EP124: Financial Caregiving Series: Talking to Adult Children—What They Need to Know with Cameron Huddleston

<p>As we age, we may need help managing our finances for a myriad of reasons – including cognitive decline. How to start that conversation with an adult child may be challenging for both parties, but it’s a critical conversation to have to prevent costly errors or even losses along the way.</p> <p>Ready to tackle the difficult conversations about money with your adult children? This episode of This Is Getting Old: Moving Towards An Age-Friendly World will help smooth out any wrinkles in those talks, thanks to Cameron Huddleston's sage advice. Get ready for an enlightening chat - and a sigh of relief.</p> <p><strong>Key points covered in this episode:</strong></p> <p><strong>✔️ When To Have The Conversation?</strong></p> <p>Cameron Huddleston, author of “Mom and Dad, We Need to Talk” and award-winning journalist with 20 years of experience writing about personal finance, suggests that the best time to have this financial management conversation is when you are healthy and relatively young.</p> <p>“Having this conversation in your fifties with your 20-something or early 30-something children is a great idea,” Cameron said.</p> <p><strong>✔️ What Information To Share?</strong></p> <p>If you have named one of your children as your Power of Attorney—meaning they have the right to make financial decisions in transactions for you once you're no longer able to - that person needs to have a good idea about the details of your finances. Your child needs to know:</p> <p>-Where you bank<br /> -Be able to access those bank account(s) to pay the bills. <br /> -How they must pay for care if you need long-term care.<br /> -If there is still a mortgage or other types of debt.<br /> -Your account numbers, usernames, and passwords—they need it all.</p> <p><strong>✔️ Completing the In Case of Emergency Organizer</strong></p> <p>In Case of Emergency Organizer is a valuable tool that compiles all that information, including Social Security and Medicare numbers, health insurance policy number, life insurance; all of your financial acco