How to Talk about Mom & Dad's Money

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!

[click_to_tweet tweet=”If your parents don’t have a long-term care plan, guess what? You’re probably their plan. – @CHLebedinsky” quote=”If your parents don’t have a long-term care plan, guess what? You’re probably their plan. – Cameron Huddleston” theme=”style3″]

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

How to Talk about Mom & Dad’s Money