A family affair: Discussing finances this Thanksgiving

MILWAUKEE (CBS 58) -- With Thanksgiving just around the corner, the perfect opportunity to discuss financial matters with family may present itself.

Tony Drake, a local financial expert from Drake & Associates, joined us on Tuesday, Nov. 21 to discuss the importance of families using this time to discuss finances. Drake highlighted why it's crucial to tackle these conversations early. He noted that the holiday gathering provides a perfect opportunity for families to delve into important financial decisions in person.

Drake outlined key topics families should address, including estate planning, retirement and long-term care. With regards to retirement, Drake urged families to check in with aging parents about their readiness and financial strategies. He also highlighted the escalating costs of healthcare and the need for planning for long-term care, emphasizing the increasing role of family members as caregivers.

To initiate these crucial financial discussions, Drake recommended finding a calm and private setting, being transparent and setting clear expectations.

Learn more by visiting Drake & Associates online.