GREENSBORO, NC -- It is Christmas time. Time for chaos, food, giving, getting, and most importantly lots of time with family.
Financial Planner,Matt Logan of Matt Logan, Inc. says the one conversation you SHOULD have with your family, most of us don't.
According to a Fidelity Intra-Family Generational Finance Study in 2012, "94% of adult children and their parents agree it is important to have frank conversations about wills and estate planning, eldercare or covering retirement expenses - however, these conversations often lack depth."
So, what kind of depth should we be looking for? Matt says, "find out at the very least, your adult children should know if you have a will and where it can be located and who to contact regarding your financial affairs in the event that something ever happens to you."
If you can get more detailed, tackle the sticky stuff.
"I believe that once your children are adults and financially independent and before parents begin to see any diminishing capacity, families should have this conversation. The conversation can even be with the parents or children's financial planner who could help facilitate. "
Topics to discuss would be:how the parents will fund their retirement and what sort of provisions have been made to leave money to heirs should there be that sort of wealth.
The intent here is to get everyone on the same page. Many times when these plans are done in secret, it puts siblings in a tough spot and can really divide families, which is really sad.
The family financial discussion is important, if you have read this and still do not know where to start reach out to myself or one of the many great financial professionals in the area.
Also, tune in on Monday, January 3rd where I will have some tips for all of those New Years resolutions dealing with your financial situation.
Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at www.mattloganinc.com, 336-808-0126 or firstname.lastname@example.org.