Mom and Dad, We Need To TALK!
I have not written a post in about 10 days, because my mother was in town staying with me FOR FIVE WEEKS, from Kansas City and I have been on punishment.
Seriously though, after getting prescriptions filled and being sent to the store everyday I decided that I really didn’t know a lot of things that went on in her daily life and I have never had the discussion of estate planning with her.
Whether you realize it or not, statistical studies show that 55% of people die without a will or estate plan, fewer than half of Americans older than 65 have a living will and in 2016, the federal estate tax exemption is $5.45 million, and the maximum tax rate is 40%.
But having that talk can be quite the balancing act, but there are some tough questions that must be asked. And the mere idea of talking to our elderly parents can create an instant migraine or send you reaching for a bottle of the nearest adult beverage.
So pour a glass of your favorite cocktail and consider asking the following questions:
* Do you have a will?
* Are your beneficiaries up to date?
* Do you currently have a financial advisor or attorney?
* Where are your financial papers?
* Where are your insurance policies and financial accounts?
* Would you consider moving and where?
* Do you have burial instructions?
Now, after you convince your parents that you are not trying to kill them off and you come to the realization that your parents aren’t going to live forever, you will be well on your way to creating a bullet proof component to their estate plan.
IF YOU CHANGE YOUR FINANCIAL THINKING YOU CAN CHANGE YOUR FINANCIAL FUTURE!
Rick Knight, Licensed Financial Professional
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