{"id":280,"date":"2018-08-13T18:25:51","date_gmt":"2018-08-13T18:25:51","guid":{"rendered":"http:\/\/fundingmatters.com\/blog\/fmi\/?p=280"},"modified":"2024-02-14T10:38:21","modified_gmt":"2024-02-14T10:38:21","slug":"family-discussions-dont-wait-until-its-too-late","status":"publish","type":"post","link":"https:\/\/fundingmatters.com\/blog\/?p=280","title":{"rendered":"Family Discussions – Don\u2019t Wait Until It\u2019s Too Late"},"content":{"rendered":"

I have the opportunity to speak with people of all ages, professions, and interests each year about their estate and philanthropic planning. I usually begin by asking them questions about themselves and their family. If the client is retired, I\u2019ll \u00a0ask what they did when they were working, how many children they have, and so on. <\/span><\/p>\n

To simply ask how to divide their possessions, or to give directly to charity, invites problems. They will most likely answer: \u201cI would like to leave everything to my children equally after we\u2019re gone.\u201d<\/span><\/p>\n

Once I was having an interesting conversation with new clients, spending \u00a0time asking them questions about their history, children and grandchildren. The \u00a0husband stopped me to ask why was I spending so much time trying to learn about his family members.<\/span><\/p>\n

I said to him, if I don\u2019t know this information how can I create a philanthropic plan that\u2019s going to work for you and your children?<\/span><\/p>\n

Let me give you an example. Suppose Johnson has built a family business over the course of many years. The equity and value in the family business makes up a large chunk of Johnson\u2019s family net worth. Let\u2019s assume Johnson has three children, only one who works in the business. Johnson tells me that there is some acrimony between the son who works in the business and another son who does not.<\/span><\/p>\n

If Johnson simply divides his net worth among the three children, what problems might occur? \u00a0What is the likelihood of Johnson ever making a current donation or a charitable bequest?<\/span><\/p>\n

In working an estate with a current donation and\/or estate bequest, an appropriate solution can only be found if everyone is willing to have \u00a0\u00a0difficult conversations and potentially, disagreements. It\u2019s okay to have disagreements during the planning stage. What every family doesn\u2019t want is to have disagreements once it\u2019s too late.<\/span><\/p>\n

Please contact me to discuss how to initiate these discussions with your family, develop a healthy relationship, and leave a legacy that everyone will be pleased with.<\/span><\/p>\n

William Petruck
\n<\/span>President and CEO
\n<\/span>FUNDING matters Inc.
\n<\/span>Toll free: \u00a01-800-856-1354<\/span><\/p>\n

www.fundingmatters.com<\/span><\/a>
\nwww.giftabulator.com<\/span><\/a>
\nca.linkedin.com\/company\/fundingmattersinc<\/span><\/a>
\nwww.linkedin.com\/in\/williampetruck <\/span><\/a>
\ntwitter.com\/funding_matters<\/span><\/a>
\nhttp:\/\/Facebook.com\/FUNDINGmattersinc<\/span><\/a><\/p>\n

https:\/\/www.theglobeandmail.com\/investing\/globe-wealth\/article-family-meetings-emerging-as-a-new-facet-of-financial-planning\/<\/p>\n","protected":false},"excerpt":{"rendered":"

I have the opportunity to speak with people of all ages, professions, and interests each year about their estate and philanthropic planning. I usually begin by asking them questions about themselves and their family. If the client is retired, I\u2019ll \u00a0ask what they did when they were working, how many children they have, and so … Continue reading Family Discussions – Don\u2019t Wait Until It\u2019s Too Late<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,13],"tags":[],"class_list":["post-280","post","type-post","status-publish","format-standard","hentry","category-estate-planning","category-leave-a-legacy"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=280"}],"version-history":[{"count":2,"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/280\/revisions"}],"predecessor-version":[{"id":282,"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/280\/revisions\/282"}],"wp:attachment":[{"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fundingmatters.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}