It’s time to talk about Mom and Dad’s money
A 2010 Met Life study suggests that LGBT children are more likely than their straight siblings to take care of mom and dad during their retirement. This is why it’s important we talk about Mom and Dad’s money. Here’s how!
Ways to talk about Mom and Dad’s money:
Talking about Mom and Dad’s money
Cameron Huddleston is an award-winning journalist with 17-plus years of experience writing about personal finance. She has been featured in Kiplinger, Business Insider and Fortune, among many other media outlets. Cameron is also the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances and a regular columnist for GOBankingRates.
On this episode of Queer Money®, Cameron joins us to discuss why it’s so difficult to talk to our parents about money and offer ideas on how to initiate the difficult conversation. She walks us through the right questions to ask, explaining how it might impact us if our parents don’t have a plan for long-term care. Listen in to understand how Cameron’s personal experience inspired her to write the book and get her expert advice around how to help your parents plan for the future—without making them too uncomfortable!
Topics covered on how to talk about Mom and Dad’s money
Why we avoid talking to Mom and Dad about money
- Don’t know how to initiate the conversation
- Difficult to think about parents passing
How to start the money conversation with your parents
- Ask for advice (e.g.: retirement account)
- Use stories of friends in difficult situations
- Start with What if…scenarios
Cameron’s advice for making the conversation easier
- Focus on parent’s best interest, not you
- Not about details, but where to find info
- Offer to help without judgment
The essential legal documents we should all have
- Will
- Power of attorney
- Living will
What can happen if you don’t talk about money with Mom and Dad
- Court costs to become conservator
- The potential impact on your finances
Cameron’s insight around long-term care insurance
- The ideal time for best rates = early 50’s
- Meet with a financial planner to explore options
Who is the ideal audience for Cameron’s book
- Adult children who want to be involved
- Conversation not possible for every child
How Cameron’s personal experience inspired the book
- Father died at 61 without updating will (after remarriage)
- Serves as power of attorney for mother with Alzheimer’s