This article was originally posted by NAIFA partner Carefull. Carefull is the first service built to organize and protect older adults' finances. It is available for individuals, families and financial advisors who need smart financial monitoring, identity theft protection, and bill oversight for older adults' daily money matters.
Timing is really important when it comes to talking to your parents about their finances. The holidays might seem like the perfect opportunity to have these conversations because you, your siblings and parents will be together in one place (that is, when there’s not a pandemic making gatherings a challenge). You’ll be celebrating, and everyone will be relaxed. Perfect time for a family money talk, right?
Wrong. A holiday meal is not the ideal time to talk to your parents about their finances. Your efforts to discuss what could be an awkward topic could easily backfire. So before you say, “Mom and Dad, pass the turkey and let’s talk about your will,” consider the cons of trying to start this conversation during the holidays.