There is a fine line between thoughtful assistance and suffocating support.
Are you getting older and needing more help from your children with any of the activities of daily living?
According to a recent Money article, titled “Here’s What Your Aging Parents Say They Want You to Do for Them,” your children are probably more than willing to help care for you. The article reviewed findings from the new Family & Finance report by Fidelity Investments.
What exactly did the study find?
After interviewing one parent and one adult child from each family involved in the survey regarding topics like retirement income, estate planning and elder care, Fidelity found about 40% of families disagree on the roles children should take as the parents get older.
Fully 90% of parents do not want to depend on their children financially; however, 30% of children disagree. In fact, 25% already expect and plan to support their parents when it comes to finances.
It seems 70% of parents would like help in managing retirement income and investments, but 36% of children were unaware of this expectation.
And 70% of parents would like assistance with their budgets, bills and household expenses. Unfortunately, 44% of children did not know help was wanted in this area.
Those are some pretty important topics and significant differences of opinions.
No family can afford these inconsistent expectations.
What could go wrong?
Your children may be unable to access necessary paperwork at the proper time, leading to delays, greater expenses and poor care.
Do not let this happen to you.
What should you do?
Do not wait for health or financial crises to happen. Be proactive.
The reason for these misunderstandings is a lack of communication and planning.
Talk to your children now.
What should you discuss with them?
- Long-term care
- Living expenses in retirement
- Estate planning
- The location of important documents
By having an open and honest conversation now, your family will be on the same page.
And, ultimately, you will all be happier.
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), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Money (June 28, 2016) “Here’s What Your Aging Parents Say They Want You to Do for Them”