Book Review: Mom and Dad, We Need to Talk - How to Have Essential Conversations with your Parents About Their Finances by Cameron Huddleston.
You can’t start this conversation too soon! But for many of us, talking to our parents about financial matters and their mortality is awkward, emotional, and dreaded. But now is the time. This book contains great tips on the hows and whys of the difficult but important conversations we need to have with our parents as they move from independence to needing your help. It includes explanations of legal documents, lists of information to collect, conversation starters, and many other helpful tools.
Huddleston offers the great advice that we should talk to our siblings before talking to our parents. This is a step this is often overlooked in the process. Failure to consider sibling dynamics can lead to years of rivalry, hurt feelings and difficulty in making decisions at the critical times for the parents.
The author also recommends that we start having these conversations with our own children sooner rather than later. Huddleston suggests that we make this part of the family conversation, addressing all of the important information over the course of time. What a gift to your children to take this responsibility off them for when it’s their turn to start taking care of you.
If you’re not sure where to begin in this pivot, read this book.