Talking about financial matters with your parents is probably not easy. By the same token, talking about the inevitable death of your parents is probably not something you want to do; however, sitting down with you parents and discussing their estate plan is something you should make an effort to do.
As members of the baby boomer generation ease into their golden years, the country awaits the largest wealth transfer ever from one generation to the next. If your parents are part of the baby boomer generation then they will be part of that transfer. To ensure that your parents are legally transferred correctly and that they are getting all the tax and probate benefits available, your parents need to have a well-drafted estate plan in place.
Some parents are very forthcoming with their estate plan and share even the most minute details with their children. Others may be far less inclined to share the details of their estate plan; however, as an adult child you should encourage your parents to at least discuss overall estate planning with you.
Begin by asking your parents of they have an estate plan? If not, offer to find them an experienced estate planning attorney and make them an appointment. If they have a plan, ask them if it includes incapacity planning, long-term care planning, and funeral planning. Basically, try to get your parent to open up and at least reassure you that a plan is in place or get them to agree to begin making one.
Stephen A. Mendel, Estate Planning Attorney
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