staying updated and maintaining open communication within the family.

"Just a good opportunity for everyone to get together while we're all together anyway, and just talk about the tough stuff all right."