Planning Perspectives

A look at life and finance from every angle.

From personal to professional, from family to financial, there are many facets to your life. Yet, each is interconnected. Planning Perspectives is a source of ideas and information to help you make the most of them all, all together.


How to Quarterback a Family Holiday Huddle

November 21, 2018 Estate, Family, Giving, Goals, Life Events, Living Well, Planning Well

The approach of the holiday season is often marked by the return of cooler weather and plenty of football games for our American neighbours’ Thanksgiving festivities. But did you know that it’s also the perfect time to help secure the transfer of your wealth across generations?

When it comes to financial matters, it’s common for family members to have different visions, ideas and values, and that can sometimes lead to breakdowns in trust and communication. Here’s how to quarterback a frank, open discussion – a family huddle – to help prevent problems long before they start.

Create a game plan sooner rather than later…

…As soon as possible, in fact. By planning these meetings years before they’re critically needed, you can control the conversation and approach more sensitive topics in a positive way. The holidays can be a good time to hold these discussions, since everyone is already gathered together and in a good frame of mind.

Include the right players.

For some families, this might mean immediate family members only; for others, it’s extended relatives, or son or in-laws, too. You’ll have to decide what’s right for your family, but at the very least, you and your spouse or partner should be on the same page. Having one-on-one conversations with certain members before the family gathering may also help you create a constructive agenda and avoid surprises.

Open the lines of communication.

Topics of discussion will vary, but you should discuss matters that impact the smooth transition of wealth – these might include wills, the location of important estate documents, and even funeral and burial preferences. Go into as much detail as you are comfortable with. Take particular note of life changes among family members (births, deaths, marriages, divorces, etc.) that can affect legacy planning. As you discuss these topics, allow family members to express their thoughts, feelings and questions.

Go the extra yard.

After your meeting, review what was discussed and how new information may impact your financial and estate plans. Consider introducing your family to your professional advisors (accountants, lawyers, financial advisors, etc.) if you feel it’s appropriate. And most importantly, plan to huddle up again to keep the conversation going.