Sharing Your Strategy: The Family Meeting

Man, wife and daughter meeting with financial advisor

Many things knit a family together – but one connection that frequently gets ignored, at least in terms of family dialogue, is the financial link between adult children and their parents.

The more your family members know about your estate strategy, the more comfortable they’ll feel making the right decisions for you down the road, if necessary. What you decide to share is up to you – every family situation is unique.

Consider if and when to involve those affected by your estate strategy in broader discussions with your estate-planning attorney as well as your financial advisor and qualified tax professional. For example, your adult children may need to know where your bank and investment accounts are held, especially if they will play a role in executing your estate strategy in the future. This discussion can also highlight any gaps in your strategy.

Working with your team of professionals, your Edward Jones financial advisor is always available to help you refine and communicate your strategy. When you’re ready to discuss these topics with your family, contact your financial advisor to outline a plan for your estate strategy meeting.

How to start the discussion with your adult parent

At some point, you may be tasked with helping your parents handle their personal finances. It’s best for everyone to prepare for this possibility, and the first step is knowledge. If your parents are getting older, discussing their financial information now can make a big difference for everyone when decisions need to be made later. Following are three topics for you to consider bringing up with your parents:

  1. Estate documents – Have you prepared any legal documents, and if so, where are they located?
  2. Key professionals – If something were to happen to you tomorrow, whom could I contact about your financial and medical situation?
  3. Wishes for future care and living arrangements – Do you have a vision for your medical care and future living arrangements? Have you prepaid your funeral arrangements, and do you have any specific burial wishes?

Important information:

Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning attorney or qualified tax advisor regarding your situation.

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