I was reading Jean Chatzky’s column (sorry, no link yet) in the October issue of Money when I came across four questions that adult children should ask their [older] parents. This is all a part of “the conversation” about finances that every family should have. The questions, which come from John Migliaccio, an expert on aging and the president of the American Institute of Financial Gerontology, are:
1. How expensive of a lifestyle do you want to live for the rest of your lives?
2. Where do you want to live, and in what kind of home?
3. What sort of health-care and lifesaving measures do you want taken, if necessary?
4. Who do you want to put legally in charge of carrying out all of these wishes?
According to the article, Migliaccio’s parents did not like being asked these questions, which is understandable considering how private most people are when it comes to their finances. Also, coming from a child, these questions might make the parents feel stupid so be careful how you ask them. The answers to the above questions were Migliaccio’s 50th birthday present.