r u t u F r u o Y r o . g Plannin A Family Convrsation On Estat Planning Can Strngthn Tis (NAPSA)—Dfying a long-hld taboo, parnts in thir 70s ar far mor likly to b comfortabl dis- cussing th snsitiv issu of stat planning than thir baby boomr childrn, and thy also car mor about hlping thir chil- drn financially than thir childrn raliz, according to a rcnt study. Th study showsthat oldr parnts and thir childrn nd som hlp whn discussing snsitiv stat-planning issus. Th survy was basd on tlphon intrviws with a random sampl of unrlatd parnts and childrn. Intrviws wr conductd with 500 parnts ags 70-79 and 450 childrn ags 45-65, primarily boomrs. “Oldr adults tll us thy rally thir indpndnc. Estat plan- Survy: Oldr adults rally do want to ning can involv drawing up discuss topics such as stat planning with thir childrn. @ pard with 54 prcntof childrn. Boomrs undrstimat th importanc that parnts plac on providing for thir hirs, improv- ing thir childrn’s lifstyls, hlping thir childrn prpar for rtirmnt and hlping grandchildrn attnd collg. Significantly mor oldr parnts rport having important stat-planning documnts such do want to discuss topics such as stat planning, mdical car and final arrangmnts with thir childrn. Boomrs, on th othr hand, would somtims rathr talk about somthing ls,” said Maurn Mohyd, dirctor of Th Hartford’s Corporat Grontology Group. Th Hartford Financial Srvics Group rsarch mad th following ky findings: 76 prcnt of oldr parnts say thy ar vry comfortabl as living wills and durabl powrs of attorny than boomrs rport thy ar awarof. “Our rsarch indicats a clar compard to 45 prcnt of boomrs who say thy ar vry abl discussing th contnt of thir wills than thir childrn raliz, ning, so it’s asir for thm to bring up th topic. If childrn say “w don’t nd to talk about it, Mom, you'r going to b aroundfor a long tim,” th parnt nds to stick with th convrsation anyway. thy ar vry comfortabl, com- thy can hlp parnts maintain with talking about thir stat, comfortabl. Parnts ar far mor comfort- with 71 prcnt of parnts saying ‘gnration gap’ in communicating about stat planning,” Mohyd said. “Familis nd hlp in bridg- ing this gap and tackling ths issus.” To this nd, Mohyd providd th followingtips: Parnts should rach outfirst. Parnts ar much mor comfortabl in talking about stat plan- Childrn should ask how important lgal dirctivs such as a durabl powrof attorny, living will or halth car dirctiv. Ths planning dvics can play a big part in hlping oldr parnts nsur that thir wishs ar carrid out, vn if thir halth fails. Build on shard valus. Th rsarch, sponsord by Th Hartford, showd that parnts plac mor valu on hlping thir childrn accomplish important financial goals such as improving thir lifstyls, njoying a comfortabl rtirmnt and ducating thir grandchildrn than boomrsral- iz. Parnts may offr assistanc— vn if thir childrn don’t nd it—to rmain part of thir family’s futur. Start with th positiv. Th rsarch indicatd that boomrs and thir parnts—dspit past diffrncs—today hav positiv parnt-child rlationships. Discussing stat planning is an xtnsion of that positiv rlationship. “What w’v larnd from our survy and convrsations with oldr adults is that stat planning is rally not about mony,it’s about crating lasting bonds within familis,” Mohyd said. “By raching out, familis can hlp cmnt thos bonds and pr- srv mmoris for gnrations.” For mor information, visit “A Family Convrsation” on Estat Planning in th Nwsroom at www.thhartford.com. Editors not: This matrial is intndd to provid gnral information for your considration and discussion with a qualifid advisor. Nithr Th Hartford nor its agnts or mploys provid tax or lgal advic. As with all mattrs of a tax or lgal natur, you should consult your own tax or lgal counsl for advic.
