Talk to my kids... Why?

I have an adult child. Most of my friends and colleagues have adult children, and

many of them have not talked to their kids about their plans for the future.

Some still think of their children as, children. Others just aren't comfortable talking

about finances with their kids. Some have had financial hardships and don't want

their kids to worry or be bothered. Whatever the reason, many families have not

discussed some very important ideas and facts with their loved ones.

What a bad idea!

A conversation today can save a world of issues later on.

1. You may take care of them now, but someday they may take care of you-

in order to do that, they should know how you feel on key things.

2. Make sure everyone is on the same page-Make sure your family and friends know what you want your life to be like if you get very ill, if you live a long time, if you become disabled, or if you die.

3. Write everything down. Sign and date it. Memory fades, but written words stay the same.

4. Make your wishes known- Make sure your attorney and your accountant know exactly what you want to do under various circumstances.

5. Make sure your wills and trusts are up to date.

6. Make sure your life insurance policies are up to date and have the proper

beneficiaries. ( especially important after major life events like the birth of a child,

a marriage or a divorce).

7. Make sure your loved ones know why you have your current planning in place.

( I am giving your brother the business we run together and I am giving you the life insurance

policy to make things equal. I am giving your cousin this policy because she took care of

grandma for 8 years and wasn't able to work as much. Don't make your loved ones guess why you did things, because they could guess wrong.)

8. Get Organized- if anything happens to you, will your spouse know how to log into your joint bank account and pay the bills? Will they know who to call if you have a disability claim, or where all of your accounts are located? Do your loved ones know who your accountant is or your lawyer or where you keep the most up to date copy of your will?

These are things you can do on your own, or Rosenheim Consulting can help you through the process, and facilitate the family conversation as well.

The important thing here is not how you do it, but that you do it and soon.

What are you waiting for?