estate planning with families

How to Talk to Parents about Estate Planning

by

Research from the National Alliance for Caregiving (NAC) and AARP shows that more than 50 million Americans currently serve as unpaid caregivers. This number has increased by nearly 25% since 2015. Statistically, baby boomers and women take on the biggest caregiving burden when it comes to providing care for aging family members. As life expectancy increases, and baby boomers advance well into their senior years of their own, the need for caregiving will only continue to rise.

Forbes’ recent article entitled “Holiday Season Tips For Caregivers” says that as the number of seniors in America continues to grow, we find ourselves on the verge of the largest transfer of wealth in history. It is estimated that 45 million Americans will transfer some $68 trillion over the next 25 years.

As a result, having estate planning conversations has become more important than ever.

Discussions about money and mortality can be challenging and emotional. Here are some tips on how to broach this sensitive subject with family and loved ones.

Schedule a time: This can be an overwhelming topic, but don’t ignore it. Scheduling dedicated time to open the dialogue and creating a timeline to complete the basic estate planning documents can make the process more manageable and keep everyone involved accountable.

Share your wealth of knowledge: Share your knowledge about what the documents mean, how and when they come into play, as well as what happens if there’s no estate plan in place. Remind them that this is their chance to ensure that their wishes are carried out.

Ask questions: Provided the person is in a sound state of mind, they’re in a position to be involved in the decision-making. Ask open-ended questions like what steps have already been taken and document as much as possible without judgment.

Share your plan: Sharing your ideas and discussing your own plans can ease tension and help eliminate fears. It shows others that they’re not alone in the planning process.

Leave the conversation open-ended: The key to these planning conversations is empathy because many seniors are experiencing a variety of emotions. Reassure them that you’re available for future conversations and will plan to check back in at the times set forth in the timeline you created together.

You should also ask an experienced estate planning attorney for assistance.

Reference: Forbes (Nov. 29, 2022) “Holiday Season Tips For Caregivers”

Additional Reading

Estate Planning Essentials for the Sandwich Generation

Estate Planning Essentials for the Sandwich Generation

The Sandwich generation refers to a generation of people who are simultaneously caring for their aging parents and their children. This group often feels “sandwiched” between the needs of their parents and their children and may face challenges in balancing caregiving...

read more
How Marital Trusts Help Protect Blended Families

How Marital Trusts Help Protect Blended Families

Navigating Marital Trusts: Securing Your Spouse's Financial Future Embarking on a journey of blending families brings its own set of joys and challenges. In this blog post, we unravel the complexities of estate planning for blended families and explore why the Marital...

read more
Essential End of Life Documents: What You Need to Know

Essential End of Life Documents: What You Need to Know

End-of-life planning is a crucial aspect of life that often goes unaddressed until it's too late. Beyond drafting wills and trusts, understanding the array of end-of-life documents is paramount for ensuring a comprehensive and legally sound estate plan. This  guide...

read more
Clean Slate: Navigating the Maze of Unwanted Subscriptions.

Clean Slate: Navigating the Maze of Unwanted Subscriptions.

In the era of digital subscriptions, keeping tabs on services that automatically renew can be a challenge. However, fear not – we've compiled a guide to help you reclaim control over your subscriptions. From user-friendly tools to convenient services, here's how you...

read more