#78: How to Talk to Your Parents About Money with Cameron Huddleston

Parents are supposed to know everything, and talking about money is impolite. So how do you make sure your parents are taken care of and that their wishes are followed throughout their golden years? Today Scott and Mindy sit down with Cameron Huddleston , author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances , who shares her story of the journey through her mother's finances pre- and post-Alzheimer's. Cameron also shares the documents your parents need to have—the documents YOU need to have—to be able to help them navigate their finances as they advance in age. She offers encouragement for continuing the conversation after parents initially say, "That's none of your business." She explains everything from the perspective of someone who has been through the more difficult times of parental financial navigation. BiggerPockets Money guests have typically focused on their own journey to financial freedom. But this episode provides guidance for starting challenging conversations with your parents. Use Cameron's advice to sit down with them and make sure their wishes are followed. In This Episode We Cover: Cameron's journey with money Got $1 a week and saved money to buy model horses How she fell into the world of personal finance writing Worked as a reporter before transitioning into the personal finance field Learned about money once she started writing about personal finance The importance of having a will How she reconciled the shift with her parents How to start the conversation with your parents Scenarios to open the door to more conversations with your parents What you can do if your parents say their finances are none of your business or don't want to share any information with you Overview of key things to have in place as far as what your parents should have Legal documents —a will or a living trust Power of Attorney Document Living will or advance directive Long-term care insurance Resources people can go to to get professional help The importance of meeting with an attorney Where people can find an estate planning attorney Some of the fights that occur when there is a lack or prep and how to avoid this The difference between old people's home and retirement community Mistakes to avoid as parents go into retirement or begin to age And SO much more! Links from the Show BiggerPockets Forums Kiplinger

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#78: How to Talk to Your Parents About Money with Cameron Huddleston is an episode from BiggerPockets Money Podcast by podcast@biggerpockets.com.

This episode is 01:08:33 long.

This episode was published on Jun 24, 2019.

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