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Although talking to your parents about money can be difficult, not discussing finances now could mean more problems and conflicts later. Can We Talk? is a practical guide to working with your parents to make financial plans and preserve legacies while you both still have the luxury of time.
Written by certified financial planner Bob Mauterstock, Can We Talk? provides step-by-step advice on setting up a family meeting with your parents to review finances. Mauterstock explains how to arrange a meeting without causing conflict, who to involve in the meeting, and what should be discussed. He also includes a case study of a family meeting so readers can get a feel for the issues that may arise.
In addition to describing the family meeting, Mauterstock explains what estate planning documents your parents need, various options for houses and real estate, how to invest money, long-term care options (including a discussion of Medicaid), and leaving money to charity, among other things.
The final third of the book is what Mauterstock calls a “Lifefolio” — a series of forms to be filled out by you or your parents that allows you to gather in one location important information, such as where assets are located, your parents’ personal history, and their wishes for care.
Can We Talk? is a short, easy-to-read guide that is full of useful information and tools to help ensure your parents are taken care of financially.