Succession planning or Estate planning -2

Finances tend to be one of the trickiest topics as people do have traditional ideas about what you should and shouldn’t talk about while discussing with grown up children

One need to know much more than whether a will exists. Are there powers of attorney or advanced health care directives in place? What does their health insurance cover? Do they have life insurance? Have they made a list of every single account that they owe or collect money from?

When you deal with parents consider the question “I’m concerned about doing the right thing when you pass,” instead of, “You’re so disorganized and are going to make this difficult for me,”  because power play might spoil your intentions.

Trust is important in building the relationship strong enough to talk about wealth and transition


Happy Investing

Those who read this, also read Succession Planning-1