MONEY financial advisers

The 3 Biggest Money Worries of First-Time Parents

first time parents
Ashley Gill—Getty Images

Good news, explains a financial planner: They're easily addressed.

Over the last 13 years I’ve worked with countless millennials preparing to embark on their journey to parenthood. First-time parents are concerned about many things, starting with feeding their newborn, keeping the little one healthy, or just sleeping through the night (for both parent and baby).

Amid the whirlwind of emotions a single parent or couple may go through leading into the birth of their first child, I’ve found that first-time parents all find themselves confronting the same three financial questions:

  1. How will we afford this baby?
  2. How will we pay for college?
  3. What if something happens to us?

As a financial adviser, I often find myself counseling first-time parent trying to process it all. The great news is that all three of these questions can be answered with a little bit of planning.

1. How will we afford this baby?
You can count on new and unexpected expenses with your little one on the way. Many of my new-parent clients have found that three of the most significant expenses in the first year are daycare, diapers, and baby food. By increasing your monthly contributions to a liquid investment savings account, you can get a head start on changing your spending habits and begin to prepare for costs you know are coming.

2. How will we pay for college?
College is getting more expensive every year. If you want to put your money to work, start saving early and take advantage of time and compound returns. A 529 college savings plan offers you 100% federal tax-free growth for qualified higher-education expenses. (State tax advantages vary from state to state and may depend on whether you are a resident of the state sponsoring the plan.) As the parent, you retain complete control of the assets. To help bolster their child’s college fund, many parents encourage family and friends to contribute to their child’s 529 plan instead of giving toys or other presents for major events like birthdays and graduations.

3. What if something happens to us?
It probably isn’t going to hit you in the first trimester, or maybe even the second, but it’s a realization so many parents reach by the time their newborn comes home to the nursery: What if something happens to us? Most new parents have never had to sit down and plan for contingencies like death. But the moment you have someone depending on you — both financially and emotionally — for the next 20-plus years, it hits you: “I need a plan.” For many, this plan has two major pieces that ultimately answer two questions:

a. Who will take care of my baby? An estate planning attorney can help you gather information and consider some important issues designed to protect your family. Through your estate plan you can dictate guardianship instructions for your baby, control over the distribution of your assets, and medical directives.
b. Who will pay all my baby’s expenses? Life insurance can provide your child, or your child’s guardian, with a lump sum payout upon your death. Term life insurance is typically the least expensive, and thus the most common, option; you pay a set amount each month over a certain number of years, and in turn are guaranteed a death benefit should you die during that term. The policy’s lump sum payout can help your beneficiaries cover the costs you would have otherwise paid.

By starting your planning early, you can set aside the extra cash you’ll need when your family’s newest addition arrives, split the college bill with your old pal “compound returns,” and prepare for the unthinkable. Once you have these pieces in place, you’ll have your mind clear to focus on what is most important — your family. (And your sleep.)

Joe O’Boyle is a financial adviser with Voya Financial Advisors. Based in Beverly Hills, Calif., O’Boyle provides personalized, full service financial and retirement planning to individual and corporate clients. O’Boyle focuses on the entertainment, legal and medical industries, with a particular interest in educating Gen Xers and Millennials about the benefits of early retirement planning.

MONEY retirement planning

This Popular Financial Advice Could Ruin Your Retirement

two tombstones, one saying $-RIP
iStock

The notion of "dying broke" continues to appeal to many Americans. That's too bad, since the strategy is ridiculously flawed.

You may have heard of the phrase “Die Broke,” made popular by the bestselling personal finance book of the same name published in 1997. The authors, Stephen M. Pollan and Mark Levine, argue that you should basically spend every penny of your wealth because “creating and maintaining an estate does nothing but damage the person doing the hoarding.” Saving is a fool’s game, they claim, while “dying broke offers you a way out of your current misery and into a place of joy and happiness.”

I love a good contrarian argument, but for whom did this plan ever make sense? Perhaps people like Bill Gates who have so much money that they decide to find charitable uses for their vast fortune. But for the rest of us, our end-of-life financial situation isn’t as nearly pretty, and we’re more likely to be in danger of falling short than dying with way too much.

In a recent survey, the Employee Benefit Research Institute found that 20.6% of people who died at ages 85 or older had no non-housing assets and 12.2% had no assets left at all when they passed away. If you are single, your chances of running out of money are even higher—24.6% of those who died at 85 or older had no non-housing assets left and 16.7% had nothing left at all.

