It’s easier to communicate now than ever before with social media, email and texting available. While these methods of communication help to connect people all around the globe, far too often baby boomers are making the biggest possible mistake in their retirement planning by never having the conversation about their estate at all. Many adult children don’t want to approach the subject because they don’t want to think about their parents’ passing but it is an inevitable part of life and one that can be made easier by discussing it in advance.ThinkstockPhotos-169276984

Not talking about retirement and estate planning goals can leave beneficiaries like adult children confused, frustrated, and in the midst of a legal battle when the passing does occur. It is critical that adult children know the financial plans that a baby boomer parent already has in place such as:

  • Are there any charitable components to the estate planning?
  • Are there any family owned business interests that need to be divided or sold?
  • Is there a real estate portfolio that needs to be maintained or sold?
  • What are the tax consequences of dealing with stocks inside a portfolio?
  • Are there different guidelines and sets of plans for each child?

Having a talk and having a plan is not easy. However, it can be made easier by having a sit-down conversation with a dedicated estate planning attorney about what you intend to accomplish with your retirement and with the assets you have worked so hard to grow.

 

 

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