When a parent gets older, the money questions and the family questions tend to arrive together. Who’ll handle the accounts if Mom can’t? Does Dad’s trust say what he thinks it says? How do you bring any of this up without a fight? We’ve been providing financial advice to our clients since 1990, and we also help families collectively with financial planning and investing.
What do we do for a family with aging parents?
We analyze the current estate plan, which may include whether there’s a will, powers of attorney, trusts and other related documents, along with exposure to estate taxes. Durable powers of attorney matter here: they give the person your parent chooses the power to act in their place if they ever become incapacitated or unable to make decisions. We also analyze exposure to major risks that could have a significant impact on the financial picture, including the need for long-term care, and we weigh the costs of purchasing insurance against the benefits of doing so, and the potential costs of self-insuring. With your consent, we may work with your other advisors, such as attorneys and accountants, to assist with planning, coordination and implementation. They charge separately for their services.
Why do we push for family communication?
Too often, the first time a family hears about the estate plan is at the reading of the will or trust of a deceased parent. We believe in open communication between family members and heirs during the planning process. Toward that end, we may facilitate family dialog or engage trained teams of Collaborative Practice or other professionals to support you and your family. Our estate planning philosophy explains why we focus less on the money and more on the legacy a family member can leave.
How do we help the next generation be ready?
We’re strong advocates of preserving family values and preparing upcoming generations not only to handle wealth but also to live satisfying, productive lives. We encourage families to prepare heirs through mentoring and practical experience, to address the stresses of generational transitions (money, lifestyle, shared responsibilities, leadership), to recognize that equal isn’t always fair, and to use tools that address conflict and create alignment.
Do we draft the legal documents?
No. We don’t provide legal, tax preparation or accounting services. We always recommend that you consult a qualified attorney when you initiate, update or complete estate planning, and we can provide contact information for attorneys who specialize in estate planning when you want to hire one. From time to time, with your approval or request, we may participate in meetings or phone calls between you and your attorney. We also make referrals to qualified professionals in fields such as law, accounting and trust administration. Our Estate Planning FAQs cover the basics, from what a trust is to who should be involved.
What happens when money changes hands?
An inheritance is one of the changes in your financial situation we ask you to contact us about, so we can conduct an additional review. The same goes for retirement, a significant bonus or the birth of a child.
How are we paid?
We’re a fee-only firm. We don’t sell annuities, insurance or other investment-related products where we might receive a commission or finder’s fee, and we don’t receive commissions. Our fee schedule is on our FAQ page.
Ready to take the next step? Request a consultation.