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Financial Professional
Prudential Advisors
1060 Broadway #1160
Albany, NY 12204
Phone: 800-243-5334
Fax: 800-720-0780
Email: sales@ltmclientmarketing.com
Website: letstalkfinancialwellness.com
July/August 2023
Don't Put Off "The Talk"
How much have your parents shared with you about their finances and estate plan? It’s a difficult subject for most families. Parents often don’t want to discuss their personal finances, and adult children may be reluctant to initiate the conversation. Even when parents are active and in good health, it’s important for children to have information about their financial situation and the plans they have in place.
A Beginning
Although not a comprehensive list, parents should share the following information with their adult children:- Estate planning documents, including wills, powers of attorney for finances and health care, and any trusts they’ve created
- Names, contact information and account numbers for financial institutions, brokerage firms and insurance companies
- Information on retirement and investment accounts, pensions and annuities
- Contact information for their attorney, financial advisor and accountant/tax preparer
- Loans or other outstanding debts
- A list of credit cards with account numbers
- Location of safe deposit box and keys
- Logins and passwords for all accounts (including social media)
- Vehicle titles/registration/insurance
- Location of deeds to property and cemetery plots
- Funeral arrangements and/or final wishes
It’s Time to Ask
When parents aren’t forthcoming about their situation, adult children may have to take the first step. Framing the discussion around something you’re doing, such as making your own will or designating a power of attorney, can get the conversation started. Asking their advice on some aspect of finances or investing may encourage parents to share their financial information.Assess Their Abilities
Keeping in touch with parents is the best way for adult children to pick up on any decline in their ability to handle their finances. If you’re concerned, offer to help with financial tasks, such as banking, investing and paying bills. Monitoring their accounts online can help protect them from fraud and scammers.1058822-00002-00
Securities offered through LPL Enterprise (LPLE), Member FINRA/SIPC, and an affiliate of LPL Financial. “Prudential Advisors” is a brand name for the proprietary retail sales channel of The Prudential Insurance Company of America (“PICA”) and its insurance company and other affiliates (collectively “Prudential”). Prudential Advisors financial professionals are licensed insurance agents of Prudential. Pursuant to a strategic relationship among Prudential, LPLE, and LPL Financial, Prudential Advisors financial professionals provide securities brokerage services through LPLE, an affiliate of LPL Financial. These financial professionals are permitted to brand under “Prudential Advisors.” LPLE and LPL Financial are not affiliated with Prudential.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only. Prudential Advisors and LTM Marketing Solutions, LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Marketing Solutions, LLC, an unrelated third party. Articles are not written or produced by the named representative.
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