You’re getting the jump on your estate planning by starting early and investigating just what you’ll need to be able to retire comfortably while protecting your assets, but have your parents done the same? While starting a conversation about finances with your parents may be uncomfortable, the fact is that in order to protect your own assets, you may need to know if your parents have planned their own estate.
Striking up the conversation about your parents’ financial plan might take some courage, but if you broach the subject by talking about how you want your life to look as you age and eventually retire, they may feel more comfortable about discussing their vision and plans. Try covering subjects such as who would care for your parents, whether they plan to live in their own home or a retirement community, or would prefer to move in with their children. Try to discuss openly and honestly how your parents plan to pay for their retirement, and see if it opens up a dialogue about what they have in place or what they still need. It’s better to know ahead of time what could be expected of you, as your parents age.