It’s time to talk about mom and dad’s money
A 2010 Met Life study suggests that retired LGBT children are more likely than their straight siblings to take care of mom and dad. That’s why it’s important that we talk about mom and dad’s money. That’s how it works!
Ways to Talk About Mom and Dad's Money:
I’m talking about mom and dad’s money
Cameron Huddleston is an award-winning journalist with more than 17 years of experience writing about personal finance. She was featured in Kiplinger, Business Insider And Assetsamong many other media. Cameron is also the author of Mom and Dad, We Need to Talk: Here’s how to have important conversations with your parents about their finances and regular columnist for GOBankingRates.
In this episode of Queer money® Cameron joins us to discuss why it’s so difficult to talk to our parents about money and to give us ideas for starting the difficult conversation. She walks us through the right questions to ask and explains how it could impact us if our parents don’t have a long-term care plan. Listen to understand how Cameron’s personal experience inspired her to write the book, and get her expert advice on how to help your parents plan for the future – without making them uncomfortable!
Topics covered on how to talk about mom and dad’s money
Why we avoid talking to mom and dad about money
- I don’t know how to start the conversation
- It’s hard for me to think about my parents’ deaths
Here’s how to start the conversation about money with your parents
- Ask for advice (e.g. retirement account)
- Use stories from friends in difficult situations
- Start with What if…Scenarios
Cameron’s advice to make the conversation easier
- Focus on the parents’ well-being, not you
- It’s not about details, but about where to find information
- Offer your help without judgment
The essential legal documents we should all have
- will
- Power of attorney
- Living will
What can happen if you don’t talk to mom and dad about money?
- Legal costs to become a restorer
- The possible impact on your finances
Cameron’s insight into long-term care insurance
- The ideal time for the best rates = early 50s
- Meet with a financial planner to explore options
Who is the ideal audience for Cameron’s book?
Adult children who want to join in
Conversation is not possible for every child
How Cameron’s personal experience inspired the book
Father died at age 61 without updating his will (after remarriage)
Serves as a power of attorney for mothers suffering from Alzheimer’s disease
Connect with Cameron
Resources for Talking About Mom and Dad’s Money
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