As parents of young children, one of the many things we aim to teach them about is money: how to budget, save, and spend wisely. As a parent of adult children, it’s now time to share some different financial information with them: yours. While we’re not suggesting you necessarily disclose every financial detail, it may be time to explain how your finances work should you become incapacitated in some way and need help. Here’s a list of eleven things you may want to share with your adult children: 1. Passwords: You don’t have to hand them a list, but it’s a good idea to have them written down and stored in a safe place and then tell your children where the list is! 2. Access to Key Documents: Should an emergency happen, your children should know where (and how!) to access important documents. (For example – where is the key to the safety deposit box?) 3. Explain How You Pay Bills: Do you write individual checks, or are your bills automatically debited from your checking account? Having this written down can eliminate potential late fees, overdraft fees, etc. 4. Disclose Your Digital Footprint: Some of your key documents from item number two may be digital and you may not have printed copies. Make sure your children know which statements are digital and how to access them. 5. Introduce Your Team: If you work with a Financial Advisor, an estate attorney, or an accountant it may behoove you to introduce them to your children by having them sit in on your next meeting: make sure your team knows what specific information is authorized to be discussed ahead of time. At the very least your financial team’s names, business names, and contact information should be kept with your password list or key documents. 6. Review Your Income Sources: Again, you don’t have to provide details about how much your income is, but your children should have an idea of where that income comes from. 7. Talk About It, Before They Need to Know: Waiting to discuss this information until an emergency happens will lead to unnecessary stress. Why not avoid all that extra stress by meeting with your children to discuss your financial situation when there’s not an extenuating circumstance? 8. Specify Advanced Health Plans: Do you have long-term care insurance? An HSA? A specific account set aside to pay for assisted living? Make sure your children know about these plans, accounts, etc., and how to access the funds. 9. Set Up a Fraud Alert: This is a smart precautionary measure that can be as simple as informing your financial professionals of who to contact is something appears erratic with your accounts or investments. 10.Consider Tax Implications: Make sure you explain to your children your plan for withdrawing money from your accounts – the order of which may be important to reduce tax implications and make your money last longer. 11.Let Them Know Your Wishes – But Listen to Theirs: This is another conversation that shouldn’t wait until it’s too late. Should you be leaving money behind when you pass, make sure your children know who you plan to leave it to, or where you plan to donate it. To read the entire article, “11 Things to Tell Your Kids About Your Money,” click here. Should you have any questions about what to tell your adult children, or how, please don’t hesitate to call us! (518) 584-2555 | 
