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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Monthly Archives: December 2012

    Talking Retirement and Estate Planning with Parents in Newport Beach

    Adult children and their parents recognize the need to talk about
    inheritance, eldercare and retirement planning issues, but nearly one in two
    adult children do not feel like they’ve had sufficient conversations with their
    parents about these issues …

    Mom and Daughter FlowersDiscussing retirement
    and elder care planning with aging parents can be difficult for all parties
    involved.  For many parents and adult
    children, these conversations can be awkward and potentially emotional.  A recent study by Fidelity Investments
    documents the extent to which the two generations are failing to communicate on
    this topic, as conveyed by Forbes in
    an article titled “Generations Apart: Talking Retirement And
    Estate Planning Over Turkey
    .”

    According to
    the study, 89% of families agree that health and elder care discussion are
    important.  But only 10% of adult
    children believe the conversations they have had with their parents have been
    “very detailed.”  Similarly, only 19% of
    children say the same about estate planning conversations, and only 11% of
    adult children feel they have discussed retirement readiness with their parents
    in detail.

    There are
    several implications of inadequate discussions. 
    For example, nearly 25% of adult children believe they will have to help
    their parents in retirement while nearly all of the parents in the study said
    they will not need financial help from their children.  Similarly, some adult children underestimate
    the value of their parents’ estates by more than $100,000.  On the other hand, however, some adult
    children may not save enough because they expect a large inheritance from their
    parents. For more on this matter, you can consult the article “Parents and Adult Children Not in Sync as
    Many Families Still Struggle with Financial Conversations
    ” on Fidelity.com.

    To help facilitate these discussions,
    Fidelity also offers conversation starters on their website.  However, an easier way to facilitate the
    conversation may be for both the parents and the children to sit down with the
    parents’ financial adviser.  Advisers can
    structure those conversations to keep focused on the essentials and keep the
    emotions out.

    Contact your Newport Beach
    estate planning attorneys at Meier Law Firm to discuss all of your estate
    planning needs
    .

    ReferencesForbes
    (November 21, 2012) “Generations Apart: Talking Retirement And
    Estate Planning Over Turkey

    Fidelity.com (November 14, 2012) “Parents and Adult Children Not in Sync as
    Many Families Still Struggle with Financial Conversations
    ” and “Conversation Starters




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