Estate Planning

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Having the “Money Talk” with Aging Parents

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Having the “Money Talk” with Aging Parents

Discussing finances with aging parents is never easy. As a result, many families simply delay these conversations or avoid them altogether. This can lead to unexpected financial surprises, misunderstandings, and even conflicts down the road.

By talking openly about money, you ensure both their future and yours are secure, prevent potential disputes, and help in planning for long-term care. Your goal in having this conversation is not just about understanding their financial situation but also about ensuring financial stability and facilitating smooth estate planning.

Parents who have accumulated wealth over the years may be resistant to the idea that they need help managing their money. It’s important to be mindful of your language and positioning. It’s not, “I need to know how much money you have.” Nor is it, “You shouldn’t do this by yourself.” There are more delicate ways to broach the subject, and we’ve outlined a few possible scenarios below:

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Managing a Family Retreat Across Generations

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Managing a Family Retreat Across Generations

A family might spend decades working and saving towards the goal of owning a vacation home. The memories made are priceless, but the personal, emotional, and financial costs of keeping that house in your family for generations can be very high and very painful without thorough planning.

Prepare a family retreat into your legacy plan and make sure you discuss these three points with your heirs, your attorney, your CPA, and your financial advisor.

Protect Your Children from Their Inheritance

Protect Your Children from Their Inheritance

Wealthy families often find themselves grappling with how to effectively pass along assets to their children while ensuring they are ready for the responsibility. As we tread towards the largest generational wealth transfer in history, there is a growing need to ensure those inheriting assets are adequately prepared to handle them. There are a variety of risks involved, including:

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Legacy Planning is Much More Than Estate Planning

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Legacy Planning is Much More Than Estate Planning

Your legacy is bigger than your balance sheet. An effective estate plan, which protects and distributes your assets, is only one part of your larger legacy plan. Taking a Life-Centered approach using your intangible assets as a guide for transferring wealth will provide your heirs with life lessons. 

Try this three-step process to start memorializing more than just your money and maximize your Return on Life (ROL).

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Planning Your Legacy to Give Your Family a Lasting ROL

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Planning Your Legacy to Give Your Family a Lasting ROL

What is the best way to establish a family legacy?

While some benefactors choose to leave everything to their heirs outright, others prefer placing some guardrails around their assets to make sure that an inheritance is handled responsibly and in accordance with the family's values.

Establishing an entrepreneur's trust in your estate plan is one way to create lasting Return on Life for your family and your community. Let's explore how an entrepreneur's trust works and review some of the key features you should discuss with your loved ones, your attorney, and your financial advisor.

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Year-End Charitable Giving

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Year-End Charitable Giving

A list of things to consider as you think about year-end charitable donations

With its blinking lights, family traditions, and festive music, December is the most wonderful time of the year. And according to Charity Navigator, the month of December really is wonderful because December sees approximately 30% of all annual charitable giving.

Despite the greatest of intentions, many will inevitably make mistakes in how they give, especially if they wait until the last minute. So, here is a list of things for you to think about as you consider your year-end charitable donations…

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What Does Aretha Franklin, Prince, and Abraham Lincoln All Have in Common?

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What Does Aretha Franklin, Prince, and Abraham Lincoln All Have in Common?

Another Famous Celebrity Dies Without a Will

When legendary singer Aretha Franklin died of advanced pancreatic cancer at age 76, she did not have a will or trust, according to documents filed in Oakland County Probate Court. And now the $80 million estate of the intensely private Queen of Soul is about to become very public – and possibly very taxing for her heirs.

"The decedent died intestate and after exercising reasonable diligence, I am unaware of any unrevoked testamentary instrument relating to property located in this state as defined under the law,” the form reads.

Aretha’s lawyer of nearly 30 years told the Detroit Free Press that he was constantly asking her to do a trust, but she just never got around to doing it.

"I was after her for a number of years to do a trust," Los Angeles attorney Don Wilson told the Detroit Free Press. "It would have expedited things and kept them out of probate and kept things private."

Wills Are for Everyone