I was observing an exchange between my two daughters one afternoon and commented to my wife that our oldest occasionally showed a true stubborn streak. “I wonder where she got that trait?”, I wondered aloud. I glanced at my wife, and her look immediately told me that this came from me. (Of course, I got it from my father, too.)

Too often, we forget how we impact the lives of our children, or how they can impact ours. For seniors, don’t think that just because your children are grown and maybe have children of their own, that your parenting duties are over. Your experiences – good and bad – can be a valuable resource for your adult children. In financial matters, your successes and failures could help them make better decisions about money and help them avoid making the same mistake Pop made when he was 40.

In my financial planning practice, I am always pleased when clients bring at least one adult child with them. This tells me that the family’s lines of communication are open when it comes to money. If you have yet to sit down with your adult children and talk about your finances and estate planning, you’re both missing a wonderful opportunity. If later, you encounter a crisis, usually revolving around a healthcare event, your children can be your most valuable allies in ensuring that your money is protected and your wishes are honored.

Don’t worry about how much money you will leave your children when you’re gone. Think instead about how much wisdom you’re giving them today. That could be your most valuable legacy.

Mr. Gary Crooms is President and founder of Senior Information Services of America®, a long term care financial planning firm that specializes in assisting seniors and their families with late life planning issues. If you have any questions, please contact Mr. Crooms at gary@seniorinformation.com