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Avraham "AY"  Rappaport, CLTC

President, Financial Professional

 

Yaniv "Jay" Natanov

President, Financial Planner

 

Eli Rappaport

Vice President, Financial Planner

 

Shlomo Rosenstein

Financial Professional

 

Ozzie Marizan

Financial Planner

 

Joseph Greer

Employee Benefits Administrator

 

Dylan Pinsky

Client Relations Manager

 

Premier Financial

6395 Dobbin Road, Suite 102

Columbia, MD 21045

 

Phone:  240-309-6001

 

Email: dylan.pinsky@prudential.com

Website: premierfinancial1.com

July/August 2023

Don't Put Off "The Talk"

Youll get the hang of this tablet in no time. Shot of a young woman showing something to her parents on her tablet while they sit on a sofa together.

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.

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Premier Financial is not affiliated with Prudential Financial. Premier Financial sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Premier Financial is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Premier Financial and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Dylan Pinsky is employed by Eli Rappaport and not The Prudential Insurance Company of America or its subsidiaries.
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