RALEIGH, N.C. --  —  Never talk politics, religion or finances at the dinner table amongst family and friends. That used to be advice thrown out by the experts. But now, that mindset is being pushed to the side, as financial professionals say the holidays are the perfect time to bring up your finances.

• Without a serious financial discussion, figuring out healthcare, income, expenses and financial records can be like trying to blindly put together a jigsaw puzzle
• For more information, visit the experts at LifePlan Group

According to Alex Sutherland, an investment adviser and president of LifePlan Group, the holidays are often the only time of year that many of our family members can be found under one roof.  That means in addition to the good food and fellowship, it’s also the perfect time for aging adults to talk finances with the family.

Sutherland says how you start the conversation is key, making sure you family members know you want to avoid extra headaches and stresses for them down the line. Without a serious financial discussion, figuring out healthcare, income, expenses and financial records can be like trying to blindly put together a jigsaw puzzle. Unfortunately, many families feel it’s uncomfortable or just not their business to ask questions, but Sutherland says that’s simply not the case.

Once you open the door to communication on the subject, Sutherland says there a number of key topics you should touch on:

• Estate Planning: “A will is the cornerstone of an estate plan,” according to Sutherland.  It shows who gets to make what decision in your life after you die.  You can fill your own out online or an attorney can help you make the decision. However, while this is a good initial step, it doesn’t cover everything.  Sutherland says to make sure you have a power of attorney, healthcare power of attorney, a living will, a letter of intent, and designate, who will be the guardian of your children once you pass. Then, make sure your family members know all this information,
• Healthcare: Medical expenses are some of the biggest for retirees, but also one of the most unpredictable. Sutherland says to make sure your family members know your medical insurance information, if you have something besides Medicare, what is covered, and if you have long care insurance. He also says it’s important they know if you have in home care coverage, how much money is available, and make sure you want to grant your children or spouse the ability to speak with your doctors if necessary.  
• Income and Expenses: Making sure your family members know what kind of income you have, like Social Security, investments, and pensions is key according to Sutherland.  He says to share with your family members the debt and expenses you face, but know you don’t have to share dollar figures, just ideas to help them if an emergency happens.  He says this is also a good time to introduce them to your financial adviser if you have one. But, it’s important they aren’t able to contact that person unless you deem it’s okay to do so.
• Financial Records: If an emergency happens, it’s important your next of kin know where you keep your tax returns, who prepares them, and even where you bank. If you bank online, it may also be important for them to know where to retrieve your passwords in case you are unable to. In many states, Sutherland says the state itself becomes custodian of any unclaimed property, which often happens when the family is left in the dark.

The above information is courtesy of experts at LifePlan Group.