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The right time to have the family “money talk”

Calendars are filling up with festive family gatherings in 2021 as a majority of Americans – 54% – plan to travel this fall, a recent Tripadvisor survey revealed. That brings to mind an important topic: the family “money talk.”

Though it may seem daunting to start a conversation with your loved ones about your intentions for your family’s wealth and your plans for the future, this dialogue – shared in a quiet moment, not around the Thanksgiving dinner table – can be a key way to get ahead of potential conflict over your estate and wishes. You don’t have to do it alone. If desired, we can facilitate the meeting, getting everyone on the same page when it comes to your financial affairs.

Family values. Talk about the legacy you’d like to leave in nonfinancial terms. Many families value hard work and integrity as antidotes to a sense of entitlement. Offer examples from your life story about how you’ve lived your values.

Inheritance. Telling your adult children the broad outlines of how you plan to divide your estate can help them get a clearer picture. Maybe you’ve set aside money to help the next generation reach their educational goals. Perhaps you want heirs to know not to expect a windfall because your wealth is earmarked for charity. Whatever the case may be, it’s better to make sure there are no surprises.

Charitable giving. Consider developing a mission statement together so you all know what values you hope to promote through philanthropy.

Practical considerations. This is your opportunity to communicate who you have chosen to act on your behalf in the event you cannot do so. Make sure the person you’ve selected (from executor to power of attorney) is up for the job and that they know where to find your important documents and contact list. For further insight, read this recent article about securing your family’s legacy.

By keeping your family updated, with or without an objective guide present to facilitate the conversation, you are taking the first step toward the future you desire.

If you’re interested in this type of meeting or you’d like to learn more about its benefits, please contact your Wealth Advisory Group of DiLauro Wracher & Thomas advisor, or to schedule a no-obligation discovery meeting please contact us via this website.

Material prepared by Raymond James for use by its advisors. Raymond James does not provide tax services. Changes in tax laws or regulations may occur at any time. You should discuss any tax or legal matters with the appropriate professional.

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