Issue

A son in his 40's thought his parents had not planned much for their future. The parents, retired, in their early 70’s were beginning to have significant health problems. The son was concerned for several reasons: How would they manage financially with medical bills? If they couldn’t manage financially, what were the expectations of the son and his siblings for their parents’ support?

He and his sisters are willing and modestly able to help Mom and Dad. The parents had been reluctant to have financial conversations of any kind. The childrens’ question was, “How do we get the conversation started so we can help while there is still time?”

Solution facilitated by AFBC

Advantage Family Business Center (AFBC) helped the siblings design an opening conversation. The plan included

• Who would be present
• What would be used for an opener
• What conversational clues to listen for; and
• What they would do if their first attempt failed.

Individual coaching helped each of the sibs get clear about what they wanted out of the conversation and why.

Results

The conversation was opened. Mom and Dad actually were relieved that their very competent children unanimously wanted to be sure they had what they needed. The conversation was affirming, non judgmental and focused on the parents’ well being.