{"id":2333,"date":"2024-11-28T12:00:00","date_gmt":"2024-11-28T12:00:00","guid":{"rendered":"https:\/\/friscotimes.org\/?p=2333"},"modified":"2024-11-28T14:44:07","modified_gmt":"2024-11-28T14:44:07","slug":"why-a-money-talk-could-be-the-best-gift-you-give-your-family-this-holiday-season","status":"publish","type":"post","link":"https:\/\/friscotimes.org\/?p=2333","title":{"rendered":"Why a money talk could be the ‘best gift you give your family’ this holiday season"},"content":{"rendered":"\n

Make room between the turkey and stuffing: This Thanksgiving, money talk should also be on the table.<\/p>\n

\n

That\u2019s according to financial advisors, who say one of the best times to discuss finances is when family members are all in one place, which is more common during the holidays for many families. And it\u2019s especially important ahead of the great wealth transfer, or what financial experts are calling the coming exchange of $84 trillion in assets from older generations to younger ones over the next few decades. <\/p>\n

Many families have an uphill battle: 56% of investors say their parents never discussed money with them, according to Fidelity Investment\u2019s recently-released State of Wealth Mobility<\/a>\u00a0study. The good news is that feelings about money talk are changing: 83% of parents say it\u2019s important to talk to their children about their finances, per the study.<\/p>\n

Money talk can be uncomfortable for anyone\u2014in fact, it is routinely found to be the most taboo topic to discuss<\/a>\u2014but it\u2019s crucial for your heirs and other family members to have an understanding of your assets, your plan for them in the future, and what your wishes are for your legacy, among other topics. And if you\u2019re planning to broach the topic with your family members this holiday season, it doesn\u2019t have to be an hours-long slog.<\/p>\n

\u201cIt might be the first time in a year you\u2019re seeing relatives in person,\u201d says Andrew Crowell, a financial advisor and vice chairman of wealth management at D.A. Davidson. \u201cYou can take 15, 20 minutes to have a sidebar conversation\u2026It may seem the last thing you want to talk about during the holidays, but it could be the best gift you give your family, is that clarity.\u201d<\/p>\n

One big topic that should be on the table, advisors say: Estate planning. Your spouse or partner and heirs should know what is coming to them and how to access it. But your estate plan goes beyond financial planning, says Crowell. It can also include important medical plans and other end-of-life considerations.<\/p>\n

\u201cIt\u2019s not pleasant to think about but as an adult, it\u2019s your responsibility,\u201d says Crowell. \u201cThinking through in advance and having difficult conversations in advance is the most critical thing to do.\u201d<\/p>\n

Having a conversation around the holidays\u2014or another time that\u2019s easy to schedule\u2014can be a good idea because emotions won\u2019t be as heightened as they typically are in the aftermath of a death or other type of family emergency, when many have them because there is no other choice. Planning them ahead allows families to control the environment and tenor, and make sure everyone is comfortable.<\/p>\n

Katherine Fox, a certified financial planner who specializes in helping millennial and Gen Z inheritors, says another part of the conversation should be teaching children about investing, taxes, and other financial moves to help manage any wealth they might inherit.<\/p>\n

That said, Fox says the generation leaving money to heirs should keep an open mind about what their heirs may do in the future. She suggests talking about their values, goals, and how money can be a tool to live the life they aspire to.<\/p>\n

\u201cA well crafted estate plan should include heirs. Can we work together to solve this problem and build this plan together instead of you just dictating what you think is best?\u201d says Fox. \u201cA lot of families want to have these conversations but both sides are too afraid to bring it up.\u201d<\/p>\n

One way to ease into any potentially awkward conversations is to have a neutral, third party present, like a financial advisor or lawyer, says Crowell. <\/p>\n

\u201cThey are the perfect moderator,\u201d he says. \u201cAs part of a comprehensive financial plan, it\u2019s my obligation to ask those difficult questions. To understand, what do you want to happen when you\u2019re gone?\u201d<\/p>\n

All that said, not all of the pressure needs to be on the parents\u2014kids can initiate conversations too, she says. To avoid any defensiveness, don\u2019t lead the conversation by diving right into the financials. Instead, start with broader questions about estate planning. Has the older generation thought about where they will live when they get older? What are their priorities in retirement? Do they have charitable goals they want to accomplish? <\/p>\n

The overall goal should be for everyone to eventually understand what is transferring, how it will transfer, and how it will be split.<\/p>\n

\u201cA generational wealth transfer, that\u2019s a family values conversation that should be authentic to families,\u201d she says. \u201cYou also have a role and agency in starting these conversations.\u201d<\/p>\n<\/div>\n

How many degrees of separation are you from the globe’s most powerful business leaders? <\/b>Explore who made our brand-new list of the 100 Most Powerful People in Business. Plus, learn about the metrics we used to make it.<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Make room between the turkey and stuffing: This Thanksgiving, money talk should also be on the table. 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