If you are approaching retirement, chances are you belong to the “sandwich generation,” where you have to simultaneously look after your children and assist your aging parents.
This might be the ideal time to discuss financial matters with your parents. In other words, it’s important to prepare for a time when your parents cannot take care of their finances anymore.
In this episode, Jon Kuttin, CRPC®, AAMS®, AWMA®, CMFC®, CRPS®, Private Wealth Advisor, shares tips to help you get the financial conversation started.
Jon discusses:
- How to make it easier for your parents to accept the shift of power and financial control
- Three things to keep in mind before initiating the financial conversation
- Key action items after you’ve had the conversation
- The benefits of involving a third-party professional (such as a financial advisor) in financial conversations with parents
- And more!
Related: How to Account For Growth: Transitioning From Advisor to CEO