CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Aaron Wolgamott
Financial Advisor
Central Willamette Wealth Management Services
Located at Central Willamette Credit Union
645 Waverly Drive SE, Albany, OR 97322
Phone: 541-918-7553
Email: aaron.wolgamott@lpl.com
July/August 2023
Don't Put Off "The Talk"
How much have your parents shared with you about their finances and estate plan? It’s a difficult subject for most families. Parents often don’t want to discuss their personal finances, and adult children may be reluctant to initiate the conversation. Even when parents are active and in good health, it’s important for children to have information about their financial situation and the plans they have in place.
A Beginning
Although not a comprehensive list, parents should share the following information with their adult children:- Estate planning documents, including wills, powers of attorney for finances and health care, and any trusts they’ve created
- Names, contact information and account numbers for financial institutions, brokerage firms and insurance companies
- Information on retirement and investment accounts, pensions and annuities
- Contact information for their attorney, financial advisor and accountant/tax preparer
- Loans or other outstanding debts
- A list of credit cards with account numbers
- Location of safe deposit box and keys
- Logins and passwords for all accounts (including social media)
- Vehicle titles/registration/insurance
- Location of deeds to property and cemetery plots
- Funeral arrangements and/or final wishes
It’s Time to Ask
When parents aren’t forthcoming about their situation, adult children may have to take the first step. Framing the discussion around something you’re doing, such as making your own will or designating a power of attorney, can get the conversation started. Asking their advice on some aspect of finances or investing may encourage parents to share their financial information.Assess Their Abilities
Keeping in touch with parents is the best way for adult children to pick up on any decline in their ability to handle their finances. If you’re concerned, offer to help with financial tasks, such as banking, investing and paying bills. Monitoring their accounts online can help protect them from fraud and scammers.1-05367989
Aaron Wolgamott is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Central Willamette Credit Union and Central Willamette Wealth Management Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Central Willamette Wealth Management Services, and may also be employees of Central Willamette Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Central Willamette Credit Union or Central Willamette Wealth Management Services. Securities and insurance offered through LPL or its affiliates are:
The sender and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.