One of the hallmarks of our practice at the Cooper Law Firm has been our willingness to work with the senior and their family in estate planning and medical crisis situations. In working with our elderly clients it often desirable and sometimes necessary to involve the children. While many of our clients are from “the old school” and want to keep their business private, I encourage them to consider the fact that it is likely that their children will “inherit their problems” well before the children “inherit their money.” I know this certainly happened for me with my grandmother and mother. I explain to our clients that at minimum they should let their children know that a plan is in place, who is in charge, and that our office would be available to help with questions. I have found that this gives the children great peace of mind. I also encourage parents to discuss their plan in more detail with their children “when it makes sense.” My clients sometimes ask: “How will I know when it makes sense?” and I respond: “You will know.” We also encourage the parents to bring their children to the office so that we can help the parents to explain their plan and answer technical questions.
I recently ran across a New York Times news article that discusses the topic in more detail and I would encourage both parents and children to read it.
