Starting the financial conversation with loved ones

Are you and your loved ones prepared for financial questions that will arise along the aging journey? Conversations about finances can feel uncomfortable, but open discussions are essential in preparing for the future.

It’s important to review steps to prevent fraud and misunderstanding. The financial conversation also includes talking about responsibilities for if your aging loved ones can no longer make financial decisions on their own at some point. Questions to consider include: What are their wishes regarding long-term care and end-of-life care? Are they financially ready for these expenses? It’s important to discuss who will make decisions about expenses, savings and insurance if they no longer can.

If you haven’t yet begun the financial conversation with your loved ones, now is the time.

For information to aid you and your loved ones in this conversation, visit the Minnesota Department of Commerce’s website.

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