TALKING ABOUT THINGS WE DON’T WANT TO TALK ABOUT
Henry Montag, CFP, CLTC | January 4th, 2009The time has come for a new addition to the traditional estate planning process, I’ll call it “The Fam
ily Meeting.” Since talking about the things we don’t want to talk about can be extremely difficult, it unfortunately most times just doesn’t get done. However, this “Family Meeting” can become one of the most important and pivotal things we can do for and with our children and grandchildren.
This family meeting will serve as a platform for discussing your family’s “legacy.” I use this term broadly as there are many different aspects that need to be addressed between parents and their future generations. Most people would assume that I am talking about wills, health care proxies and the like. Of course you’d be correct, but only hitting the tip of the iceberg. Beyond these standard necessities, the issues that need to be discussed are numerous. I address a few of the most important ones in this article.
At the top of the list and equally difficult to discuss, is the issue of “What will happen to me when I am unable to take care of myself?” However hard emotionally it is for one’s children to deal with their parents’ infirmity, it is necessary. Don’t you find the idea of being involved in the decision making process of your own future liberating? You and your children need to discuss who will be responsible for the decisions regarding both your health and your finances when you are no longer able to do so on your own. I often suggest to my clients that they all go out and visit an assisted living facility while everyone is still healthy this way everyones input is taken into consideration and becomes a part of the decision making process. It’s best that these decisions are not made when the family is in a crisis mode?
Other items that need to be discussed aren’t necessarily so difficult. Unfortunately, many of us lead such busy lives we don’t take the time necessary to sit with our children and grandchildren and explain to them how we’d like to be remembered. It is both our responsibility and our duty to leave our children with a knowledge of what’s most important to us. For example: Do your children know your favorite charities and how you feel in general towards charitable giving? Creating a Private Family Foundation can not only continue your legacy beyond your life but bring your family together on a regular basis. An experienced “Legacy Advisor” can help you to make this venture a reality.
Have you passed down to your children your values and wishes? How would you like to be remembered and what would you like to be remembered for. This would be a perfect opportunity to start to document your family history with a video of detailing the story of your life. What child and grandchild wouldn’t love to have this family treasure to keep forever? In addition to family stories, you can pass down all your traditions and wishes for their future.
This “Family Meeting “ should become the starting point when planning for your family’s future. When using your “legacy advisor” each step of the way this seemingly insurmountable task will become a cherished memory instead of a dreaded chore. The right advisor will help you navigate all the difficult issues and make sure all necessary areas are addressed.
Related posts:
- What is Preferred Method of Care? I wanted to inform you of an important concept that...
- AVOIDING A CRISIS As a result of many peoples failure to plan for...
- Your Most Valuable Asset Your Earning Power Whether Youre A Corporate Executive, Business Owner Or A Professional,...
- A Deeper Look at Long Term Care Insurance - Video WELCOME WALL STREET JOURNAL READERS! Chances are pretty good that...
- An Alternate Investment Several years ago a well known Financial Author asked me...
Related posts brought to you by Yet Another Related Posts Plugin.
Tags: cfp, crisis mode, henry montag, legacy advisor, long term care, personal finance, private family fund, retirement
About the Author: Henry Montag is an Independent Certified Financial Planner as well as a CLTC. He’s been in practice since 1976 with offices on Long Island, New York. He is a contributing writer for The Moneypaper, a national financial publication, been my sourced by Investors business Daily, Long Island Business News, Newsday, Wall St Journal, The Moneypaper,Investment News, Senior Lifestyles and has held insurance and securities licenses for over thirty years.
