Do you talk about your financial plan with your adult children? If you don’t, you should—for their sake and for yours. After all, you probably have plans for your money. And to the extent that those plans involve (or will impact) your kids, they should be aware of your wishes. Plus, your adult kids may end up managing your finances someday, so talking about your financial situation now will help them be prepared for what may lie ahead.
A local financial advisor, Patrick Robison of Northwestern Mutual, sent an article to me about the importance of sharing details of a financial plan with adult children. I found it to be a good read and knew it would be of interest to some of my clients. You can read the entire article at NewsBrief, June 2017 – How to Have Family Conversations About Money with Your Adult Kids – Northwestern Mutual