Once upon a time my parents had to initiate the uncomfortable conversation. “Sweetheart, at this age your body is changing…the difference between girls and boys…if you have any questions we can talk again at another time, OK?”
Yeah, it used to be our parents squirming in their seats and the conversation was about sexuality. Now the subject is more likely money management and it could very well be your children who are struggling to find the way to begin. Here’s a terrific article, “Taking Over Your Aging Parents’ Finances”, by Barry Bridges on “The Simple Dollar” website. While this handy guide is designed to “help you begin the journey of guiding your parents through this stage of their lives,” I found the information very valuable in thinking through what we need to do to avoid burdening our children with unnecessary stress when and if our mental capacities begin to diminish. It covers how to approach the conversation, documents needed, costs to consider, and more.
If you’re too young to turn your finances over to your children, but mature enough to get your records and relationships on solid ground, I encourage you to read it.