Who’s the most powerful group in America today? Is it the Democrats? The Republicans? The 1%? In my humble opinion, the most powerful group in America today are siblings in their 50s and 60s.
No matter their political slant or income level, siblings in their 50s and 60s are collectively responsible for some of the most important decisions that shape families and communities across New York and across the nation.
These decisions may include:
- How to provide care for an elderly parent
- Whether to sell a family home
- Who will have power-of-attorney in the event of an elder’s mental decline
- How to provide for the next generation through Wills, Trusts or Inter Vivos Gifts
Of course, not everyone in this age bracket has a living parent, a child, or even a sibling. But those who have even one of these living relatives will typically feel a level of responsibility for some important financial planning and decision-making.
Some siblings have an easy time communicating about these topics, and others have a harder time. Both scenarios are normal. What’s important is that you seek input and counsel so that you (and your siblings) can make the most informed decisions possible.