A recent Fidelity Investments survey found that a majority of American families have a hard time talking about wills, elder care and retirement planning. In fact, a majority surveyed said they feel much more comfortable discussing estate planning issues with a third party – like an estate planning attorney – than other family members.
Some other interesting findings from the report:
- 97% had conflicting opinions between the generations on the topic of whether children will care for parents if they fall ill;
- A majority of children underestimated their parents’ wealth by about $100,000;
- 30% of parents do not want their children to rely on an inheritance;
- 40% of children said it was none of their business to ask about the contents of a will;
- 97% of parents said they do not need help in retirement, but 24% of their children said they do.
Discussing these issues is often taboo in families, but there are real financial and emotional consequences when these conversations don’t take place.
Do your family a favor and take some time out during the holidays to discuss these important matters with the people who matter most to you.
- 27 Nov, 2013
- Löan Shillinger
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