Though it may be hard to imagine a time when your children are charged with taking care of you, instead of vice versa, this situation is growing more common — and as the Baby Boomer generation ages, the numbers of adult children acting as caretakers for their parents is expected to grow.
In fact, by 2030, the National Institute on Aging estimates that 71.5 million people — or about 20 percent of the population — will be over age 65; that’s almost double today’s number. Currently, more than 10 million adults are caring for their aging parents, and the fact that 70 percent of people over age 65 will require long-term care at some point underlies the need to speak with your adult children about family financial planning now, before the need arises.
These 5 tips will help ease this difficult — but essential — conversation.
1) Do it early. When it comes to long-term financial plans, the sooner, the better — and the time is never better than now. No one can predict when disease, disability or injury will strike, making it more difficult for you to make your financial wishes clear. Talking to your adult children now will help avoid strife or uncertainty in the future.
2) Bring in a CPA or other trusted advisor to act as a third party. When you’re embarking on difficult — and potentially complicated — financial planning conversations, it really helps to have a professional on your side. Bringing in a trusted financial advisor as a third party allows for a neutral conversation — “just the facts, m’am” — and removes the potential for emotions to dominate the discussion.
3) Understand the family dynamic. In some families, adult children are reluctant to broach end-of-life issues, while in other families, it’s the aging parents themselves who don’t feel comfortable talking about finances and other touchy subjects with their kids. Whether your family is old hand at “the money talk” or the M-word is a taboo subject, having a professional mediate the situation can help. Prepare yourself for the meeting by acknowledging that it’s an emotional topic and considering how each individual is likely to react, based on their own unique personalities and situation. Broach the conversation gently and give everyone a chance to be heard. Having legal documents drawn up before-hand can provide structure to the discussion.
4) Be very clear with your wishes. As a parent, it’s second-nature to put your children’s needs and wants first — but when it comes to financial planning, it’s essential to get your own house in order first. Before the conversation, commit your goals and objectives to paper so you can refer back to a guiding document. You may even want to create an agenda, complete with talking points to help you direct the meeting. Of course, nothing’s set in stone — yet — but having documents on hand makes it easier to make and back up your points.
5) Change the plan as life changes. Remember, financial and legal documents are dynamic — there can, and should, be changes as your family’s circumstances shift and evolve. Review your plans regularly and be prepared to make changes when necessary. With a bit of patience and preparation — and the help of a trusted advisor — your family meeting will serve as an important step in planning for a comfortable, secure financial future.
Stu Steinberg of Eaglerock Financial, Inc. has worked with families and businesses for more than 20 years, helping them work toward their financial goals through a holistic, well-rounded approach rooted in objectivity, education, and empowerment. Stu is highly regarded by clients and colleagues for his unique combination of investment, CPA and entrepreneurial experience in the high net worth market.
Click below to hear Stu review this topic on WNBP.com FM Radio 106.1 in Newburyport.  Live every Tuesday morning with Win Damon.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.
Advisory services offered through LPL Financial, A registered investment advisor.