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.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0041.