Challenging Conversations About Money: Talking With Aging Parents
U.S. Bank addresses the challenges of discussing financial matters with aging parents, highlighting findings from a recent survey showing 45% of Americans are unaware of their parents' financial situation. Sarah Darr, head of financial planning at U.S. Bank, provides guidance on initiating these conversations, emphasizing the importance of approaching discussions with care and respect.
The guide recommends taking inventory of important documents, understanding assets and liabilities, ensuring proper estate planning, and maintaining open communication about future intentions. Key recommendations include choosing appropriate timing for discussions, keeping conversations brief, and involving financial advisors to facilitate dialogue. The survey also reveals that 53% of affluent Americans credit their financial advisors with helping navigate uncomfortable money conversations with family members.
U.S. Bank affronta le difficoltà nel discutere questioni finanziarie con genitori anziani, evidenziando i risultati di un recente sondaggio che mostra come il 45% degli americani non sia a conoscenza della situazione finanziaria dei propri genitori. Sarah Darr, responsabile della pianificazione finanziaria presso U.S. Bank, offre indicazioni su come avviare queste conversazioni, sottolineando l'importanza di affrontare i dibattiti con cura e rispetto.
La guida raccomanda di fare un inventario dei documenti importanti, comprendere le attività e le passività, garantire una corretta pianificazione patrimoniale e mantenere una comunicazione aperta sulle intenzioni future. Le raccomandazioni chiave includono scegliere il momento appropriato per le discussioni, mantenere le conversazioni brevi e coinvolgere consulenti finanziari per facilitare il dialogo. Il sondaggio rivela inoltre che il 53% degli americani benestanti attribuisce ai propri consulenti finanziari il merito di averli aiutati a navigare conversazioni sul denaro scomode con i membri della famiglia.
U.S. Bank aborda los desafíos de discutir asuntos financieros con padres mayores, destacando los hallazgos de una encuesta reciente que muestra que el 45% de los estadounidenses no es consciente de la situación financiera de sus padres. Sarah Darr, jefa de planificación financiera en U.S. Bank, proporciona orientación sobre cómo iniciar estas conversaciones, enfatizando la importancia de abordar las discusiones con cuidado y respeto.
La guía recomienda hacer un inventario de documentos importantes, entender activos y pasivos, garantizar una adecuada planificación patrimonial y mantener una comunicación abierta sobre las intenciones futuras. Las recomendaciones clave incluyen elegir el momento adecuado para las discusiones, mantener las conversaciones breves e involucrar a asesores financieros para facilitar el diálogo. La encuesta también revela que el 53% de los estadounidenses adinerados atribuyen a sus asesores financieros la ayuda para navegar conversaciones difíciles sobre dinero con los miembros de la familia.
U.S. Bank는 나이 드는 부모와 재정 문제에 대해 이야기하는 데의 어려움을 다루고 있으며, 최근 설문조사 결과 45%의 미국인이 부모의 재정 상황을 알지 못한다는 사실을 강조하고 있습니다. Sarah Darr, U.S. Bank의 재정 계획 책임자는 이러한 대화를 시작하는 방법에 대한 지침을 제공하며, 대화에 신중하고 존중하는 태도로 접근하는 것이 중요하다고 강조합니다.
가이드에서는 중요한 문서의 목록을 작성하고, 자산과 부채를 이해하며, 적절한 유산 계획을 세우고, 미래의 의도에 대해 개방적으로 소통하는 것을 권장합니다. 주요 권장 사항은 대화의 적절한 타이밍을 선택하고, 대화를 간결하게 유지하며, 대화를 원활하게 하기 위해 재정 상담사를 참여시키는 것입니다. 설문조사는 또한 53%의 부유한 미국인들이 재정 상담사가 가족 구성원과의 불편한 돈 대화를 탐색할 수 있도록 도와주었다고 언급합니다.
U.S. Bank aborde les défis de discuter de questions financières avec des parents âgés, en soulignant les résultats d'une récente enquête montrant que 45% des Américains ne sont pas au courant de la situation financière de leurs parents. Sarah Darr, responsable de la planification financière chez U.S. Bank, fournit des conseils sur la façon d'initier ces conversations, soulignant l'importance d'aborder les discussions avec précaution et respect.
Le guide recommande d'inventorier les documents importants, de comprendre les actifs et les passifs, de garantir une planification successorale appropriée et de maintenir une communication ouverte sur les intentions futures. Les recommandations clés incluent le choix d'un moment approprié pour les discussions, le maintien de conversations brèves et l'implication de conseillers financiers pour faciliter le dialogue. L'enquête révèle également que 53% des Américains aisés attribuent à leurs conseillers financiers le mérite de les avoir aidés à naviguer dans des conversations d'argent délicates avec les membres de leur famille.
U.S. Bank behandelt die Herausforderungen, finanzielle Angelegenheiten mit älteren Eltern zu besprechen, und hebt die Ergebnisse einer aktuellen Umfrage hervor, die zeigt, dass 45% der Amerikaner nicht über die finanzielle Situation ihrer Eltern informiert sind. Sarah Darr, Leiterin der Finanzplanung bei U.S. Bank, gibt Hinweise zur Initiierung dieser Gespräche und betont die Wichtigkeit, die Diskussionen einfühlsam und respektvoll zu führen.
