Money, Family and Love

Money can be a source of happiness as well as challenges.

How you handle money and financial issues with your spouse and family members is a matter of great responsibility.

We encourage you to talk with your family members openly, in an age appropriate manner, about financial matters and investing lessons you have learned. We can assist you with these discussions, if you would like.

These conversations are an important part of any relationship. Conversations about money are vital to good relationships, whether it is within a marriage or between generations. These conversations can represent real love and caring.

For couples, we strongly recommend that both of you be involved in your financial planning and attend meetings with us. Even if one of you is less interested, it is still valuable that both of you be informed, aware and involved in the decision making of your family’s finances.

For emotional and personal reasons, as it is financially and age appropriate, we recommend to grandparents to leave some inheritance directly to their grandchildren. This can have a significant impact beyond just the dollars, to both the giving generation as well as the younger recipients.

How you pass on your assets to children and grandchildren is vital. For parents with significant assets (which is defined by each situation), we recommend that assets be passed to children via trusts, not directly to the children without a trust. This is vital in the event of a subsequent divorce by one of your children. You can discuss this with us, as well as an estate planning attorney.

For parents, teaching your children solid financial values can be a great challenge. If you are fortunate to pass down good financial values, you will have succeeded at something quite important.

We strongly encourage you to tell stories about your early experiences with money, jobs and financial decisions with your children and grandchildren.

Talk about the jobs you had when you were young. You will be amazed at how interesting younger generations will find your past. Have these meaningful conversations now, while you can.

I share with my kids (ages 19-25) how I worked in high school, during college and the summers while I attended college, to pay for my own college education.

I share with my kids how I diligently paid my students loans every month for 10 years until they were fully repaid.

I share with them why our firm invests in the manner we do. I share with them the importance of establishing good credit, how to use credit cards responsibly and why they should start saving for retirement as soon as they start working after college.

Regardless of what ages your children or grandchildren are, once they understand the concept of money, they can be taught valuable lessons that hopefully will last them their lifetimes. Give them an allowance and tell them about the financial choices you are making, such as to save for their college education.

Talk about financial matters. Have conversations about money.

It may not be easy. You just need to take the initiative to start the conversation. It will be very worthwhile.

We are always available to discuss any of these financial matters with you and your extended family members.

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