Have These Financial Conversations With Your Parents Before It's Too Late

Money conversations between parents and adult children can be difficult at best. Issues such as your parents' investments, retirement planning, estate planning wishes, and elder care issues are never easy.

A recent survey by Fidelity, "Intra-Family Generational Finance," taken between March and April 2014 by 1,058 parents of at least 55 years of age and 159 children (of 30 years of age or more) highlighted some of the key issues involved.

Suggestions for a successful family discussion. The Fidelity survey offers these suggestions:

1. Initiate family discussions early.

2. Don’t be shy about bringing up detailed questions.

3. Let your parents have the final say about their care and their finances.

4. Have follow-up conversations.

Within this framework, let’s take a look at some of the topics that might be covered.

Read the rest of the article at Business Insider.

Check out Roger’s popular blog The Chicago Financial Planner where he writes about issues concerning financial planning, investments and retirement plans. Follow him on Twitter @rwohlner.