Now, perhaps some of those people managed to time their demise perfectly to coincide when their bank balance reached zero, but it’s more likely that many of them ran out of money before they died, perhaps many years before.

And yet the “Die Broke” philosophy seems to have made significant headway in our culture. According to a 2015 HSBC survey of 16,000 people in 15 countries, 30% of American male retirees plan to “spend it all” rather than pass wealth down to future generations. (Interestingly, only 17% of women said that they planned to die broke.)

In terms of balancing spending versus saving, only 61% of men said that it is better to spend some money and save some to pass along, compared to 74% of women. Perhaps that’s why, as a nation, only 59% of working age Americans expect to leave an inheritance, compared to a global average of 74%.

There are so many things wrong with this picture. The first is that Pollan and Levine’s formula of spending for the rest of your life was predicated on working for the rest of your life. “In this new age, retirement is not only not worth striving for, it’s impossible for most and something you should do you best to avoid,” they wrote. Saving for retirement is certainly hard, and I don’t believe that all gratification should be delayed, but working just to spend keeps you on the treadmill in perpetuity.

Besides, even if some of us say we’re going to keep working all our lives, that decision is usually dictated by our employer, our health and the economy. Most of us won’t have the choice to work forever, and the data simply don’t support a huge wave of people delaying retirement into their 70s and 80s. And as I have written before, I don’t buy into the current conventional wisdom that planning for a real retirement is irrational.

But perhaps the most pernicious aspect of the “Die Broke” philosophy is that it takes away the incentive to our working life—to get up in the morning and do your best every day, knowing that it’s getting you closer to financial security—and the satisfaction that goes with it. In the end, I believe what will bring us the most happiness is not to die rich, or die broke, but to die secure.

Konigsberg is the author of The Truth About Grief, a contributor to the anthology Money Changes Everything, and a director at Arden Asset Management. The views expressed are solely her own.

Read next: This Retirement Saving Mistake Could Cost You $43,000

MONEY Estate Planning

This Is When You Actually Need to Make a Will

150508_FF_WhenWill
Justin Horrocks—Getty Images

The simple answer will surprise you.

If there is one thing we need to get done before we die, it’s making a will, but you probably won’t find it on anyone’s bucket list. A lot of us never get around to it. In fact, more than half of Americans between 55 and 64 (presumably at or close to retirement) are without wills, according to a survey by Rocket Lawyer.

What that means is when they die, the state where they live will determine how their assets will be divided. (And if they are parents of minor children, the state may also decide who will raise them.)

Jim Blankenship of Blankenship Financial Planning in New Berlin, Ill., said the arrival of a first child is often what prompts couples to make a will. The desire to choose a guardian then leads to considering how the chosen person will fund the raising of the child. The other impetus for writing a will may come when a close friend or family member dies unexpectedly.

But it’s clear from the statistics that many of us either think we don’t need wills or that we’ll do it later. The real answer to when you need a will is when you have obligations or assets, Blankenship said. If, for example you’re just starting out and you used a co-signer to get a loan, if something happens to you, your co-signer is most likely on the hook for your debt. Or if you have children, then you have someone who depends on you. You’ll want to be sure you have insurance and a will to take care of them.

Homeownership can also prompt people to make wills, Blankenship said. In most cases, a home is both an asset and an obligation, and it should be included in a will.

For the very simplest wills, Blankenship said the kit type you can buy online or at an office supply store is probably adequate. You’ll need to be sure you get the version for your state. For more complicated situations (say, a second marriage, a business or more complex assets), you probably will want legal advice, he said. And remember that some assets can be passed to heirs outside a will — 401(k)s, IRAs, insurance benefits, “just about anything that has a beneficiary,” Blankenship said.

Will kits can walk you through making a will, step by step. The biggest mistake you can make, Blankenship said, is putting it off. The second-biggest, one he sometimes sees with his own pre-retirement clients, is failing to update it as life circumstances change, which is a great time to revisit your beneficiaries.

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MONEY Estate Planning

Military Families: Does the Government Owe You a Bunch of Money?

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Surviving spouses or children of deceased military members could be owed benefits.

After a veteran dies, he or she technically no longer has a claim to disability benefits. However, there are certain circumstances in which a widow, widower or surviving child may be entitled to accrued benefits — or money — from the Department of Veterans Affairs (VA). If you’re not sure whether you’re eligible, it’s worth looking into.

