Have You Had "The Talk"
with Your Children?
Your adult children likely know the "facts of life" by now. As time goes on, it becomes just as important to have "the other talk" -- a discussion of how you plan to live out your later years. Waiting until a crisis occurs is not the optimal time to deal with often delicate financial issues. Watch the video to hear some advice on this topic based upon a recent interview in the Journal of Financial Planning with Tim Prosch, who wrote The Other Talk: A Guide to Talking with Your Adult Children about the rest of Your Life.
A major impediment to discussing these financial matters is the fear of losing control. Retaining control is a deeply ingrained human emotion. Maybe that's why George and Ira Gershwin's "You Can't Take That Away from Me" has such an appeal. I've included versions from Lisa Stanfield as well as Fred Astaire, which features him singing to Ginger Rogers (about 1:30 into the video).