The key to an effective transition, while preserving the dignity of all involved, is communication.
A recent article in CNBC recently offered advice to adult children and their elderly parents. The article titled “When Adult Children Become Financial Caregivers” suggested six steps.
While you can read the original article for the detail, those steps are:
- 1. Knowing the Right Time to Talk
- 2. Framing a Sensitive Subject
- 3. Building Trust
- 4. Sibling Responsibilities
- 5. Maximizing Efficiency
- 6. Maximizing Inherited IRA
The basic principle to bear in mind is that both the elderly parents and the adult children have to assume and understand their roles. This is key for a family transition to move gracefully. This means communication, not only between parents and adult children, but likewise between adult children working together on behalf of the family as a whole.
Naturally, this is all easier said than done. In truth, there are any number of principles and rules for this transition, but the six from the original article certainly are a helpful start.
Remember: When making your financial, tax and estate plans, don't go it alone. Be sure to engage competent professional counsel.For more information about estate planning in Overland Park, KS, and to download free tools to help you organize your estate, visit my estate planning website.
Reference: CNBC (June 3,
2013) “When Adult Children Become Financial Caregivers”