Financial Communication: Tips for Discussing Money with Your Aging Parents

Unlock the secret to discussing money with aging parents, fostering family harmony, and securing their financial future.

How to Navigate These Necessary but Sensitive Conversations

Discussions concerning family finances are never easy, but we believe they are absolutely essential to safeguard a family’s wealth before any wealth transfer occurs. This holds especially true for delicately discussing money with aging parents. Unfortunately, many of us tend to postpone these conversations until a crisis forces us to discuss finances with our mothers and fathers. This approach can be problematic, as it often leaves adult children struggling to manage their parents’ finances during times of illness or loss, particularly if either strike suddenly.

Tip #1 – Choose the Right Time and Place

Bringing up financial matters with aging parents requires sensitivity. So, make sure you find a suitable setting where you can have a private and uninterrupted conversation. Try to avoid discussing finances during family gatherings or holidays, as these occasions may not be conducive to focused discussions. Instead, choose a calm and relaxed environment where everyone can feel comfortable and at ease.

Initiating the conversation in a neutral space, such as a quiet corner of their home or over a leisurely walk, can create a more relaxed atmosphere. It is essential to pick a time when your parents are not feeling rushed or stressed. Remember, this conversation may be emotional, so allowing sufficient time for the discussion is crucial.

Tip #2 – Practice Empathy and Respect

Work to set the right tone when discussing money with aging parents. Purposefully enter the conversation with empathy and respect and maintain that tone throughout the discussion. Acknowledge that money discussions can be difficult and that you understand their feelings and where they’re coming from. Show appreciation for their hard work and the financial security they have provided throughout their lives. It’s important that they understand that, above anything else, your intention is to ensure their well-being and the smooth management of their finances.

SEE ALSO: What You Need to Know About an Inherited IRA

To achieve this, begin the conversation by expressing your concern for their comfort and explaining that your motivation is not to pry or impose, but rather to understand their financial wishes. Be sure to share your desire to be a supportive ally in their journey, highlighting that you want to respect their autonomy while offering assistance where needed.

Tip 3 – Focus on Their Needs and Wishes

Make it clear throughout the conversation that your main goal is to understand their needs and wishes regarding their finances. You can supplement this by asking open-ended questions to encourage them to share their thoughts and concerns. As your parents talk, listen actively, and try to avoid interrupting or imposing your own opinions. Instead, let them guide the conversation, and assure them that you are there to support their decisions. Discussing money with aging parents should be more about them than it is about you.

You can begin by asking your parents about their current financial situation and their vision for the future. Work to understand their short-term and long-term goals, including any aspirations they have for their retirement years. If they have specific concerns, address them compassionately and validate their feelings.

SEE ALSO: Financial Tips for the ‘Sandwich Generation

Discussing Money with Aging Parents: Eight Key Questions

Opening up the conversation is important, but you also want to have a few goals in mind when discussing money with aging parents. You want to gain insight without appearing to demand information. The following set of eight questions is designed to help you understand your parents’ needs and desires for the future, including their wishes for their legacy:

  • Do you have all your key documents in place?
  • When was the last time you reviewed the beneficiaries of your retirement and insurance assets?
  • Have you created a list indicating how your personal items should be divided?
  • Who are your key advisors?
  • Have you created a letter of last instructions?
  • Do you have enough resources to cover your retirement, housing, and medical costs?
  • Who should be notified if insurance payments are missed?
  • What role will each sibling play in the management of the assets?

Your parents’ personal circumstances may require asking additional questions but these are a good place to start.

Final Thoughts on Discussing Money with Aging Parents

Even within families who are accustomed to open discussions about money, the aforementioned questions may still elicit a certain level of discomfort. This discomfort is often amplified by the prevailing misconception that such inquiries are solely driven by self-interest. However, it is crucial to emphasize that, despite the challenging nature of these topics, they are ultimately intended for the best interests of your parents. All siblings involved wish to ensure that a well-thought-out plan is in place to fulfill their parents’ wishes. The goal is to maintain a sense of commitment to making these discussions productive and supportive, rather than confrontational. Above all, timing plays a critical role in navigating these sensitive conversations.

While finances should not dictate every aspect of our lives, it is essential to be mindful of your parents’ health, finances, and long-term care plans. By doing so, you can actively support them in executing the plans they have made for their well-being, ensuring stability for the entire family during challenging transitions. Remember that these discussions stem from a place of care and concern, seeking to provide your parents with the best possible future while fostering unity among all family members.

At Aviance Capital Partners, we understand the significance of family conversations about money and the complex emotions they can evoke. Our experienced financial advisors are here to provide guidance and support, whether you need assistance with estate planning, retirement strategies, or long-term care solutions, our team is dedicated to helping your family achieve financial peace of mind. Give us a call today and take the first step toward securing your family’s financial future.

Are these conversations bound to be awkward? Could it feel like intruding into their personal affairs? Is it emotionally taxing to contemplate the illness or loss of our parents? The answer to all of these questions is a resounding yes. However, avoiding these difficult conversations can put both you and your family at significant financial risk. In this article, we share tips for discussing money with aging parents to help you get the conversation started.

Aviance Capital Partners, LLC (“ACP”) is an SEC registered investment adviser located in Naples, Florida. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that ACP has attained a certain level of skill, training, or ability. While the information presented is believed to be factual and up-to-date, ACP does not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of ACP as of the date of publication and are subject to change. Not all services will be appropriate or necessary for all clients, and the potential value and benefit of the ACP’s services will vary based upon the client’s individual investment, financial, and tax circumstances. The effectiveness and potential success of a tax strategy, investment strategy, and financial plan depends on a variety of factors, including but not limited to the manner and timing of implementation, coordination with the client and the client’s other engaged professionals, and market conditions. This should not be construed as specific investment, financial planning or tax advice tailored to an individual reader. ACP suggests that readers consult a financial professional, attorney or tax advisory professional about their specific financial, legal or tax situation. Past performance does not guarantee future results. All investment strategies have the potential for profit or loss, and different investments and types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or investment strategy, including those undertaken or recommended by ACP, will be profitable or equal any historical performance level. Additional information about ACP, including its Form ADV Part 2A describing its services, fees, and applicable conflicts of interest and its Form CRS is available upon request and at 

For current ACP clients, please advise us promptly in writing, if there are ever any changes in your financial situation or investment objectives, if you wish to impose any reasonable restrictions to our management of your account, or if you have not been receiving at least quarterly account statements from your account custodian. 

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