Talking To Your Parents About Estate Planning|Detroit Expert Weighs In

Estate planning is not just for the ultra-wealthy. If you plan on leaving assets whether in the forms of real estate, stocks, bonds, precious metals, cash, cars or other transferable- you need to have a plan for passing along your items in the manner that minimizes your tax liabilities. One of the most used ways of transferring wealth is through the formation of a trust.

What Age Should We Start Thinking About Estate Wealth Transfers?

Ed Gudeman of Gudeman & Associates, P.C. encourages families to start having conversations somewhere in the 60-70 range as far as ages (although this number can be lower or higher). Based on a number of factors which can include illness, and family genetics- as we age we are obviously closer to the “end” of the time spectrum than the beginning.

These are not always fun topics of conversations to have around the dinner table, especially if you have younger children (or the grandkids of your parents) around. So it is best to set a time when no minors are around and have a real, honest conversation about what your parents plan on doing with their estate.

At Gudeman & Associates, we always encourage families to get in touch with a reputable law firm to help with their estate planning needs. Contact us to help your family by creating a plan for planning a transfer of assets including creating a will.

When you were a young’un, your parents may have sat you down to talk about the “birds and the bees.” Now it’s time to turn the tables and address another uncomfortable topic: their finances.

Such conversations mark a reversal in the traditional parent-child dynamic and also can be fraught with concerns over independence, trust and mortality.

As a result, in many cases these talks don’t happen at all, and a perceived lack of urgency is to blame, according to a survey conducted this year by Wells Fargo.

Roughly one-third of parents over the age of 60 say they’ve never discussed later-life needs with family, including inheritance plans, beneficiaries, important documents or designated representatives, according to the survey. Meanwhile, adult children worry such conversations will cause conflict or make it seem as though they’re after their parents’ money.

As daunting as it may seem, it’s important to have “the talk” about finances with your parents to help protect them from scams and elder abuse, which cost Americans more than $36 billion each year, according to financial services firm True Link Financial.

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