Discussing the dreaded “M” word with your family

By taking care of yourself now, you and all those who are close to you can breathe a sigh of relief and live long and unencumbered lives.

M word discussion with family

Related: 25 ways to use The New Reverse Mortgage

Money and family chat an oxymoron?

For many families, the words parents, money and family chat never appear in the same sentence. It’s the equivalent of an oxymoron.

It’s essential for you to share your financial circumstances with your adult children or other significant relative(s), so that when the time comes for these responsible parties to take the reins, they’ll be prepared to act according to your wishes.

Would you like to see your children and grandchildren enjoy their inheritance while your able to share in that joy?  You might be surprised how your family members might respond to that question.

Related: Will you be the new normal in retirement?

The New Reverse Mortgage can help get that conversation started

Including a potential reverse mortgage among other financial assets can be a great way give your family the best overall picture of  your resources. The clearer the picture the better the decision you all can make.

As uncomfortable as it may be for you to discuss money matters with your children, the reality is, at some point they will need to take action on your behalf, and trying to manage the unknown in an emergency makes everything more challenging — especially if you’re facing a health or housing crisis.

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The kids will need to initiate it

For some families, the “M” word will remain off limits until that crisis looms. Yet concerned children can gently encourage their parents to open up before such an event, saying they want to know about your financial circumstances now so they can fully and easily support you when you may not be able to do it for yourself.

Related: The New Reverse Mortgage when life gets in the way of your plans

What should you talk about?

Retirement expert Ed Slott suggests 7 money questions families ought to discuss:

  • Medical power of attorney: Are there living wills or health-care proxies that detail your desires for medical treatment in case you are unable to speak for yourself?
  • Financial power of attorney: Who will handle your money decisions if you can’t make them yourself?
  • If you become incapacitated, what are the long-term care possibilities?
  • Do you have life insurance or long-term care insurance?
  • Are your legal documents current? Do you have a will or trust? Who is the attorney you worked with?
  • What about your retirement accounts and beneficiary forms for IRAs and 401(k) retirement plans? Are they properly filled out and current?
  • What are your assets and will they be enough to carry you through retirement?

Related: Easing the “retirement squeeze”

If we’re fortunate, we’ll grow old. Money is a tool for our life journey. The more we can discuss it as easily as we do subjects like home repair, vacations, or our grandson’s strange tattoo, the more prepared family members will be to serve their senior loved ones when the time arrives.

Related: The perfect retirement strategy?

The New Reverse Mortgage isn’t for everyone…but it could be!

If you’re still wondering if a Reverse Mortgage is the right solution for you but you’re not ready to sit down with one of our Reverse Mortgage Experts, then we’ll be happy to mail (or email) you Use Your Home to Stay at Home which is the official federally approved consumer booklet for those considering a reverse mortgage.

 

Some of this information first appeared on hecmworld.com