Start the conversation with those you care for!

We understand how complicated financial planning can be.  We also respect there is often an additional layer of complication when we approach a client about whether they have involved their children or loved ones with respect to their financial plan.  68% of parents have made financial sacrifices to support their adult children.  Not talking to your children and loved ones about your finances can stress your relationship, impact your long-term goals for retirement and harm your overall financial wellness.

Let’s breakdown important considerations to discuss-

Estate Planning- You worked so hard to create a reliable income plan for retirement and many people have created a legacy they wish to pass on to those they love.  Without a proper trust, will, and health directive, those thoughtfully crafted items now pose a large burden on those you love causing them hardship through years of costly probate.  A thoughtfully crafted plan is now less of a legacy and more of a concern.  Additionally, it is imperative they know where these items are kept and how to access them in the case of a critical life event.

*For specific estate planning advice, please consult a qualified estate planning attorney.

Beneficiaries- Many people intend to leave money to their children without letting them know.  While this is a pleasant surprise, inheritance can erode your long-term retirement tax planning if not carefully accounted for.  In addition, your beneficiary may be subject to time constraints when taking distribution of the inheritance, causing them financial planning burdens for their retirement planning.  A carefully crafted conversation can alleviate a mountain of stressful unknowns.

Long-Term Care- Do you have a Long-Term Care plan?  Do your loved ones know your intent regarding your future medical expenses if you are incapacitated?  Do they understand your wishes and how to access information or funds in the case of a critical life event?

Retirement Planning- You have worked hard to create a lasting, reliable income distribution plan with us.  It is important your children understand your intentions and understand their involvement within your long-term goals.  Having a conversation with your loved ones about your long-term retirement plan is an effective way to implore the importance of a plan for retirement with those you care about.  You worked hard to create this plan with us, let’s make sure they know how much it means to you and the future role they play within it.

You have a wealth of financial expertise you can share with those you care about. Having these conversations with your loved ones can be beneficial to your relationship.

Let’s be proactive in having the conversation early on and often!  We encourage you to involve them in your Strategy and Tactical Meetings with us.  Financial planning is a complicated topic of discussion, as a value-added service to you, we make ourselves available as a Sounding Board for all the important people in your life.