My wife volunteers her time to Paws Crossed, a no-kill animal shelter in Westchester County, NY. Often pets are surrendered to shelters because of changes in their owners’ lives such as relocation, allergies or financial distress; and sometimes as a result of the passing of their owner.
Adult children find it difficult to have the "money talk" with aging parents because they feel it is not their place. However, it is extremely important to have this conversation in order to protect family assets, eliminate unnecessary administrative difficulties and minimize potential disputes with family members before it is too late.
I was surprised by her words since nearly everyone starts their wealth-preserving talks by noting how few family businesses survive to the third generation. It’s an easy way to grab their attention. But after reflecting further on how this negative prophecy would affect my audience, I realized the wisdom of her request.