Fidelity Investments recently published the results from the “2016 Family and Finance Study”.
Here are the key findings:
While adult children are willing to help their parents as they age, four in ten families disagree on the roles and responsibilities children should assume.
- For example: 93% of parents state is it unacceptable for them to be financially dependent on their children, but only 30% of the adult children feel the same way.
- Four in ten families disagree on the roles children will play as parents age in terms of caregiving, advocates, financial power of attorney and executor (trix) of the estate.
- 67% of families disagree about the appropriate time to initiate a conversation about finances.
- Additionally, most families avoid talking about retirement living expenses, health, and long-term care expenses and content and location of estate documents.
This is exactly why Resonate created a “partner” consulting company named Connect-Gens that offers “Purposeful Planning: Conversations Beyond the Balance Sheet”. We understand that initiating this conversation can be difficult. We understand the content is often very emotional, and that the direction of the conversation is unpredictable. Since most people choose to avoid that which we either cannot control or represents the unknown, families do not engage in these essential conversations.
Sadly, the outcome of avoidance results in heightened stress when families have to make difficult decisions during the height of a crisis. It also leads to fractured families, because there was no mutually agreed upon plan in place for the aging process.
The Connect-Gens team, comprising of Barb Culver and other skilled professionals, facilitate these conversations before there is a crisis. Our goal is to create a framework of support for the entire family as we work together to create guidelines to follow throughout the aging process. We help you anticipate the difficult decisions and establish the answers before the need arises.
Those surveyed state that simply having these conversations provides peace of mind 93% of the time with the parents and 96% of the time with their adult children.
As we enter the Season for Giving, what greater gift can families provide than peace of mind?
Please give yourself the gift of sharing a thoughtful conversation with us as we discern what is most essential for you to share as a family.
Barbara A. Culver
CFP®, ChFC®, CLU, AEP®