![]() By the time you are closer to 80, then your children and/or a trusted financial representative and your estate planning attorney will need to know where your money is and how to access it. If you have a spouse and are relatively young and healthy, then all the children need to know, is that you are well set for retirement. When young adults learn there is a pot of gold, things can go south, fast. The amount of money you have worked a lifetime to save may look like an endless supply to a 22-year old. ![]() ![]() Family members have helped each other since there were families, but the earlier you involve them, the more time they have to help you find more resources and make plans.ĭealing with big numbers? You might want to wait. If you might end up needing help during retirement, it is best to tell your children early on. Short on cash? Do not make a secret of it. However, there are some universal rules to consider. If a child has a substance abuse problem, or is in a bad marriage, this information may be best kept under wraps. However, there are also reasons not to tell. When a parent’s finances are revealed only after their death, or if dementia strikes, the unexpected responsibility can create a lot of stress. Experienced estate planning attorneys know the conversation is better had now, than pushed into the background with a giant surprise in the future. Talking about who will control your assets is always a tricky thing, says in a recent article “Do Your Kids Know Where to Find All Your Money if Tragedy Strikes?” The risk of adult children being caught unawares or without access to a parental funds could lead to big problems, if the parents should die or become incapacitated unexpectedly.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |