How do you start the money conversation your parents keep avoiding? #taxplanning

“My parents are ageing but refuse to talk about their finances. I know there is a business, property and maybe debt. How do you start that conversation before it’s too late?”

This comes up more than people realise. The first step is making sure the basics are in place. A financial adviser will always check that estate planning is current and that powers of attorney are set up. A financial power of attorney is especially important if something happens and your parents can’t speak for themselves.

If you’re worried nothing has been organised, be honest with them. A simple conversation like “I’m concerned that if something happens, none of us will know where anything is” can open the door.

It also helps for them to keep a secure record of important information. Passwords, logins, insurance details and key documents should be stored somewhere that a power of attorney or solicitor can access when needed.

It’s never an easy conversation, but having their estate planning up to date gives everyone clarity and protects the family when it matters most.

#finance #australianbusiness #taxplanning #businessowner #financialadvice #wealthplanning

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