For many families, financial discussions with aging parents can be a tricky subject, especially when the conversation centers on adult children playing a larger role in financial and legal matters. Pinnacle Financial Advisors’ Founding Partner Lennard van der Feltz shared tips to start these sensitive conversations in an article in Az Business magazine.
Lennard emphasized the importance of working with siblings or other family members to plan when and how it’s best to approach financial talks based on your family dynamic. He also explains that it may be hard for parents to relinquish control over money management and planning, noting that starting the conversation early and enlisting the help of a third party, such as a financial planner, can help reduce stress for all family members involved.