Benefits of discussing estate planning with your parents

While you hope your parents have an estate plan in place, there's no way of knowing for sure. This is why it's important to offer your assistance at various stages of their life.

However, even though you want to discuss estate planning with your parents, it's easier said than done. You don't want to come across as "money chasing." At the same time, ignoring the conversation could result in trouble for your parents and many others now and upon their death.

Here are a few of the benefits of having this conversation:

  • Help your parents understand their options: Don't assume that your parents have a clear idea of what's available to them in regards to estate planning. You may be able to share advice on strategies that they've yet to consider.
  • Save money on taxes: Everyone wants to save money, including you and your parents. When discussing estate planning, you can focus on a variety of tax saving strategies.
  • Peace of mind: If you're concerned about your parent's estate plan, the only way to clear your mind is to have this conversation. Just the same, talking things over will give both your parents greater clarity.

No one looks forward to discussing estate planning with their parents, but you don't want to put this off because of how it'll make you feel. Once you get everything out in the open, you can have a meaningful conversation that benefits all parties involved.

If your parents have questions that you can't answer, don't hesitate to assist them in order to ensure that they have the perfect estate plan in place.

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