If you’re a surviving spouse or child, here are the circumstances in which you would be eligible to file for benefits:

1. There was a disability claim pending at the time of the veteran’s death. If the VA failed in its duty to assist the veteran in developing the claim, an accrued benefits claim should be filed. For example: The VA failed to send out a letter requesting medical evidence to support the veteran’s claim.

2. A previously denied claim had new medical evidence in the VA claims file before the veteran died. For example, let’s say the VA did not “rate” the veteran’s medical report. The rating is a formal legal document that is used to assess the claim and contains the following: the benefit being claimed, the evidence in support of the claim, the decision (either a grant or denial), and the reasons and bases justifying the decision. You have one year after the date of notice of a grant or denial of the claim to file an appeal – or, a notice of disagreement. In that time, the claim is still considered pending.

3. A claim of clear and unmistakable error (CUE) was pending at the time of the veteran’s death. For example, the veteran may claim the VA made an error in the decision to deny benefits. Specifically, he or she may contend that VA overlooked an important medical report.

4. A veteran’s appeal on a denied disability claim was pending at death. In this case, you may be eligible for those benefits.

5. The claim must be filed within one year after the veteran died. A claim sent to the Social Security Administration for survivor benefits for the widow or veteran’s children is also considered a claim for VA survivor benefits.

A VA disability rating prepared prior to the veteran’s death can be used, but only for accrued purposes. In other words, the rating decision is necessary to establish the veteran’s rate of benefits for the month of death for payment to the surviving spouse.

To apply for accrued benefits, a surviving spouse should file VA Form 21-534 [(Application for Dependency and Indemnity Compensation, Death Pension and Accrued Benefits by a Surviving Spouse or Child (Including Death Compensation if Applicable)]. If the only benefit claimed is an accrued amount, VA Form 21-601, Application for Accrued Amounts Due a Deceased Beneficiary, may be used.

Just because a veteran dies, the claim does not necessarily die with them. A veteran’s beneficiary should file a VA Form 21-534 or VA Form 21-601 to make a determination of accrued benefits. It costs you nothing to see if you are entitled to any money.

If you feel the VA denied your claim unfairly, you should file what is called a notice of disagreement. This is the first stage of the appeals process. From here, you can go it alone, or ask a service representative (with the American Legion, the Disabled American Veterans Charity, etc.) to assist you with the paperwork.

More from Credit.com

This article originally appeared on Credit.com.

MONEY Ask the Expert

How to Pick an Appraiser to Value Your Heirlooms or Collectibles

Ask the Expert - Family Finance illustration
Robert A. Di Ieso, Jr.

Q: “I inherited quite a large stamp collection. I am sure there are a few valuable ones in there, but aside from quitting my job to spend eight hours a day sorting through them one at a time, what are my options for getting it appraised?” — Russell, Melbourne, Fla.

A: The key thing you need to beware of when seeking out an expert to value an heirloom is conflict of interest: You don’t want the person evaluating your property to have an active interest in purchasing it.

So rather than simply walking into any antique shop or auction house and asking for an appraisal, instead hire a certified appraiser. You’re more likely to get a fair judgement from such an individual because it’s a violation of his or her professional ethics to offer to buy an item he has been hired to appraise.

You can find a certified appraiser in your area specializing in stamps—or any other type of collectible, antique or valuable—via the websites of the three major appraiser organizations: International Society of Appraisers, American Society of Appraisers, or Appraisers Association of America. Each member’s profile should list his or her certification level and background in appraising property similar to yours.

Appraisers might charge a flat fee or an hourly rate starting at $150, says Cindy Charleston-Rosenberg, president of the International Society of Appraisers. (You should avoid those who charge a fee based on a percentage of the item’s value.) Depending on location and the level of expertise your property requires, the total bill may be $400 or more.

For that fee, you’ll get a written report that includes the object’s value, the procedure used to estimate this, and a full description of the item.

Be aware that an item can have different values for different purposes: For insurance or estate taxes, you need to know its retail value, or what it would cost today to purchase. For selling, you need the fair-market value or what a buyer would pay you.

If your item has a minimal value and doesn’t require a full written appraisal, Charleston-Rosenberg says she and the vast majority of appraisers will tell you its ballpark worth and waive the service fee.

