Golden Opportunities

Baby boomers are part of the sandwich generation. We’re spread-thin caring for young children and aging parents. And when it comes to managing our parents’ finances, we can find ourselves in a real jam. Here with an idea to help is Concord Advisor’s Jonathan Herbruck.

Question:This is a sensitive issue, Jonathan. The idea that a child might need to "parent" their parents regarding their finances.

Answer: Yes it is. First, let me clarify that we are talking about the Baby Boomers “parenting” their parents who lived through the Great Depression and several wars.
This older generation has certain traits regarding their finances that we tend to find over and over again. They do not live extravagantly; and they tend to save better than the younger people do today.
They also do not trust anyone, not even the banks, with their money and tend to keep their finances very private.

Question:What challenges does this pose for the baby boomer children?

Answer: The Boomers are concerned about whether their parents will have enough to live out their lives comfortably. Sometimes the parents aren’t paying their bills on time, and may be not be managing well. Children wonder, once their parents pass away, how will they know they have found everything, and how will they ever straighten it out?
Did Mom & Dad have the correct Estate Planning in place so they don’t have to pay taxes?
And worst of all, if the Boomer asks their parents any of these questions, they are concerned they will be perceived as hungry for their money instead of just wanting to plan ahead.

Question:That's a real problem, talking to parents about their finances. How can we approach this subject?

Answer: We’ve talked about the Same Page System before on the show. This system is something our firm created that helps to organize financial information.
The Boomer may be able to approach their parents a little easier if the parent is not revealing anything to their children, but only to a professional there, ready to help. Parents might be more willing to talk to “that guy they see on Golden Opportunities.” Typically, we can go to a person’s house to help them organize their “stuff.”

Question:Let's say your parents agree to this. How would you know where to even start?

Answer: There is a checklist to give you an idea what you will be dealing with and which worksheets would need to be filled out.
We also say the mail is a good place to start because of dividend checks, bank statements, tax notices, etc. Check the mail to find clues of parents’ assets.

Question:That checklist sounds very helpful. How can we get one?

Answer: I’d be happy to send a free checklist to any of your viewers who call.

You can make sure your parents’ financial life is in order without being intrusive. To learn more, or for a very helpful free checklist, call Concord Advisors at the number that’s next. My thanks to Jonathan Herbruck.