Sharing Financial Position with Adult Children
Hello. Appreciate you and have followed you for a very long time. Thank you for all you do.
I’m 60. Two years ago my mother took ill and passed quickly. I assumed responsibility for their household/finances. While she was a successful investor, I came to learn that my parents had an unusual separation of duties. Before this event, I had only a cursory understanding of their situation. I’ve got my father organized now, after some effort.
Going through this process made my wife and I evaluate our situation.
When have you seen it appropriate to share details of your financial holdings, process and intentions with adult children? We are fairly open about process with our children, but do not get into day-to-day details, or balances. We are organized and have information/guidance ready. We also believe we are appropriately prepared legally and have shared those specifics.
Thank you for any insight you can offer. Again, appreciate you very much.
Terry Says
What a perfect moment for your question. I have just started writing a column on that very topic, based on a casual discussion with a dear friend. As you’ve clearly stated, that “birds and bees” or should I say “dollars and bees” conversation is a two-way street. Tough to get parents to talk, and equally tough to decide when and what to tell your young adult children! You’ve framed the question perfectly. I will post that column in the next ten days at my website.