Der Leitfaden empfiehlt, wichtige Dokumente zu inventarisieren, Vermögenswerte und Verbindlichkeiten zu verstehen, eine angemessene Nachlassplanung zu gewährleisten und über zukünftige Absichten offen zu kommunizieren. Zu den wichtigen Empfehlungen gehören, den richtigen Zeitpunkt für die Gespräche zu wählen, die Gespräche kurz zu halten und Finanzberater einzubeziehen, um den Dialog zu erleichtern. Die Umfrage zeigt auch, dass 53% der wohlhabenden Amerikaner ihren Finanzberatern danken, dass sie bei unangenehmen Geldgesprächen mit Familienmitgliedern helfen.
- Survey indicates 53% of affluent clients found financial advisors helpful in facilitating family money discussions
- Company demonstrates thought leadership in wealth management and financial planning
- None.
NORTHAMPTON, MA / ACCESSWIRE / December 17, 2024 / U.S. Bank:
Sarah Darr, head of financial planning at U.S. Bank, offers a guide to getting this often-daunting discussion started
Originally published on U.S. Bank company blog
Discussing money with aging parents can be a challenge for many families. In fact, according to a recent U.S. Bank survey, almost half of Americans (
"Health, aging and money are potent topics and can make for awkward conversations," said Scott Ford, president, U.S. Bank Wealth Management. "Despite the sensitivity, it's best not to postpone these types of discussions because the risk of something going wrong can increase with age. It's best to face these tough talks with confidence."
Here's a guide from Sarah Darr, head of financial planning at U.S. Bank, a more than 20-year industry veteran who has helped many families navigate this terrain:
Come from a place of care
Approach these conversations with love, care and respect, Darr said. You'll want your parents to understand that you're looking out for their best interests and want to honor their wishes. Some generations believe talking about money is taboo, so you may face some resistance.
"Respect your parents' boundaries," she said. "Explain why this is important for their future, and your desire to understand their wishes should something unexpected happen."
You may want to invite your parents to a discussion early in the day, when everyone has more energy.
Family holiday gatherings generally are not the best opportunities for serious talks as they can be noisy and filled with emotion, Darr said. Find a time that works for everyone, choose a calm environment, keep the conversations brief and respect your parents' autonomy, and you'll make ongoing, incremental progress.
If possible, the best scenario is having both parents present for conversations so they can each weigh in. Darr said she has a rule of thumb for these talks: Don't outnumber your parents. In other words, in meeting with both your parents, the total number of people present should be four or fewer. It is less intimidating to have a smaller group and more conducive to productive conversation. Every participant should have a genuine desire to help, and at least one person should have some financial acumen.
"To ease into the conversation, it often helps to open up about your own situation," she said.
You may want to share a personal story, such as what goal you are working toward or are thinking about. That could include saving for your children's college education or looking for an attorney to draft a will. This takes the focus off your parents and gives them more comfort to share, Darr said.
Take an inventory
Once the discussion is opened, you may want to ask about the physical location of important documents like wills, insurance policies and financial passwords.
"This is a good way to dip a toe into the water by focusing on financial organization," Darr said.
Going a step further, you'll want to learn more about both sides of your parents' balance sheet: assets and liabilities. Assets include bank accounts, investment accounts, retirement plans, pensions, real estate and more. The liabilities include mortgages, auto loans, credit cards, etc.
You'll want to learn names and contact information of your parents' trusted advisors - attorney, accountant, financial advisor - and establish relationships with them, as they will be important resources in the future.
Ensure legal documents are in place
As you progress in your conversations, you'll want to tackle the topic of estate planning, Darr said. Not just for the wealthy, proper estate planning ensures that your parents' wishes are carried out the way they intend. An estate attorney can give guidance on how to draft the proper legal documents.
The essentials include a will, which lays out how property will be distributed after death; a durable power of attorney, which assigns someone to act financially on your behalf when you cannot; a healthcare power of attorney, which designates an individual to make healthcare decisions on your behalf in the event of incapacity; and potentially other trust documents dependent on your situation.
If your parents already have legal documents in place, you'll want to review them together to ensure they still reflect their wishes and lean on trusted advisors if there are any questions about the language. Time passes and things change - legislation updates, financial situations, divorce, the death of a spouse, the birth of grandchildren, etc. For these reasons and more, it's important to review documents on a periodic basis.
Focus on the future
Discussions shouldn't be filled with doom and gloom.
"You'll want to know about your parents' hopes and intentions," Darr said.
Do they want to leave a gift for grandchildren? Do they want to help a child start a business? Is there a charitable organization they want to support after their passing? These conversations can help you understand and provide your parents with peace of mind.
You'll also want to discuss how your parents have thought about protection planning to safeguard their wealth, Darr said. Having proper insight on your parents' wishes and policies in place will go a long way if the time comes. This can involve different forms of insurance to protect and provide in a time of need.
"Frame the conversation as a supporter who's interested in your parents' security and wellbeing," she said. "Your compassion will reduce defensiveness and foster collaboration."
Next steps
While the U.S. Bank survey revealed that many families are talking about financial concepts around the dinner table, most do not feel comfortable talking about their own financial situations - possibly because they are worried about being judged or feel embarrassed.
Financial advisors can help ease the conversation by getting families to talk more openly about money, Darr said.
More than half (
Read the full report here: Challenging Conversations About Money
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FAQ
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