On August 3, 2010, U.S. News & World Report published How to Talk to Your Parents About the Estate Tax, by Kimberly Palmer. This article is important to read in any year, but it is especially important to read now. As the subtitle explains, “When 2010 ends, the estate tax will return. Talking about it could save your family a huge tax bill.”
Palmer provides advice from two experts: Alexandra Armstrong, financial planner at Armstrong, Fleming & Moore in Washington, and Deborah Jacobs, author of Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide.
Here are the points that Palmer discusses:
- Don't be afraid to talk about it.
- Use a celebrity as a conversation starter.
- Table the issue if your parents don't want to discuss it.
- Acknowledge the uncertainty of the situation.
- Talk about different options—not just giving you more money now.
- Emphasize the importance of financial stability.
- Suggest some simple steps.
- Remember that it's not your money.