Prepare carefully before you talk. Educate yourself as much as possible. Think through what you want to discuss and what you’d like the conversation to accomplish.

Think in advance of questions your adult child(ren) may have or where they may have concerns about your decision(s). Prepare how you will handle their questions, thoughts and feelings.

Consider how you want to have the conversation. Face-to-face is often best, where possible.

If you have more than one child, try to get everyone together at the same time. Pick a time and place where everyone can be relaxed and no one has to rush to be somewhere else. If you can, avoid difficult conversations when your adult child(ren) may be going through a stressful time in their lives, like buying a new home or having a baby.

Think about how much information you want to share with your child(ren) and how you’d like to share it. One option is to schedule regular family meetings to keep everyone up to date. Another option is to set up a meeting with your advice team and review the tax plans together.

You may want to ask your financial advisor to host a family meeting in their offices. You can ask them to bring up any sensitive issues. They likely have a lot of experience in how to guide these kinds of conversations and make them as comfortable as possible. They may also be able to suggest different ways to address everyone’s concerns.

Be open and listen to your child(ren). - You don’t have to make changes to your plans, but their comments may be helpful.

If you’ve made a choice your child(ren) may not agree with, explain your thinking. It may be a difficult conversation, but at least they will understand why you made the decision.

Ease into the conversation by talking about stories in the news or your own financial planning. For example, you could say something like, “My financial advisor is recommending I set up a Power of Attorney for property. Do you have that?”

Be sensitive. Your parents may be concerned about losing their independence or control over their finances as they age. It may help to frame your conversations as a way of ensuring you understand their wishes. Down the road you will be there to carry them out.

Start early and talk often. Talking about finances when your parent(s) can still communicate their wishes clearly can bring them peace of mind. It might even prevent family discord or legal battles later.

If a conversation becomes uncomfortable, leave it for another time and try again.