Many families struggle with when to let their children in on their conversations about money. Or how to approach their parents in the desire to help or rest in the knowledge they have prepared financially.
My advice? The earlier, the better.
Depending on the ages of your children, openly discuss your budget, your financial plans, and goals. Just as you talk about the Lord as you go along the way, teach your kids about handling money throughout the week.
At least one relative outside your marriage should know the locations of key documents, codes or keys to safes and safety deposit boxes. At some point, reveal trusts, estate plans, and long-term health care wishes. If you use an investment planner, allow the children to attend a meeting and get to know the advisor.
This is important for you to do with elderly relatives as well, because you need to be prepared for the time when they are no longer able to make wise decisions.
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