“An honorable appraiser will turn away a project when an object is not worth it,” says Charleston-Rosenberg.

Often by calling an appraisal office, you can get a rough idea of whether to pursue a full consultation. Charleston-Rosenberg says she knows of appraisers who request an emailed image of an heirloom to determine if their services are actually needed.

Because your heirloom is not a single object but a larger collection, however, you will probably need to have an appraiser view the stamps in person.

More from Money 101:

Do I need an accountant to do my taxes?

What if I need more time to file my taxes?

How do you know if it makes sense to itemize?

MONEY Aging

Handling Family Finances When Dad Is Losing His Grip

family of piggy banks
Sean McDermid/Getty Images

When the person in charge of family finances has dementia or Alzheimer's disease, a difficult transition is required.

A client’s daughter told me recently that she was beginning to notice her father having difficulties with memory and comprehension.

I had known that her father’s health had deteriorated somewhat, but he still seemed relatively sharp mentally up until the last conversation I’d had with him, around Christmas time.

The client’s wife has never been very involved in the family finances, and his son lives out of town. The daughter has been playing caretaker for some time. Now it seemed we needed to have a more in-depth conversation with everyone involved regarding family finances, longevity and what happens after the patriarch has passed away or can’t function as financial head of the household.

The loss of a loved one is unbearable, but far worse is losing a loved one to cognitive conditions such as Alzheimer’s disease or dementia. These decisions may cause personality changes. In some cases, a client may become belligerent or paranoid, especially when dealing with financial issues.

It is always preferable to have a client himself or herself acknowledge that something is wrong, but this may not always be the case. For this reason, financial advisers need to have a plan in place to address situations such as this one.

The first step is to get the family involved. Most of the time, the spouse or children will already be aware of the issue.

In this particular case, I could not discuss financial details with the daughter without a financial power of attorney. Fortunately, we were able to schedule a time for father, mother and daughter to meet and discuss family finances.

What if someone refuses to admit that he is losing his mental acuity? We dealt with this a few years back with another client. He was going through a divorce at the time — a process which may have either contributed to, or resulted from, his mental decline. We ended up being a part of an intervention involving the client, his children, his business partner and his pastor. The pastor referred him to a psychiatrist; luckily, the client pursued treatment that helped.

The key to handling many of these situations is having a ready stable of referable professionals in all aspects of life. In addition to the colleagues we deal with on a regular basis, such as lawyers and accountants, it is helpful to have contacts in the arenas of medicine and psychology.

Solid and consistent documentation is a standard in our industry, but it becomes absolutely imperative when dealing with cognitively questionable clients. Keeping communication records protects everyone involved and can go a long way to explaining client actions to family members if they are unaware of the problem.

Things don’t always go so smoothly. In some situations, you must fire the client. We have had to have these tough conversations in the past. It would be nice to say that we are always able to help facilitate a changing of the guard, but many of these personality issues are beyond our control. When cutting ties, it is important to do it with an in-person meeting. We’re honor-bound to do what’s best for the client, but it is also important to protect our practice. If we are unable to make progress, it may be best for clients to find someone who can better help them.

I’m very thankful the daughter came to me, rather than my having to reach out and have what could have been an unpleasant conversation. At this point we have now gathered financial powers of attorney and reviewed updated wills and trusts, coordinating with the family attorney. The mother and daughter are much more aware of the family financial situation and are not nearly as fearful about the future. I expect the daughter will take a more active role in the management of the family’s finances. We want to make sure that everyone involved is aware of, and on board with, the transition.

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Joe Franklin, CFP, is founder and president of Franklin Wealth Management, a registered investment advisory firm in Hixson, Tenn. A 20-year industry veteran, he also writes the Franklin Backstage Pass blog. Franklin Wealth Management provides innovative advice for business-minded professionals, with a focus on intergenerational planning.

MONEY Estate Planning

3 Things We Can Learn From Robin Williams’ Estate Battle

Susan Williams, Robin Williams and Zelda Williams attend the "Happy Feet Two" Los Angeles Premiere at Grauman's Chinese Theatre on November 13, 2011 in Hollywood, California.
Jeffrey Mayer—WireImage Susan Williams, Robin Williams and Zelda Williams attend the "Happy Feet Two" Los Angeles Premiere at Grauman's Chinese Theatre on November 13, 2011 in Hollywood, California.

The actor's loved ones are feuding over his personal items, but you can spare your family the same battle when you move on.

