FINANCIAL PLANNING WITH THE FAMILY

Legacy Preparation

It’s that time of year again…

The end of the year holidays are when you gather with loved ones, eat more than you planned and watch football until you fall asleep.

While you have your family gathered in one place, consider carving out time to have a candid conversation with your loved ones about your retirement plan and your legacy. This way you can get their input…and buy-in…on your plan. And everyone will leave feeling included in the conversation.

So what to discuss?

Long-Term Care (LTC)

Adult children are often concerned that they will need to care for their parents in the event of an extended illness. If you’ve worked with us to address the pressing need for long-term care, then you can confidently tell your children that, while you will always want to rely on them emotionally, financially, you do have your house in order with an LTC solution.

Who Will Be in Charge?

If you are lucky enough to have an adult child you believe can take on the role of executor, let all your children know. Some may be surprised they are not your choice, but better to have that discussion now rather than when you can’t be there to referee.

Discuss Some Specifics

By sharing your game plan for your legacy, you are helping your children know what to expect – and what not to expect – especially in the case of an inheritance. Are you covering a grandchild’s college education? Let everyone know how many years you plan to cover. Do you plan to travel the world or leave a legacy to your church or favorite charity? Share your intentions now to avoid any, “But I thought…” objections or problems later on.

An open dialogue about your intentions and plan may be the best holiday gift you can give! If you have any questions about LTC, retirement or legacy planning, please call our office at (435)773-9444.