The holidays have a wonderful way of bringing families together to the same table like no other time of the year. These get-togethers, however joyful, can be fragile on many levels. While we all know the old saw about avoiding arguments over religion and politics, there are other potential "skunks" that can spoil the festivities.
For example, a recent article in The Daily Finance is rather blunt: “Boomers Need to Talk About Long-Term Care”
Baby boomers are the forever young generation, or so it seemed. Facing the facts of aging can be tough for anyone. Nevertheless, no one has a greater vested interest in your long-term care needs than your family.
If your loved ones must travel across the country to attend your holiday feast in Overland Park or elsewhere, how available will they be when you need assistance with the basic “activities of daily living”? Have you honestly come to grips with how you will pay for long-term care, let alone the logistics of such care?
On the other hand, Jeff Brown wrote a recent article in Forbes in which he decries the notion of a formal multi-generational “family meeting” to hash out all kinds of unpleasant financial and estate planning matters. Appropriately, the article is titled “No Money Talk At The Holiday Table, Please.” Brown offers an alternative: his own indirect method of eliciting information and offering subtle, albeit unsolicited advice to family members on financial and legal matters.
Practically speaking, there is no better place to talk about important family financial and legal matters than when you are with family.
Maybe you held your family meeting already, somewhere in between turkey and football. If you did not, well, then there are still more holidays to come.
Are the holidays the right time for you and your family to have a chat?
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
The Daily Finance (November 27, 2013) “Boomers Need to Talk About Long-Term Care”
Forbes (November 26, 2013) “No Money Talk At The Holiday Table, Please”