Six months after comedian Robin Williams’ death, his widow and three children find themselves in an all-too-common situation for families dealing with loss: fighting with each other.

What should be a time to grieve and heal instead has erupted into a legal dispute over the actor’s estate. His widow and third wife, Susan Schneider Williams, is fighting with his three children, Zak, Zelda, and Cody Williams, over cherished belongings, including clothing, collectibles, and personal photographs. Both sides want to keep items—such as his bicycles, collections of fossils, graphic novels, and action figures—as personal reminders of the man they loved and his active imagination.

At the time of his death, Williams had an updated will and estate plan, including specific trust agreements, and a prenuptial agreement in place. But even that wasn’t enough to spare his heirs the unpleasantness he no doubt hoped to avoid.

That’s because when we write up our estate plan we tend to focus on the big-ticket items: the house, the bank accounts, the investments. But often it’s the personal mementoes and cherished items that cause the most contention.

Personal possessions usually can’t be distributed equally to more than one heir. You can’t split a painting in thirds the way you can a pot of money. Then too, you’ve got to factor in the emotional attachment, which can make the division process even thornier.

To avoid having your estate end up the subject of family squabbles, follow these steps.

Decide What’s Important

Any piece of nontitled property can become a bone of contention if the item has any sentimental or monetary value. And while you can’t possibly make provisions for every single item you own, try to identify the possessions that mean the most to you and your family legacy and make plans for who inherits them, advises Mark Parthemer, a Palm Beach, Fla., lawyer who specializes in estate planning.

Consider what you hope to accomplish with the bequest. Do you want your exhaustive movie collection to go to a film buff? Are there family heirlooms you want to ensure your child inherit rather than your second wife?

Ask your heirs which items they’d like as well, recommends Marlene Stum, an associate professor at the University of Minnesota who is an expert in the field of families and inheritance. You may be surprised at what actually holds sentimental value and how many family members may covet the same objects.

Devise a Fair System

Focus on connecting the goals you have for your bequests with what’s fair in the context of your family. You don’t have to split everything evenly to be fair, you just need to be thoughtful and consistent about the division process you use, Stum advises. You must also be very clear about who will be involved in the decision-making. “The more complex your family dynamic is, the more ambigious it becomes about who has a say at the table,” Stum says.

For example, consider whether your oldest child gets to pick first, or if gender should play a role. Parthemer likes a rotation system, where each heir draws a random number and selects one item at a time in order. “It helps to have an executive decision maker or final arbiter outside the family to help make tough decisions if two people want the same thing,” he says, “though in that case it may be best to sell the item and have them split the proceeds.”

Here too, invite your potential heirs to share their input about how they think personal items could be evenly divided.

Let Your Wishes Be Known

Once you’ve created your plan, tell your loved ones not just what you’re leaving to whom, but why. “The more transparent you can be about how you reached your decision, the better,” says Stum, who recommends telling your heirs as a group to avoid any he said/she said squabbles. They might not be happy with your decision, but at least they’ll know your desires and understand your motives, making disagreements less likely.

Write down all your wishes, sign and date the list, and attach a copy to your will. In most states you can revise such a document without going to the expense or effort of updating the will itself, says Parthemer. Be sure your will contains a provision explicitly mentioning the list’s existence, otherwise your wishes will not be binding.

You’ll also want to be detailed as possible when describing specific objects on your list to avoid confusion over, say, which painting you’re referring to, says Stum. You could even take a photo of each object and include that with your written list to eliminate such a problem entirely.

For more help in figuring out how to smoothy pass on your personal possessions, visit the website Who Gets Grandma’s Yellow Pie Plate?

MONEY Aging

When Dementia Threatens a Family’s Finances

Grandfather at table of food
Getty Images

One in three adults will suffer from dementia. Here's how to achieve financial security — and a patient's dignity — when that happens.

My client sat across the table telling me about her late husband — first, his diagnosis of dementia, and then, his suicide a few years later.

On the night before he took his own life, she had finally gathered the strength to tell him he needed to turn their finances over to her. Larger than life when he was healthy, he had been a tremendous businessman. But the dementia had robbed him of sound decision-making, and she needed to protect what was left of their shrinking nest egg.

She asked me, “What should I have done?”

