Talking it Out

Discussing the sensitive topic of your parents’ finances and well-being feels weird at first. Here are ways to overcome the awkwardness.

by Teri Cettina

After their mom died, Mary Lacey Gibson and her four siblings wondered whether their dad, Joe Lacey, then in his 80s, would be too lonely in his apartment. They winced whenever he drove his car through busy San Francisco traffic. They hoped he was taking care of his ailing heart as well as his financial health. Would his pension be enough for him to live on? Could he afford nursing home care if he needed it? Which of the kids would manage Joe’s personal affairs if he couldn’t?

None of them jumped at the chance to ask these questions. Joe was a proud, independent man who showed no signs of slowing down. And even though they were all adults, they were still his kids.

"Growing up, our model for talking about money—or any sensitive topics--went like this: 'Dad, how much money do you make? 'None of your business,'” recalls Mary, a financial planner in San Juan Bautista, California. "It was typical of his generation. We didn't expect the conversation to be any different today."

Full article text available upon request.

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