Have you had the 'money talk' with your parents?

Talking about money is fraught with emotion. When it comes to family conversations , it can be downright uncomfortable.

There are many reasons parents are reluctant to share this information with their children, starting with a wall of privacy many people have about disclosing their wealth. Some parents worry that if their kids know what’s coming, they will lose their ambition. Plenty of retirees want to be sure they have enough money for their own lives, given the rising cost of healthcare and other living expenses, along with longer life spans.

“Giving families the opportunity to hear stories about what their idea of true wealth is, we can then unpack the financial dynamics. If we don't have the values conversation ahead of time, there will be a disconnect,” Howard said.Bring up your first memory of a money lesson your parents taught you. It can be a funny and light-hearted recollection, but it can spur a conversation with a touch of vulnerability and shared experience and honor them at the same time.

“Proactively talking to your parents about this issue in a safe setting, ideally with the help of a financial coach or other third party, can significantly reduce stress and friction and prevent major ruptures or falling out due to differences of opinion or miscommunications,” Davidson said. “It’s not necessary to know specific details for every account,” Peterson said, “but it’s important to know its existence with instructions on how to access them, including any safes, for when there may be a need.”Once you have an idea of what lies ahead for your own inheritance, take it slow. You can begin the process of talking to your own financial adviser about what that might look like, and when a transfer might happen.

"My wife used to work at a CVS. One day, a spoiled rich girl-type came in and started stuffing makeup into her purse. I mean, in plain sight, with camera footage to back it up."

Parents Family Conversations David Peterson Edward Jones Conversation

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