“It’s a taboo topic,” said Cameron Huddleston, a personal finance journalist and author of “Mom and Dad, We Need to Talk. “
Huddleston was not referring to sex, as you might expect, but rather the other issue families avoid all too often – money.
From wills to life insurance, the longer you wait, the trickier these conversations become, Huddleston said. “No one wants to think about aging and death.”
Although many experts say people should have their affairs in order before they turn 50, just about half have a will by that age, according to a recent report by Merrill Lynch and Age Wave. And more than half said their lack of proper planning could leave a mess for their families.
Only 18% of those 55 and older have the recommended essentials: a will, a health-care directive and a power of attorney, the study found.
For starters, Huddleston advises families to get a general sense of your aging parents’ financial standing, including where they bank and if there is enough savings to cover…