Top estate planning lawyer founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA emphasizes the importance of discussing estate planning with parents and elders. For more information please visit https://www.brumfieldlawgroup.com
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For most people, talking about old age, death and passing on assets to loved ones can be difficult and awkward. However, Attorney Robert Brumfield argued that the conversations were essential for all family members' long-term peace of mind in an interview this week.
For more information please visit https://www.brumfieldlawgroup.com
Meaningful conversations with parents and elders are needed for multiple reasons: helping them with long-term financial planning for old age, planning for what happens if they become incapacitated and unable to make independent decisions, and unearthing financial information, such as pensions and bonds, they may not even be aware of.
Brumfield said, "Conversations may be difficult, but assuring parents that it is for the long-term good of their care and living should encourage them to look at matters from a different perspective."
A Wells Fargo/Gallup Investor and Retirement Optimism Index backs the need for conversations to be held earlier rather than later. The poll showed 43% of investors between the ages of 50 and 64 and 17% of those 65 or older neither have a written will nor estate plans. Even more disconcerting is that nearly 40% of investors either don't ever talk to their parents about estate planning or avoid it altogether.
Brumfield said that a number of strategies could be adopted to get parents to discuss the topic. Talking about estate planning, in general, could help spark an idea and encourage them to at least begin thinking about it.
He said: "The sooner you have a conversation, the better. This could involve asking direct questions about what they have planned for the future, such as a trust, an estate plan, or a will. If there is a family business, do they have contingencies in place if they need to hand over the reins?"
Rather than allow the conversation to be combative, aggressive or side-tracked, consider bringing in a third party, such as a skilled estate planning lawyer.
‘’If you are completely transparent, you could utilize siblings or even older family members who have plans in place and have had the conversation to bring the matter out into the open’’, he said.
He added: "The best approach is to be utterly transparent, open and fair for all those involved in the conversation and to assure them that there are no hidden agendas. This will help prevent internal family squabbles at the worst times – such as when a parent dies." Otherwise, this can lead to accusations and litigation that can ultimately damage relations.
He admitted that timing could be a key factor in addressing the estate planning conundrum. Some clients had cited the death of a famous celebrity seen on TV to question whether their own parents had plans in place. Others had asked their elders what plans they had in place and, if they hadn't, to create one to address their expectations.
Some advise waiting until there's a life-changing event, like a new birth or changes to the tax law. But he added: "The only right time is now because no one knows what might happen around the corner.’’
"Estate planning involves planning for assets at death and planning for scenarios such as health care and day-to-day financial decisions. Power of attorney for health care and financial reasons gives the family sight of who will be trusted to handle them if the time arises."
He said that parents, if they do have an estate plan, should speak with their nominated executor, usually an adult child. " An executor needs to know where all the necessary documents are to manage that individual's assets on death."
Adult children should also ask their parents, who have done some estate planning, to ensure all the details are current. Ideally, estate planning should be reviewed every three to five years, but some may not have glanced at their documents for decades.
‘’Named executors may have died in the meantime, and trusts may need to be adjusted. And for those who are in their second marriage or are now living with new partners, the estate planning issues untouched for years may need urgently addressing’’, Brumfield concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: 661-464-7770
Website: https://www.brumfieldlawgroup.com
Release ID: 89125970
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