Individuals seeking to achieve financial security, retire with optimal wealth, pay the least amount in taxes and leave behind a lasting legacy are financial and legacy goals for most of us. Join us in conversation as Jason Waugh, Wealth Advisor with Third Coast Advisors shares his passion about working with families to ensure optimal financial success in retirement and how to have those sometimes difficult money conversations with aging parents or loved ones.

Meet Jason Waugh:

Jason is a wealth advisor and works primarily with professionals who are 5-10 years from retirement, who among other things aspire to live a purpose filled retirement.

Have you ever tried to put together a jigsaw puzzle without the picture on the box? That’s hard, right?  Knowing that you need to have a roadmap and process to follow in putting the financial puzzle together is akin to The Living Balance Sheet®.

Individuals seeking to achieve full protection, retire with optimal wealth, pay the least amount in taxes, and leave behind a lasting legacy are financial and legacy goals for many of us as we age. Join us in conversation as Jason Waugh, Wealth Advisor with Third Coast Advisors shares his passion about working with families to ensure optimal financial success in retirement.

In this episode: 

Why is having discussions with your children and perhaps your aging  parents regarding personal financial details so important when it comes to estate planning?  Listen in as Jason Waugh gives us critical information as it pertains to these conversations on how to approach them, details necessary to discuss and tips and strategies on how to navigate this sometimes difficult subject.

  1. Why is it so hard for aging parents and their adult children have the money talk? Common misconceptions.
    • It’s none of their business, I’ve taken care of everything
    • It’s not an easy talk and people are unsure of how to start
    • My family doesn’t want to have the conversation
  2. What are the key things family member(s) should know and be asking their parents? 
    • Do they have will, medical power of attorney, trusts?
    • Location of legal documents?
    • Who is to be executor of the estate?
    • Wishes for final arrangements at death. 
    • Beneficiary designations updated. Divorces, minor children, stepchildren, etc.
  3. Why is it important for parents to help their children understand the financial details when it comes to their estate planning matters? Failure to plan can result in nightmare scenarios
    • Courts control your assets
    • Beneficiary losing inheritance to creditors
    • Stranger, not a loved one, making financial and medical decisions for you and your family
    • A judge could decide who cares for minor children
    • Children lose inheritance to your spouse’s new spouse
  4. Why is open/honest/complete communication so important.  
    • Provides a well-defined plan during a difficult and complex time
    • Minimise surprises and manage expectations
    • Lessen any potential misunderstandings and or confusion 
    • Decrease likelihood that family members come to odds
    • Make your wishes known
  1. What are the specific documents an individual should have in place to ensure the safety of their estate?
    • Will and/or trust
    • Financial Power of Attorney
    • Beneficiary Designations
    • Living Will
    • Medical Power of Attorney
    • Stored in a secure location
  2. What are considerations when choosing the right people/persons to represent a parent’s estate? Choosing the right people to carry out your wishes
    • Make wise choices about who will carry out key roles to execute your plans
    • You are trusting them to protect your wealth, yourself, and your loved ones
    • You need to have clearly identified who will fill certain roles
      1. Executor/Trustee
      2. Financial Power of Attorney
      3. Healthcare Power of Attorney
    • These people need to be willing to carry out your wishes no matter how hard it is to do so and unpopular their decision may be.
  3. What are some tactics to open the discussion or approach to have the conversation with a parent? 
    • Have a family meeting
      1. This meeting needs to be scheduled, structured, and focused on specific topics
      2. Remain calm, be and open and honest
      3. Concentrate on the plan of action
      4. This meeting is to ensure very little confusion when time comes to implement the plan.
    • Script the meeting
      1. Introduction
        • Purpose of the meeting
        • Encourage frank discussion 
      2. Body
        • Explain intentions to family
        • Share examples of others having done this
        • Share documents
        • Answer questions
        • Designate the roles
        • Ask for their commitment
      3. Close
        • Thank everyone for their commitment
        • Transition to fun lighthearted event
      4. Best Practices
        • Focus on one topic at a time
        • Allow others to voice their opinions and let their voice be heard
        • No distractions, everyone in the moment
        • No yelling, ok to disagree but set expectation that this is a difficult discussion, and everyone needs to be respectful
        • Ultimately your decision and you don’t have to justify decisions
        • Don’t schedule during normal family gathering, ie Thanksgiving.  

Resources & Upcoming Events

Estate Planning 101

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