Initiate the discussion by saying something like, “We work hard for our money and I’d like to brainstorm with you and a financial advisor as to how we can make the most of it.”
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4. Long term care planning: A slower than expected economic recovery coupled with increased life expectancies and ever-increasing costs of medical care has made relying on government funded long term care resources unrealistic.
Initiate the discussion by encouraging your spouse to sit down with a long term care insurance professional. What you are looking for here is a maximum daily benefit that coincides with the cost of care in your area. Don't be seduced by the 5 percent inflation protection, because the actual cost of care increases approximately 12 percent per year.
5. Insure your estate planning: You've done your will, powers of attorney, and health care advance directives, but how can you be sure that your surviving spouse won't remarry and potentially lose those assets in a subsequent divorce?
Initiate this conversation by pointing to a real life example, if possible: "Isn't it tragic that Marvin (widower friend) disinherited his adult children in favor of his home care companion? Yes, dear, I know that you would never do this, but what if either one of us developed a dementia-related illness down the road? All bets are off at that point. Let's at least sit down with an attorney and see what the options are (i.e. post-nuptial agreement or trust) before we make any decisions.”
Do you have tips on successful ways to initiate money conversations with your significant other? Let us know below!
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