In the years since his death, she couldn’t help wondering whether that final financial conversation had been the tipping point in his waning will to live. It wasn’t her fault; she had supported him throughout his illness with an unmatched strength of conviction and marital devotion. It’s pointless to try to judge the effect of a particular conversation, because he had suffered for a decade. The disease had torn through their lives, leaving a series of wreckages: their relationships, his ability to handle even menial tasks, and — perhaps most painful — his self-esteem.

I told my client she had been in a no-win situation. She couldn’t risk her own future welfare by allowing her husband’s disease to squander all they had worked for. She was in her 60s, very healthy, and had a 100-year-old mother whose zest and longevity foretold of my client’s likely need to support herself for another 30-plus years. To protect herself and her husband from risky investments, unwise purchases and even fraud, my client needed to take over the financial reins. But how do you conduct this crucial conversation about control without robbing a dementia patient of his or her already-declining dignity? With the Alzheimer’s Association reporting one in three seniors in the United States contracts Alzheimer’s or dementia, it’s time we start talking about it.

Some advice:

Avoid a crisis. Don’t wait to have one huge conversation. Ideally, you would have a series of talks before anyone is diagnosed with dementia. As part of an overall estate plan, it’s important to discuss all family members’ wishes for the end of their lives and prepare them for the possibility of losing their independence. It may sound trite to say, “One day, Dad, we may take care of you the way you took care of us,” but laying that foundation ahead of time may soften the blow. It’s nice to think that we live on our own until the end, when we quietly pass in our sleep, but that isn’t our current reality. Medical advances have been successful in prolonging our lives, but not at guaranteeing our independence.

Having a big discussion that feels like a dementia patient is the subject of an intervention is stressful for all involved. Save the intervention-type conversations for true emergencies, and recognize the patient needs to feel safe and loved, not confronted.

Understand the backstory. Everyone brings a different money mindset to this conversation. Ask yourself, why is money important to this patient? Is it imperative to provide for the family? Is it a priority to give it away? Open the conversation by affirming the ways the patient has accomplished his financial objectives until this point.

Take into account any major financial experiences that may be coloring this particular conversation. Olivia Mellan, a psychotherapist specializing in money conflict resolution, points out that men and women can have different views of common financial decisions. If a wife wants to open her own bank account, for example, she may simply desire some independence. Her husband, however, may interpret her wishes as a lack of marital commitment. If a dementia patient has had this kind of conflict, structure your discussion to avoid triggering those old memories and feelings.

Pick your battles. Can the patient retain investment control over a $10,000 account? Is there room in the budget for a weekly allowance so he can continue making spending decisions? Both tactics can distract the patient from participating in larger financial decisions.

Steven A. Starnes, an adviser with Savant Capital Management, tells a story about his late grandmother, who passed away from Alzheimer’s. Out shopping with her daughter, she found a relatively expensive necklace she just had to have. The family had created room in the budget for one-time splurges that would bring joy to her remaining years. As long as the purchase didn’t thwart the family’s long-term financial plans, it was okay. So Starnes’ grandmother came home with a new necklace that drew her focus away from the other losses she was experiencing.

Utilize helpful resources. Some financial advisers are a tremendous help in facilitating these conversations. A person’s declining financial abilities are often the first sign of dementia, so advisers are well-positioned to help a family. Just having an outside party to ask the tough questions can ease the pressure. In fact, some advisers, including Starnes, specialize in clients with dementia.

A growing number of professionals specialize in different end-of-life issues. The National Association of Professional Geriatric Care Managers provides information about care management and a directory of professionals who can help clients attain their maximum functional potential

Another source to locate a professional is the Society of Certified Senior Advisors listing of certificants who have demonstrated expertise in a range of core competencies involving the aging process. Among those holding CSA accreditation are financial professionals, caregivers, gerontologists, and clergy.

To help a family prepare for a discussion of changing financial responsibilities, circulate the book Crucial Conversations, by Kerry Patterson. Another great resource is The Other Talk,by Tim Prosch, which specifically addresses end-of-life conversations between aging parents and adult children. Do some research on the best ways to communicate with dementia patients. It’s difficult work, but it is possible to absolve a dementia patient of financial responsibilities while helping him maintain his dignity.

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Candice McGarvey, CFP, is the Chief Story Changer of Her Dollars Financial Coaching. By working with women to increase their financial wellness, she brings clients through financial transitions. Via conversations that feel more like a coffee date than a meeting, her process improves a client’s financial strength and peace.

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