How to Talk Finances with the Family This Holiday Season

Television, magazine, radio, and internet ads this time of year all seem to encourage people to spend as much as possible on gifts for their loved ones. While this is certainly a generous notion, it might not be a viable option for everyone. Plenty of Americans are tightening up their budget, despite advertisers wanting people to loosen them. If you are in the same boat but are feeling the pressure from your family to shower them with gifts, keep these helpful hints in mind when talking to them about finances this holiday season.

• Be upfront: Tell your family the reasons why finances are tighter this year than usual. Undoubtedly, they will understand if car payments have been rough or medical bills were higher than expected. This whole process is ultimately about honesty.
• No secrets: Do not try to hide the truth of your strict financial situation. If a loved one asks with genuine concern or interest, share with them! At the very least, you will feel better getting the information off your chest.
• Planning ahead: Let your loved ones know that you do have a plan to get to more stable ground in the future. If you don’t have a financial plan set up already, you can ask them for ideas.
• Wills and trusts: Are you in an elderly loved one’s will or trust? The holidays may be the only time of the year when everyone is around the same table. Take this time to ask if you stand to win any inheritance through probate, as it could be a huge financial relief to you and your family. Just be sure with your words as this could be a sensitive subject for many.

In the end, the holidays are all about supporting those who mean the most to us, not the gifts we like to share. If you are in a bit of a financial bind, speaking about it with your family might be the best present you can give yourself this year. If you have questions about how your relatives’ estate plans might be affecting your future, you can come to Mansell & Mansell, APC for legal counsel. Our Los Angeles probate attorneys can provide you with much-needed answers during a free initial consultation and start you off in the right direction. Call 323.208.3501 today.